Short Sighted Reporting Causes Huge Deficit Swings Masks Shortfalls
Created on July 30, 2015
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Read the original report, "Bankrupt Pensions and Insolvent Pension Insurance The Case of Multiemployer Pensions and the PBGCs Multiemployer Program," by Rachel Greszler.
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Agencies such as Social Security report their financial position over a 75-year horizon. The PBGC only includes liabilities it expects to incur within 10 years, ignoring the obligation of any plans projected to fail 11 or more years in the future.
Sources: Pension Benefit Guaranty Corporation, 2012 Pension Insurance Data Tables, Table M-1, http://www.pbgc.gov/ documents/2012-Data-Book-Tables.pdf (accessed June 2, 2015); Annual Report, Fiscal Year 2014, November 17, 2014, http://www.pbgc.gov/about/reports/ar2014.html (accessed May 14, 2015); and Helping Secure Retirements: PBGC Annual Report 2013, November 15, 2013, http://www.pbgc.gov/about/ reports/ar2013.html (accessed May 21, 2015).
CHART 3 • BG 3029
Tags: pensions, Pension-Benefit-Guaranty-Corporation, insolvent