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Marquette Electronics' pension plan faced significant challenges in the early 2000s, leading to its termination in 2001. The plan was underfunded, which prompted the company to freeze benefits for employees and eventually shift to a 401(k) plan instead. Following the termination, the Pension Benefit Guaranty Corporation (PBGC) took over the plan, covering some of the benefits for affected employees, though many retirees experienced reductions in their expected pension payouts.
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