PBGC to take over, terminate two pension plans sponsored by RG Steel

The Pension Benefit Guaranty Corp. is taking over and terminating two pension plans sponsored by failed steelmaker RG Steel L.L.C.

RG Steel, based in Sparrows Point, Md., filed for Chapter 11 bankruptcy this year and is liquidating assets.

The two plans have about $89 million in unfunded liabilities and 1,354 participants, according to preliminary estimates by the PBGC, which this month reported a record $34 billion deficit for fiscal 2012.