Private Pensions: Multiemployer Plans and PBGC Face Urgent Challenges: Congressional Testimony

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Our Price: $20.00

By Charles Jeszeck (au)
Year: 2013
Pages: 23
Binding Paperback
ISBN 978-1-4578-4477-5

Product Code: 145784477X

Description

Statement of Charles Jeszeck, Dir., Education, Workforce, and Income Security Issues, GAO. Multiemployer pension plans -- created by collective bargaining agreements including more than one employer -- cover more than 10 million workers and retirees, and are insured by the Pension Benefit Guaranty Corp.äó»s (PBGC). As a result of investment market declines, employers withdrawing from plans and demographic challenges in recent years, many multiemployer plans have had large funding shortfalls and face an uncertain future. Also, both PBGCäó»s single-employer and multiemployer insurance programs are on GAOäó»s list of high-risk federal programs. This testimony provides information on (1) recent actions that multiemployer plans in the worst financial condition have taken to improve their funding levels; and (2) the extent to which plans have relied on PBGC assistance since 2009, and the financial condition of PBGCäó»s multiemployer plan insurance program. Figures. This is a print on demand report.

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