Democratic Reps. Lloyd Doggett of Texas and George Miller of California today introduced the Pension Security Disclosure Act. The bill would require sponsors to share with participants and beneficiaries information currently filed with the PBGC if the plans are underfunded by 10% or more of current liabilities. The PBGC would also be required to put the information on its website, www.pbgc.gov.
Separately, the General Accounting Office is studying the actual returns that large corporate pension funds earned on their investments, comparing them with how much they had hoped to earn, at Mr. Miller's request. The GAO is examining the annual pension fund filings, annual reports and other financial statements of about 100 of the Fortune 500 companies, said George A. Scott, assistant director of the GAO's division of education, workforce and income security issues. The report is expected in February.