PBGC Releases FY2023 Annual Report
The Pension Benefit Guaranty Corporation (PBGC) released its Fiscal Year (FY) 2023 Annual Report. In it, the PBGC notes that the Multiemployer Program had assets of $4 billion and liabilities of $2.5 billion, as of September 30, 2023. The net financial position of the Multiemployer Program improved in FY 2023, to a positive net position of $1.5 billion, compared with the program’s positive net position of $1.1 billion in FY 2022.
The report also explains that the Multiemployer Program is likely to remain solvent for more than 40 years, due to the enactment of the American Rescue Plan Act of 2021. Finally, PBGC notes that it has approved nearly $176 million in traditional financial assistance to 100 multiemployer plans covering 80,000 participants receiving guaranteed benefits.
The full PBGC report is available here.
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