A committee of industry and labor officials, including many in construction, is hopeful a new report from the federal Pension Benefit Guaranty Corp. (PBGC) will prompt Congress to shore up weakening multi-employer pension plans. But pension-reform advocates face a struggle. No bills have been introduced yet in the House or Senate. Reformers' best hope may lie in an expected lame-duck session.
PBGC's fiscal year 2013 projections report, released on June 30, paints a grim picture for its multiemployer-plan program. Without changes, PBGC says it will not have enough funds to support retirees of multiemployer plans that fail. PBGC says its multiemployer program's $8.3-billion 2013 deficit could widen to $49.6 billion, on average, by 2023.