Refinancing pension plans has become increasingly attractive to companies whose plans have more money than is needed to pay current and future retirees.

Notably, the pension agency recently stopped making official assertions that it had enough money to pay retirees all their benefits "for the foreseeable future."

But the government limits what it will pay retirees in such cases, according to a schedule based on each person's age and stipend.

French pensions pay retirees about 70 percent of their average wages.

For the next few years, Social Security will run huge surpluses, providing enough money to create private accounts and to pay retirees.

By comparison, G.M. pays health care benefits for 1.2 million workers, retirees and family members in this country.

Under the Social Security system the payroll taxes of current workers are now used to pay current retirees.

So if part of those taxes are shifted into private accounts, a way has to be found to keep paying current retirees.

The obligation to pay current retirees continues whether or not the system is privatized.

It pays benefits for 1.2 million workers, retirees and family members in the United States.