PBGC Pension Insurance Data Book

Net Position of PBGC’s
Single-Employer Program (1980-2003)

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.

Reference Table S-1 of the PBGC Pension Insurance Data Book 2003.
Source: PBGC Annual Reports (1980-2003).
PBGC’s Net Position is the difference (with some adjustments) between the insurance program’s total assets and total liabilities.
The originally reported $3.8 billion deficit in 1986 decreased after a Supreme Court ruling restored three pension plans and returned their pension obligations of $1.8 billion to LTV Corporation.

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Net Position of PBGC’s Single-Employer Program (1980-2003)

Net Position of PBGC’s
Single-Employer Program (1980-2003)