PBGC assumes responsibility for 6,200 Amcast pensions

By Caroline Salls

Pittsburgh, July 28 - The Pension Benefit Guaranty Corp. has assumed responsibility for the pensions of 6,200 workers and retirees of Amcast Industrial Corp., according to a PBGC news release.

Amcast applied to terminate its pension plan on March 11. On June 2, the U.S. Bankruptcy Court for the Southern District of New York approved the pension plan termination.

The Amcast Industrial Corp. Merged Pension Plan ended as of May 31, and the PBGC became trustee on July 26.

According to PBGC estimates, the plan is 47% funded, with $77 million in assets to cover $166 million in benefit promises.

The PBGC will be liable for $83 million of the $89 million shortfall.

Retirees will continue to receive monthly benefit checks without interruption, and other workers will receive their pensions when eligible to retire.

Amcast, a Dayton, Ohio, manufacturer of plumbing and auto components, filed for Chapter 11 on Nov. 30. Its case number is 04-40504.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.