FOR THE RECORD.
In a Dec. 23 story about an Ohio company's default on its pension plan, The Associated Press Associated Press: see news agency.
Associated Press (AP)
Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. erroneously reported that the federal Pension Benefit Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Corp. will use funds from taxpayers to cover the shortfall. The agency is self-funding, covering pension shortfalls Pension Shortfall
A situation in which a company offering employees a defined benefit plan does not have enough money set aside to meet the pension obligations to employees who will be retired in the future. through premiums it collects from employers, investment returns and money recovered in bankruptcies. It doesn't rely on tax revenues to cover deficits.
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