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Member, Beacon International Group, Ltd.
WASHINGTON—The Pension Benefit Guaranty Corp. has taken over and terminated an underfunded pension plan sponsored by Lower Bucks Hospital in Bristol, Pa.
The plan has $77 million in liabilities and $40.5 million in assets. The PBGC will be responsible for nearly all of the more than $36.5 million in promised but unfunded benefits to the plan's 1,636 participants.
The PBGC took action after determining that the hospital could not afford to continue the plan.
Lower Bucks filed for Chapter 11 bankruptcy protection in 2010 and emerged from bankruptcy this year.