The New York Times - November 15, 2004
Fed Pension Agency Deficit to $23.3 Bln
            WASHINGTON (Reuters) - The deficit at the federal agency that rescues failed U.S. pension funds more than doubled to $23.3 billion in fiscal 2004, officials said on Monday, as the safety net was hit by losses from pension plans that have failed or are expected to fail.
            The U.S. Pension Benefit Guaranty Corp., which insures the traditional pensions of about 44 million Americans, had started the year with a then-record deficit of $11.2 billion.
            The agency's statement did not name the companies whose troubled pension plans had increased its red ink. It said only the biggest factor was a $14.7 billion loss from ``completed and probable'' pension plan terminations that was only partially offset by premium and investment income.
            But Executive Director Bradley Belt had warned last month that he expected a significant increase in the deficit for the fiscal year that ended on Sept. 30, because of problems at troubled airlines and other companies that were failing to fund their retirement plans.
            United Airlines, a unit of UAL Corp. (UALAQ.OB), has told its unions it must terminate their pension plans as part of a drive to cut costs. PBGC officials have said in court documents this would add $6.4 billion to its liabilities.
            Total underfunding at U.S. companies whose pensions are insured by the agency jumped in fiscal 2004 to $450 billion; it had exceeded $350 billion a year earlier.
            Lawmakers need to act ``expeditiously'' to put pensions and the agency on a sounder footing, Belt said in a statement on Monday.

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