USA Commercial Mortgage gets court approval to freeze pension plan

By Caroline Salls

Pittsburgh, Oct. 20 - USA Commercial Mortgage Co. obtained court approval to freeze its defined-benefit pension plan effective Sept. 30 and appoint a successor trustee for the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Nevada.

According to the motion, all plan benefits are frozen at their current amount, no future accrual service will be credited beyond Sept. 30, no future changes in compensation will be taken into account in the determination of a participant's accrued benefits and no additional employees will become eligible to participate in the plan.

Also as of Sept. 30, current trustees Victoria S. Loob, Thomas Hantges and Joseph Milanowski resigned as plan trustees and were replaced by USA Commercial Mortgage.

USA Commercial Mortgage, a privately held real estate lender based in Las Vegas, filed for bankruptcy on April 13, 2006. Its Chapter 11 case number is 06-10725.

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