The Pension Benefit Guarantee Corporation will assume responsibility for the retirement benefits of 2,101 employees who worked for the late corporate raider Victor Posner.
The APL/NVF Consolidated Pension Plan covered employees of Posner's estate, which held mostly real estate interests in Florida, Pennsylvania and Maryland, and was liquidated by a Florida Probate Court.
Posner at one time had controlling interests in a variety of companies including Arby's, Royal Crown Cola and Sharon Steel.
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The estate's assets will be distributed, and the pension plan will officially be abandoned Thursday, the PBGC said today.
Employees and retirees of nine pensions were merged into the APL/NVF Consolidated Pension Plan. PBGC estimates show the plan to be 39 percent funded, with $25 million in assets and $63.9 million in liabilities.
The PBGC said it is expected to cover the entire shortfall, covering all the benefits earned up to the legal limit of about $59,320 a year for a retiring 65-year-old.
Posner died in 2002. He signed a re-written will hours before passing from pneumonia, naming a girlfriend as the main beneficiary, and leaving three of his four children and all of his grandchildren nothing.
Claims against the estate began just hours after Posner's death, including one by his son, Steven, who was killed in a Florida boating accident in 2010.
Victor and Steven Posner were among the early corporate raiders, sued by the Securities and Exchange Commission in a case that included Michael Milken and Drexel Burnham Lambert.
The Posners were ultimately barred by the SEC from serving as officers or directors of a public company.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
