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Private Pensions: Sponsors of 10 Underfunded Plans Paid Executives Approximately $350 Milion in Compensation Shortly Before Termination
Private Pensions: Sponsors of 10 Underfunded Plans

 
Our Price: $20.00
By Gregory D. Kutz (au)
Year: 2009
Pages: 26
Binding Paperback

Product Code: 1437925855

Description
 
When sponsors terminate underfunded plans during bankruptcy, it can deplete resources of the Pension Benefit Guaranty Corp. (PBGC), which protects the pensions of almost 44 million American workers and retirees who participate in over 29,000 defined benefit pension plans. In 2009, PBGC reported an estimated deficit of over $30 billion. This report determined what pay and other compensation executives received in the years preceding their company’s termination of an underfunded defined benefit pension plan. To identify case study examples the report analyzed a listing of the 1,246 underfunded plans that were terminated from 1999 to 2008 and selected public companies with large unfunded liabilities, large unfunded liabilities per participant, and a large number of plan participants. The report reviewed documents provided by companies and executives, and interviewed PBGC and company officials. It also reviewed Securities and Exchange Comm. (SEC) filings and PBGC documents disclosing plan underfunding at the time of termination and missed contributions. Executive compensation figures may be understated because some company executives could not be located, did not respond to document requests, declined interviews, and did not give access to their tax records. Tables and figures.

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