Pension Agency Taking Over Auto Parts Supplier's Plans

Metavation LLC's plans are 50 percent funded, with $47 million in assets to pay $93 million in benefits, so PBGC is expected to cover most of the remaining $46 million.

The Pension Benefit Guaranty Corporation announced March 1 it will take over two pension plans covering more than 1,500 current and future retirees of Metavation LLC, an auto parts supplier based in Southfield, Mich. The company's parent, Revstone Transportation LLC, is selling its ownership interest, and this move "will further compromise Metavation's underfunded pension plans, which will be unable to pay retirement benefits," according to the PBGC news release.

Metavation was named Hillsdale Automotive LLC until 2008. Its plans are the Hillsdale Salaried Pension Plan and the Hillsdale Hourly Pension Plan. Both plans ended as of March 1, 2013. PBGC will pay all pension benefits earned by the company's retirees up to the legal limit of about $57,500 a year for a 65-year-old.

Metavation makes powertrain and chassis components for the automotive industry and parts for engines, drivelines, and transmissions. The release said PBGC estimates based on information provided by Metavation show the plans are 50 percent funded, with $47 million in assets to pay $93 million in benefits, so the federal agency is expected to cover most of the $46 million that remains.

Download Center

HTML - No Current Item Deck
  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • Get the Ultimate Guide to OSHA Recordkeeping

    When it comes to OSHA recordkeeping there are always questions regarding the requirements and in and outs. IndustrySafe is here to help. We put together this page with critical information to help answer your key questions about OSHA recordkeeping.

  • Safety Training 101

    When it comes to safety training, no matter the industry, there are always questions regarding requirements and certifications. We put together a guide that’s easy to digest so you can ensure you're complying with OSHA's training standards.

  • Conduct EHS Inspections and Audits

    Record and manage your organization’s inspection data with IndustrySafe’s Inspections module. IndustrySafe’s pre-built forms and checklists may be used as is, or can be customized to better suit the needs of your organization.

  • Track Key Safety Performance Indicators

    IndustrySafe’s Dashboard Module allows organizations to easily track safety KPIs and metrics. Gain increased visibility into your business’ operations and safety data.

  • Industry Safe
comments powered by Disqus