The U.S. Pension Benefit Guaranty Corporation, which oversees the nation’s pension protection system, reported that “it’s running a $62 billion deficit – almost double last year’s shortfall – mostly due to the poor financial condition of a few large multi-employer pension plans.” AP,
Despite a strengthening U.S. economy, plans that now protect the pensions of up to 1 million workers and retirees “are likely to run out of money” in the next 10 years…
Overall, the agency insures the retirement pension benefits for more than 41 million individuals in private defined-benefit pension plans; 401(k) retirement accounts are not included…
The agency’s $62 billion deficit for fiscal 2014, which ended September 30, is up from $36 billion from the year before.
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