Catherwood LibraryILR School

With the year not yet ended, 2001 has already set a record for bankruptcies of publicly traded companies---so far surpassing the previous record of 176 for all of 2000 by forty-eight. Former employees who rely heavily on pension plans for medical coverage and income have been particularly hard hit, as many of these companies have cut back drastically on retiree benefits. While core pension plans are insured up to $40,704 a year per employee by the federal Pension Benefit Guarantee Corporation, health and other insurance, as well as severance packages and supplemental benefits, are not covered.