Pension fund fail 08182009

The PBGC

has assumed responsibility for the underfunded pension plan covering nearly 1,900 workers and retirees of IndyMac Bank F.S.B., a unit of IndyMac Bancorp Inc., Pasadena, Calif.  The PBGC stepped in because the IndyMac Bank F.S.B. Defined Benefit Pension Plan faced abandonment as the bank failed and IndyMac Bancorp liquidated in chapter 7 bankruptcy.  The PBGC estimates that the plan is 89 percent funded, with assets of $33 million and benefit liabilities of $37 million, and expects to cover $3.7 million of the $4 million shortfall.”

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