Word: pbgc
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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...
Maybe more. Testifying before Congress last week, California's Garamendi pleaded for aid for the victims of Executive Life's collapse. Garamendi contended that the PBGC bears some responsibility for those annuity payments, since it supervised the termination of pension plans in which federally guaranteed benefits were replaced by insurance annuities. Said he: "Doubtless there are some villains in this piece. Venal businessmen, negligent regulators, careless rating companies, crafty accountants and lawyers, greedy pension-plan sponsors are all candidates, and if punishment is due, it should be meted out. But that's not going to solve the giant human problem...
...tune of $30 billion. Worst of all is a class of financially weak corporate behemoths, such as LTV and Chrysler, whose pension plans are severely short of cash. Unless their sales and profits improve, some of these large funds could collapse. Already running a deficit of $1.8 billion, the PBGC estimates its deficit could grow to $8 billion by the end of this decade...
...TMFONT 1 d #666666 d {Source: PBGC}]CAPTION: 10 RISKY PENSIONS...