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Revision of Defined Benefit Pension Plan Funding Rules Is an Essential Component of Comprehensive Pension Reform

By Walker, David M.

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Book Id: WPLBN0000019200
Format Type: PDF eBook
File Size: 0.3 MB
Reproduction Date: 2005

Title: Revision of Defined Benefit Pension Plan Funding Rules Is an Essential Component of Comprehensive Pension Reform  
Author: Walker, David M.
Volume:
Language: English
Subject: Government publications, Accountability in government, United States. General Accounting Office
Collections: Government Library Collection, Government Accountability Integrity Reliability Office Collection
Historic
Publication Date:
Publisher: United States General Accounting Office (Gao)

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Walker, D. M. (n.d.). Revision of Defined Benefit Pension Plan Funding Rules Is an Essential Component of Comprehensive Pension Reform. Retrieved from http://hawaiilibrary.net/


Description
Government Accountability Integrity Reliability Office Collection

Excerpt
Excerpt: I am pleased to be here today to discuss our recent report on the rules that govern the funding of defined benefit (DB) plans and the implications of those rules for the problems facing the Pension Benefit Guaranty Corporation (PBGC) and the DB pension system generally. In recent years, the PBGC has encountered serious financial difficulties. Prominent companies, such as Bethlehem Steel, U.S. Airways, and United Airlines, have terminated their pension plans with severe gaps between the assets these plans held and the pension promises these plan sponsors made to their employees and retirees. These terminations, and other unfavorable market conditions, have created large losses for PBGC?s single-employer insurance program-the federal program that insures certain benefits of the more than 34 million participants in over 29,000 plans. The singleemployer program has gone from a $9.7 billion accumulated surplus at the end of fiscal year 2000 to a $23.3 billion accumulated deficit as of September 2004, including a $12. billion loss for fiscal year 2004. In addition, financially weak companies sponsored DB plans with a combined $96 billion of underfunding as of September 2004, up from $35 billion as of 2 years earlier. Because PBGC guarantees participant benefits, there is concern that the expected continued termination of large plans by bankrupt sponsors will push the program more quickly into insolvency, generating pressure on the Congress, and ultimately the taxpayers, to provide financial assistance to PBGC and pension participants.

 

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