The Pension Benefit Guaranty Agency (PBGC), the US federal government agency that rescues troubled corporate pension funds, ended 2003 with a deficit of $11.2 billion – three times its size at the end of 2002. The PBGC, which insures the pensions of 44 million Americans, had a $3.6 billion deficit a year ago. Outgoing PBGC Executive Director Steven Kandarian has admitted the scale of the deficit is making it more difficult for the US government to rescue pension plans.
PBGC Deficit Triples To $11.2 Billion
The Pension Benefit Guaranty Agency (PBGC), the US federal government agency that rescues troubled corporate pension funds, ended 2003 with a deficit of $11.2 billion three times its size at the end of 2002. The PBGC, which insures the pensions