For those of Us that had our pensions turned over to the PBGC take note of the article below.
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PBGC's Deficit Triples to $33.5 Billion - WP
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AIP-endorsed Independent Projects & Organizations -> The Committee for Tax, Monetary & Spending Reform
PBGC's Deficit Triples to $33.5 Billion
By David S. Hilzenrath
Washington Post Staff Writer
Wednesday, May 20, 2009; 8:00 AM
The federal agency that guarantees corporate pensions was $33.5 billion in the red at the end of March, triple its deficit six months earlier, the agency's head has told a Senate committee.
The recession threatens to add to the strain on the Pension Benefit Guaranty Corp. by pushing more companies into bankruptcy and leaving the struggling agency responsible for their pensions. For example, the agency faces a potential tidal wave of claims from Chrysler and General Motors, whose pension plans are underfunded by an estimated $29 billion, the Government Accountability Office has warned.
If the PBGC's condition continues to deteriorate, the government could come under pressure to shore it up with taxpayer funds, the GAO has told the Senate's Special Committee on Aging in preparation for a hearing today.
… Finances aside, the GAO is concerned that the PBGC could have trouble simply handling
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