PBGC takes over pension plan of aircraft repair company Pemco
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The Pension Benefit Guaranty Corp. has taken over a pension plan sponsored by Pemco World Air Services Inc., a Tampa, Fla.-based aircraft maintenance, repair and overhaul services company.
The pension plan, which has 1,252 participants, has $25 million in assets and $55.9 million in benefit liabilities; the PBGC will cover $30.3 million of the $30.9 million funding shortfall.
Pemco filed for bankruptcy in March, and a bankruptcy court approved the sale of its assets in August.
