Pension Agency Reports $22.8B Shortfall

Tuesday November 15, 2005 5:46 PM

By MARCY GORDON

AP Business Writer

WASHINGTON (AP) - The federal agency that insures the private pensions of 44 million workers said Tuesday that its deficit was $22.8 billion in 2005, as big airlines in bankruptcy dumped their pension liabilities.

The Pension Benefit Guaranty Corp. disclosed in its annual financial report that as of Sept. 30, it had $56.5 billion in assets to cover $79.2 billion in pension liabilities.