PBGC Publishes Updated Data Book
FOR IMMEDIATE RELEASE
September 07, 1999
The Pension Benefit Guaranty Corporation (PBGC) today issued the latest edition of its annual statistical reference book, which for the first time provides detailed statistics for PBGC's insurance programs for both single-employer and multiemployer plans. The prior editions covered only the single-employer program.
The book, Pension Insurance Data Book 1998, tracks the experience of PBGC's two separate insurance programs and the defined benefit pension plans they protect. Defined benefit plans are the traditional pension plans that promise workers a specific monthly benefit at retirement.
The new edition also includes two articles that discuss the trend away from defined benefit plans in the private sector and PBGC's new advanced simulation model for evaluating the agency's future risk and exposure.
For each of PBGC's insurance programs, the book includes data tables on the people receiving or eligible to receive benefits from PBGC and the agency's benefit payments, the financial condition of the program, the people and plans protected by the program, and the overall funding level of the pension plans covered by the program.
The data book is available on PBGC's home page at www.pbgc.gov. Single copies of the publication may be obtained by writing to: PBGC Data Book, Suite 240, 1200 K Street NW, Washington, DC 20005-4026. Requests also may be submitted by FAX to (202) 326-4042.
PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by workers. Its two insurance programs cover about 42 million American workers and retirees participating in more than 44,000 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 investment returns.
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PBGC No. 99-33