PBGC secures Toyota/GM joint venture scheme

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US - The Pension Benefit Guaranty Corp. said it will take over the pension fund of New United Motor Manufacturing (NUMMI), a joint venture between Toyota Motor and General Motors.

NUMMI plans to close its Freemont, California assembly plant on March 31, and the PBGC said the pension fund covering its 5,800 employees and retirees will no longer be able to pay benefits. The...

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