US - The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for the pensions of more than 500 employees and retirees of the Jane Addams Hull House Association in Chicago.
According to PBGC estimates, the pension plan has US$6.3m in assets to cover benefit liabilities totaling $11.1m. The agency expects to cover nearly all of the $4.8m funding shortfall.
PBGC said the assumption of the plan's unfunded liabilities would have no material effect on the PBGC's financial statement according to generally accepted accounting principles.
It added retirees and beneficiaries would continue to receive their monthly benefit checks without interruption, and other participants would receive their pensions when they are eligible to retire.
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