http://www.chron.com/disp/story.mpl/ap/fn/5444175.html
NYRA, Insurer Clash Over Benefit Plans
By JACQUELINE PALANK
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… The federal agency that insures private pension plans is trying to block confirmation of the New York Racing Association's bankruptcy exit plan and is suing the horse-racing association.
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Last month, the Pension Benefit Guaranty Corporation told NYRA that it intended to terminate five of the association's pension plans because NYRA hasn't met its funding obligations for the past two years. The agency also said it didn't think NYRA would be able to pay benefits as they come due.
… Also on Tuesday, the horse-racing association asked the bankruptcy court to throw out or amend several of PBGC's claims.
NYRA said it shouldn't owe the $71.5 million shortfall to the PBGC because the claim's contingency _ the termination of the pension plans _ hasn't happened yet. Also, the NYRA plans to cover the liabilities as it exits bankruptcy.
Further, NYRA wants to reduce the amount the PBGC says it owes in minimum funding contributions that federal pension law requires companies make to their pension plans. NYRA said it's willing to pay up to $28.5 million toward those liabilities instead of the $29.6 million that the PBGC said it's owed. …
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