ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Paisa Wasool: Mutual Funds-SIP Returns Calculator | Start from Rs 5k, get Rs 1.75 cr - SOLID MONEY FORMULA
  • WhatsApp New Feature: Soon! you can undo, recover WhatsApp deleted messages
  • LIC customers ALERT! Insurer launches campaign to revive lapsed policies - All you need to know
  • Wealth Guide: Income Tax - SMART TIPS! 5 tax-saving techniques for FY23 - Here is what expert suggests
  • Loss-making US company's share price zooms over 400% in one month - factors behind rally DECODED
Read in App
Business News » World News

PBGC steps in to oversee Sears' two pension plans

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Pension Benefit Guaranty Corp (PBGC) is taking steps to assume responsibility for bankrupt retailer Sears Holdings Corp`s two pension plans, covering about 90,000 people, the U.S. government agency said on Friday.

The agency is stepping in to oversee the retirement benefits of employees and retirees at Sears, Roebuck and Co and Kmart Corp as it is clear that Sears` continuation of the plans is no longer possible, it said.

Sears Holdings, which filed for bankruptcy in October, said on Thursday Chairman Eddie Lampert won an auction to buy the once iconic U.S. retailer after presenting an improved offer of $5.2 billion.

PBGC estimates Sears` pension plans are underfunded by $1.4 billion, leaving them 64 percent funded.

The agency said it is seeking to end plans as of Jan. 31 and added it would become responsible for the pension plans when Sears agrees or a court orders plan termination.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Sat, Jan 19, 2019
12:15 am
Reuters
RELATED NEWS
Cabinet Decisions Today: From interest subvention on agriculture loans to ECLGS enhancement, top 4 decisions taken today Cabinet Decisions Today: From interest subvention on agriculture loans to ECLGS enhancement, top 4 decisions taken today
11% growth possible in next decade if India does this, says RBI Deputy Governor Michael Patra 11% growth possible in next decade if India does this, says RBI Deputy Governor Michael Patra
Money Guru: As India gears up for 75th Independence Day celebration, where should you invest for benefit in New India? Expert decodes Money Guru: As India gears up for 75th Independence Day celebration, where should you invest for benefit in New India? Expert decodes
UK economy contracts in 2nd quarter as recession fear grows UK economy contracts in 2nd quarter as recession fear grows

LATEST NEWS

Cabinet enhances ECLGS by Rs 50,000 cr; earmarks additional amount for hospitality, related sectors

Closing Bell: Market extends rally to 7th day; Sensex ends near 60,200, Nifty settles above 17,900- Bajaj twins lead rally

Mumbai gets 10 more AC local trains - check timings, full schedule and route

GST on Rent of residential property, commercial property: All scenarios where this indirect tax is applicable

Cabinet approves interest subvention of 1.5% on short term agriculture loan up to Rs 3 lakh for FY23 to FY25

LIC customers ALERT! Insurer launches campaign to revive lapsed policies - All you need to know

Paisa Wasool: Mutual Funds-SIP Returns Calculator | Start from Rs 5k, get Rs 1.75 cr - SOLID MONEY FORMULA FOR RETIREMENT

Covid-19: Only 17% people received precaution dose; Centre asks states to hold vaccination camps at stations, religious sites

Petrol, diesel demand continues to decline: What's triggering fall in consumption

Exclusive: Key Ukrainian adviser says new, $5 billion IMF loan would reassure other creditors

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV