PBGC Takes New York Law Firm Pensions

May 11, 2012 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation (PBGC) will take responsibility for pension plans sponsored by Dewey & LeBoeuf LLP, a law firm based in New York City.

The agency is stepping in to secure its ability to collect against the firm’s affiliates that share funding responsibility for the pension plans.  

The three pension plans cover nearly 1,800 people. Collectively, the plans are underfunded by more than $80 million. The agency will pay the shortfall, up to limits set by law.  

PBGC has determined that Dewey & LeBoeuf’s pension plans should end on May 11, 2012.