US insurer of company pensions says annual deficit rose 4.5 pct to US$23 billion (Today/AP)

[eppur_se_muova]

WASHINGTON (AP) - The federal agency that insures the pensions of one in seven Americans has stepped up efforts to keep company pension plans from failing, as the agency reported that its annual deficit increased 4.5 percent to US$23 billion.

The Pension Benefit Guaranty Corp. also said it paid US$5.6 billion in benefits to participants in company pension plans that failed in fiscal 2010, ending Sept. 30. It noted that 147 pension plans failed, up from 144 a year earlier.

The PBGC's finances have been battered in recent years by the weak economy, which has brought more corporate bankruptcies and resulting failures of pension plans. The agency, which insures the pensions of some 44 million workers, assumes the pension liabilities of some companies in bankruptcy.

- AP

http://www.todayonline.com/BreakingNews/EDC101116-0000032/US-insurer-of-company-pensions-says-annual-deficit-rose-4,5-pct-to-US$23-billion

[DCKit]

1. "...more corporate bankruptcies and resulting failures of pension plans."

Meanwhile, corporate officers are raking in record salaries and bonuses.

Anyone else see the disconnect?

[trof]

2. And I am one of those 'participants'.

The PBGC has been paying my pension ever since TWA went belly up in 2000.
:-(