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PBGC financial position improves as deficit drops to $18.1 billion; Airline funding relief in pension reform law cuts some liabilities.(Pension Benefit Guaranty Corp.)(Brief article)
Business Insurance, November, 2006 by Scroggins, Matt
Byline: MATT SCROGGINS WASHINGTON-The Pension Benefit Guaranty Corp. reported an improvement in its financial position for its 2006 fiscal year, with the agency's deficit narrowing to $18.1 billion from $22.8 billion a year ago. Much of the $4.7 billion improvement at the PBGC's insurance program for single-employer pension plans stemmed from airline industry pension funding relief in the recently enacted Pension Protection Act, which resulted in "a sharp reduction in the amount of `probable' liabilities reflected on the agency's balance sheet,'' the PBGC said in a statement.
That law, which President Bush signed in August, gives commercial airlines whose plans are severely underfunded more time to fund their plans, making it less likely that the airlines...
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