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Article: PBGC stays on watch list.(Late News)(United States. Pension Benefit Guaranty Corp.)
- Article from:
- Pensions & Investments
- Article date:
- January 26, 2009
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PBGC will remain on the GAO's "high-risk'' watch list for 2009, amid concerns that the nation's economic crisis could lead to more pension plan terminations that would increase the agency's budget deficit, according to a Government Accountability Office report.
The PBGC's deficit declined to $11.2 billion as of Sept. 30, from $14.1 billion at the end of the previous fiscal year, the GAO said in the report. But it also said the ongoing financial crisis had probably eroded the funding of many large plans and lowered the credit rating of many plan sponsors, "developments that the most recent (PBGC) estimates may not reflect.''
The PBGC has been on the ...