How to fix the pension underfunding problem

OK, how's this for an idea? The pay of company executives must be capped at a moderate level until the company's pension and health benefit plans are fully funded. No bonuses until the lower level employees are taken care of. The actuarial assumptions behind the plan obligations must be standardized.

So, management has a personal incentive to honor its contracts with the company's employees: they don't get paid until the employees rights have been protected.

I know, I know what you're going to say: the most talented managers will avoid working for companies with underfunded pension plans; so the companies in the worst condition will also be the worst managed, being unable to attract top talent.

I say: go ahead, throw down the gauntlet. Let's find out if the most highly paid executives really are the most talented or not. Maybe you skeptics will be surprised.

So, how about it, Congress? Stick it in your bill.