Present Value of Future Benefits and Nonrecoverable Financial Assistance

Table 1 - Present Value of Future Benefits and Nonrecoverable Financial Assistance - 2004 - Single Employer Program
	Number of Plans	Number of Participants (in thousands)	Liability (in millions)
A. Terminated plans
1. Seriatim at fiscal year-end (FYE)	2,952	374	$ 11,531
2. Seriatim at DOPT, adjusted to FYE	59	55	$ 2,577
3. Nonseriatim (note 1)	458	514	$ 30,807
4. Rettig Settlement (seriatim) (note 2)		Fewer than 500 participants	$ 1
5. Missing Participants Program (seriatim) (note 3)		18	$ 36
Subtotal	3,469	961	$44,952
B. Probable terminations (nonseriatim) (note 4)	45	335	$ 30,953
Total (note 5)	3,514	1,296	$ 75,905

Table 1 - Present Value of Future Benefits and Nonrecoverable Financial Assistance - 2004 - Multiemployer Program
	Number of Plans	Number of Participants (in thousands)	Liability (in millions)
A. Pre-MPPAA terminations (seriatim)	10	Fewer than 500 participants	$ 3
B. Post-MPPAA liability (net of plan assets)	67	100	$ 1,295
Total	77	100	$ 1,298

Notes:

The liability for terminated plans has been increased by $65 million for settlements.
The Rettig Settlement refers to the liability for benefits that PBGC incurred due to the settlement of a class action lawsuit that increased benefits for some participants and provided new benefits to others. The remaining participants not yet paid are valued seriatim.
The Missing Participants Program refers to a liability that PBGC assumed for unlocated participants in standard plan terminations.
The net claims for probable plans reported in the financial statements include $431 million for not-yet-identified probable terminations. The assets for these probable plans, including the expected value of recoveries on employer liability and due-and-unpaid employer contributions claims, are $14,027 million. Thus, the net claims for probables as reported in the financial statements are $30,953 million less $14,027 million, or $16,926 million.
The PVFB in the financial statements ($60,836 million) is net of estimated plan assets and recoveries on probables ($14,027 million), estimated recoveries on terminated plans ($364 million), and estimated assets for plans pending trusteeship ($678 million), or, $75,905 million less $14,027 million less $364 million less $678 million = $60,836 million.