‘Vast Majority’ of Sears, Kmart Pensions Will Be Paid, PBGC Says

Sears Holding Co. employees and retirees will have the “vast majority” of their pension benefits paid once the government assumes responsibility for them at the end of the month.

The pensions for Sears and subsidiary Kmart Corp. employees cover about 90,000 people, the Pension Benefit Guaranty Corporation said Jan. 18 in announcing the takeover.

Sears filed for Chapter 11 bankruptcy protection in October and is seeking to terminate its pension plans Jan. 31. “When it’s no longer possible for plan sponsors to maintain their pension plans, PBGC plays the crucial role of providing lifetime retirement income for the workers and ...