Word: pbgc
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Contrary to the assertions of company executives, PBGC officials and members of Congress, one company after another on the 1990 Top 50 disappeared. To be sure, many are still around. Like General Motors. That year, the PBGC reported a $1.9 billion deficit in GM's pension plans. Today, by GM's reckoning, the deficit is $10 billion. The PBGC estimates it at $31 billion. As for the pension-fund deficit, if GM or any other company can't come up with the money, the PBGC will cover retirement checks up to a fixed amount--$45,600 this year--or until...
...federal agency called the Pension Benefit Guarantee Corp. (PBGC) is slated to administer United's pension plans. Lower-paid workers will probably receive most of the pension money they are owed since the PBGC insures annual benefits up to $45,614. Pilots and senior execs with six-figure pensions could take a heftier...
...PBGC is running a $23 billion deficit following a wave of pension defaults by bankrupt steel and aviation firms. The agency is funded primarily via premiums paid by employers, and proposals are floating around Washington to shore up its finances. But with a few more big pension defaults ... can you say "taxpayer bailout...
...stuck with less than they expect. Already, there are limits to what the government will step in to pay. The maximum benefit for a retired 65-year-old in a failed pension is $45,614 a year. At that cutoff, 90% of those in plans taken over by the PBGC get full benefits. But in high-paying industries like airlines and steel--in which the biggest pension failures are now occurring--only 60% of pensioners get full benefits...
Administration officials say a pension-system meltdown is not imminent, but that's no consolation for the pilots at U.S. Airways. When that airline went bankrupt last year, the PBGC took over its orphaned pension program and promptly reduced benefits paid to former high-wage workers whose payouts exceeded agency limits. In some cases, pilots' pensions were slashed as much...