| Present Value of Future Benefits and Nonrecoverable Financial Assistance - 2001 | Number of Plans | Number of Participants (in thousands) | Liability (in millions) |
|---|---|---|---|
| 1. SINGLE-EMPLOYER PROGRAM | |||
| A. Terminated plans | |||
| 1. Seriatim at fiscal year-end (FYE) | 2,315 | 288 | $7,638 |
| 2. Seriatim at DOPT, adjusted to FYE | 282 | 51 | 839 |
| 3. Nonseriatim (note 1) | 368 | 176 | 5,171 |
| 4. Rettig Settlement (seriatim) (note 2) | -- | * | 1 |
| 5. Missing Participants Program (seriatim) (note 3) | -- | 14 | 33 |
| Subtotal | 2,965 | 529 | 13,682 |
| B. Probable terminations (nonseriatim) (note 4) | 21 | 43 | 1,350 |
| Total (note 5) | 2,986 | 572 | $15,032 |
| 2. MULTIEMPLOYER PROGRAM | |||
| A. Pre-MPPAA terminations (seriatim) | 10 | 1 | $4 |
| B. Post-MPPAA liability (net of plan assets) | 56 | 94 | 679 |
| Total | 66 | 95 | $683 |
* Fewer than 500 participants
Notes:
1) The liability for terminated plans has been increased by $214 million for
terminated plans not yet reported and for other settlements.
2) The Rettig Settlement refers to the liability that PBGC incurred due to the
settlement of a class action lawsuit that increased benefits for some participants
and provided new benefits to others. The remaining participants not yet paid
are valued seriatim.
3) The Missing Participants Program refers to a liability that PBGC assumed
for unlocated participants in standard plan terminations.
4) The net claims for probable plans reported in the financial statements include
$55 million for not-yet-identified probable terminations. The assets for the
probable plans, including the expected value of recoveries on employer liability
and due-and-unpaid employer contributions claims, are $939 million. Thus, the
net claims for probables as reported in the financial statements are $1,350
million less $939 million, or $411 million.
5) The PVFB in the financial statements ($13,497 million) is net of estimated
plan assets and recoveries on probables ($939 million), estimated recoveries
on terminated plans ($19 million) and estimated assets for plans pending trusteeship
($577 million) or, $15,032 million less $939 million less $19 million less $577
million = $13,497 million.
Back to Annual Report Index | Back to WWW.PBGC.GOV | PDF version of PBGC's 2001 Annual Report