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PBGC Takes Over Eddie Bauer Pension Plan

January 7, 2010
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Related Topics: Financial Impact, Benefit Design and Communication, Retirement/Pensions, Latest News
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The Pension Benefit Guaranty Corp. said Wednesday, January 6, that it has taken over the underfunded pension plan of sportswear retailer Eddie Bauer Inc.

The Lake Forest, Illinois-based company filed for bankruptcy in June. Since then, it has sold its assets to purchasers who did not assume responsibility for financing or administering its pension plan, the PBGC said in a statement.

The plan, which has about 1,800 participants, is 58 percent funded, with $29.8 million in assets and $51.4 million in liabilities. The PBGC said it expects to be liable for the nearly $21.7 million funding shortfall. 

Filed by Jerry Geisel of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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