# Dalton Corporation, Warsaw Manufacturing Facility Pension Plan

Dalton Corporation, Warsaw Manufacturing Facility Pension Plan is a Pension Fund based in Warsaw, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Warsaw, United States
- **Region:** North America
- **Address:** Warsaw, IN, United States
- **Founded:** 1910
- **Assets under management:** Undisclosed
- **Website:** http://www.daltoncorporation.com
- **LinkedIn:** https://www.linkedin.com/company/dalton-corporation-warsaw-manufacturing-facility

## Regulatory record

- **Reports private funds:** No

## About

Dalton Corporation, Warsaw Manufacturing Facility Pension Plan is a frozen defined-benefit plan tied to the heavy-manufacturing foundry at 1900 E Jefferson Street in Warsaw, Indiana. The plant — historically part of Neenah Enterprises and later owned by private equity firm Speyside Equity — was sold to First Brands Group, LLC in January 2024. United Steelworkers Local 6805 represents the bargaining-unit employees whose accrued benefits sit in this plan. The plan provides participants with a monthly retirement benefit based on years of credited service and compensation, but ceased new accruals when the plan was frozen. It maintains a portfolio of investment assets alongside two specialized vehicles: a deferred compensation trust structured as a rabbi trust, and a separate 401(h) account designated for retiree healthcare obligations. First Brands Group filed for Chapter 11 bankruptcy protection in September 2025, placing this pension plan under the direct scrutiny of the Pension Benefit Guaranty Corporation. The plan's assets and any potential shortfall will be assessed through the PBGC's claims process during the restructuring. Dalton Corporation itself operates both the Warsaw Foundry at its headquarters site and a machining plant in Stryker, Ohio, though the pension plan's participants are concentrated at the Indiana facility. This plan's structural differentiator is its position inside an active bankruptcy proceeding. The freeze status means liability growth stopped before the sponsor's distress, but the trust's funding ratio and asset-liability gap will be determined by the PBGC's termination calculus. For institutional allocators, the plan represents a cautionary case study in single-employer manufacturing pension risk — from private-equity ownership churn to ultimate sponsor insolvency.

## Questions

### What happens to the pension plan now that First Brands Group is in bankruptcy?

The Pension Benefit Guaranty Corporation becomes the key stakeholder in bankruptcy proceedings. The PBGC will assess whether the plan is sufficiently funded and, if not, will file a claim in the bankruptcy case. If the plan terminates underfunded, the PBGC assumes trustee responsibility and pays guaranteed benefits up to statutory limits.

### What is a 401(h) retiree healthcare account?

A 401(h) account is a separate account within a defined-benefit pension plan that funds retiree medical benefits. Contributions to the 401(h) account are tax-deductible and must be used exclusively for healthcare expenses. The Dalton Corporation plan maintains one such account alongside the main pension trust and a rabbi trust for deferred compensation, creating a three-part trust structure for retiree obligations.

### How does the rabbi trust within this plan work?

A rabbi trust is an irrevocable grantor trust used to hold assets for unfunded deferred compensation obligations. The assets in the trust remain subject to the claims of the employer's general creditors in bankruptcy, which is now the operative scenario given First Brands Group's Chapter 11 filing. Participants in the deferred compensation plan will be unsecured creditors with respect to those benefits.

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Last updated: 2026-08-11T02:43:31.692Z

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