In a move to save the retirement benefits of nearly 350 former workers of the bankrupt Hostess bakery, the Pensions Benefit Guaranty Corp. for the only the third time ever has divided a multiemployer pension plan.
The bankruptcy last year of the maker of Twinkies and other treats left the benefits of more than 700 participants in the Baltimore-based Bakery and Sales Drivers Local 33 Industry Pension Fund imperiled.
By partitioning the plan – taking over benefits payments to the Hostess workers and moving others into a different plan – the PGBC said it better protects the retirement payments of all workers.
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