Glass Half Full and Half Empty for PBGC Pension Insurance
Is the glass half full, or half empty? In the case of the Pension Benefit Guaranty Corporation (PBGC) pension plan insurance programs, it’s both — at least in federal fiscal year (FY) 2017.
The PBGC reports
that in FY 2017, the deficit its single-employer insurance program has been continued to shrink. Unfortunately, the converse was true for its multiemployer insurance program.
The single-employer insurance pension program glass is almost $10 billion more full — its deficit was almost cut in half from $20.6 billion at the end FY 2016 to $10.9 billion at the end of FY 2017. The deficit results from approximate liabilities of $117 billion and assets of $106 billion.
On the other hand, the multiemployer pension insurance glass is more than $6 billion less full. At the end of FY 2016, it had a deficit of $58.8 billion; one year later, it stands at $65.1 billion.