The Pension Benefit Guaranty Corporation (PBGC)  announced it has assumed responsibility for the pension plan of more than 22,000 workers and retirees of Lehman Brothers Holdings Inc. and its subsidiaries. The New York City-based investment bank is liquidating under bankruptcy court protection.

The PBGC stepped in because the underfunded pension plan would be without a sponsor following the liquidation of substantially all the firm's assets. None of the buyers assumed responsibility for the retirement plan.

The PBGC will take over the plan’s assets and use insurance funds to pay guaranteed benefits earned under the plan, which ended as of Dec. 12, 2008. At that time, the Lehman Brothers Holdings Inc. Retirement Plan had a shortfall of $115 million,