The PBGC on Thursday announced it will take over three pension plans of law firm Dewey & LeBoeuf, New York.
The PBGC determined the pension plans should be terminated on Friday, confirmed spokesman Marc Hopkins.
“We made the decision independent of the company,” Mr. Hopkins said in a telephone interview. “We acted solely for the benefit of the plan and its participants.”
Angelo Kakolyris, spokesman for Dewey & LeBoeuf, said members of the firm were not available for comment.
The plans are underfunded by more than $80 million, Mr. Hopkins said.
Mr. Hopkins said he could not disclose the asset size of the plans. According to the most recent 5500 filings, Dewey & LeBoeuf had $75.1 million in a pension plan and $76.5 million combined in two cash balance plans, as of Dec. 31, 2010.
“We look at the health of plan sponsors and pension plans. We looked at those two things, and they were the motivating factor behind our decision,” Mr. Hopkins said.