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SOMERSET TECHNOLOGIES INC PEN PL FOR BARGAINING UNIT HOURLY EMPLOYEES

PBGC Trusteed Plan · Case 20332200

The SOMERSET TECHNOLOGIES INC PEN PL FOR BARGAINING UNIT HOURLY EMPLOYEES, a single-employer defined-benefit pension plan sponsored by KATHABAR, INC. of SOMERSET, NJ, was terminated on 2004-08-04 and taken into trusteeship by the Pension Benefit Guaranty Corporation on 2005-03-22. At the date of termination the plan had 108 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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