The Projections Reports illustrate the future financial condition of PBGC's two insurance programs. The reports look out over a 10-year period and satisfy requirements under Title IV of the Employee Retirement Income Security Act (ERISA). The Projections Report was formerly called the Exposure Report.
Multiemployer Plans and Single-Employer Plans:
PBGC's programs for multiemployer and single-employer programs cover different risks, and the average multiemployer plan is much less well funded than the average single-employer plan, when measured on a comparable basis. PBGC's financial outlook for its insurance programs reflects a similar disparity - while deficits in the single-employer program are likely to improve, deficits in the multiemployer program are projected to remain very high, at current premium levels, and the multiemployer system is more likely than not to run out of money by 2025.
Our MPRA report based on the model and data for the FY2015 Projections report, provided more information on how much additional revenue will be needed by the multiemployer program.
The Pension Insurance Modeling System (PIMS) is the modeling system that PBGC uses to prepare the Projections Report and the MPRA report. It estimates the future of the single-employer and multiemployer PBGC programs and is also used to model the U.S. private pension system.