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By Staff Report
Aug. 7, 2009
The Pension Benefit Guaranty Corp. has assumed responsibility for the pension plan of Hurd Windows & Doors Inc. of Medford, Wisconsin, the agency announced Wednesday, August 5.
Hurd filed for Chapter 11 bankruptcy protection on September 15, 2008, and the U.S. Bankruptcy Court in Eau Claire, Wisconsin, approved the sale of the company’s assets to HWD Acquisition Inc. The transaction did not include the company’s two pension plans.
The pension plans—the Hurd Millwork Company Pension Plan for Local 2979 and the Hurd Millwork Company Pension Plan for Shop Employees—are a combined 77 percent funded, with $9.6 million in assets and $12.6 million in liabilities.
The PBGC expects to cover the entire $3 million shortfall.
Both plans have been frozen since December 3, 2004.
Filed by Timothy Inklebarger of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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