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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: mishedlo who wrote (183957)7/26/2002 10:01:11 PM
From: Alias Shrugged  Read Replies (2) of 436258
 
If the PBGC (Pension Benefit Guaranty Corporation) deems the Plan to be in danger of collapsing, they will step in and take over the Plan, and fund the benefits. I am not sure of the PBGC's standing in Bankruptcy, but it may be similar to that of IRS (ie, a 900 lb gorilla).

Solvent Companies cannot simply walk away from Defined Benefit Plan obligations. ERISA is applicable.
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