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DEFINED BENEFIT PLAN FOR EMPLOYEES OF PROGRESSIVE TOOL COMPANY

PBGC Trusteed Plan · Case 21575200

The DEFINED BENEFIT PLAN FOR EMPLOYEES OF PROGRESSIVE TOOL COMPANY, a single-employer defined-benefit pension plan sponsored by PROGRESSIVE TOOL COMPANY of WATERLOO, IA, was terminated on 2010-05-31 and taken into trusteeship by the Pension Benefit Guaranty Corporation on 2010-10-06. At the date of termination the plan had 52 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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