Excerpt from Annual Report to the Congress: 1987-1994 Throughout FY 1987, Federal law allowed a company with an under funded pension plan to continue making pension promises to its employ ees even if the company had no intention or expectation of ever payingfor those promises. Companies such as allis-chalmers Corporation terminated plans with large liabilities but virtually no assets, yet the companies had satisfied the existing minimum funding requirements. The legal standards for pension funding did not compel improvement in the financial condition of these companies' plans, nor did they pre vent the plans' funding levels from declining sharply. In fact, the stan dards on occasion fostered plan underfunding by permitting employer contributions to be waived as many as five times in a 15-year period. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.