US - The Pension Benefit Guaranty Corp (PBGC), the US corporate pension lifeboat fund, has assumed responsibility for 88 members of the East River Management Corp. after the scheme lost all its assets in the Madoff scandal.
East River Management was unable to pay benefits to 61 retired workers and lost all the assets of its retirement fund after Bernard L. Madoff Investment Securities was dissolved following the expos...
To continue reading this article...
Join Professional Pensions
Become a Professional Pensions Lite Member today
In just a few clicks you can start your free Professional Pensions Lite membership for 12 months, providing you access to:
- Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
- Receive important and breaking news stories via our two daily news alerts
- Hear from industry experts and other forward-thinking leaders
Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here
