US - The US Pension Benefit Guaranty Corporation (PBGC), which acts as a safeguard for underfunded and failing pension funds, has released its strategic plan for the fiscal period 2008-11.
In it, the body has outlined the key areas it needs to address and has committed itself to increase “transparency into its business operations” and “close the deficit and control exposure to future losses”.
Among its goals, the PBGC has committed itself to “obtain[ing] enhanced recoveries from bankrupt plan sponsors that emerge from reorganisation; and interven[ing] in corporate transactions to mitigate loss” to the body.
The PBGC has also stated that it intends to improve its risk monitoring and early warning activities to avoid being hit by unexpected future market downturns, such as the current market unease caused by the US sub-prime fiasco.
As Global Pensions has previously reported, the PBGC ended the 2006 fiscal year with deficits of over US$18bn.
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