No Guarantees at the Pension Benefit Guaranty Corporation

Pension Protection Agency Cited for Audit Failure, Misleading Congress

By John Solomon | May 03, 2010

Last November, the federal corporation charged with protecting Americans’ retirement funds issued an ominous public warning: the amount of pensions at risk inside failing companies had more than tripled during the recession.

The Pension Benefit Guaranty Corporation’s announcement signaled it might need tens of billions of new dollars to rescue traditional pensions paid by U.S. firms whose economic collapse left them unable to meet their retirement obligations to workers.