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NORTHERN SHIPPING COMPANY PENSION PLAN

PBGC Trusteed Plan · Case 16166501

The NORTHERN SHIPPING COMPANY PENSION PLAN, a single-employer defined-benefit pension plan sponsored by NORTHERN SHIPPING COMPANY of PHILADELPHIA, PA, was terminated on 1993-12-31 and taken into trusteeship by the Pension Benefit Guaranty Corporation on 1994-10-04. At the date of termination the plan had 101 participants — current and former employees with vested retirement benefits.

When PBGC trustees a plan, it assumes responsibility for paying guaranteed retirement benefits to participants up to statutory maximums. Plans are typically trusteed after the sponsor enters bankruptcy or otherwise becomes unable to meet pension obligations.

References

1. Pension Benefit Guaranty Corporation. Single-Employer Plans Trusteed by PBGC. trusteedplans.xlsx. Retrieved recently.
2. Pension Benefit Guaranty Corporation. Open Government — Data Sets. pbgc.gov/about/open-government/data-sets.

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