PBGC Issues 2024 Annual Report Showing Finances Continue to Improve

Published November 19, 2024

​​​The Pension Benefit Guaranty Corporation (PBGC) released its fiscal year (FY) 2024 annual report showing, for the fourth year in a row, positive net financial positions for both single-employer and multiemployer insurance programs. 

PBGC’s multiemployer program had a positive net position of $2.1 billion at the end of FY 2024, compared with $1.5 billion at the end of FY 2023, an improvement of $680 million. 

Estimates from PBGC’s FY 2023 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 2024, PBGC also provided nearly $163 million in traditional financial assistance to 98 insolvent multiemployer plans covering over 62,000 participants receiving guaranteed benefits. The multiemployer program covers approximately 11 million participants in about 1,335 insured plans.

PBGC’s single-employer program remains financially healthy, with a positive net position of $54 billion at the end of FY 2024, up from $45 billion at the end of FY 2023, an improvement of $9 billion.