EASTERBROOK, Circuit Judge.
With the Employee Retirement Income Security Act of 1974 came a form of pension insurance. On the termination of a pension plan whose assets are insufficient to pay all vested benefits, the Pension Benefit Guaranty Corporation covers some or all of the unfunded remainder. This gives pension funds an opportunity, and hence an incentive, to "put" unfunded promises to the PBGC. Because the PBGC can recover from the plans' sponsors, the opportunity...
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