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PBGC Releases Long-Term Projections, Forecasts Some Additional Plan Failures and Higher Deficits

November 13, 2011 Comments off

PBGC Releases Long-Term Projections, Forecasts Some Additional Plan Failures and Higher Deficits
Source: Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corporation today released its long-term exposure report, which shows financial deterioration in some pension plans and increased deficits for PBGC.

“Most private pensions are sound,” said PBGC Director Joshua Gotbaum, “but some are real sources of concern. We want to make sure they can restore themselves, and that PBGC has the resources to help.”

The exposure report provides projections on the future status of private pension plans and their effect on PBGC’s financial status. The projection, as of Sept. 30, 2010, in PBGC’s single employer program was for a deficit of $24 billion in 2020, an increase from the program’s $21.6 billion deficit on that date.

+ Full Report (PDF)

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