PBGC Multiemployer Pension Program continues on path to insolvency by the end of fiscal year 2020, according to report
The Employee Retirement Income Security Act requires the PBGC to issue an annual actuarial evaluation of its financial status estimating the position of insured single and multiemployer pension plans and their effect on PBGC's financial condition based on numerous possible scenarios. This year’s report shows that the financial condition of the PBGC Multiemployer Program will continue to erode rapidly over the next ten years. Absent legislative changes to the system, the PBGC anticipates that claims on the Multiemployer Program will make it insolvent by 2025.
SWACCA is fighting for comprehensive reform of the nation’s pension system that includes authorization of composite plans. Composite plans would provide an off ramp from the PBGC Multiemployer system that guarantees benefits accrued to date will be honored, while ensuring employers can provide sustainable and generous retirement benefits for future workers without incurring additional withdrawal liability.
View the report here
© 2024 Signatory Wall and Ceiling Contractors Alliance (SWACCA). All rights reserved.