The Pension Benefit Guaranty Corporation (PBGC) released its fiscal year (FY) 2024 Annual Report. In it, the PBGC notes that the Multiemployer Program had assets of $4.5 billion and liabilities of $2.3 billion, as of September 30, 2024. The net financial position of the Multiemployer Program improved in FY 2024, to a positive net position of $2.1 billion, compared with the program’s positive net position of $1.5 billion in FY 2023. The report also explains that 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. Finally, PBGC notes that it has provided $163 million in traditional financial assistance to 98 insolvent multiemployer plans covering 62,881 participants receiving guaranteed benefits.
