PBGC Reports Another Fiscal Year Surplus Due to Bailout Funding

The federal government’s private-sector pension insurer ended its third consecutive fiscal year with a surplus, thanks mostly to the Biden administration’s union-backed pension bailout in 2021.

The Pension Benefit Guaranty Corporation completed fiscal year 2023 up more than $46 billion across its single- and multiemployer insurance programs compared to $37.7 billion in fiscal year 2022, according to its annual report published Thursday.

More than 200 bankrupt or failing union-brokered multiemployer plans threatened to sink PBGC prior to the passage of the American Rescue Plan Act (Pub. L. No. 117-2) in 2021, which earmarked more than $80 billion to ...