PBGC Releases Fiscal Year 2023 Projections Report
The Pension Benefit Guaranty Corporation (PBGC) released its Fiscal Year 2023 Projections Report, which shows an improved financial outlook for its Multiemployer pension insurance program. The PBGC notes that prior to enactment of the SWACCA-supported Special Financial Assistance program, the PBGC’s Multiemployer Insurance Program was on a path toward insolvency as early as 2026.
Specifically, the new projections indicate that the Multiemployer Insurance Program, which covers about 11 million participants in about 1,360 plans, is now likely to remain financially sound for more than 40 years thanks to the Special Financial Assistance Program. The PBGC notes that projected outcomes in this year’s report slightly improved this year compared to last year, driven by an increase in projected plan funding levels due to strong 2023 investment performance.
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