PBGC's single-employer program was in deficit from its inception until 1996.
It then had a growing surplus that reached a historic high of $9.7 billion in 2000.
Since 2000, PBGC's financial position has fallen to a deficit of $3.6 billion.
This rapid decline resulted from several very large claims (primarily from steel industry plans), lower interest rates that raised the value of PBGC's liabilities, and declining stock prices.