Saving the Pensions of Findlay Industries Retirees
PBGC will pay retirement benefits for more than 1,300 current and future retirees of Findlay Industries.
Based in Findlay, Ohio, Findlay Industries was a privately owned company established in 1959 that once manufactured interior parts for the automotive and heavy truck industries.
The firm had manufacturing operations in Ohio, Virginia, Michigan, Florida, Canada and Mexico.
In late 2008, Findlay Industries experienced severe financial difficulties due to the economic and financial crisis that caused tremendous strain in the automotive industry. The company made an attempt to sell itself to potential buyers but was unsuccessful. As a result, Findlay sold or closed its remaining manufacturing operations.
PBGC will pay all pension benefits earned by the organization's retirees up to legal limits, including a maximum guarantee limit of about $54,000 a year for a 65-year-old. Most of the retirees who receive benefits from PBGC — 85 percent — receive the full amount of the promised benefit.
According to PBGC estimates, the plan is 51 percent funded with $24.4 million in assets to pay $47.7 million in benefits. The agency is expected to cover nearly all of the $23.3 million shortfall.