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Pension Insurer Working With Lawmakers on Insolvency Solutions

Aug. 6, 2019, 6:31 PM

The federal insurer charged with covering underfunded pension plans is crunching numbers for lawmakers looking to save it—and millions of retirees—from financial ruin.

Following an Aug. 6 update of his agency’s latest budget projections, Pension Benefit Guaranty Corporation Director Gordon Hartogensis told reporters the agency’s staff is evaluating at least two legislative proposals designed to keep thousands of union-sponsored pensions from becoming insolvent in 2025.

The PBGC’s multiemployer program, which the agency said covers 1,400 retirement plans and roughly 11 million participants, is projected to face a $90 billion deficit in 2028—up from the $54 billion it fell short last ...