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.

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