PBGC Takes Over B'nai B'rith's Pension Plan

On Sept. 11, the Pension Benefit Guaranty Corporation announced that it is stepping in to take over the pension plan of B'nai B'rith International, a Washington, DC-based Jewish advocacy organization. Without the takeover, B'nai B'rith would have been unable to continue to operate.  Under the takeover, PBGC will pay retirees their earned pensions up to the legal limit of PBGC coverage, $54,000 per year.  JTA reported yesterday that B’nai B’rith filed an application with the PBGC in 2011, informing the federal agency that B'nai B'rith could no linger fulfill its pension plan obligations. The application came just a month before B'nai B'rith's then volunteer president, Dennis Glick, resigned from his position after being indicted on federal tax fraud charges.