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The deficit at the federal agency that guarantees pensions for 44 million Americans more than doubled in the last six months to an historic high, reaching $33.5 billion, largely as a result of the surging number of bankruptcies among companies whose pensions it must now take over.
The Pension Benefit Guaranty Corporation, as of October, had faced a shortfall of $11 billion. But the combined effect of lower interest rates, losses on its investment portfolio and the increase in the number of companies filing for bankruptcy protection produced the jump in its estimated deficit, officials said Wednesday.
The agency, created by Congress in 1974, is paying to about 640,000 people actual benefits worth about $4.3 billion a year. Employers nationwide with so-called defined benefit pension programs pay insurance premiums to the agency in return for a promise that it will take over their pension plan if a company fails.
The worst is yet to come. Instead of receiving your paycheck every 2 weeks, you will receive a IOU letter.
Last edited by NEPatriot; 05-20-2009 at 12:41 PM..
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