In a move to save the retirement benefits of nearly 350 former workers of the bankrupt Hostess bakery, the Pensions Benefit Guaranty Corp. for the only the third time ever has divided a multiemployer pension plan.
The bankruptcy last year of the maker of Twinkies and other treats left the benefits of more than 700 participants in the Baltimore-based Bakery and Sales Drivers Local 33 Industry Pension Fund imperiled.
By partitioning the plan – taking over benefits payments to the Hostess workers and moving others into a different plan – the PGBC said it better protects the retirement payments of all workers.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
