PBGC will pay retirement benefits for more than 200 current and future retirees of Bill Johnson's Restaurants Inc. The eatery has five locations throughout Arizona.
The agency is stepping in because the pension plan doesn't have enough money to pay benefits when due. Also, Bill Johnson's is attempting to reorganize in bankruptcy proceedings and will likely abandon the plan when the case concludes leaving no one to administer benefits.
The restaurant chain operates under the Bill Johnson's Big Apple brand, and its retirement plan, the Defined Benefit Plan of Bill Johnson's Restaurants Inc., will end as of April 4, 2013.
PBGC will pay all pension benefits earned by the company's retirees up to the legal limit of about $57,500 a year for a 65-year-old.
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