The Pension Benefit Guaranty Corp.’s single-employer insurance program cut its funding deficit nearly in half in 2017, largely on the strength of favorable actuarial adjustments, increased premium payments from employers, and strong returns on invested assets.
The deficit in the single-employer pension program now stands at $10.9 billion, down from $20.6 billion at the end of fiscal year 2016. PBGC is projecting the program will run a surplus within the next decade. The program’s deficit topped $29 billion in 2012.
About 22,500 single-employer defined benefit retirement plans, covering 30 million workers, are insured by PBGC.
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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.
