A key protector of many Americans’ retirement benefits is at risk, according to a recent report. The Pension Benefit Guaranty Corp. (PBGC) serves as a backstop for two pension programs: single-employer and multi-employer plans. In its fiscal year 2019 report, the single-employer plan showed a net positive balance of $8.7 billion, but the multi-employer plan recorded a deficit of $65.2 billion, largely attributable to interest rate changes. The PBGC director said: “The alarm bells are ringing, and legislative changes are necessary.” He added that the PBGC stands ready to work with Congress to protect retirees and prevent a collapse of the system. Here’s the report: https://bit.ly/3384xoA. Visit our website for more information! www.mjscpa.com/
