often steps in for underfunded pension plans when companies can't pay.
In recent years, Congress has raised the PBGC
premiums several times to offset increased spending, most lately by $7.65 billion, through 2025, in the Bipartisan Budget Act of 2015.
's new reporting requirement is an attempt to remedy the shortage of data about pension de-risking.
As several large multiemployer plans spiraled toward insolvency, PBGC
warned that it would not have sufficient assets in its multiemployer guarantee fund to finance its obligations.
Unlike the Federal Deposit Insurance Corporation (which insures commercial bank deposits) and other federal insurance programs, Congress sets the PBGC
's premium rates.
While the Federal Reserve Board's low-interest rate policy "is appropriately designed to help spur economic recovery," Klein added, "it has the perverse effect of undervaluing pension assets, understating the funding levels of employer-sponsored plans and the financial position of the PBGC
(2009) upheld the PBGC
's entitlement to a special termination premium under ERISA.
The complaint also charges that that the sale "undermines Congressional intent to provide American pensioners with a uniform safety net under the auspices of the PBGC
reported that its potential exposure to future pension losses from financially weak companies increased by $57 billion from a year ago to a staggering $227 billion.
If the former policy is not enforced so that pbgc
is kept solvent, the approaching cost of the latter course should be disclosed.
Retired Delta Pilots to File Unprecedented Appeal with PBGC
. The Delta Pilot's Pension Preservation Organization (DP3, Inc.), a group representing the interests of over 6,000 retired Delta pilots, is preparing to file an administrative appeal with the Pension Benefit Guaranty Corporation (PBGC
) aimed at recovering approximately $600 million in lost qualified pension benefits.