The Working Group in its report, submitted in October 1999, recommended (a) enactment of a legislation for facilitating collection and sharing of information by the proposed bureau and (b) to amend certain Acts relating to banking to permit sharing of information with the said bureau.
Much has been made of shortfalls in our private defined-benefit plans, but the gross underfunding currently at $ billion, although significant as a percentage of the $ trillion in assets of private defined-benefit plans, is modest compared with the underfunding of our publically administered pensions. At present, the Social Security trustees estimate the unfunded liability over the indefinite future to be $ trillion.