http://story.news.yahoo.com/news?tmpl=stor...ial_pensions_dc
The deficit at the federal agency that rescues failed U.S. corporate pensions more than doubled to $23.3 billion in fiscal year 2004, officials said on Monday, with analysts largely blaming bankrupt airlines.
The agency was hit by a $14.7 billion loss from "completed and probable" pension plan terminations during the year ending Sept. 30, which was only partially offset by premium and investment income.
Total underfunding of pensions at U.S. companies whose single-employer pension plans are insured by the PBGC jumped in fiscal 2004 to $450 billion -- up from $350 billion a year earlier. The PBGC's separate insurance program for multi-employer pensions had a deficit of $236 million in fiscal 2004 -- smaller than the deficit of $261 million a year earlier.