The deficit at the federal insurer for corporate pension plans may have narrowed to $22.8 billion for the fiscal year, but the Pension Benefit Guaranty Corp. said Tuesday it is still in dire straits.

The PBGC’s deficit is down slightly from its record $23.3 billion at the end of fiscal 2004, primarily due to a profit of $529 million. As of Sept. 30, the single employer program reported assets of $56.5 billion and liabilities of $79.2 billion.

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