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US pension insurer ran record $62B deficit in 2013

2 years 11 months 6 days ago Monday, November 17 2014 Nov 17, 2014 November 17, 2014 10:07 AM November 17, 2014 in News
Source: Associated Press
By: APNewsNow

WASHINGTON - The federal agency that insures pensions for about 41 million Americans saw its deficit nearly double in the latest fiscal year. The agency said the worsening finances of some multi-employer pension plans mainly caused the increased deficit.

At about $62 billion for the budget year ending Sept. 30, it was the widest deficit in the 40-year history of the Pension Benefit Guaranty Corp., which reported the data Monday. That compares with a $36 billion shortfall the previous year.

Multi-employer plans are pension agreements between labor unions and a group of companies, usually in the same industry. The agency said the deficit in its multi-employer insurance program jumped to $42.4 billion from $8.3 billion in 2013.

By contrast, the deficit in the single-employer program shrank to $19.3 billion from $27.4 billion

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