PBGC to Assume $82.5 MIllion Liability In Takeover of Interstate Bakeries’ Pensions

The Pension Benefit Guaranty Corporation Oct. 19 said it will pay the pensions of nearly 1,500 current and former employees of Interstate Bakeries Corp., now known as Hostess Brands Inc., headquartered in Irving, Texas.

Interstate Bakeries workers and retirees earned benefits under the American Bakers Association Retirement Plan, an ongoing multiple-employer pension plan that the company contributed to until 2008, according to a PBGC statement.

At the request of the association plan trustees, PBGC divided the plan’s assets and liabilities between Interstate Bakeries employees and those who are or were employed by the association plan’s other contributing employers, PBGC said. ...