Govt steps in on pensions

The US agency that insures corporate pensions took responsibility for about $2 million in pensions owed to former employees of East River Management Corp, a building service provider that lost all its assets in the Bernard Madoff scandal, the agency said.

The Pension Benefit Guaranty Corporation (PBGC) said it stepped in after New York-based East River Management's retirement plan was unable to pay benefits owed to retired workers.

Agencies