Is the U.S. Pension-Insurance System Going Broke?
Forty million Americans-about one third of the work force-have private, employer-sponsored pensions that are insured by the Pension Benefit Guaranty Corporation (PBGC). The PBGC is a federally chartered agency that is required by law to pay guaranteed retirement benefits to insured workers who would normally lose their pensions as a result of the failure or inability of an employer to meet its pension-fund obligations.
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