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A PBGC news release states that Intermet did not pay more than $7 million in legally required pension funding contributions. The corporation also determined that Intermet, currently in Chapter 11 bankruptcy proceedings, lacked sufficient funding to continue supporting these plans.
PBGC estimated that the pension plans are about 49 percent funded. The corporation plans to cover $62 million of a $64 million shortfall. PBGC will take over the assets and use insurance funds to pay benefits earned under the plans, which end on March 31.
As for Intermet retirees, they will continue to receive monthly benefit checks. Other employees will receive their pensions when they retire.
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