-->Hallo,
auf der Suche nach etwas gänzlich anderem, lief mir dieses testimony vom 30.4.2003 vom executive director des Pension Benefit Guaranty Corporation vor einem Ausschuss des US-Repräsentantenhauses über den Weg.
Hier wichtige Auszüge, die die Rückversicherung der US-Pensionspläne in keinem guten Licht erscheinen lässt
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During FY 2002, PBGC's single-employer insurance program went from a surplus of $7.7 billion to a deficit of $3.6 billion - a loss of $11.3 billion in just one year. This loss is more than five times larger than any previous one-year loss in the agency's 28-year history. Moreover, based on our midyear unaudited financial report, the deficit has grown to about $5.4 billion. Furthermore, data now coming in to PBGC confirm that the total underfunding in the single-employer defined benefit system exceeds $300 billion, the largest number ever recorded.
In light of these record deficits and staggering amounts of pension underfunding, we are concerned that a number of proposals now under consideration would weaken existing funding rules and grant permanent funding relief.
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PBGC insures pension benefits worth $1.5 trillion. In addition, PBGC is responsible for paying current and future benefits to 783,000 people in over 3,000 terminated defined benefit plans. As a result of the recent terminations of several very large plans, PBGC will be responsible for paying nearly $2.5 billion in benefits to nearly 1 million people in FY 2003, up from $1.5 billion in FY 2002.
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When PBGC takes over pension plans that are underfunded by billions of dollars, it is the premium payers - employers that sponsor defined benefit plans - who bear the cost. Financially healthy companies with well-funded pension plans end up subsidizing financially weak companies with chronically underfunded pension plans. As a result, over time, strong companies with well-funded plans may elect to leave the system. This potential for"adverse selection" could pose a serious problem for the insurance program.
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da steckt noch richtig Sprengstoff drin, wenn die Gesunden das sinkende Schiff verlassen sollten.
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During the last economic downturn in the early 1990s, the pension insurance program absorbed what were then the largest claims in its history -- $600 million in underfunding for the Eastern Airlines plans and $800 million for the Pan American Airlines plans. Those claims seem modest in comparison to the plans we have taken in lately: $1.3 billion for National Steel, $1.9 billion for LTV Steel, and $3.9 billion for Bethlehem Steel. Underfunding in some troubled airlines is even larger.
With pension promises growing and plan funding levels at their lowest point in more than a decade, the dollar amount of pension underfunding has skyrocketed. Meanwhile, PBGC's premium collections over the past decade have remained flat at roughly $800 million a year. In fact, premium revenue for FY 2002 was at its lowest level since 1991.
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~ zum gesamten Artikel
Gruss
Cosa
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