US Pension Insurer Runs Record $34B Deficit

4 years 8 months 3 days ago November 16, 2012 Nov 16, 2012 Friday, November 16 2012 Friday, November 16, 2012 2:41:35 PM CST in News
Source: Associated Press
By: Associated Press

WASHINGTON - The federal agency that insures pensions for more than 40 million Americans last year ran the widest deficit in its 38-year history.

The Pension Benefit Guaranty Corp. says its deficit grew to $34 billion for the budget year that ended Sept. 30. That compares with a $26 billion shortfall in the previous year.

Pension obligations grew by $12 billion to $119 billion last year. Assets used to cover those obligations increased by only $4 billion to $85 billion.

The agency has now run deficits for 10 straight years. The gap has grown wider in recent years because the weak economy has triggered more corporate bankruptcies and failed pension plans.

If the trend continues, the agency could struggle to pay benefits without an infusion of taxpayer funds.

 

More News

Grid
List
COLUMBIA - A car chase wound through Columbia for miles on Thursday evening around 7 p.m. Multiple agencies got involved... More >>
8 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 9:11:00 PM CDT in News
COLUMBIA - Joanthony Johnson, 27, was back in court Thursday for the second day in a row for his sentencing... More >>
9 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 7:55:00 PM CDT in News
CALLAWAY COUNTY - A Williamsburg man was arrested on Thursday and accused of domestic assault, including pointing a rifle at... More >>
11 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 5:50:00 PM CDT in News
FULTON - People for the Ethical Treatment of Animals wants Callaway County prosecutor to file criminal charges against Central Missouri... More >>
12 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 5:25:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri Gov. Eric Greitens says he'll stop funding cuts for foster-care families that he approved earlier... More >>
12 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 4:58:41 PM CDT in News
ST. LOUIS (AP) — A Chicago man has been sentenced to two years in federal prison for his role in... More >>
13 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 4:21:13 PM CDT in News
SPRINGFIELD (AP) — Law enforcement officials are suing more than a dozen businesses in southwest Missouri suspected of being involved... More >>
13 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 3:51:43 PM CDT in News
JEFFERSON CITY — The Jefferson City Police Department confirmed Thursday that two teenagers were found dead in the Moreau River... More >>
13 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 3:48:00 PM CDT in Top Stories
ST. LOUIS (AP) — Flags will be at half-staff Friday on all state government buildings in St. Louis to honor... More >>
14 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 3:43:14 PM CDT in News
COLUMBIA - A community based organization that provides tutoring services, dance classes, and other skills to children in Columbia is... More >>
15 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 2:42:00 PM CDT in News
COLUMBIA - Welcome Home had the grand opening of its new facility Thursday morning. It offers 32 rooms with 34... More >>
16 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 1:43:00 PM CDT in News
ST. LOUIS (AP) — A federal appeals court has upheld a judge's order that Missouri taxpayers pay more than $156,000... More >>
16 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 1:42:54 PM CDT in News
ROLLA - A drug deal turned violent Wednesday night, leaving a woman hospitalized with a gunshot wound to her head.... More >>
18 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 11:08:00 AM CDT in News
COLUMBIA — Columbia Police are investigating a home invasion and armed robbery at the Campus View apartment complex Wednesday night.... More >>
19 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 10:07:00 AM CDT in News
ST. JOSEPH (AP) — Authorities say three people have been wounded in a shooting at a St. Joseph apartment complex.... More >>
20 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 9:18:00 AM CDT in News
ST. LOUIS (AP) — A 27-year-old St. Louis jail inmate is hospitalized in critical condition after being found beaten in... More >>
20 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 9:06:00 AM CDT in News
SULLIVAN, Mo. (AP) — Thousands of ticks have been collected for testing from a Missouri park after a worker died... More >>
21 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 8:42:00 AM CDT in News
COLUMBIA - If you live in southwest Columbia, the city has a suggested watering schedule that might affect you. ... More >>
21 hours ago July 20, 2017 Jul 20, 2017 Thursday, July 20 2017 Thursday, July 20, 2017 8:35:00 AM CDT in News
Columbia, MO
Broken Clouds 77°
6am 76°
7am 77°
8am 81°
9am 86°

Select a station to view its upcoming schedule:

Coming Up Next

5:00a
KOMU 8 News Today
6:00a
KOMU 8 News Today
7:00a
Today
5:30a
Paid Program
6:00a
King of the Hill
6:30a
King of the Hill

Tonight's Schedule

7:00p
America's Got Talent
9:00p
Dateline NBC
7:00p
Masters of Illusion
7:30p
Masters of Illusion
8:00p
Penn & Teller: Fool Us
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld