MLive: Law firm Butzel Long seeks help from federal agency to pay underfunded pensions
Butzel Long PC, a Michigan-based law firm with an office in Ann Arbor, has asked a federal agency to save its pension plan that is underfunded by more than $9 million according to a report from MLive.
Rather than using tax revenues, the agency, the Pension Benefit Guaranty Corp. (PBGC), is funded by insurance premiums paid by sponsors of defined benefit plans. The PBCG paid about $384 million to Michigan retirees in failed pension plans in 2011.
According to MLive statewide business reporter Melissa Anders, the firm regularly represents clients before the PBGC and also represents the Michigan Press Association, of which MLive Media Group is a member.
Unlike other companies requesting pension relief, Butzel Long is not facing bankruptcy. The company has changed its benefits package to include a defined-contribution 401(k) plan instead of the pensions.