December 1, 2005
Members of Congress Request Investigation into Investment of Pension Money
The New York Times is reporting that Members of Congress George Miller (California-D) and Edward J. Markey (Massachusetts-D) are asking the GAO to investigate whether all pertinent federal agencies are policing the money managers who make investment decisions for pension plans. The request comes after the PBGC has taken over nearly 4,000 defunct pension plans in the last three years at a cost of $23 billion, including the high profile $10 billion United Airlines' pension plan.
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