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Legislative Update

Gov't Affairs News

PBGC Projects Longer Multiemployer Program Solvency

Oct 01, 2015

The projected insolvency date for the insurance program for multiemployer pension plans, which cover more than 10 million Americans, has been delayed by three years, according to the FY 2014 Projections Report released today by the Pension Benefit Guaranty Corporation. The risk of program insolvency has decreased over the near term due primarily to the new premium revenues anticipated under the NECA-supported Multiemployer Pension Reform Act of 2014 (MPRA). It is more likely than not that the program's assets will be depleted in 2025, compared with 2022 in last year's report, and the risk of insolvency grows rapidly thereafter.

NECA will continue to advocate for Congressional approval of Composite Plans and complete the work on multiemployer pension reform.