Projections Report

The Projections Report illustrates the future financial condition of PBGC's two insurance programs. The report is required by ERISA and forecasts 10 years into the future. 

Multiemployer Plans and Single-Employer Plans

PBGC's Multiemployer and Single-Employer Programs are legally separate and operationally and financially independent, and are exposed to different risks. The average multiemployer plan is much less well funded than the average single-employer plan, when measured on a comparable basis. However, PBGC’s latest projections show that the enactment of The American Rescue Plan Act of 2021 (ARP) substantially improves the outlook of the Multiemployer Program. Prior to enactment of ARP, the  Multiemployer Program was projected to run out of money in FY 2026. ARP extends the solvency of the Multiemployer Program — the new projections show a median projected insolvency in 2055.

The latest projections for the Single-Employer Program show that continued future improvement is likely, with no scenarios in which the Single-Employer Program approaches insolvency within the next 10 years.

The Pension Insurance Modeling System (PIMS) is the modeling system that PBGC uses to prepare the Projections Report. It estimates the future of the Single-Employer and Multiemployer Programs and is also used to model the U.S. private pension system.

PBGC Projected Net Financial Position for End of FY 2030

Present Value as of September 30, 2020 ($ in billions)

• 2020 Projections Report
  • 2020 Transmittal Letters
  • Press Release: PBGC Releases FY 2020 Projections Report, 5-Year Multiemployer Program Report
• 2019 Projections Report
  • 2019 Transmittal Letters
• 2018 Projections Report
  • 2018 Transmittal Letters
  • Press Release: PBGC Projections: Multiemployer Program Remains in Dire Financial Condition; Single-Employer Program Shows Continued Improvement
• 2017 Projections Report
  • 2017 Transmittal Letters
  • Projections Report FAQs
  • Press Release: PBGC Projections: Multiemployer Program Insolvent in FY 2025
• 2016 Projections Report
  • 2016 Transmittal Letters
  • Press Release: PBGC Projections: Multiemployer Program Likely Insolvent by the end of 2025; Single-Employer Program Likely to Eliminate Deficit by 2022
• 2015 Projections Report
  • 2015 Transmittal Letters
  • Press Release: PBGC Reports - Multiemployer Program Needs Substantial Premium Increases; Single-Employer Program Likely to Eliminate Deficit by 2025
• 2014 Projections Report
• 2013 Projections Report
• 2012 Exposure Report