PBGC will pay benefits for 27 current and future retirees of Wrightco Technologies Inc., a for-profit educational center located in Ebensburg, Pa.
The agency stepped in because Wrightco's pension plan is unable to pay retirement benefits.
PBGC will pay all pension benefits earned by the company's retirees up to the legal limit of almost $56,000 a year for a 65-year-old.
The Wrightco Technologies Inc. Cash Balance Plan will end as of June 28, 2013.
Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.
PBGC can provide general information now and will be able to answer more detailed questions once we receive the pension plan's records. Participants in Wrightco's plan will be notified by letter after the transfer occurs.
For additional information, please email us at firstname.lastname@example.org or call 1-800-400-7242 (8 a.m. to 7 p.m. EST, Monday - Friday) (TTY/ASCII: call 1-800-877-8339 and ask to be connected to 1-800-400-7242).
Wrightco was founded in 1989 and provides high-tech training in areas such as fiber optics and data communications. After several years of poor financial performance, the company sought Chapter 11 protection in the U.S. Bankruptcy Court in Johnstown, Pa., on July 18, 2012.
Interested in more blog posts like this one? Sign up to receive updates from Retirement Matters.