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Pension offerings are being pushed aside in favor of defined contribution plans, but that doesn’t mean pensions aren’t crucial to millions of workers’ retirement. Pension professionals keep an eye on workers’ actuarial statistics, and the age they are able to retire is important. Retirement age varies in countries around the world, as you can see in the slideshow BenefitsPRO recently ran. Here’s what else is happening with pensions:
The Pension Benefit Guaranty Corporation reports in its Fiscal Year 2021 Annual Report that the Multiemployer Insurance Program has a positive net position of $481 million at the end of FY 2021. At the end of FY 2020, it was in a deficit of $63.7 billion. That program — which was expected to run out of money in FY 2026 — is now likely to remain solvent for more than 30 years, due to the American Rescue Plan Act of 2021, PBGC says. PBGC’s Single-Employer Program remains financially healthy with a positive net position of $30.9 billion at the end of FY 2021.
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C.J. Marwitz is the editor for the retirement industry audience and a digital managing editor at BenefitsPRO. She is currently considering pitches for unpublished contributed content related to the employer-sponsored retirement plan arena. A former technology editor, advertising copywriter, and academic advisor, Marwitz is the mother of three and walker/stick-thrower/treat-giver to an orange-and-white Welsh Corgi named Leeloo Dallas Multipass.
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