Insurer to Take Over Pension Plan of Illinois
The Pension Benefit Guaranty Corp., which insures more than 40,000 pension plans across the country, said Tuesday it is taking over the pension plan covering more than 10,000 people who worked for Outboard Marine Corp., a Waukegan manufacturer now in bankruptcy liquidation.
The maker of recreational boats and engines, which filed for bankruptcy and suspended operations in December, lists assets of about $454 million in its employees’ retirement plan and benefit liabilities of about $527 million. The pension plan…
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