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November 22, 2004

US taxpayers should save pension agency-UAW official

Taxpayers should rescue the agency that backs U.S. corporate pensions by covering its losses from pension failures in the airline and steel industries, a United Auto Workers official said on Friday.

UAW legislative director Alan Reuther estimated it would cost between $20 billion and $40 billion to cover the pension liabilities in the airline and steel industries that the Pension Benefit Guaranty Corp (PBGC) has absorbed or expects to absorb shortly.

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Posted by Tom Troceen