SKD Company Pension Plan for Hourly Employees who are Members of the CAW Local 89
Status Update as of June 2012
The Pension Benefits Guarantee Fund has been declared to apply to the plan and we have received interim funding from the Pension Benefits Guarantee Fund.
We are attempting to negotiate a settlement of the plan's claims in the bankruptcy estate with the trustee in bankruptcy for SKD Company (the "Company") for a portion of the plan deficit. The amount of a recovery and the timing to receive a recovery is unknown at this time. We are also working with the administrator of the SKD Technologies Inc. Pension Plan for Hourly Employees who are members of UAW Local 89 (the "Prior Plan") to determine the Prior Plan's early retirement pension benefit amounts for service accrued prior to August 31, 1985 which will be offset against amounts payable from the plan.
We have completed the preliminary calculations for the Revised Wind Up Report. We need to settle the plan's claim in the bankruptcy estate and receive the final calculations from the Prior Plan administrator of the early retirement pension benefit offsets, before finalizing the report and submitting it for approval with the Pension Regulator. We anticipate the Revised Wind Up Report will be completed in mid-2013.
We will continue to write to all plan members to provide additional details on the current status of the plan Wind Up.
Marriage Breakdown Forms: