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PBGC Takes Over Hartmarx Pension Plan

January 12, 2010
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The Pension Benefit Guaranty Corp. said it has taken over the pension plan of men’s clothing manufacturer Hartmarx Corp., which is in bankruptcy reorganization.

The PBGC said Monday, January 11, that it acted because the pension plan faced abandonment after Chicago-based Hartmarx, which filed for bankruptcy reorganization nearly a year ago, sold its assets to purchasers who did not assume responsibility for financing or administering the plan.

The plan, which has about 13,000 participants, is 47 percent funded with assets of $142.8 million and liabilities of $306.6 million. The PBGC expects to be responsible for $158.5 million of the $163.8 million 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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