WASHINGTON (JTA) — The Pension Benefit Guarantee Corporation, the government agency that protects retirees from failed pension plans, is assuming control of benefits for employees of B’nai B’rith International.
"The agency stepped in because B’nai B’rith wouldn’t have been able to pay its bills or stay in business unless the plan was terminated," PBGC said in a Sept. 11 posting on its blog.
The posting said that B’nai B’rith’s pension plan ended as of April 30 2011 and that PBGC "will pay all pension benefits earned by the organization’s retirees up to the legal limit of $54,000 a year for a 65-year-old."
The plan affects 500 current and future retirees, the posting said.
Business Insurance, a trade publication, on Thursday quoted a PBGC spokesman as saying that the plan has $55.6 million in liabilities and $30.1 million in assets.
A B’nai B’rith spokeswoman did not immediately respond to emails sent late at night seeking comment.