Federal agency announces taking over McClatchy pensions.
The federal Pension Benefit Guaranty Corporation announced today
that it will take over McClatchy newspaper chain pension payments.
Some BJ retirees are covered by the McClatchy pensions, others by
Black Press of Canada. Future retirees covered by the McClatchy pension also
will be covered by the PBGC.
McClatchy filed bankruptcy papers in February.
McClatchy pension fund is 57% funded. PBGC will absorb the other $1
billion.
To read the full PBGC announcement, click on https://content.govdelivery.com/accounts/USPBGC/bulletins/29df743?fbclid=IwAR3z7WiFUMHWqUyQOqpspM1Oz0RmEQ6TBEfkeuknHTvnjwrv1bxbwFgiRsQ
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