Newspaper article The Record (Bergen County, NJ)

U.S. Says It Will Cover A&p Pensions

Newspaper article The Record (Bergen County, NJ)

U.S. Says It Will Cover A&p Pensions

Article excerpt

The federal Pension Benefit Guaranty Corp. said Thursday that it will cover shortfalls in pension assets totaling $288 million created by the bankruptcy of Montvale-based supermarket chain A&P.

Three A&P-backed pension plans ended on Nov. 15 after the grocery chain failed to find buyers willing to continue the plans. As a result of the PBGC action, retirees will continue to receive benefits, and future retirees can apply for benefits when they become eligible.

The PBGC is taking over the following plans:

* The Great Atlantic & Pacific Tea Co. Inc. Plan, which has 14,783 participants and a $109.4 million shortfall. PBGC will cover $105.6 million of that shortfall.

* The Pathmark Stores Inc. Pension Plan. The PBGC will cover that plan's entire $182. …

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