The nation's federally guaranteed private-pension plans, a collective time bomb waiting to explode, finally are drawing congressional attention - and it's not a moment too soon. The Pension Protection Act is a step forward in the fight to ensure that America's working men and women can enjoy a measure of retirement security after decades of dutiful work in the private sector.

America's private pensions are engulfed in problems. They're underfunded and badly regulated. As a result, the Pension Benefit Guaranty Board, which protects the pensions of 45 million workers and retirees in 31,000 separate plans, is in the red by $23 billion. That's one big reason the system needs to be fixed.

Another is the burden that will be placed on taxpayers if the system fails: Private-sector pension plans are underfunded by $450 billion. There is no crisis yet, but if the system eventually goes under, taxpayers may be asked for a rescue that could make the $150 billion savings-and-loan bailout of the 1980s look like a trip to the flea market.

The Pension Protection Act, sponsored primarily by Rep. John Boehner, R-Ohio, aims for a comprehensive overhaul. Key provisions would tighten funding rules and create better ways to improve underfunded plans.

Another badly needed provision would make it harder for executives to line their pockets with millions of dollars in bonuses just before dumping their pension plans, as happened just prior to the default of United Airlines' pension system earlier this year.

The United default allowed the company to shift all four of its major pension plans, about $6.6 billion, to the Pension Benefit Guaranty Board - ultimately, to the public. That saves jobs at United and allows the airline to keep flying. But it unfairly penalizes United's competitors, including American Airlines, which continue to play by the rules and contribute to their pension plans. Last week, executives of Delta and Northwest Airlines told Congress that they may have to file for bankruptcy, too, unless they get some kind of pension relief.

Instead of targeting pensions in an effort to improve their balance sheets, the companies should look elsewhere. When American came close to bankruptcy two years ago, employees agreed to $1.8 billion worth of concessions in return for a promise that pensions would be protected. If American can do it, other airlines can, too. Meanwhile, Congress should make sure that any reform of the pension system helps those companies that keep faith with their employees and penalizes those that don't.

Good pensions benefit everyone. The money that they provide to retirees ultimately goes into the economy. If retirees are left as paupers after decades of work, they become burdens to the state. That may be the most important reason to support pension reform.