The Pension Benefit Guaranty Corporation (PBGC) recently released its annual report for fiscal year (FY) 2015. The report shows the agency paid $5.7 billion to more than 800,000 people in failed pension plans, which is comparable to the payments PBGC made in FY 2014.
PBGC’s multiemployer insurance program reported a negative net position or “deficit” of $52.3 billion, compared with $42.4 billion last fiscal year-end. The larger deficit is due to changes in interest factors that increased multiemployer program liabilities. PBGC’s interest factors are used to measure the value of future benefit payments.