$8 Billion Surplus Withers at Agency Insuring Pensions By MARY WILLIAMS WALSH January 25, 2003 he federal agency that insures the pensions of some 44 million Americans has been pounded by a succession of big corporate bankruptcies and has burned through its entire $8 billion surplus in one year. The agency, the Pension Benefit Guaranty Corporation, provides protection to retirees in case of a failure, much as the Federal Deposit Insurance Corporation protects depositors when a bank fails. Though it can continue to make its current payments, the agency is expected to disclose a deficit of $1 billion to $2...