Updated Data Book Published By PBGC
FOR IMMEDIATE RELEASE
June 08, 1998
The Pension Benefit Guaranty Corporation (PBGC) today announced the availability of the latest edition of the statistical reference book, Pension Insurance Data Book 1997, which tracks the experience of the single-employer insurance program and the defined benefit pension plans that PBGC protects.
The data book presents detailed statistics on the single-employer insurance program, the larger of PBGC's two insurance programs, which covers about 33 million participants in 43,000 defined benefit pension plans.
Defined benefit pension plans are traditional plans that promise workers a specific monthly benefit at retirement.
The publication provides data on the pension plans insured by PBGC's single-employer program and on the underfunded pension plans that terminated and are now the responsibility of PBGC.
Included is data on the people receiving or entitled to receive benefits from PBGC, benefit payments, claims experienced by the pension insurance program over the years, funding levels of pension plans, and information on the numbers and locations of people whose benefits are covered by PBGC.
The data book may be accessed through the Internet. Single copies of the data book are available by writing to: PBGC Data Book, Suite 240, 1200 K Street NW, Washington, DC 20005-4026. Requests may also be made by FAX at (202) 326-4042.
PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by workers. Its two insurance programs -- single-employer and multiemployer -- cover about 42 million American workers and retirees participating in about 45,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and by investment returns.
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PBGC No. 98-27