man on rocky shore in storm with umbrella Under current law, PBGC backs a modest portion of multiemployer plan benefits. For instance, a union employee in the Central 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.’s multiemployer 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 1,400 collectively bargained defined benefit pensions plans covering 10.8 million workers and retirees is projected to be insolvent by 2025.

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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.

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