PBGC To Take Over Propex Pension Funds

Law360, New York (March 23, 2009, 12:00 AM EDT) -- The Pension Benefit Guaranty Corp. will take over two underfunded pension plans covering about 3,300 workers and retirees of bankrupt construction materials manufacturer Propex Inc., which is finalizing a sale of its assets, the pension agency announced Monday.

The PBGC plans to use insurance funds to pay guaranteed benefits earned under the plans, which ended Monday, the agency said in a statement.

Retirees and beneficiaries will continue to receive their monthly benefit checks without interruption, and other participants will receive their pensions when they are eligible...
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