PBGC takes over pension plan of Jewish advocacy group
By Jerry Geisel | September 20, 2012 5:03 pm
The PBGC is taking over and terminating a pension plan sponsored by B'Nai B'rith International, a Washington-based Jewish advocacy organization.
The Pension Benefit Guaranty Corp. said it is taking the action after determining that the organization could not pay obligations or stay in business unless the plan was terminated.
The plan has $30.1 million in assets and $55.6 million in liabilities, a PBGC spokesman said.
It is not known how much of the nearly $25.5 million in promised but unfunded benefits the PBGC will guarantee to the plan's more than 500 participants.
Jerry Geisel is editor-at-large at Business Insurance, a sister publication of Pensions & Investments.