PBGC's net position is less of a problem than the pricing of its guarantees.
It did so to prevent pension improvements from taking effect and increasing the PBGC liability.
Defined benefit pension plans may be terminated by either the employer or the PBGC.
Meanwhile, the drastic decline of DB plan participants resulted in a fall off in PBGC funding.
The PBGC is funded through premiums paid by insured companies, not by federal dollars.
FORBES: The Pension Benefit Guaranty Corporation's Real Crisis
The PBGC is effectively propping up an institution that is becoming increasingly anachronistic: defined benefit pensions.
FORBES: The Pension Benefit Guaranty Corporation's Real Crisis
Since 2005, I have urged the PBGC to conduct investigations of fiduciary breaches related to terminated.
Never before has a terminated pension trusteed by the PBGC been thoroughly examined for potential abuses.
If you are worried, ask your plan administrator if your pension is protected by the PBGC.
WSJ: Conquering Retirement: Signs Your Pension Plan Is in Trouble
At this time the issue sits before the SEC, DOL, PBGC and the nation as a whole.
FORBES: Freakonomics: The Hidden Side of Managing Money ( September 2, 2005 )
The PBGC was set up as a result of the 1974 Employee Retirement Income Security Act (ERISA).
Would you believe the PBGC has taken over 4, 000 failed pensions and never once conducted a forensic investigation?
FORBES: Murders and Pensions: The Need for Forensic Investigations (March 28, 2006 )
The independent fiduciaries the DOL and PBGC routinely hire also lack expertise in ferreting out investment management wrongdoing.
FORBES: Consequences of the Mutual Fund Industry's History of Transgressions (November 1, 2003 )
He is helping by calculating what the attendant could expect if the PBGC takes over his pension plan.
News of PBGC scrutiny of financial shenanigans related to bailed-out pensions may be of grave concern to pension advisers.
As we have mentioned elsewhere, the PBGC does not conduct forensic investigations of pensions for which it assumes responsibility.
FORBES: Consequences of the Mutual Fund Industry's History of Transgressions (November 1, 2003 )
The PBGC last fall requested Congress to give it greater latitude in setting premiums to reflect actual market risk.
FORBES: The Pension Benefit Guaranty Corporation's Real Crisis
The consequences of past pension wrongdoing could prove costly to Wall Street if the PBGC holds the firms involved responsible.
Inside counsel at PBGC has admitted to us that the agency lacks the staff and knowledge to undertake such inquiries.
FORBES: Consequences of the Mutual Fund Industry's History of Transgressions (November 1, 2003 )
It says that the PBGC will not fully pay any pension plan improvements that are less than five years old.
In the case of AMR, the PBGC should back off and say that the law, however unwise, is the law.
If Congress is serious about ending the bailout culture it cultivated, it needs to fundamentally reform how the PBGC sets premiums.
FORBES: The Pension Benefit Guaranty Corporation's Real Crisis
As you may recall, in response to our offer the PBGC indicated that there was no basis for such an inquiry, i.e.
If the PBGC had not waived its restoration right it could have required the company to resume sponsorship of the terminated plans.
Believe it or not, the PBGC has never conducted any such investigations.
FORBES: The Future of the Consulting Industry Speech, (September 19, 2005)
Unfortunately for these employees, the maximum annual PBGC limits decimated their pensions.
We do not know whether any conflicts of interest related to the services Wilshire provides may have resulted in harm to the PBGC.
Church plans are exempt from federal pension rules, including those that require employers to fund the plans and insure them with the PBGC.
WSJ: Conquering Retirement: Signs Your Pension Plan Is in Trouble
We look forward to the day when PBGC practices are more fully understood by the American public and subjected to the scrutiny they deserve.
We do know, however, that seven months ago we offered to conduct an independent investigation into these matters at no cost to the PBGC.
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