The projected insolvency date for the insurance program for multiemployer pension plans, which cover more than 10 million Americans, has been delayed by 3 years, according to the FY 2014 Projections Report recently released by the Pension Benefit Guaranty Corporation (PBGC).
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In a written statement, PBGC reports that the risk of more immediate program insolvency has decreased primarily due to the new premium revenues anticipated under the Multiemployer Pension Reform Act of 2014 (MPRA).
PBGC is now projecting that the program’s assets will be depleted in 2025; last year’s report indicated a date of 2022. (Once the program’s assets are depleted, of course, the risk of insolvency rises rapidly.)