A district court ruled that the Pension Benefit Guaranty Corp. cannot force the termination of a pension plan without a court order.
In PBGC v. Saint-Gobain Corp. Benefits Committee, the PBGC asked the U.S. District Court for the Eastern District of Pennsylvania for permission to terminate the plan, even though the company's benefits committee did not agree to the plan termination.
Saint-Gobain Containers Inc., also known as Verallia North America, is a subsidiary of the French company Compagnie de Saint-Gobain. The American company sponsors a pension plan for 12,745 participating current and former employees, which is administered by the Benefits Committee. PBGC estimated that the pension plan is underfunded by $523.7 million.
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