Sears Holdings Corp. (fka SHLDQ)

[Colt6920]

The PBGC is a Federal Agency that is not taxpayer funded. They are funded by insurance premiums, investments, and asset recoveries. Sear set this up as a way to protect there retired employees back in 2016. Here it is straight from the article.

"While the PBGC is a federal agency, it is not funded by taxpayer dollars. Its operations are financed by insurance premiums, investment income and recoveries from failed single-employer plans. Sears entered into a five-year pension protection plan with the agency in 2016.

Sears will remain responsible for the plans until it agrees to terminate them or a court orders the plans terminated, according to the PBGC. The agency is seeking to take over the plans as of Jan. 31."

https://www.chicagotribune.com/business/ct-biz-sears-bankruptcy-pension-plans-pbcg-takes-control-20190118-story.html