PBGC Will Take Over Pensions At Toyota-GM Venture

Law360, New York (March 3, 2010, 6:16 PM EST) -- The pensions of 5,800 employees and retirees at a Toyota Motor Corp. and General Motors Corp. joint venture in Fremont, Calif., will be passed to the federal Pension Benefit Guaranty Corp. because of Toyota's plans to abandon the plant, the PBGC said Wednesday.

The PBGC has determined the pension plan that covered the venture, known as New United Motor Manufacturing Inc., will be abandoned and unable to pay benefits when due, it said.

Toyota, which has a 50 percent stake in NUMMI, has said it will...
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