The Pension Benefit Guaranty Corporation's multiemployer insurance program is more than likely to be insolvent as early as the end of fiscal year 2025, according to the agency's FY 2016 Projections Report.

The program's deficit grew by $3.1 billion since last year's projection report, to $58.6 billion.

The multiemployer program insures the collectively bargained defined benefit pensions of about 10.5 million participants in 1,350 plans.

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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.