Private Pensions: Timely Action Needed to Address Impending Multiemployer Plan Insolvencies

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By Charles A. Jeszeck (au)
Year: 2013
Pages: 66
Binding Paperback
ISBN 978-1-4578-4562-8

Product Code: 1457845628

Description

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. (PBGC). In recent years, as a result of investment market declines, employers withdrawing from plans, and demographic challenges, many multiemployer plans have had large funding shortfalls and face an uncertain future. This report examined (1) actions that multiemployer plans in the weakest financial condition have taken to improve their funding levels; (2) the extent to which plans have relied on PBGC assistance since 2009, and the financial condition of PBGCäó»s multiemployer plan insurance program; and (3) options available to address PBGCäó»s impending funding crisis and enhance the multiemployer insurance programäó»s future financial stability. Tables and figures. This is a print on demand report.

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