PBGC Moves to Protect Pensions at Lehman Brothers Holdings

The PBGC takes steps to protect the pension plans maintained by Lehman Brothers Holdings, Inc. 

Document Excerpt

The Pension Benefit Guaranty Corporation (PBGC) today initiated court action to protect the benefits of more than 26,500 workers and retirees of Lehman Brothers Holdings Inc. and its subsidiaries.  Lehman is a New York City-based financial services firm that is operating under bankruptcy court protection.

According to PBGC estimates, the pension plan is 95 percent funded, with $898.2 million in assets to cover $940.8 million in benefit liabilities. If the plan ends, the agency expects to be responsible for $17.9 million of the $42.6 million shortfall.

Link http://www.pbgc.gov/media/news-archive/news-releases/2008/pr09-06.html

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