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Federal Program for Union Pensions Continues Downward Spiral

May 31, 2018, 7:55 PM

Things aren’t getting any better for the federal program that insures pensions for unionized workers.

The Pension Benefit Guaranty Corporation in its latest annual projections report says there’s a 90 percent chance that the agency’s multiemployer plan insurance program will run out of money before the end of fiscal year 2025. There’s a significant chance the program’s assets will be depleted in fiscal year 2024, the PBGC said.

There’s less than a 1 percent chance that the program will remain afloat after fiscal year 2026, according to the May 31 report.

Multiemployer plans are collectively bargained between unions and employers ...