The U.S. Senate introduced legislation Thursday that would restructure the pensions of more than 44 million Americans. Senator Herb Kohl, a Wisconsin Democrat, said The Pension Benefit Guaranty Corporation needs to be overhauled to protect employees in the nation’s automobile and manufacturing companies.
The agency was created in 1974 to back the pension programs of bankrupt companies. The agency, however, reported in May a deficit of $33.5 billion. On top of that, the agency’s former director, Charles E.F. Millard, was criticized for having improper communications with eight of 16 Wall Street firms that bid to manage part of the agency’s debt.
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