PBGC Takes on LandAmerica Financial Group Pension
July 1, 2011 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation will pay pensions to almost 4,500 employees and retirees of bankrupt LandAmerica Financial Group, Inc.
Reported by Rebecca Moore
The agency took over the plan from the real estate services firm based in Glen Allen, Virginia, which is liquidating.
PBGC expects few retirees will experience benefit reductions as the agency will cover substantially all of the LandAmerica plan’s funding shortfall.« GAO Finds Many Retirees Pass up Additional Retirement Income