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Senate Approves Pension Overhaul Plan

A day after the Pension Benefit Guaranty Corp. reported massive liabilities and predicted a troubled future, the Senate voted to force companies to make up underfunding estimated at $450 billion and live up to promises made to employees. The legislation, passed Tuesday, takes on the daunting task of compelling companies with defined-benefit plans to live up to their funding obligations -- without driving those companies into abandoning the plans and further eroding millions of people's retirement benefits.

November 17, 2005 at 12:00 AM

1 minute read

By Jim Abrams | Updated on November 17, 2005
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