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PBGC Projections Report FY 2019

PBGC Projections Report FY 2019

The Pension Benefit Guaranty Corporation (PBGC) insures against the loss of pension benefits by participants in private-sector pensions. PBGC operates two separate insurance programs with different benefit guarantees and different funding mechanisms, one for single-employer plans and one for multiemployer plans. This report provides 10-year projections, ending with fiscal year (FY) 2029, of the financial status of both programs under a range of future financial scenarios. The table below summarizes the results of this report:

PBGC Projected Net Financial Position for End of FY 2029
Present Value as of September 30, 2019 ($ in billions)
  Multiemployer Program Single-Employer Program
Mean ($82.3)* $46.3
15th to 85th Percentile ($123.1) - ($50.7) $31.9 - $60.4

*PBGC’s Multiemployer Program is projected to run out of money by the end of FY 2026

The Multiemployer Program continues to report large deficits (i.e., negative net positions), which, without legislative changes, are expected to grow over time. The program is expected to become insolvent during FY 2026.

PBGC’s Single-Employer Program is likely to remain out of deficit over the next decade.

 

 

Last updated September 14, 2020