From The Economist (Jun 9, 2005)
Ready for baby-boomers?
America’s Pension Benefit Guaranty Corporation said that companies with underfunded defined-benefit pension plans had filed shortfalls of $353.7 billion in 2004. (Entities that have more than $50m in underfunded liabilities are required to report to the PBGCï¿½the estimate for the total shortfall of pension plans is $450 billion.) This week, United Airlines transferred $6.6 billion of liabilities to the government agency. The PBGC is deeply concerned about the liabilities of other airlines.