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) | 3,109 | 448 | $ 14,521 |
2. Seriatim at DOPT, adjusted to FYE | 66 | 47 | $ 2,334 |
3. Nonseriatim (note 1) | 410 | 679 | $ 45,751 |
4. Rettig Settlement (seriatim) (note 2) | * | $ 1 | |
5. Missing Participants Program (seriatim) (note 3) | 19 | $ 42 | |
Subtotal | 3,585 | 1,193 | $62,649 |
B. Probable terminations (nonseriatim) (note 4) | 45 | 222 | $ 23,918 |
Total (note 5) | 3,629 | 1,415 | $ 86,567 |
2. MULTIEMPLOYER PROGRAM | |||
A. Pre-MPPAA terminations (seriatim) | 10 | * | $ 2 |
B. Post-MPPAA liability (net of plan assets) | 77 | 100 | $ 1,485 |
Total | 87 | 103 | $ 1,487 |
Notes:
The liability for terminated plans has been increased by $65 million for settlements.
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.
The Missing Participants Program refers to a liability that PBGC assumed for unlocated participants in standard plan terminations.
The net claims for probable plans reported in the financial statements include $431 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 $14,027 million. Thus, the net claims for probable terminations as reported in the financial statements are $30,953 million less $14,027 million, or $16,926 million.
The PVFB in the financial statements ($60,836 million) is net of estimated plan assets and recoveries on probable terminations ($14,027 million), estimated recoveries on terminated plans ($364 million), and estimated assets for plans pending trusteeship ($678 million), or, $75,905 million less $14,027 million less $364 million less $678 million = $60,836 million.
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