The Pension Benefit Guaranty Corp., which insures retirement plans for millions of workers and retirees, says its multiemployer program lost $404 million in fiscal 2006, up from $99 million in 2005.
In its annual management report, released Nov. 15, PBGC pegs multiemployer plans' 2006 underfunding at $150 billion, down from $200 billion in 2005. About half of the 1,540 PBGC-insured multiemployer plans and 30% of the 9.9 million individuals such plans cover are in construction.