Present Value of Future Benefits and Nonrecoverable Financial Assistance - 2003

  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) 2,825 345 $ 10,205
2. Seriatim at DOPT, adjusted to FYE 86 25 $ 1,017
3. Nonseriatim (note 1) 366 446 $ 28,454
4. Rettig Settlement (seriatim) (note 2)   Fewer than 500 participants $ 1
5. Missing Participants Program (seriatim) (note 3)   29 $ 38
Subtotal 3,277 834 $ 39,715
B. Probable terminations (nonseriatim) (note 4) 78 198 $ 9,694
Total (note 5) 3,355 1,032 $ 49,409
2. MULTIEMPLOYER PROGRAM   
A. Pre-MPPAA terminations (seriatim) 10 Fewer than 500 participants $ 3
B. Post-MPPAA liability (net of plan assets) 62 100 $ 1,250
Total 72 100 $ 1,253

Notes:

  1. The liability for terminated plans has been increased by $108 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 $173 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 $4,528 million. Thus, the net claims for probable terminations as reported in the financial statements are $9,694 million less $4,528 million, or $5,166 million.

  5. The PVFB in the financial statements ($44,641 million) is net of estimated plan assets and recoveries on probable terminations ($4,528 million), estimated recoveries on terminated plans ($68 million), and estimated assets for plans pending trusteeship ($172 million), or, $49,409 million less $4,528 million less $68 million less $172 million = $44,641 million.

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