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VELVET TEXTILE COMPANY INC PENSION PLAN

PBGC Trusteed Plan · Case 2249400

The VELVET TEXTILE COMPANY INC PENSION PLAN, a single-employer defined-benefit pension plan sponsored by VELVET TEXTILE COMPANY of BLACKSTONE, VA, was terminated on 1978-05-06 and taken into trusteeship by the Pension Benefit Guaranty Corporation on 1982-04-01. At the date of termination the plan had 94 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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