"Guaranteed" Pension Benefits Could Drop More than 90 Percent
Created on December 10, 2015
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Read the original report, "The Multiemployer Pension Reform Act: Inadequate Response to Looming Pension Fund Insolvency," by Rachel Greszler.
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Current workers and retirees with multiemployer pensions could be left with pennies on the dollar if their plans fail and the PBGC becomes insolvent—or with nothing if the PBGC goes bankrupt.
Source: Charles Jeszeck, “Private Pensions: Multiemployer Plans and PBGC Face Urgent Challenges,” testimony before the Subcommittee on Health, Employment, Labor and Pensions, Committee on Education and the Workforce, U.S. House of Representatives, March 5, 2013, http://www.gao.gov/assets/660/652687.pdf (accessed April 16, 2015).
CHART 2 • IB 4495
Tags: Multiemployer-Pension-Reform-Act, government-spending, benefit-program