PBGC is taking over the Zurbrugg Memorial Hospital retirement income...

PBGC is taking over the Zurbrugg Memorial Hospital retirement income plan because its sponsor, Allegheny Hospitals in New Jersey, is liquidating. The pension plan, with assets of $7.7 million and liabilities of $13.3 million, is underfunded by about $5.6 million, according to PBGC estimates. Allegheny Hospital’s holdings were sold in two separate transactions, but did not include assumption of the pension plan, so proceeds from the sales are being held in trust to pay the hospital’s creditors, including the PBGC.