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.

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.