US Pension Insurer Runs Record $34B Deficit

5 years 2 months 6 days ago Friday, November 16 2012 Nov 16, 2012 Friday, November 16, 2012 2:41:35 PM CST November 16, 2012 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
Jefferson City - Gov. Eric Greitens addressed his affair for the first time in a news conference while announcing the... More >>
24 minutes ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 5:15:00 PM CST January 22, 2018 in News
JEFFERSON CITY, Mo. (AP) — Missouri Attorney General Josh Hawley says he wants a change in state law so that... More >>
55 minutes ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 4:44:00 PM CST January 22, 2018 in News
FORSYTH, Mo. — One of two suspects in the death of a 72-year-old Missouri man who was left beaten and... More >>
58 minutes ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 4:41:04 PM CST January 22, 2018 in News
MOBERLY, Mo. — A Missouri paramedic is accused of burglarizing a patient's home and stealing medication from another home. ... More >>
1 hour ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 4:38:29 PM CST January 22, 2018 in News
COLUMBIA – An expert in infectious diseases said viruses like the common cold survive well on surfaces and inanimate objects,... More >>
3 hours ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 2:36:00 PM CST January 22, 2018 in News
COLUMBIA - Gun shop owners and gun buyers had no problem buying or selling a gun during the government shutdown.... More >>
4 hours ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 1:35:00 PM CST January 22, 2018 in News
NEW MADRID (AP) — A southeast Missouri man has been sentenced to life in prison without parole for strangling his... More >>
4 hours ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 12:57:00 PM CST January 22, 2018 in News
WASHINGTON D.C. (AP) — The Latest on the budget battle (all times local): 12:55 p.m. It looks... More >>
5 hours ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 11:58:00 AM CST January 22, 2018 in News
COLUMBIA - Columbia Police responded to a reported armed robbery just after midnight Tuesday in the 1600 block of Kitty... More >>
7 hours ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 9:55:00 AM CST January 22, 2018 in News
ST. LOUIS (AP) — A violent weekend in St. Louis has left two people dead and four others injured in... More >>
8 hours ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 9:00:00 AM CST January 22, 2018 in News
OVERLAND PARK, Kan. (AP) — Authorities say an officer has shot and killed a suburban Kansas City teenager while responding... More >>
10 hours ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 7:16:00 AM CST January 22, 2018 in News
KANSAS CITY (AP) — Authorities say a 9-year-old has been fatally shot in an exchange of gunfire in Kansas City.... More >>
10 hours ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 7:00:00 AM CST January 22, 2018 in News
LAKE WALES, Fla. (CNN) -- Two improvised explosive devices detonated at a Florida mall on Sunday that has left police... More >>
11 hours ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 5:58:00 AM CST January 22, 2018 in News
JEFFERSON CITY - Gov. Eric Greitens will release his budget recommendations for 2019 at 4 p.m. Monday. A press... More >>
19 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 10:24:00 PM CST January 21, 2018 in News
COLUMBIA - Some say, the summer body is made in the winter, and Clovers Natural Market is hoping a clean... More >>
22 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 7:32:00 PM CST January 21, 2018 in News
BOONE COUNTY - A fire broke out Sunday afternoon on 3300 KMJ Road in northern Boone County of garage with... More >>
23 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 6:05:00 PM CST January 21, 2018 in News
COLUMBIA - Winter weather didn't stop a group of yoga lovers from giving back to Mother Nature on Sunday in... More >>
1 day ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 5:34:00 PM CST January 21, 2018 in News
COLUMBIA - The Worley Street Roundtable met to discuss concerns and new initiatives aimed at helping struggling Columbia Public Schools'... More >>
1 day ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 5:25:00 PM CST January 21, 2018 in News
Columbia, MO
Broken Clouds 41°
6pm 37°
7pm 36°
8pm 35°
9pm 34°

Select a station to view its upcoming schedule:

Coming Up Next

5:00p
KOMU 8 News @ 5
5:30p
NBC Nightly News with Lester Holt
6:00p
KOMU 8 News @ 6
5:00p
American Dad!
5:30p
American Dad!
6:00p
Family Guy

Tonight's Schedule

7:00p
The Wall
8:00p
Better Late Than Never
9:00p
The Brave
7:00p
Supergirl
8:00p
Valor
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld