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PBGC Seizes Schwab Industries DB Plan

The Pension Benefit Guaranty Corporation will take over Schwab Industries’ defined benefit pension plan.

The Pension Benefit Guaranty Corporation (PBGC) will take over Schwab Industries’ defined benefit pension plan, Pensions & Investments reports. The Ohio-based defunct concrete products manufacturer filed for Chapter 11 bankruptcy protection in February last year.

PBGC estimates that the Schwab pension plan has around $19.5 million to cover $38.4 million in benefit promises. The independent agency took over trusteeship for the retirement system in April this year.

Click here for the story from Pensions & Investments.

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