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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