The Pension Benefit Guaranty Corporation will pay retirement benefits for more than 1,300 current and future retirees of the Menninger Foundation and its affiliates. The Topeka, Kan.-based organizations provided mental health services.
PBGC is moving to take responsibility for Menninger's pension plan because it doesn't meet minimum funding requirements and will be unable to pay benefits following the breakup of the foundation.
PBGC will pay all pension benefits earned by Menninger retirees up to the legal maximum of about $56,000 a year for a 65-year-old.
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