When multiemployer plans go insolvent, PBGC provides loans that allow plan trustees to pay participants the pension benefits guaranteed by the agency – loans that are “rarely” repaid. (Photo: Shutterstock)
The Pension Benefit Guaranty Corp.'s multiemployer insurance program's deficit decreased by $11.18 billion in FY 2018, largely due to increases in the interest rates used to project the cost of future liabilities, according to the federal agency's annual report.
The multiemployer program insures the pensions of 10.6 million participants in 1,400 collectively bargained pensions. The program's total liabilities were $56.15 billion at the end of the year, down from $67.3 billion at the end of last year.
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