Pension said it will become insolvent in 10 years without benefits cut.
Family trust trustee with Senate connections named 16th director of pensions lifeboat.
Funded levels increase despite worst asset performance in a decade.
Hartogensis renominated by Trump after previous attempt stalled.
Deal cleared way for court to OK ESL Investment’s $5.2 billion takeover of the retailer.
Pensions lifeboat will provide benefits for 90,000 workers and retirees.
Proposed legislation aims to save critical and declining multiemployer pension plans.
Draft of plan calls for $3 billion a year to subsidize payments for retirees.
Pensions lifeboat says it’s prepared to provide for 90,000 retirees and workers.
Western States Office and Professional Pension is seeking a 30% cut in benefits.
Projections now show a 90% chance the program will run out of money in seven years.
PBGC says it would only be able to pay less than one-eighth the minimum benefit.
Total amount paid remains the same as the number of retirees rises.