day late many dollars short
Senate Passes Bill to Require Full Funding of Private Pensions
By Albert B. Crenshaw
Washington Post Staff Writer
Thursday, November 17, 2005; Page D01
The Senate yesterday overwhelmingly approved a bill to strengthen the nation's private pension system by requiring employers to pay higher premiums to the government's pension insurance agency and toughening rules for keeping plans adequately funded.
The House has completed committee action on a pension bill that lacks the special relief for airlines. Chairman John A. Boehner (R-Ohio) of the House Education and the Workforce Committee said yesterday that he expects a vote on the bill after Thanksgiving.
The Senate action came the day after the Pension Benefit Guaranty Corp. reported that the liabilities it has assumed to pay the pensions promised by failed companies remain more than $22 billion greater than its assets. The agency's executive director said the agency will run out of money if nothing is done.