PBGC will pay retirement benefits for over 500 current and future retirees of B'nai B'rith International, a Jewish advocacy organization based in Washington, DC.
The agency stepped in because B'nai B'rith wouldn't have been able to pay its bills or stay in business unless the plan was terminated.
The B'nai B'rith pension plan ended as of April 30, 2011. PBGC will pay all pension benefits earned by the organization's retirees up to the legal limit of $54,000 a year for a 65-year-old.
Until PBGC becomes trustee, the plan remains under the control of B'nai B'rith. Plan participants will be notified by letter when the agency takes responsibility. At that time, retirees will continue to get benefits without interruption, and future retirees can apply for benefits when eligible.
B'nai B'rith is considered a leading voice of the Jewish Community, and is known for promoting Jewish security, unity, and continuity, and fights anti-Semitism and intolerance around the world.
Participants with questions about their pension benefits should contact the plan administer. The agency won't be able to address concerns about benefits until it takes responsibility for the plan.