Reps. John Boehner, R-Ohio, and George Miller, D-Calif., today gave the PBGC 10 days to give them confidential information about underfunded pension plans. Under current law, companies with a shortfall of $50 million or more are required to file that information with the PBGC. The PBGC is required to provide the information to lawmakers but cannot share it with anyone outside Congress. Mr. Boehner is chairman of the House Education and the Workforce Committee; Mr. Miller is the panel's ranking minority member.
"This is a significant first step towards helping Congress ensure that workers expecting a secure retirement are not caught by surprise when they learn — often too late to do anything about it — that their employer's pension plan is in trouble," Mr. Miller said in a statement. Mr. Miller has been pressing for the PBGC to publicly disclose this information for more than two years.
Gary Pastorius, a PBGC spokesman, said the agency would comply with the request when it gets the letter, which it has not yet received.