LandAmerica Financial Group Inc. and a federal agency that earlier this week moved to take over the bankrupt company’s pension program have agreed to a plan to ensure it is fully funded.

The deepening recession spells trouble for a little-known government corporation that insures the pensions of 44 million workers and retirees. The Pension Benefit Guaranty Corp. already has an $11 billion deficit that seems sure to grow larger as corporate America suffers through the worst economic crisis since the Great Depression. With companies reporting shortfalls in their pension funds, it’s all but certain that the guaranty corporation will be forced to take over more pension plans.