News release: “The Pension Benefit Guaranty Corp. solidified its foundation for the future during fiscal year 2008, the Corporation reported in its 2008 Annual Report, released today….[Director Charles E.F. Millard] noted that the progressive shrinkage of the shortfall, to $11.2 billion from 2007’s $14.1 billion and 2006’s $18.9 billion, was a positive development. “Our efforts to protect the pensions of bankrupt companies boosted the insurance program’s bottom line by hundreds of millions of dollars,” Millard said. “Through the work of our legal and negotiation staffs, 13 auto parts makers successfully reorganized without transferring their pension liabilities to the PBGC. Also, in a brutal year for financial markets, we limited our investment losses to 6.5 percent of assets.”