PBGC Issues 2023 Annual Report Showing Finances Continue to Improve
Published November 17, 2023
The Pension Benefit Guaranty Corporation (PBGC) released its Fiscal Year (FY) 2023 annual report showing, for the third year in a row, PBGC’s insurance programs are both reporting positive net financial positions.
PBGC’s Multiemployer Program had a positive net position of $1.5 billion at the end of FY 2023, compared with $1.1 billion at the end of FY 2022, an improvement of $400 million.
Estimates from PBGC’s FY 2022 Projections Report show the Multiemployer Program is likely to remain solvent for more than 40 years, primarily due to the enactment of the Special Financial Assistance (SFA) Program as part of the American Rescue Plan Act of 2021.
During FY 2023, PBGC also provided nearly $176 million in traditional financial assistance to 100 multiemployer plans covering over 80,000 participants receiving guaranteed benefits. The Multiemployer Program covers approximately 11 million participants in about 1,360 insured plans.PBGC’s Single-Employer Program remains financially healthy, with a positive net position of $44.6 billion at the end of FY 2023, up from $36.6 billion at the end of FY 2022, an improvement of $8 billion.