Reconciliation of Results

Table 7 reconciles the FY 2004 valuation with the FY 2003 valuation. It shows that the $26,496 million increase in the liability for the single-employer program was the net effect of:

(1) increased liability for probable plans -- $21,259 million;
(2) new plan terminations - $6,924 million as of the beginning of the year;
(3) expected interest on the liability -- $1,881 million;
(4) decreased liability from change in interest rates -- ($1,619) million;
(5) change in mortality assumptions -- $1,539
(6) actual benefit payments -- ($3,006) million;
(7) other changes -- ($482) million.

The multiemployer columns reconcile both the liability for the pre-MPPAA terminated plans and the liability for the post-MPPAA financial assistance to insolvent plans.

Table 7 - Reconciliation of the Present Value of Future Benefits

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