BANKING

Underfunded Pension Programs Must Notify Participants: The government pension insurance agency issued rules requiring employers with underfunded retirement programs to notify their 4 million plan participants of the size of the shortfall. The pension reform law that went into effect last December requires companies with pension plans that are less than 90% funded to provide an annual, easy-to-read explanation of their plans’ funding levels. The rules spell out how the new requirements will be carried out and include a model notice that had been tested for readability by a focus group of workers and retirees. The law also requires that the notification explain the limits of the guarantees by the Pension Benefit Guaranty Corp.