PBGC to take over pension plan sponsored by charity KidsPeace
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The Pension Benefit Guaranty Corp. is taking over a pension plan sponsored by KidsPeace Corp., a private charity dedicated to serving the behavioral and mental health needs of children, families and communities.
The PBGC said last week that it stepped in after determining that Schnecksville, Pa.-based KidsPeace could not continue to fund the plan and remain in business.
The plan, which has about 2,400 participants, is just 41% funded with $69.3 million in assets and $168.4 million in benefit obligations. The agency expects to cover $95.6 million of the $99.1 million funding shortfall.
