PG&E Assuring Retirees That Their Pensions and Benefits Will Be Safe in Bankruptcy

 

PG&E is reassuring its thousands of retirees their pension and benefits will be safe in bankruptcy. After announcing yesterday that it intends to file Chapter Eleven at the end of the month, it posted a notice on its website, saying no changes are expected to the company’s tax-qualified pension plan or to health or life insurance benefits. Under-funded plans are backed up by the federal Pension Benefit Guaranty Corporation, but agency officials say PG&E’s pension plan is unusually well-funded.