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June 23rd
- Financial Statements: Pension Plans: BPO and APO calculations
May 20th
- Deficit of Pension Guarantor Hits Record $33.5 billion - NYTimes.com: The deficit at the federal agency that guarantees pensions for 44 million Americans more than doubled in the last six months to a record 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 resulted in a deepening of its estimated deficit....... ....the agency has $56 billion in assets ? most of which is invested in Treasury bonds
May 16th
May 14th
- Former Pension Agency Chief Under Investigation - NYTimes.com: The former Bush administration official in charge of the federal agency that guarantees pensions for 44 million Americans is under investigation for inappropriate contacts with Wall Street firms seeking to obtain lucrative contracts to manage part of the agency?s portfolio. The latest on President Obama, the new administration and other news from Washington and around the nation. Join the discussion. * More Politics News The former official, Charles E.F. Millard, is also being investigated for soliciting help from one of the winning firms in his search for a new job once he left office.
April 7th
March 31st
March 30th
- Pension insurer shifted to stocks - The Boston Globe
- Talking Points Memo | Buy High, Sell Low: The Boston Globe has an important piece out on how the federal Pension Benefit Guaranty Corporation decided to shift its holdings from bonds to equities, just about the time the bottom fell out of the stock market....Bush was able to do for the PBGC what he tried and failed to do for Social Security.
January 14th
- Agency Raises Concerns About Car Makers' Pensions - WSJ.com: And the surprises continue . . .
January 13th
- PBGC Is Madoff Creditor: The Pension Benefit Guaranty Corp., a federal agency that insures private pensions, on Tuesday identified itself as a creditor in the liquidation of Bernard Madoff's firm, suggesting it is preparing for bankruptcies by companies in the wake of an alleged ...
January 10th
- Agency Raises Concerns About Car Makers' Pensions: The government agency that protects pensions for Americans is raising fresh concerns about the repercussions if one or more of the U.S. auto makers were to collapse, saying 1.3 million workers and retirees could see their pensions slashed if that were to happen. The head of the U.S. Pension Benefit Guaranty Corp. acknowledged in an interview that General Motors Corp., Ford Motor Co., and Chrysler LLC have well funded pensions according to the standard accounting rules applied by the Securities and Exchange Commission. But by the PBGC's measures, the pension funds of Detroit's Big Three would be underfunded by as much as $41 billion if one or more of the auto makers went under and killed their pension plans, PBGC Director Charles E. F. Millard said. "An awful lot of people seem to think these plans are well funded or overfunded,&qu ot;
December 22nd
November 30th
November 20th
- Firms Seek Delay in Payments to Pension Funds - NYTimes.com: The total value of company pension funds is thought to have fallen by more than $250 billion since last winter. With cash now in short supply for companies, they are asking Congress to excuse them from having to replenish the required amounts. Lawmakers from both parties seem receptive to the idea... The Pension Protection Act of 2006 was enacted in response to a string of big corporate bankruptcies and pension failures at the beginning of this decade. Federal law requires companies to put money into their pension plans on a regular schedule, but the bankruptcies revealed gaping loopholes that were allowing companies to go for years without adding money. The 2006 amendments were intended to close some of the loopholes and make the pension system less risky. Until this year?s market disaster, most company pension funds had been making great gains.
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Delphi retirees in pension battle - Birmingham Business Journal
Twenty-two members of Congress led by Clarence Republican Rep. Christopher Lee are asking Treasury Secretary Timothy Geithner to help Delphi Corp. salaried retirees in their battle over pensions. In a letter on behalf of the Delphi Salaried Retiree ...
DELPHI: Salaried retirees gain support of 22 congressmen in fight for ... - Lockport Union-Sun
Including U.S. Reps. Chris Lee, R-Clarence and Brian Higgins, D-Buffalo, 22 Congressional representatives are coming to the aid of Delphi salaried retirees. In a letter sent to Treasury Secretary Timothy Geithner, the Congressional representatives ...
Congressmen seek Delphi documents - Kokomo Tribune
American taxpayers could be given access to documents surrounding the Delphi Corp.?s attempt to move pensions for salaried retirees to a federal pension agency. A group of 22 congressmen have asked the Auto Task Force to make the information ...
Congressional Group Seeks More Details on Delphi Pension Decision - Inside Indiana Business
Members of the Indiana-based Delphi Salaried Retiree Association (DSRA) say more than 20 congressional representatives are asking for documents related to Delphi Corp.'s proposal to default on pensions be made public. The company is planning to turn ...
U.S. agency taking over Sencorp pensions - Cincinnati.com
The Pension Benefit Guaranty Corp. said Wednesday it is moving to assume $47 million in unfunded pension liability for 2,590 employees and retirees of Sencorp, the supplier of fasteners and nail guns thatis being sold though bankruptcy reorganization ...
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