The federal agency that insures pension plans says that its program to assist ailing multiemployer plans will turn insolvent at the end of the 2025 fiscal year unless Congress comes up with a remedy.
In a report issued on Aug. 6, the Pension Benefit Guaranty Corp. said its average projected deficit for its multiemployer program would be $90 billion for fiscal 2028. That compares with a projected deficit of $90.6 billion in PBGC’s 2017 report.