Between 10 and 15% of the more than 10 million workers with pensions insured by the PBGC multiemployer program are enrolled in plans expected to run out of money in the next 20 years or less. (Photo: iStock)

The deficit in the Pension Benefit Guaranty Corporation’s multiemployer insurance program rose to $58.8 billion in fiscal year 2016, a record high, according to the agency’s newly released annual report.

Last year’s deficit was $52.3 billion. The $6.5 billion increase was the result of 11 additional multiemployer plans that were either terminated in 2016 or projected to be insolvent within the next 10 years, as well as a drop in the interest rate the agency uses to measure the cost of future liabilities.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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