On December 9, 1963, the Studebaker-Packard Corporation announced that it was closing its manufacturing plant in South Bend, Indiana. At the time of the plant closing, the pension plan for hourly workers lacked sufficient assets to meet promised pension obligations (Wooten, 2001). As a result, about two-thirds of the nearly 11,000 retirees and active workers at the plant lost 85 to 100 percent of their accrued pension benefits (Sutkowski and Rhoads Law Offices, 2006).
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机译：1963年12月9日，Studebaker-Packard Corporation宣布将关闭其在印第安纳州南本德的制造工厂。工厂关闭时，小时工的退休金计划缺少足够的资产来履行承诺的退休金义务（Wooten，2001）。结果，工厂近11,000名退休人员和在职工人中约有三分之二丧失了应计养老金福利的85％至100％（Sutkowski and Rhoads Law Offices，2006）。
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