The Pension Benefit Guaranty Corp. has taken over the definedbenefit pension plan of the Los Angeles Urban League Head StartState Pre-school.

In a post on its website, the PBGC says it will pay for the retirement benefits of 233 peoplecovered by the plan, which is sponsored by the Los Angeles UrbanLeague Inc.

PBGC estimates show that as of May 2013, the plan was only 45percent funded, with $5.6 million in assets and $12.5 million inliabilities.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.