PBGC will take over the underfunded pensions of Caldor Corp., Norwalk...

PBGC will take over the underfunded pensions of Caldor Corp., Norwalk, Conn., because the company is liquidating. The pensions are underfunded by about $10 million. Caldor’s two pension plans had total assets of $25 million but liabilities totaled $35 million. Gary Pastorius, spokesman for the PBGC, said all workers and retirees will receive the same benefits they are receiving or would be entitled to receive under the plans, which will be terminated effective today.