The Pension Benefit Guaranty Corporation (PBGC) reports that its Multiemployer Insurance Program continues to face insolvency by the end of fiscal year 2025. The agency's projections, included in their FY 2017 Projections Report, show a narrower range of years for the likely date of insolvency of the Multiemployer Program, PBGC's insurance program for multiemployer pension plans.
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The likelihood that the Multiemployer Program, which covers over 10 million people, will run out of money before the end of FY 2025 has grown to over 90 percent, and there remains a significant chance the program will run out of money during FY 2024, according to a PBGC press release announcing the findings of the Report. The narrower range in the new projections is based on the most recent available data on troubled pension plans.
The Projections Report is PBGC's annual actuarial evaluation of its future operations and financial status. It provides a range of estimates of the future status of insured pension plans and their effect on PBGC's financial condition, based on hundreds of different economic scenarios.
More details are available from the press release and FY 2017 Projections Report.