The Pension Benefit Guaranty Corporation Posts Record Deficit
The Pension Benefit Guaranty Corporation (“PBGC”) protects the retirement incomes of more than 41 million workers in more than 24,000 private-sector defined benefit plans. This federal agency has reported deficit for the 13th year in a row. The deficit reported for the year ending on September 30th was the largest deficit in the organization’s 41-year history. The deficit increased 23% up to $76.4 billion dollars in fiscal year 2015. The agency’s program for multi-employer pension plans continues to contribute to the largest portion of the deficit at $52.3 billion dollars.