Word: pbgc
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Dates: during 2000-2009
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...number of companies no longer able to meet their pension obligations and the magnitude of their shortfalls, labeled as "high risk" a quasi-federal agency that steps in to pay retirees when companies cannot. Saddled with a deficit of $5.4 billion and counting, the Pension Benefit Guaranty Corp. (PBGC) might need a government bailout--a predicament that Treasury Secretary John Snow told the Wall Street Journal was "a brewing problem somewhat analogous to the savings-and-loan situation," the U.S. financial fiasco of the late 1980s...
...Bond held hearings to determine why the agency, which has been charged with underwriting retiree pensions, allowed some serious missteps. Some former Pan Am workers received misinformation about the very existence of their benefits, and one woman received a half-million-dollar payment in error. Having trouble with a PBGC account? Call...