PBGC Assumes Hostess Brands Plan
The Pension Benefit Guaranty Corporation has taken over the responsibility for the pension benefits of Hostess Brands employees.
The Pension Benefit Guaranty Corporation (PBGC) has taken over the responsibility for the pension benefits of Hostess Brands employees, Pensions & Investments reports. PBGC will handle pension benefits of about 1,500 current and former employees of the Texas-based company, formerly known as Interstate Bakeries.
The workers and retirees were previously getting benefits under the American Bakers Association Retirement Plan. PBGC will assume all of Interstate Bakeries $82.5 million in unfunded liabilities.
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