The Pension Benefit Guaranty Corp. will take over the pension obligations of more than 8,500 current and former employees in Standard Register Co.'s defined benefit plan, according to releases from the agency.
The news comes after Dayton, Ohio-based Standard Register was liquidated in bankruptcy after being in business for more than a century.
The provider of communication and marketing solutions to the financial services and health care industries, among others, was bought by Minnesota-based Taylor Corp., one of the country's largest privately held companies, according to its website. Taylor will not assume any of Standard Register's pension obligations.
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PBGC estimates put the Standard Register plan at less than half funded, or 47 percent, with $289 million in assets to pay about $611 million in pension liabilities.
In 2013, Standard Register bought WorkflowOne, one of its biggest competitors, for $218 million. A publicly owned company, the acquisition pushed Standard Register's stock price up more than 300 percent.
The company expected to gain $1 billion in new revenue subsequent to the 2013 acquisition.
But symptoms of distress began showing early this year when Standard Register hired three firms to help restructure its debt. Its CFO left the company abruptly in March. The company was also late in releasing its fourth quarter 2014 earnings.
Later last March, the company filed for bankruptcy protection, and in July 2015 a bankruptcy court authorized sale of the company to Taylor for about $307 million. The company had operations in all 50 states and had about 3,500 employees.
Its pension plan–the Stanreco Retirement Plan—officially ended August 31, 2015, according to PBGC.
PBGC will cover all earned pension benefits up to the maximum of $60,136 for a 65-year old retiree.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
