Nope. It was 20 but they increased it to 30%
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and most important he still has his 'floaty boatie'
But the good news is (((Eddie Lampert))) still has his private island in Florida.
They got screwed bad when Sears Canada went out of business. Canadian pensioners took a 20% hit.
@OP - Why? A separate company located in another country with a separate pension plan that is not covered by the PBGC.