Government Takes Over B’nai B’rith Pension Fund
The Pension Benefit Guarantee Corporation, the government agency that protects retirees from failed pension plans, is assuming control of benefits for employees of B’nai B’rith International.
“The agency stepped in because B’nai B’rith wouldn’t have been able to pay its bills or stay in business unless the plan was terminated,” PBGC said in a Sept. 11 posting on its blog.
The posting said that B’nai B’rith’s pension plan ended as of April 30 2011 and that PBGC “will pay all pension benefits earned by the organization’s retirees up to the legal limit of $54,000 a year for a 65-year-old.”
The plan affects 500 current and future retirees, the posting said.
Business Insurance, a trade publication, on Thursday quoted a PBGC spokesman as saying that the plan has $55.6 million in liabilities and $30.1 million in assets.
A B’nai B’rith spokeswoman did not immediately respond to emails sent late at night seeking comment.
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning journalism this Passover.
In this age of misinformation, our work is needed like never before. We report on the news that matters most to American Jews, driven by truth, not ideology.
At a time when newsrooms are closing or cutting back, the Forward has removed its paywall. That means for the first time in our 126-year history, Forward journalism is free to everyone, everywhere. With an ongoing war, rising antisemitism, and a flood of disinformation that may affect the upcoming election, we believe that free and open access to Jewish journalism is imperative.
Readers like you make it all possible. Right now, we’re in the middle of our Passover Pledge Drive and we need 500 people to step up and make a gift to sustain our trustworthy, independent journalism.
Make a gift of any size and become a Forward member today. You’ll support our mission to tell the American Jewish story fully and fairly.
— Rachel Fishman Feddersen, Publisher and CEO
Join our mission to tell the Jewish story fully and fairly.
Our Goal: 500 gifts during our Passover Pledge Drive!
