23 09, 2021

PBGC’s multiemployer outlook greatly improves after help from Congress

2021-09-23T09:51:00-07:00September 23rd, 2021|Categories: PBGC|Tags: |

By Brian Croce Source: Pensions & Investments The Pension Benefit Guaranty Corp.'s multiemployer program outlook has substantially improved following passage of the American Rescue Plan Act, according to the agency's fiscal year 2020 annual report. Last year's report projected a very high likelihood of the program's insolvency by September 2025 and near certainty by September 2026. In the latest report, released Monday, the most pessimistic scenario projects the fund to go insolvent in fiscal year 2036, while optimistic scenarios [...]

19 07, 2021

PBGC multiemployer rule gets mixed reviews

2021-07-19T09:10:25-07:00July 19th, 2021|Categories: PBGC|Tags: , |

By: Hazel Bradford Source: Pensions & Investments The Pension Benefit Guaranty Corp.'s interim final rule about how underfunded multiemployer plans can get special financial assistance is getting mixed reviews. The assistance was part of the American Rescue Plan Act of 2021 enacted in March and provides an estimated $94 billion in federal assistance grants for the most at-risk plans to pay benefits, if it will help them survive for 30 years. The interim final rule, issued July 9, provides [...]

17 09, 2020

Multiemployer plans get tiny reprieve in latest PBGC report

2020-09-17T08:52:49-07:00September 17th, 2020|Categories: PBGC|Tags: |

The Pension Benefit Guaranty Corp.'s single-employer program will remain in the black over the next decade, while the multiemployer program could gain another year or two before insolvency, according the agency's latest projections report released Monday. The report for fiscal year 2019 provides 10-year projections ended Sept. 30, under a range of financial scenarios. As of Sept. 30, 2019, the single-employer program had $46.3 billion in assets, while the multiemployer program had a deficit of $82.3 billion. Last year's [...]

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