The deficit in the Pension Benefit Guaranty Corp.'s multiemployer program is $65.1 billion, a more-than $6 billion increase from the last fiscal year and a new all-time high, according to PBGC's 2017 annual report.

The multiemployer insurance program stands a more-than 50 percent chance of running out of reserve funds by the end of fiscal year 2025, an estimate in line with previous projections. In fiscal year 2017, seven more collectively bargained multiemployer pension programs became insolvent.

"Restoring the program to long-term solvency requires Congressional action," the report bluntly states.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.