Shell molds ready for assembly prior to filling with molten aluminum at Oberdorfer LLC The foundrys current benefits program is not affected by the PBGCs action Oberdorfer LLC
Shell molds ready for assembly prior to filling with molten aluminum at Oberdorfer LLC. The foundry’s current benefits program is not affected by the PBGC’s action.

PBGC Takes Over Oberdorfer Foundries Plan

$2.9-million shortfall in pension Current employees covered by separate plan

The Pension Benefit Guaranty Corp. is assuming control of an underfunded pension plan from former owners of Oberdorfer LLC, an aluminum foundry in DeWitt, NY, according to a local report.  Advanced Metals Group, a holding company, is the current owner of the former Oberdorfer Foundries, which has been in operation since 1875.

PBGC is a federal corporation that guarantees pension benefits to workers covered by underfunded, private-sector pension plans. The funds are provided by insurance payments, not tax revenues. Marc Hopkins, a spokesman for the agency, confirmed the plan had been taken over, but explained that PBGC had not released a statement on the matter because so few individuals are covered by the plan.

The plan being acquired by PBGC was the responsibility of a former owner of the foundry, who died leaving the plan with no funding source. The plan has liabilities of $3.7 million for 191 individuals, but its current assets total just $830,383.00. PBGC will fund the outstanding amount. According to Hopkins, 191 people are covered by the pension plan, and of those 102 are retired.

Current employees of Oberdorfer are covered by a separate plan, which is not in question.

Oberdorfer LLC uses cold box, shell, and no-bake molding to produce cast aluminum components for aviation, transportation, utilities, aerospace, military, high-performance automotive, and medical markets.

 

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