Press Release

PBGC to Pay Pension Benefits for Three First Brands Plans

Issued by PBGC [Pension Benefit Guaranty Corporation]

Apr. 30, 2026

WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) announced that it is taking action to assume responsibility for three pension plans sponsored by affiliates of First Brands Group, LLC (First Brands).

First Brands is a supplier of aftermarket automotive parts headquartered in Cleveland, Ohio. As of September 28, 2025, First Brands and over 100 of its affiliates had filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas.

PBGC is taking this action because First Brands is liquidating in bankruptcy, leaving no entity to support these pension plans. PBGC has stepped in to terminate the pension plans and become statutory trustee to protect the interests of the participants.

The termination of the three impacted pension plans is effective as of April 30, 2026.

The three pension plans are the (1) Retirement Plan for Bargaining Unit Employees of Fostoria and Greenville (FRAM Plan), (2) Cardone Industries, Inc. Union Employees’ Pension Plan (Cardone Plan), and (3) Dalton Corporation, Warsaw Manufacturing Facility Pension Plan (Dalton Plan). In total, these plans cover 1,630 current and future retirees.

Retirees will continue to receive benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.

Until PBGC assumes responsibility for the pension plans, participants with questions about their benefits should contact the pension plans.

For additional information, see Questions and Answers for Participants for the FRAM Plan, Cardone Plan and Dalton Plan.

About PBGC

PBGC protects the retirement security of about 30 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of nearly 1.4 million participants and beneficiaries in failed single-employer pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.

Press Release Number:

26-005

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