Not only are pensions quickly going bankrupt. The government agency that backs up these pensions is, likewise, quickly going bankrupt!
Be sure you have a solid backup plan if you're in TCP1 and don't count on the PBGC to be there to help!
Financial Times - January 30, 2013
US pension insurer warns of rising deficit
By Norma Cohen, Demography Correspondent
finances of the US’s multi-employer pension schemes have deteriorated
so quickly over the past year that the body that insures them will
almost certainly run out of cash in 20 years, according to a new report.
chances of the Pension Benefit Guarantee Corporation – the publicly
created but privately funded body that insures the nation’s occupational
pension schemes – going bust went from 1 in 3 at the end of 2011 to
more than 9 in 10 by the end of 2012, a report prepared for the PBGC and
released on Tuesday said.
The woes of the PBGC are common to
pension schemes– and their insurers – in industrialised economies where
defined benefit pension schemes form a significant portion of retirement
benefit. Weak returns on assets after the 2008 financial crisis meant
schemes did not earn as much as they expected, while low bond yields
gave rise to much larger calculations of deficits. However, the PBGC
noted that the deterioration in the funding status for pension schemes
financed by groups of employers was down to a range of factors, one of
which was limits on the insurer’s ability to force employers to pay
their fair share of premiums.
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