Benefit pros call PBGC underfunded list 'gimmick.' (Pension Benefit Guaranty Corp.)

National Underwriter Property & Casualty-Risk & Benefits Management, January, 1997 by Brostoff, Steven

WASHINGTON -- Benefit professionals are criticizing a list of the "Top 50" underfunded pension plans released by the Pension Benefit Guaranty Association as a "gimmick which unintentionally but unnecessarily scares our nation's retirees." "At a time when so many Americans are concerned about the future, It is unfortunate that the PBGC issues this list which presents such a misleading look at retirement security," said James A.

Klein, president of the Washington-based Association of Private Pension and Welfare Plans. Mr. Klein criticized PBGC for its methodology in compiling the list. The methodology, he said, frightens some plan participants whose pensions are safe. At the same time, he said, it often ignores the plans in real crisis....

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