Pension Insurer to Take on Plans for First Brands Affiliates

The federal government’s private-sector pension insurer is assuming responsibility for three plans sponsored by affiliates of the bankrupt auto-parts company First Brands Group.

The Pension Benefit Guaranty Corporation announced Thursday it will terminate the plans and become the legal trustee with First Brands liquidating in bankruptcy. The plans cover 1,630 workers and retirees.

The three affected plans are: the plan for bargaining unit employees of Fostoria and Greenville; the Cardone Industries Inc. union employees’ pension plan; and the Dalton Corp. Warsaw Manufacturing Facility pension plan.

The termination of the impacted plans is effective Thursday, PBGC said. Retirees will continue ...