The Pension Benefit Guaranty Corp. will take over the law firm's pension obligations up to the agency's annual cap, $57,500 for workers who retire at 65.
July 03, 2013 at 12:42 AM
1 minute read
A government agency will assume responsibility for Butzel Long’s pension plan, the Detroit law firm announced Wednesday.
Butzel Long filed an application with the Pension Benefit Guaranty Corp. in January to help cover its $33 million pension obligation, citing a shortfall of about $9 million to pay about 450 partners and employees covered by its plan. About 350 of those people are no longer with the firm.
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