Under current law, PBGC backs a modest portion ofmultiemployer plan benefits. For instance, a union employee in theCentral States Plan with 20 years of service is only guaranteed$8,580 from the PBGC. (Photo: Shutterstock)
The massive deficit in the Pension Benefit Guaranty Corp.'smultiemployer insurance program exploded by$11.3 billion in fiscal year 2019, reaching a record deficit of$65.2 billion.
The moribund program that insures the pensions of 1,400collectively bargained defined benefit pensions plans covering10.8 million workers and retirees is projectedto be insolvent by 2025.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.