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PBGC to Pay Pension Benefits for J.C. Penney Corporation Workers, Retirees
Pension Benefit Guaranty Corporation [PBGC] 
Nov. 6, 2020 "The [PBGC] is taking responsibility for the J.C. Penney Corporation, Inc. Pension Plan, which covers about 36,000 current and future retirees.... The termination of the plan will be effective as of November 6, 2020. PBGC estimates that J.C. Penney's plan is 92 percent funded with approximately $3.3 billion in assets and about $3.6 billion in benefit liabilities. The plan is underfunded by $270 million." |
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