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The 2005 Pension Benefit Guaranty Corporation (PBGC) annual report shows that its liabilities are $23 billion greater than its assets. With bad luck, experts believe that this could grow to $100 billion and a taxpayer bail out on the order of the savings and loan collapse. The PBGC problem results not from unfortunate accidents, but from structural issues reflecting global economic changes, demographic shifts, the nature of open-ended government “insurance” of financial obligations, and numerous design problems in the structure of the PBGC itself. What can be done? How can the taxpayers be protected as much as possible? Do defined benefit plans tied to a government guaranty have a future?
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