The Pension Benefit Guaranty Corp. program that assists multiemployer pension plans has seen its deficit widen significantly. Construction is the largest industry in PBGC's multi-employer program, with 3.9 million people, or 37.4% of the total insured in 2009, the most recent PBGC data published. Multi-employer plans are common in the industry's unionized sector.
On Nov. 16, PBGC reported its multi-employer insurance-plan deficit jumped to $5.2 billion, from $2.8 billion in 2011. PBGC says its assets can meet obligations "for a significant number of years," but it lacks resources to cover longer-term obligations.