US - The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for the Levitz Furniture Employees' Retirement Plan, which has a US$23.5m shortfall.
The fund, sponsored by bankrupt furniture retailer Levitz Home Furnishing, covers over 1600 participants and has been frozen since 1996.
It is 70% funded, with $55.5m in assets to cover $79m in promised benefits, according to PBGC estimates.
The PBGC said it had stepped in because the pension plan faced abandonment after Levitz, in liquidation, sold substantially all of its assets to Prentice Capital Management in a transaction that did not include the pension plan.
Retirees will continue to receive their monthly benefit checks without interruption, and other workers will receive their pensions when they are eligible to retire.
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