WASHINGTON — The federal agency that insures pensions for 1 in 7 Americans ran the largest deficit last year in its 37-year history.The Pension Benefit Guaranty Corp. said it ran a $26-billion imbalance for the fiscal year that ended Sept. 30.The agency has been battered by the weak economy, which has brought more bankruptcies and failed pension plans.Its pension obligations rose $4.5 billion. The PBGC also earned less money in the stock market, which helps to fund pension plans. Returns were $3.6 billion, half what it earned the previous year.The agency's director said taxpayers may have to bail out the agency eventually if Congress doesn't raise companies' insurance premiums. He didn't give a time frame.
Pension Benefit Guaranty Corp. - latimes.com