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Compliance May 26, 2006
ND Rep. Urges Labor Secretary to Release PBGC Annual Report
May 26, 2006 (PLANSPONSOR.com) - A Democratic
congressman asked Secretary of Labor Elaine Chao to release
the annual report detailing the financial health of the
Pension Benefit Guaranty Corporation (PBGC) - the nation's
private sector pension insurer.
Reported by Adrien Martin
The agency has absorbed the pension plans of, among others, ailing members of the airline, steel and auto industries (See Auto Pensions Next Big PBGC Bomb? ).
US Representative Earl Pomeroy, (D-North Dakota), in a letter, said the seven week delay in the PBGC’s annual report “is directly in contrast to the Secretary’s own promise of greater transparency and is leaving millions in the dark.”
According to a news release from Pomeroy’s office, the PBGC ended its fiscal year on September 30, 2005, and hasyet to release its annual report.
“As Congress and the public consider major pension funding reform legislation that could create greater risks to the retirement security of millions of Americans, unprecedented delays in the publication of the 2005 Annual Report are both unacceptable and represent an egregious lapse,” wrote Pomeroy.