Union Pension Safety Net On Track To Tank By 2025

Law360 (August 6, 2019, 7:58 PM EDT) -- The federal program that insures 10 million union members' pensions is on track to run out of money by the end of 2025, Pension Benefit Guaranty Corp. Director Gordon Hartogensis said Tuesday.

The PBGC's latest financial report, which projects where the agency will be in 10 years using data from the last fiscal year, was released Tuesday. It predicts that the multiemployer program will be $90 billion in the hole by 2028, in 2028 dollars. That predicted deficit is valued at $66 billion in today's dollars.

"The multiemployer program will continue to worsen over the next 10 years," Hartogensis said in...

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