13 pages. "[T]he airline industry [faces] the daunting task of shoring up their underfunded pension plans, which currently are underfunded by an estimated $31 billion. Terminating these pension plans confronts Congress with three policy issues. The most visible is the financial exposure of the [PBGC] ... Second, plan participants and beneficiaries may lose pension benefits due to limits on PBGC guarantees. Finally, airlines that terminate their plans may gain a competitive advantage because such terminations effectively lower overall labor costs. This testimony addresses [1] the situation the airlines are facing today, [2] overall pension developments, and [3] the policy implications of addressing these issues." [GAO-05-108T, published Oct. 7, 2004, released Oct. 7, 2004]