WASHINGTON — Congressional investigators designated the government's pension-insurance program "high risk," adding it yesterday to a list of troubled agencies and services that need urgent attention. The Pension Benefit Guaranty Corp. (PBGC), which pays a portion of retirement benefits promised to workers enrolled in bankrupt plans, posted a record $3.6 billion shortfall last year after burning through its entire $7.7 billion surplus. As of March 31, the unaudited shortfall had grown to $5.4 billion. PBGC has "a significant accumulated deficit and faces additional potential losses," said David Walker, U.S. comptroller general and head of the General Accounting Office (GAO), the...
