PBGC Protects Pensions at LandAmerica Financial Group
FOR IMMEDIATE RELEASE
July 01, 2011
WASHINGTON— The Pension Benefit Guaranty Corporation will pay pensions to almost 4,500 employees and retirees of bankrupt LandAmerica Financial Group, Inc., a real estate services firm based in Glen Allen, Va.
PBGC, which safeguards the pensions of 44 million Americans, took over the plan from LandAmerica which is liquidating.
PBGC will pay all pension benefits earned by LandAmerica retirees up to a legal maximum of $51,750 a year for a 65-year-old.
Further information is available at the PBGC Web site, www.pbgc.gov, or by calling toll-free 1-800-400-7242. TTY/TDD users should call the federal relay service toll-free at 1-800-877-8339 and ask for 800-400-7242.
LandAmerica retirees who get their pension from PBGC may be eligible for the federal Health Coverage Tax Credit. For more information, see http://www.pbgc.gov/wr/benefits/hctc/hctc-faqs.html.
PBGC expects few retirees will experience benefit reductions as the agency will cover substantially all of the LandAmerica plan's funding shortfall.
PBGC protects the pension benefits of 44 million Americans in 27,500 private-sector pension plans. The agency is directly responsible for paying the benefits of more than 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars and never has. Its operations are financed by insurance premiums and with assets and recoveries from failed plans. PBGC's loss from the LandAmerica plan's unfunded liabilities was included in its fiscal year 2010 financial statements.
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PBGC No. 11-49