Most Workers Are in Dark on Health of Their Pension
Wall Street Journal (07/01/03) p.A1; Schultz, Ellen E.; Francis, Theo

While employers lobby Congress to revamp pension rules in an effort to reduce payouts and pension contributions, employees and retirees are unable to find out the true financial nature of their retirement plans. Securities and Exchange Commission filings are useless because companies lump together several different pension plans into one figure, and companies have failed to make up-to-date information available to their workers, leaving many exposed to potential financial losses via unstable investments or feigned instability within the plan. When businesses enter into bankruptcy, they are able to appeal to the court to reduce or eliminate pension obligations, which are then covered by the Pension Benefit Guaranty Corp.--which vastly reduces the amount of benefits available, especially for disabled retirees.


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