PBGC Projections – 2019

Today the Pension Benefit Guaranty Corporation (PBGC) released its FY 2019 Projections Report, an annual actuarial evaluation forecasting the future financial condition of PBGC’s Single-Employer and Multiemployer Programs noting, among other things:

While last year’s report projected PBGC’s Multiemployer Program would become insolvent during FY 2025, this year’s projections show a very high likelihood of insolvency during FY 2026 and that insolvency is a near certainty by the end of FY 2027. This change is due primarily to the enactment of the Bipartisan American Miners Act of 2019, which provided federal funding for the United Mine Workers of America 1974 Pension Plan (“UnitedMine Workers Plan”).

Here are other things of note:

Out of roughly 1,400 insured multiemployer plans, 124 plans have reported that they will run out of money within 20 years. These plans are in “critical and declining” status under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. When these plans run out of money to pay benefits, they will call on PBGC to provide financial assistance to enable the plan to pay benefits at the guarantee level. As noted earlier, absent legislative changes, PBGC projects the Multiemployer Program will become insolvent during FY 2026 and will be unable to deliver financial assistance in amounts necessary to support benefits at the current guarantee level. The projections in this report estimate the program’s future financial assistance costs at the current guarantee level, rather than reducing guarantees to a level supported only by premiums. (page 5)

Questions have been raised about the effect of COVID-19 on a number of government programs, and PBGC continues to closely evaluate the resiliency of its two insurance programs. Market volatility and economic deterioration associated with COVID-19 are unlikely to have a material effect on the timing of the insolvency of the Multiemployer Program. Economic disruption caused by the pandemic could result in losses in the Single-Employer Program, particularly if unforeseen bankruptcy activity accelerates beyond those companies that were financially troubled prior to the pandemic. The duration and economic impact of COVID-19 is unknown. Because of the volatility and uncertainty, attempts to estimate how the pandemic could affect PBGC’s insurance programs, measured from an arbitrary point in time after the beginning of the projection period, may present an already outdated or inaccurate picture. The estimates of the economic impact of COVID-19 are not reflected in this report, which generally projects forward from the end of the previous fiscal year. (page 7)

In addition, many aspects of the individual plans and the complex rules that govern the private employer pension system in the United States are simplified or ignored to create a working model. The actual results that ultimately occur in future years will vary, potentially significantly, from the mean projections in this report. (page 8)

No scenario shows the Multiemployer Program remaining solvent beyond FY 2027 under current law. (page 10)

29 responses to this post.

  1. Posted by NJ2AZ on September 15, 2020 at 7:36 pm

    off topic.

    El G, you should get a kick out of this 😉

    i lol’d

    Reply

    • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on September 15, 2020 at 11:02 pm

      OK, I LOVED IT! I bet everyone with a brain loved it. BUT the bottom line is that moron was certainly injured and the CHP Chippee will be liable, for the injures, pain ad suffering AND the legal fees. As much as we hate idiots like this that was not a reasonable reaction. It was a foreseeable conclusion that serious risk and injury would result.

      Reply

      • Hey Rex, we were worried about you. How are you making out in CA with the fires? Praying for all of you out there and sure hope its under control soon

        Reply

        • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on September 16, 2020 at 5:08 pm

          I am five miles from Ground Zero of one of the two major So Cal fires (out of 30+ in CA). And the heat and humidity combined with the massive amounts of smoke has been getting everyone sick. The firefighters have to be in major stress, have to be. I hope the FF on the front lines have some sort of air filtering system … We are breathing in smoke and toxins on a daily basis, for the last 7-8 days. Have NEVER had a fire last this long that put out so much toxin. It is a major health problem. If you have ANY respiratory issues you are suffering Big Time. Very dangerous. One of my Pups was out for 15 minutes the day the heat and fires started, and he developed heat stroke and almost died. Just 15 minutes. It was awful … I am not a Happy Camper right now … 😦

          Reply

          • Posted by NJ2AZ on September 16, 2020 at 5:42 pm

            i have coworkers in san francisco area. one was telling me the AQI readings were over 200. ridiculous.

            stay safe good sir.

          • Yes. Stay safe. despite our different viewpoints, I hope you and your pups are safe. You can’t be all bad if you have some pups. Lol

            I also feel for the families who had to evacuate and then watch on security cameras as folks looted their house. Disgusting. But didn’t one of the DA’s out there tell the cops to ascertain if the crooks “needed” the stuff stolen before charging them?
            Betcha the guy caught at gunpoint won’t trespass onto that woman’s property anymore. If he knows what is good for him. He was up to no good.

  2. Posted by Tough Love on September 15, 2020 at 8:45 pm

    Off Topic ……………

    Who WOULDN’T Call the 175 year old magazine Scientific American honest, believable, rigorous, and authoritative ? Anyone who has read through even part of an issue sure would.

    Well this is the Magazine’s FIRST Presidential endorsement. Quoting ……….

    “Scientific American on Tuesday endorsed Joe Biden, the first presidential endorsement in the magazine’s 175-year history. Its editors said they felt “compelled” to do so because President Trump’s well-documented rejection of science, from climate change to the coronavirus, has cost tens of thousands of American lives.”

    MJ, E, etc. it’s not “enought” that you acknowledge that he has a big mouth and is his own worst enemy.

    He is also and enemy of Democracy, Science, Reasoned thought, Intelligence, honesty, empathy, America, and the World.

    https://www.aol.com/article/news/2020/09/15/an-endorsement-for-biden-from-an-unexpected-source/24621161/

    Reply

    • Posted by Anonymous on September 15, 2020 at 9:34 pm

      Biden clearly is suffering from dementia. No question. He cannot read from a teleprompter and cannot take questions … his family pushing this old demented man is not only abusive, but America is not going to elect a man suffering from dementia. Not happening Man!

      Climate change. LOL while Biden “wheels up” in his private jet to give an incoherent “speech”. Climate has been changing for tens of thousands of years.

      Cuomo and Murphy sent tens of thousand of seniors to their deaths. Cuomo, Pelosi and Biden telling the American people nothing to worry about … go party up.

      Latinos strong for Trump. No one even shows up for Biden. LOL

      Poor T.L. Almost 4 years of your hate. Don’t you ever tire of it?

      And T.L. … get your people under control … ambushing and murdering police officers, burning down businesses and buildings, ambushing innocent people on the streets. You and your people are sick mother fuckers.

      Reply

      • Posted by Tough Love on September 15, 2020 at 9:46 pm

        Quoting ………….

        “Not happening Man!”

        You sound like one of those dumb-ass macho motorcyclists at the SD Rally ….. all mask-less, not socially distancing and now spreading COVID across America.
        ——————————————————————————
        Quoting ………

        ” Climate has been changing for tens of thousands of years.”

        Yeah, I got it right ……….. dumb-ass.
        —————————————————————————-
        Quoting …………..

        “And T.L. … get your people under control … ambushing and murdering police officers, burning down businesses and buildings, ambushing innocent people on the streets. You and your people are sick mother fuckers.”

        Bigger dumb-ass ………… I’ve made it VERY clear I support NONE of that crap.
        ————————————————————————–

        And pick a Handle other than Anonymous … How about Dumb-Ass ?

        Reply

        • Posted by Tough Love on September 16, 2020 at 10:30 am

          Loved when that lady told Trump …….. LET ME FINISH. He sure must have been gritting his teeth, because he’s used to being the bully everyone bows down to.

          Oh I can only imagine how many of the White House pool-reporters that he has abusively shut-down when he doesn’t like the question or the way it was phrased would LOVE to tell him ………. LET ME FINISH ….or ….. STOP the BS and JUST ANSWER THE QUESTION.

          Reply

          • Posted by Anonymous on September 17, 2020 at 8:13 pm

            I’m the dumb ass? Coming from someone who cites the CNN fake news network as actual news. Legal Americans are not going to vote for Biden, who is clearly suffering from dementia. Maybe Russians, Chicoms, but not patriotic Americans. You are going to have a hellacious next four years TL. I almost feel sorry for you.

          • Posted by Tough Love on September 17, 2020 at 10:01 pm

            You should comment less often. Each time you do, you reaffirm that you’re a dumb-ass.

            I suggest that you lock up your guns, so WHEN (not IF) Biden wins, that you don’t shoot yourself in misguided disgust

        • “Fox News’ Laura Ingraham on Tuesday night suggested President Donald Trump was ambushed by voters asking timely questions during an ABC News town-hall event.”

          Reply

          • Posted by Anonymous on September 16, 2020 at 4:55 pm

            At least they are real questions, though not by independents or undecided voters as claimed. Biden has soft-ball scripted questions and can’t even make sense when reading off a teleprompter. The electoral will not be voting for Biden who is clearly suffering from dementia. Let the riots continue.

          • Posted by Tough Love on September 16, 2020 at 5:22 pm

            Hey Anonymous, Bet you’ll like this quote ………….

            “The prospect that Woodward raised in his interview with Anderson is that Trump has lived so long in a fantasy world of his own making — where he is always, the best, the strongest, the hero — that he lacks the ability to differentiate between that world and the world in which the rest of us are living in.”

  3. Posted by Anonymous on September 15, 2020 at 9:39 pm

    Alan Dershowtiz now suing CNN. CNN settled with TEENAGER Nick Sandmann. Hopefully that fake news outlet will be out of business. lol

    Reply

    • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on September 15, 2020 at 11:04 pm

      CNN did settle, I am curious as to the amount. Goof Ball Sarah Palin just overcame a HUGE hurdle in her lawsuit against the NY Times, a hurdle rarely overcome by “public figures”. That means the NY Times is going to settle, because going to trial is way too risky….

      Reply

      • I’m not sure where but I thought I read it was in the millions minus the lawyer fees of course. Didn’t Translyvania University then get heat for accepting him?

        What is Sarah Palin suing for? haven’t heard that one but I’ll google it

        Reply

  4. Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on September 15, 2020 at 11:05 pm

    This change is due primarily to the enactment of the Bipartisan American Miners Act of 2019,
    ==
    Enacted?? This “bill” has not been enacted yet …

    Reply

  5. H.R. 1865: Further Consolidated Appropriations Act, 2020

    This bill was enacted after being signed by the President on December 20, 2019.

    S. 2788: Bipartisan American Miners Act of 2019

    Introduced on Nov 6, 2019. 100% incorporated

    Reply

  6. Despite TL’s relentless hatred and over the top TDS, I don’t think that Trump’s re-election or E’s pension is what she should be worried about.

    I posted somewhere else on here about the San Francisco Police Department will now be hanging BLM posters in each of their precinct houses because they feel it espouses their values………E cited the article

    Hello, am I the only one concerned about this? I’ve stated on here many times that it’s only a matter of time before the police totally capitulate to these terrorist groups. The police unions will have no choice as the Democrats and groups such as BLM continue to push for “defunding” the police, which would mean way less money for their pensions and benefits among other things.

    We all know they would sell their souls down the street to maintain what TL calls “overly generous” and cushy deals with the politicians. In this current climate of police ambushes, orders to stand down, hatred towards the cops, etc…Come on man what do think is going to happen

    Reply

    • Posted by Tough Love on September 16, 2020 at 10:24 am

      I’d hardy put E’s pension (or retiree healthcare) in the same category as that of Trump, the dangerous misfit now in the White House.

      And Oh yeah …. the posters are more important than the ADDITIONAL lives that will be lost due to COVID-19 because Trump STILL won’t ask (if not tell) everyone to wear a mask.

      You know where you priorities are ….. in that place where the sun don’t shine?

      Reply

  7. Posted by Tough Love on September 16, 2020 at 11:17 am

    Recommended reading …………..

    “https://larrylittlefield.wordpress.com/2020/09/13/the-bureau-of-economic-analysis-on-state-and-local-government-pension-funding/”

    Reply

  8. https://www.foxnews.com/us/oregon-wildfires-woman-seen-holding-suspected-arsonist-at-gunpoint

    Love this!!!!! Reminds me of my wife (only mine is prettier) 4’10 of Sicilian attitude.
    I find it, if you’ll forgive me, incredibly sexy. And yet feminism turns me off completely 🤷‍♂️
    Bravo to her for taking no shit….

    Reply

    • Posted by Tough Love on September 16, 2020 at 5:07 pm

      Seems that at most he might be charged with trespassing. Getting caught just HOLDING matches won’t go anywhere. And thank God that guy didn’t try to run away, because then, that woman might have shot him, and w/o a weapon in play or him attacking her, SHE would be the one going to jail.

      It a tough balance between catching the truly guilty and vigilante justice.

      FWIW, arsonists are the worst of the worst (excepting rapists) and deserve VERY long jail sentences.

      Reply

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