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PBGC Trusteed Plan · Case 19462300
The ERIE FORGE & STEEL, a single-employer defined-benefit pension plan sponsored by ERIE FORGE & STEEL INC. of ERIE, PA, was terminated on 2001-12-10 and taken into trusteeship by the Pension Benefit Guaranty Corporation on 2002-03-22. At the date of termination the plan had 495 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.
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