PBGC to pay full benefits for all three terminated First Brands pension plans

WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for three pension plans sponsored by affiliates of First Brands Group, LLC (First Brands). PBGC has finalized its trusteeship agreements with First Brands and expects that current and future retirees will receive the full pension benefits that they earned under their plan, without any cutback or reduction.

The three plans now under PBGC trusteeship are:

1. Retirement Plan for Bargaining Unit Employees of Fostoria and Greenville (FRAM Plan)
2. Cardone Industries, Inc. Union Employees’ Pension Plan (Cardone Plan)
3. Dalton Corporation, Warsaw Manufacturing Facility Pension Plan (Dalton Plan)

Together, these plans cover 1,630 current and future retirees.

“This action assures workers and retirees that the benefits they earned will be there when they need them,” said PBGC Director Janet Dhillon. “By stepping in to safeguard these plans, PBGC is ensuring that pension promises are kept and that participants can remain confident their full benefits are secure.”

PBGC terminated the plans as of April 30, 2026. As of September 28, 2025, First Brands and more than 100 affiliated entities had filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas.

Retirees will continue receiving their full benefits without interruption, and participants who are not yet retired may apply for benefits once they become eligible.

For additional information, participants can consult Questions and Answers for Participants for the FRAM Plan, Cardone Plan and Dalton Plan. If participants have difficulty reaching existing plan contacts, they can call the PBGC Customer Contact Center at 1-800-400-7242 for assistance.