Data Sources and Assumptions

The seriatim portion of this valuation was based on participant data maintained by PBGC’s Insurance Operations Department. For the seriatim liability, benefit amounts have been determined for each participant using plan documents, together with ERISA and PBGC regulations relating to guaranteed benefits and the allocation of assets. If specific data were not available for deferred vested participants under the seriatim method, participants were assumed to be married and to elect the qualified Joint and Survivor (J&S) benefit; wives were assumed to be four years younger than their husbands. When certain other data elements for a participant were missing, they were replaced by the average for the plan. When the plan average was not available, the average for all plans valued seriatim was used.

The nonseriatim liability was based on the plan's most recent actuarial valuation performed before the termination date that is available to PBGC. The valuation information generally was obtained from actuarial reports or Schedule B filings. For nonseriatim plans and probable terminations, provision generally has been made to reduce benefits to guaranteed levels. Attained ages for active participants, terminated vested participants, and retired participants were assumed to be ages 50, 50 and 65 respectively for new nonseriatim plans when plan data were unavailable. For post-MPPAA multiemployer plans, the assumed ages are 55, 57 and 65, respectively.

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