Retirees and preretirees at Durham, N.C.-based Reichhold Inc. have cause to be grateful for the Pension Benefit Guaranty Corporation.
That's because the company, which manufactures resins used for composites, plans to sell its assets in bankruptcy and abandon its pension plan. That means that PBGC is stepping into the breach. The Reichhold Inc. Retirement Plan ended as of Oct. 17, 2014.
However, retirees aren't being left in the lurch, thanks to PBGC, nor will future retirees, who can apply for benefits as soon as they are eligible. PBGC will pay all pension benefits earned by the plan's retirees, up to the legal limit of approximately $59,320 a year for a 65-year-old.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
