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Focus (Pension Funds: How Safe Are They) #581217

NBC Evening News for Sunday, Jun 16, 1991
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(Studio: Garrick Utley) Report introduced.

(Studio: Jeff Madrick) Examination given of trend in which organizations shift their worker pension plans into insurance annuities that are not covered by federal guarantees. Case of Maxxam, Incorporated, which bought Pacific Lumber Company, terminated its pension plan and invested the proceeds in Executive Life Insurance Company, which recently failed, cited as example. [Pensioner/widow Gladys WARD - comments.] Labor Department noted suing to get the pensioners their money. [Assistant Secretary of Labor David BALL, Senator Howard METZENBAUM - comment on the pensioners.] [Pension Benefits Guaranty Corporation executive director Jim LOCKHART, Pension Rights Center Karen FERGUSON - offer differing opinions on what can be done to insure retirement benefits.] [METZENBAUM - says the PBGC must act.] Need for the federal government to guarantee pensions discussed.

Reporter(s):
Madrick, Jeff;
Utley, Garrick
Duration:
00:04:20

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