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Pension Insurer Ends Year Up $1.1 Billion After Plan Bailout Law

Nov. 16, 2022, 6:46 PM

The federal government’s private-sector pension insurer posted a $1.1 billion multiemployer plan surplus in 2022, four years before the agency was projected to crack under the weight of failing plans.

The Pension Benefit Guaranty Corp. continued to improve the financial footing of its long-troubled union-brokered insurance program thanks to a blank check from Congress that’s already translated into more than $7.5 billion to bail out severely underfunded plans, according to the agency’s annual report released late Tuesday.

It’s the second end of fiscal year in a row that the independent agency’s multiemployer insurance program has reported a net positive financial ...