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Feds take over B'nai B'rith pension plan

Sept. 25, 2012 at 5:22 PM   |   Comments

WASHINGTON, Sept. 25 (UPI) -- B'nai B'rith, the 170-year-old Jewish fraternal organization, has surrendered management of its pension plan to the U.S. government, officials said.

The Pension Benefit Guaranty Corp.in Washington, which assumed responsibility for the pension plan on Sept. 11, said in a statement that it did so because of concerns that pensions would not be paid or the organization would have been forced out of business, the Jewish Telegraphic Agency reported. The plan had $55.6 million in liabilities and $30.1 million in assets.

B'nai B'rith, founded in New York City in 1843, reported having 500,000 members in the early 1970s. But its membership appears to have plummeted, and it sold its Washington headquarters in 2002.

Dennis Glick, who served as B'nai B'rith's volunteer president, resigned last year after being charged with tax fraud. He was convicted in October.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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