ML BeneBits

On March 31, the Pension Benefit Guaranty Corporation (PBGC) released a report showing that the current assets of its multiemployer insurance program are a small fraction of the amount needed to cover the guaranteed benefits for more than 1 million people whose plans are expected to become insolvent in the next decade. The PBGC director explained, “[t]his report offers vital information for Congress as it considers how to stabilize the program and put it on sound financial footing.” Read the PBGC’s press release and full report—PBGC Insurance of Multiemployer Plans: A Five Year Report.