Pension shortfalls spark calls for rule changes

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Companies with underfunded pension plans reported a record shortfall of $353.7 billion in their 2004 filings with the Pension Benefit Guaranty Corporation (PBGC), the Senate Finance Committee was told in June. The deficit is a massive 27% higher than that reported in 2003, raising questions about the suitability of current funding rules.

A recent report by the US Government Accountability Office (GAO) argues that minimum funding requirements are to blame for the current shortfalls in underfu

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