PBGC Assumes Chicago Sun-Times Pension Liabilities

Law360, New York (August 12, 2010, 6:26 PM EDT) -- The Pension Benefit Guaranty Corp. has taken over seven Chicago Sun-Times pension plans that were discontinued when the bankrupt newspaper was purchased in an auction last October, the agency announced Thursday.

The federal agency will cover benefits for 2,360 pensioners left out in the cold when David Tyree’s investment group decided not to honor the plans. The effective date for PBGC’s responsibility for the plans was Aug. 4, according to the PBGC.

The PBGC projects that the seven plans together have just over half of their...
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