PBGC Releases Fiscal Year 2021 Projections Report
The Pension Benefit Guaranty Corporation (PBGC) announced the release of the agency’s Fiscal Year (FY) 2021 Projections Report. The report shows an improved financial outlook for the Multiemployer Insurance Program due to the Special Financial Assistance (SFA) Program enacted in the American Rescue Plan Act and favorable plan asset returns in 2021.
In the report, PBGC explains that the SFA should keep the Multiemployer Program solvent for more than 40 years, until 2061. This represents a 6-year improvement from last year’s projections under the interim final rule for the SFA Program that showed the Multiemployer Program’s likely insolvency by FY 2055. The report explains that the continued improvement in the projected solvency is due to favorable asset returns in 2021 and the changes made in the July 8, 2022 final rule implementing the SFA Program.
The full FY2021 Projections Report is available here.
© 2024 Signatory Wall and Ceiling Contractors Alliance (SWACCA). All rights reserved.