(ASSOCIATED PRESS) — WASHINGTON — The federal watchdog agency overseeing the nation’s pension protection system reported Monday that it’s running a $62 billion deficit — almost double last year’s shortfall — mostly due to the poor financial condition of a few large multi-employer pension plans.
Despite a strengthening U.S. economy, plans that now protect the pensions of up to 1 million workers and retirees “are likely to run out of money” in the next 10 years, the U.S. Pension Benefit Guaranty Corporation said in a report.
Overall, the agency insures the retirement pension benefits for more than 41 million individuals in private defined-benefit pension plans; 401(k) retirement accounts are not included.
Agency officials called for Congress to enact legislation submitted by President Barack Obama designed to shore up the program’s finances.
