ADVISORY/Government Pension Program in Good Health.Business Editors ADVISORY... --(BUSINESS WIRE)--March 30, 2000 TOPIC: The government insurance fund for private workers' pensions reached a $7 billion surplus in 1999 -- the first surplus in 20 years, the Associated Press reported. In 1993, the Pension Benefit Guaranty Corporation Pension Benefit Guaranty Corporation (PBGC) A federal agency that insures the vested benefits of pension plan participants (established in 1974 by the ERISA legislation). Pension Benefit Guaranty Corporation reportedly hit a deficit of $2.9 billion. The PBGC PBGC See: Pension Benefit Guaranty Corporation , which guarantees payment of benefits not paid by employers, covers nearly 40,000 private pension plans for some 43 million Americans. It is financed by insurance premiums paid by companies as dictated by created by the Employee Retirement Income Security Act The Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C.A. § 1001 et seq. (1974), is a federal law that sets minimum standards for most voluntarily established Pension and health plans in private industry to provide protection for individuals enrolled in these plans. of 1974. EXPERTS: ExpertSource can offer several highly qualified experts to comment on this story: Anna Rappaport, 1997-98 president of the Society of Actuaries Mission Statement The Society of Actuaries is a professional organization for actuaries based in North America. Its headquarters are located in Schaumburg, Illinois. and a principal with William M. Mercer Incorporated, writes and speaks frequently on pension and retirement issues. 847/706-3566 jbitowt@soa.org (PR) Albert Easton of the Society of Actuaries directed a Delphi study forecasting insurance and pensions. 847/706-3566 jbitowt@soa.org Walter L. Harris of Tanenbaum-Harber Company, Inc., is an expert in pension planning. 212/603-0204 Richard G. Rosenblatt, attorney at Morgan, Lewis & Bockius LLP LLP - Lower Layer Protocol is an expert in employment law, including claims related to employee benefits and ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). . 215/963-5511 sccarter@levlane.com Professor David Macpherson of Florida State University Florida State University, at Tallahassee; coeducational; chartered 1851, opened 1857. Present name was adopted in 1947. Special research facilities include those in nuclear science and oceanography. Department of Economics studies pension insurance issues. 850/644-3586 850/644-2525 (University PR Phone) ExpertSource cannot guarantee the immediate availability of these experts or their familiarity with this specific issue. ExpertSource, a collaboration of Business Wire and The Round Table Group, provides academic and industry experts to the media at no charge. Journalists are encouraged to submit queries to ExpertSource when seeking experts on specific subjects. An online registration form is available at http://www.businesswire.com/expertsource. Business Wire's Media Resource Center provides working journalists many free media services. Please visit the BW Media Resource Center at (www.businesswire.com/media) for more information. |
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