PBGC takes over Brooklyn medical center's pension plans

The Pension Benefit Guaranty Corp. on Thursday said it is taking over and terminating two underfunded pension plans sponsored by Interfaith Medical Center, which operates a 287-bed hospital and eight clinics in Brooklyn, New York.

The PBGC said it acted because Interfaith Medical, which filed for Chapter 11 bankruptcy in 2012, is unable to meet the minimum funding requirements for the two plans.

The plans, which have more than 1,400 active and retired participants, are 64% funded, with $108 million in assets and $176 million in liabilities. The PBGC said that it expects to cover $60 million of the $68 million funding shortfall.