Where Is the PBGCGCGC?

July 30, 2015
Bankrupt Pensions and Insolvent Pension Insurance: The Case of Multiemployer Pensions and the PBGC’s Multiemployer Program

A growing number of private, multiemployer pension plans are projected to become insolvent over the coming years, as is the Pension Benefit Guaranty Corporation (PBGC), the government entity that insures them.

If the pension benefit plans become insolvent and the Pension Benefit Guaranty Corporation becomes insolvent then we clearly need a Pension Benefit Guaranty Corporation Guaranty Corporation, and may very well need a Pension Benefit Guaranty Corporation Guaranty Corporation Guaranty Corporation in the not too distant future.

Why are we not creating these guaranty corporations now? Before it is too late? We need to create a corporation which will protect the corporation that we create which will protect the corporation that has been created to protect the pensions. This is not economic rocket science.

It would certainly be a lot easier than enticing private companies to properly fund their pension programs in the first place, because that would be virtually impossible in this era of cost-cutting and wildly optimistic assumptions about our long-term economic future.