(Government) Pension-Insurance Arm Has $8.8 Billion Deficit

hatrack

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Wed Oct-15-03 10:01 AM
Original message

(Government) Pension-Insurance Arm Has $8.8 Billion Deficit

updated: 10/14/2003 08:52 PM

"Finances at the government's pension-insurance program deteriorated last summer, with its deficit reaching a record $8.8 billion as of Aug. 31, the agency's executive director told Congress on Tuesday.

The cash-strapped Pension Benefit Guaranty Corp., or PBGC, earlier had reported a deficit of $5.7 billion through July.

PBGC is funded with premiums paid by companies that sponsor pension plans. It gets no tax money.

The private pension system is underfunded by more than $350 billion, the agency estimates."

EDIT/END

St. Louis Post-Dispatch

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papau

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Wed Oct-15-03 10:08 AM
Response to Original message

1. The new interest rate for Pension calcs bill will hurt the PBGC

as companies will pay less in premiums to the PBGC.

Not that Bush or the GOP care.

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