It is not yet clear whether the rule change will give rise to any big new pension shortfalls in New York or elsewhere.

Canadian Press had a serious pension shortfall, which was, in 2010, valued at $34.4 million.

The government measures United's pension shortfall at close to $9.8 billion.

A host of other issues also loom large, including how to deal with an aging society and pension shortfalls.

United's ground employees - roughly 38,000 workers, retirees and spouses - face a pension shortfall of $1.9 billion, according to the bankruptcy court filings.

A recent report by Fitch Ratings estimated these airlines' total pension shortfall at more than $18 billion.

To compare, United had a pension shortfall of $9.8 billion when it defaulted.

Some have suggested that a state legislature facing an $18 billion pension shortfall should have something better to do with its time.

Mrs. Whitman said she was not responsible for the pension shortfall.

Cannon Mills' former owner said he would make up a pension shortfall caused by an insurer's failure.