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November 16, 2004

Federal pension insurer posts record deficit for '04

The government agency that insures the private pensions of 44.4 million workers said Monday that its deficit more than doubled in 2004 to a record $23.3 billion, prompting Republicans and Democrats in Congress to renew calls for action to shore up the system.

The Pension Benefit Guaranty Corp. said that as of Sept. 30, it had $39 billion in assets to cover $62.3 billion in pension liabilities.

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Posted by Tom Troceen