ARTICLE
The U.S. Pension Benefit Guaranty Corporation (PBGC) released its Fiscal Year (FY) 2022 Annual Report. In it, the PBGC notes that the Multiemployer Program has assets of $3.5 billion and liabilities of $2.4 billion as of September 30, 2022. The positive net position of $1.1 billion at the end of FY 2022 reflects an improvement of $577 million, compared to $481 million at the end of FY 2021. The report also highlights that the Multiemployer Program is likely to remain solvent for more than forty years, due to the enactment of the American Rescue Plan Act of 2021. Finally, PBGC notes that it has approved 30 applications in FY 2022 for $7.6 billion in Special Financial Assistance. Click here to read the full report. –SWACCA