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Article: PBGC ASSUMES HURD WINDOWS & DOORS INC. PENSION PLANS
- Article from:
- US Fed News Service, Including US State News
- Article date:
- August 6, 2009
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WASHINGTON, Aug. 4 -- The Pension Benefit Guaranty Corp. issued the following press release:
The Pension Benefit Guaranty Corporation (PBGC) today announced it has assumed responsibility for the pensions of more than 830 workers and retirees of Hurd Windows & Doors Inc., a manufacturer of custom wood windows and doors based in Medford, Wis.
The PBGC stepped in because Hurd's underfunded pension plans failed to meet minimum funding requirements under the Internal Revenue Code and faced imminent abandonment following the company's liquidation in bankruptcy proceedings.
On Sept. 15, 2008, Hurd and its affiliates filed for Chapter 11 protection in the U.S. Bankruptcy Court in Eau Claire, ...