Featured Jobs
|
PPS Pension Services
|
|
MAP Retirement
|
|
DWC - The 401(k) Experts
|
|
Relationship Manager - Defined Contributions Daybright Financial
|
|
Defined Contribution Account Manager Nova 401(k) Associates
|
|
DWC - The 401(k) Experts
|
|
Retirement Plan Onboarding Specialist Compass
|
Free Newsletters
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|
|
|
What Happened to Lehman Brothers Employee Pensions?
U.S. News & World Report 
Dec. 14, 2008
Excerpt: Lehman Brothers, a New York-based financial services firm, filed for the largest Chapter 11 bankruptcy protection in U.S. history in September. The capital markets and investment banking operations were then sold to Barclays Capital Inc. for $1.75 billion. More than 26,500 Lehman workers and retirees are eligible for some form of retirement benefits. The U.S. Pension Benefit Guaranty Corp. (PBGC), a government agency that insures private-sector pension plans and pays out benefits if the a plan fails, initiated action to end Lehman's pension plan today because the plan stands to be abandoned following the liquidation of the firm's assets at a Dec. 22 bankruptcy court hearing.
|
| Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
| An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |