PBGC Takes On IndyMac Bank Pension Plan

Law360, New York (August 18, 2009, 6:35 PM EDT) -- The Pension Benefit Guaranty Corp. announced Tuesday that it had assumed responsibility for an underfunded pension plan covering almost 1,900 workers and retirees of IndyMac Bancorp Inc. unit IndyMac Bank FSB.

The plan is estimated to be about 89 percent funded, with assets of $33 million and benefit liabilities of $37 million, the federal pension insurer said in a statement. The agency, which expects to cover $3.7 million of the shortfall, will take over the assets and use insurance funds to pay the plan's guaranteed benefits,...
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