Business Services Industry
PBGC to drop annual list of worst-funded plans. (Pension Benefit Guaranty Corp)
Business Insurance, September, 1997 by Geisel, Jerry
WASHINGTON - The Pension Benefit Guaranty Corp. is eliminating its annual list of the 50 worst-funded corporate pension plans because changes in federal law have made the list unnecessary, the agency's executive director says. The list has been published annually since 1990 as a publicity vehicle to prod employers to better fund their pension plans and to make plan participants more aware of the funding levels of their plans.
But PBGC Executive Director David Strauss says the Retirement Protection Act, which Congress passed in 1994, has eliminated the need for such a list. "With the 1994 law, we have new and better tools" to assure adequate funding and notification of participants of how well their plans are funded, he said. Among other things, the 1994 law...
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