According to a recent report by the Government Accountability Office (GAO), the Pension Benefit Guarantee Corporation (PBGC) has gone from a $9.7 billion surplus at the end of 2000 to a $23.3 billion defecit at the end of 2004. That's a $33 billion swing to the negative!
The report discusses the many tricks corporations have used to avoid fully funding their pensions: credit balances, funding holidays, and smoothing mechanisms all mask chronic pension underfunding.
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