| (Dollars in millions) | September 30, | September 30, | ||
|---|---|---|---|---|
| 2001 | 2000 | |||
| Present value of future benefits, at beginning of year -- Single-Employer, net | $10,631 | $11,073 | ||
| Estimated recoveries | 205 | 30 | ||
| Assets of terminated plans pending trusteeship, net | 84 | 41 | ||
| Present value of future benefits at beginning of year, gross | 10,920 | 11,144 | ||
| Settlements and judgments | -242 | -228 | ||
| Net claims for probable terminations, prior year | -901 | -1,087 | ||
| Actuarial adjustments -- underwriting: | ||||
| Changes in method and assumptions | -63 | -109 | ||
| Effect of experience | -30 | -91 | ||
| Total actuarial adjustments -- underwriting | -93 | -200 | ||
| Actuarial charges (credits) -- financial: | ||||
| Passage of time | 780 | 658 | ||
| Change in interest rates | 395 | -5 | ||
| Total actuarial charges -- financial | 1,175 | 653 | ||
| Total actuarial charges | 1,082 | 453 | ||
| Terminations: | ||||
| Current year | 3,726 | 439 | ||
| Changes in prior year | -37 | -42 | ||
| Total terminations | 3,689 | 397 | ||
| Benefit payments* | -1,043 | -902 | ||
| Estimated recoveries | -19 | -205 | ||
| Assets of terminated plans pending trusteeship, net | -577 | -84 | ||
| Settlements and judgments | 177 | 242 | ||
| Net claims for probable terminations: | ||||
| Future benefits** | 1,350 | 2,752 | ||
| Estimated plan assets and recoveries from sponsors | -939 | -1,851 | ||
| Total net claims, current year | 411 | 901 | ||
| Present value of future benefits, at end of year -- Single-Employer, net | 13,497 | 10,631 | ||
| Present value of future benefits, at end of year -- Multiemployer | 4 | 4 | ||
| Total present value of future benefits, at end of year, net | $13,501 | $10,635 | ||
* The benefit payments of $1,043 million and $902 million include $16 million in 2001 and $7 million in 2000 for benefits paid from plan assets by plans prior to trusteeship.
** The future benefits for probable terminations of $1,350 million and $2,752
million for fiscal years 2001 and 2000, respectively, include $55 million and
$119 million, respectively, in net claims (future benefits less estimated plan
assets and recoveries) for probable terminations not specifically identified
and $1,295 million and $2,633 million, respectively, in net claims for specifically
identified probables.
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