Bowe Bell + Howell, PBGC pension plan termination agreement approved

By Caroline Salls

Pittsburgh, June 15 - Bowe Bell + Howell Co. received court approval of an agreement with the Pension Benefit Guaranty Corp. to terminate the company's Bell + Howell MMT Legacy Pension Plan and appoint the PBGC as the statutory trustee of that plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Bowe Bell + Howell said it is the contributing sponsor and administrator of the plan.

Participation in and benefit accruals under the plan for hourly employees were frozen as of Nov. 26, 2001, and participation in and benefit accruals for salaried employees were frozen as of Dec. 1, 2004.

Under the agreement with the PBGC, the plan will be terminated, retroactive to March 17.

According to the motion, the PBGC would have had the authority to seek a district court order terminating the plan if Bowe Bell + Howell did not execute the agreement, which would have forced the company to defend a civil action.

Bowe Bell + Howell, a Wheeling, Ill., provider of high-performance document management services, filed for bankruptcy on April 18. The Chapter 11 case number is 11-11187.

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