Senators Seek Review of Pension Agency Funds
Two senators are asking Congress to find out whether the federal agency that insures private pension plans for millions of Americans has enough money and the right approach to do its job.
Finance Committee Chairman Charles E. Grassley (R-Iowa) and the panel’s top-ranking Democrat, Max Baucus of Montana, said they wanted the Government Accountability Office to report back by early next year with preliminary information on the Pension Benefit Guaranty Corp., which insures traditional, defined benefit pension plans.
Bankrupt steel and airline companies that have transferred pension responsibilities to the PBGC have been a factor in the growing demands placed on the agency and its swollen debt. At the end of 2005, the agency recorded a deficit of $22.8 billion.
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