PBGC TERMINATING PENSION PLAN

WASHINGTON-The Pension Benefit Guaranty Corp. is terminating and taking over an underfunded pension plan that had been sponsored by Memorex-Telex Corp., a one-time computer services company, whose operations have been sold to various companies as part of a bankruptcy liquidation.

The Memorex plan was significantly underfunded, with liabilities of $82.4 million and assets of $55.9 million. The plan had about 4,000 participants, whose basic, vested benefits now will be provided by the PBGC.

Plan participants have not accrued benefits since Oct. 31, 1994, when Memorex froze the plan as part of an earlier bankruptcy filing. Memorex ceased operations March 31.

In another recent move, the PBGC said it will require Likes Brothers Steamship Co.'s pension plan to remain active after the company is reorganized. The steamship company planned to ask the U.S. Bankruptcy Court in Tampa, Fla., to terminate the plan. The plan has $38.4 million in assets and $45.6 million in liabilities.

Under the agreement, 75% of the stock of the new company, now named Blue Water, will be owned by a major creditor and 25% will be owned by the PBGC. Also, $100,000 will be contributed to the pension plan to settle the PBGC's objections and claims.