The Pension Benefit Guaranty Corporation (PBGC) released its FY 2018 annual report noting improvement in the financial condition of the agency’s Single-Employer Insurance and Multiemployer Insurance Programs.
In 2018, the PBGC single employer program showed a positive net position of $2.4 billion as of September 30, 2018, emerging from a deficit of $10.9 billion at the end of FY 2017.
The PBGC multiemployer program deficit was $53.9 billion, down from $65.0 billion in 2017. This was primarily due to higher interest rate factors, reducing PBGC’s benefit liabilities. A strong economy and the absence of new large claims also contributed to the financial improvement.
PBGC Press Release