Acting Director will report a PBGC Mid-Year Deficit of 33.5 Billion

 PBGC Acting Director Vince Snowbarger will report to the Senate a 33.5 billion dollar mid-year deficit for the PBGC.

Document Excerpt

WASHINGTON—The Pension Benefit Guaranty Corporation posted a $33.5 billion deficit for the first half of fiscal year 2009, PBGC Acting Director Vince Snowbarger will tell the Senate Special Committee on Aging at a hearing today. Based on unaudited financial numbers as of March 31, the deficit represents an increase over FY 2008’s $11 billion shortfall, and is the largest in the agency’s 35-year history.


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