Sunday, January 20, 2019

Sears' programs were underfunded by about $1.4 billion and could only meet about two-thirds of its obligations



...The PBGC said Sears' programs were underfunded by about $1.4 billion and could only meet about two-thirds of its obligations.

"PBGC is stepping in to become responsible for the company’s two pension plans because it is clear that Sears’ continuation of the plans is no longer possible," the agency said in a statement. The agency plans to terminate the pension plans as of the end of the month and will assume responsibility for their obligations when either Sears agrees or a court orders it....