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.

Read it all (may require subscription).

Filed under: * Culture-Watch • Aging / the Elderly • * Economics, Politics • Economy • Consumer/consumer spending • Corporations/Corporate Life • Labor/Labor Unions/Labor Market • Personal Finance • Pensions • The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- • * Theology • Ethics / Moral Theology

The URL for this article is http://www.kendallharmon.net/t19/index.php/t19/article/47473/

© 2013 Kendall S. Harmon. All rights reserved.

For original material from Titusonenine (such as articles and commentary by Dr. Harmon) permission to copy and distribute free of charge is granted, provided this notice, the logo, and the web site address are visible on all copies. For permission for use in for-profit publications, please email KSHarmon[at]mindspring[dot]com