| A beneficiary of | Butzel Long |
| Paying the pensions of employees | Pension Benefit Guaranty Corporation |
| Start Date | 2013-07-03 |
| Is Current | yes |
| Goods | PBGC will pay benefits for nearly 470 current and future retirees of Butzel Long, a law firm based in Detroit, Mich. The agency stepped in because the firm would be unable to maintain its pension plan and remain in business. PBGC will pay all pension benefits earned by the law firm's retirees up to the legal limit of almost $57,500 a year for a 65-year-old. Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible. |
| Notes | Recent media reports have suggested that Butzel Long's plan was short by at least $10 million, but that estimate assumed the plan was ongoing. [PGBC measures] funding on a termination basis, which often reveals a much higher shortfall. |