WASHINGTON — The Pension Benefit Guaranty Corporation today released its Annual Report, which showed that PBGC’s deficit increased to about $62 billion in Fiscal Year 2014, largely due to the declining condition of a few multiemployer plans. The financial condition of the single-employer program improved with a deficit of about $19.3 billion, down from $27.4 billion in the previous year.
The increase in PBGC’s deficit in the Annual Report is consistent with the estimates included in the FY 2013 Projections Report that was released in June. The FY 2013 Projections Report found that the insolvencies of a minority of multiemployer plans have become both more likely and more imminent.
PBGC Annual Report Shows Improvement in Single-Employer Program and Deterioration in Multiemployer Program
Details on reasons for MultiEmployer plan increases in insolvency while Single Employer plans benefited from a market improvement.
Information on guaranty limits and a ten year outlook.