As the government was working on the recent, new budget deal and subsequent boost in government spending, Congress quietly snuck in a provision that forms a committee which would use federal funds to bail out as many as 200 "multiemployer" pension plans -- where employers and labor unions jointly provide retirement benefits to employees.


But Congress' committee, assuming it works, wouldn't even rescue the red zone plans, much less the remaining 1,200. And it doesn't even begin to address the real problem -- the $7 trillion funding gap faced by the government's own pensions.

Congress is stepping in because the Pension Benefit Guaranty Corporation (PBGC) -- the pension equivalent to the Federal Deposit Insurance Corporation (FDIC) -- is completely insolvent.

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