“Despite the Pension Benefit Guaranty Corp.’s record high deficit, business groups say recent PBGC premium hikes meant to cover those deficits are unjustified and detrimental to the defined benefit pension system itself. PBGC on Tuesday said its total deficit reached $76.4 billion in fiscal 2015, up nearly 24% from the year before. The deficit for single-employer pension plans accounted for $24.1 billion of that, up from $19.3 billion in fiscal 2014. The widening deficit was driven by changes in interest factors that increased the value of single-employer program liabilities, PBGC said.”
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