Unfunded pension liabilities for private sector pension funds insured...

Unfunded pension liabilities for private sector pension funds insured by the PBGC soared to $111 billion this year, the highest level ever, from $26 billion last year, Rep. George Miller, D-Calif., ranking member on the House Education and the Workforce Committee, announced today. In a July 24 letter to Treasury Secretary Paul H. O’Neill and Labor Secretary Elaine Chao, Mr. Miller asked the Bush administration to take immediate action to find out what contributed to the situation and to address how it will ensure that pension plans are fully funded.