The Pension Benefit Guaranty Corporation is taking over for three pension plans sponsored by Dewey & LeBoeuf LLP, a New York City-based law firm. The plans cover about 1,800 people and are underfunded by more than $80 million.
PBGC will step in and pay the shortfall, up to the limits set by law, and the three plans will end as of May 11, 2012.
PBGC will pay guaranteed benefits up to about $56,000 a year for a 65-year-old retiree. People who already are receiving benefits, will continue to receive them and future retirees will get their pensions when eligible.
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The corporation protects the pension benefits of 44 million Americans in 27,500 private-sector pension plans. Its operations are financed by insurance premiums and with assets and recoveries from failed plans.
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