The federal watchdog agency overseeing the nation's pension
protection system reported Monday 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.
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, the U.S. Pension Benefit Guaranty Corporation said in a report.
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.
Agency officials called for Congress to enact legislation submitted by President Barack Obama designed to shore up the program's finances.
Labor Secretary Thomas Perez said fixing the problem is vital to the retirement security of the nation's middle-class.
http://www.newsobserver.com/2014/11/17/4330873_govt-pension-agency-reports-a.html?rh=1
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, the U.S. Pension Benefit Guaranty Corporation said in a report.
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.
Agency officials called for Congress to enact legislation submitted by President Barack Obama designed to shore up the program's finances.
Labor Secretary Thomas Perez said fixing the problem is vital to the retirement security of the nation's middle-class.
http://www.newsobserver.com/2014/11/17/4330873_govt-pension-agency-reports-a.html?rh=1
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