The Pension Benefit Guaranty Corp. says if current regulations for its multi-employer-plan program do not change, there is “about a 65% chance” the program’s deficit will climb in 10 years. In a “data book” released on Aug. 20, PBGC says a simulation model’s average result shows its multi-employer program will post an estimated deficit of $4 billion in 10 years, a 360% jump over its $869-million shortfall in fiscal 2009. PBGC cautions that the model is not “predictive.” Multi-employer plans are common in construction’s unionized sector, PBGC says, and account for 54% of the 1,517 multi-employer plans it insures. Such
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.