The Pension Benefit Guaranty Corporation is delaying the projected insolvency date for its multiemployer insurance program by three years, thanks to radical new funding provisions passed in the Multiemployer Pension Reform Act of 2014.
The multiemployer program, which insures the pensions of more than 10 million participants in collectively bargained plans, is now expected to be insolvent in 2025, as opposed to 2022, according to findings released in PBGC’s latest projection report.
The program’s fiscal year 2014 deficit of $42.5 billion is now projected to be $28 billion by 2024.
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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.
