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The Pension Benefit Guaranty Corp. said Monday it is taking over and terminating an underfunded pension plan sponsored by Standard Register Co., a Dayton, Ohio-based printing and marketing communication firm.
Standard Register earlier this year filed for bankruptcy and in June sold the majority of its assets to North Mankato, Minnesota-based Taylor Corp., as part of bankruptcy proceedings. The PBGC said it is taking the action because Taylor isn't assuming responsibility for Standard Register's pension plan.
The plan, which has more than 8,500 participants is underfunded by just over $322 million, with $289 million in assets and $611 million in benefit obligations. The PBGC is covering nearly all of the $322 million benefit funding shortfall.
The loss is the agency's largest since 2013 when the agency took over two pension plans sponsored by Wichita, Kansas-based aircraft manufacturer Hawker Beechcraft Inc., which had earlier filed for bankruptcy. The PBGC incurred a $390 million loss when it took over the two plans, which had about 9,500 participants.
Fewer large defined benefit plan sponsors will be able to skip Section 4010 reporting under a rule change the PBGC will propose shortly.