By Brian Croce
Source: Pensions & Investments
The Pension Benefit Guaranty Corp.’s single-employer and multiemployer programs each had positive net funding positions at the end of the fiscal year for the first time in nearly two decades, according to the agency’s fiscal year 2021 annual report.
The long-troubled multiemployer program improved to a net funding position of $481 million at the end of fiscal year 2021, compared with a $63.7 billion shortfall at the end of the previous fiscal year, the report released Monday showed. On the single-employer side, the program grew to a net funding position of $30.9 billion at the end of the fiscal year, up from $15.5 billion the previous year.