GAO Sees 'High Risk' at U.S. Pension Insurer Wall Street Journal (07/24/03) ; Schultz, Ellen E.
A new report by the General Accounting Office (GAO) claims the Pension Benefit Guaranty Corp.'s (PBGC) single-employer pension program is at "high risk" and is in need of "urgent attention." According to the GAO report, the single-employer insurance program is sorely underfunded, dropping from a $9.7 billion surplus three years ago to a $3.6 billion deficit in fiscal year 2002. David Walker, comptroller general of the GAO, said his office supports more rigorous rules that would force employers to put more money into their pension plans, and raising the premiums employers pay to the PBGC. GAO has added PBGC's single-employer pension insurance program to the list of major federal programs in need of immediate reform.