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10/22/2004: PBGC Takes Over and Terminates Kemper Insurance Company's Underfunded Pension Plan (Business Insurance; free registration required)
Excerpt: The Pension Benefit Guaranty Corp. on Thursday took over and terminated Kemper Insurance Cos.' underfunded pension plan, the biggest insurer-sponsored pension plan ever assumed by the PBGC. Kemper's retirement plan has promised $1.05 billion in benefits to its nearly 12,000 participants--mostly retirees and former employees of operating unit Lumbermens Mutual Casualty Co.--but has just $515 million in assets.
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