“The 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.
The 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….”
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