[NTBKtrader]

WASHINGTON - A pension system overhaul bill that Congress is on the verge of completing will close loopholes that have allowed employers to underfund their pension plans while protecting taxpayers from a multibillion-dollar bailout, House Majority Leader John Boehner said Thursday.

[...]

Boehner stressed that the final product will strengthen the current system, under which employer-based defined benefit pension plans are underfunded by an estimated $450 billion and the Pension Benefit Guaranty Corp., the federal agency that insures these plans, is running a $22.8 billion deficit.

http://news.yahoo.com/s/ap/20060720/ap_ ... s_pensions