Alarming PBGC 2019 Annual Report

It’s out and here are some charts along with a couple of the the introductory comments made by newly appointed PBGC Director Gordon Hartogensis warning about ringing alarm bells.

The Corporation is in a difficult financial position today. The Single-Employer Program continues to see improvement; however, it still faces considerable risk. The Multiemployer Program faces a crisis that threatens the retirement security of millions of American workers, retirees, and their families. Without reforms, our Multiemployer Insurance Program – the backstop that is the last resort for retirees when a plan fails – is very likely to become insolvent in 2025, leaving participants and beneficiaries with significantly less than the level of benefits guaranteed by the PBGC. The alarm bells are ringing, and legislative changes are necessary.

Congress should enact a long-term, sustainable bipartisan solution that appropriately balances the interests of retirees, workers, taxpayers, plans, employers, and unions in improving retirement security for hard-working Americans and their families. I look forward to working with all stakeholders – the White House, the Departments of Labor, Treasury, and Commerce, Congress, the multiemployer plan community, workers, employers, unions, and retirees – to find a responsible legislative solution.

 

 

4 responses to this post.

  1. Posted by Tough Love on November 18, 2019 at 8:49 pm

    Quoting the new head of the PBGC ……………….

    ” I look forward to working with all stakeholders – the White House, the Departments of Labor, Treasury, and Commerce, Congress, the multiemployer plan community, workers, employers, unions, and retirees – to find a responsible legislative solution.”
    ——————————————–
    I DID notice that NOT included are the uninvolved Taxpayers (who had ZERO to do with the pension arrangement solely between the Union participants and the participating employers) who will be called upon to foot the bill for ANY bailout. Shouldn’t THEIR input be at least as important as any of the listed groups?

    Reply

  2. Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on November 19, 2019 at 2:23 am

    The Corporation is in a difficult financial position today. …Without reforms, our Multiemployer Insurance Program… is very likely to become insolvent in 2025… I look forward to working with all stakeholders – the White House, the Departments of Labor, Treasury, and Commerce, Congress, the multiemployer plan community, workers, employers, unions, and retirees – to find a responsible legislative solution.
    I do NOT look forward to “working” with YOU are any other trough feeder that is trying to STICK their big fat greedy fingers into my back pocket to STEAL my hard earned $$ to FUND some WhineBaby in a BK union pension plan, or ANY plan, including Single Employer; Multi-Employer; Public; Muni. ANY plan. Not my FAULT and I am in NO position to FUND a pension for anyone when I cannot fun my own. F that shit….I will sink my front K-9’s so far into their fat, cellulite, pimple covered butt they will scream for decades!!!!

    Reply

  3. I second the last comment about the taxpayers. We didn’t make a promise and are not responsible for the lack of funding. I doubt that, if they had tried to fund such plans properly, it would have even been possible. Taxpayers were also not responsible for insufficient PBGC premiums.

    Reply

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