The federal insurance program for multiemployer pension plans still faces a dire future and its assets are likely to be depleted by the end of 2025, the federal Pension Benefit Guaranty Corp. says.
PBGC said in a report released on Aug. 3 that its multiemployer program “remains under severe stress,” with its deficit worsening in fiscal year 2016 to $58.6 billion from 2015’s $55.5 billion. The report says the deficit will rise to at least $77.8 billion in 2026.