The Pension Benefit Guaranty Corp. announced it would pay all benefits owed to retirees of a Pennsylvania animal feed mill that sold its assets during bankruptcy proceedings.
The PBGC, the government agency that provides pension plan insurance, stepped in to ensure that 580 current and future retirees of Pennfield Corp. of Lancaster, Pa., would receive payments.
Pennfield's pension was $13 million short of the $28 million it needed to pay full benefits. The agency said it expected to cover the entire shortfall. According to the PBGC, benefits to current retirees will continue without interruption. It added that others would be able to apply for benefits when they become eligible.
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