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PBGC Releases Annual Report

Nov 20, 2015

The Pension Benefit Guaranty Corporation released its Annual Report showing the agency paid $5.7 billion to more than 800,000 people in failed pension plans, similar to the amount of payments PBGC made in FY 2014. Last year, Congress passed the NECA-supported Multiemployer Pension Reform Act of 2014 (MPRA). The new law increased multiemployer plan premiums and provided new options for troubled multiemployer plans to avoid insolvency. PBGC estimated in its recent Projections Report that the risk of multiemployer program insolvency will exceed 50 percent in 2025 and will reach 90 percent by 2032. The risk of insolvency decreased over the near term due primarily to the new multiemployer premium revenues enacted as part of MPRA.