(Dollars in millions) |
September 30,2005 | September 30,2004 | ||
|---|---|---|---|---|
Present value of future benefits, at beginning of year -- Single-Employer, net |
|
$ 60,836 |
|
$44,641 |
Estimated recoveries, prior year |
|
364 |
|
68 |
Assets of terminated plans pending trusteeship, net, prior year |
|
678 |
|
172 |
Present value of future benefits at beginning of year, gross |
|
61,878 |
|
44,881 |
Settlements and judgments, prior year |
|
(65) |
|
(67) |
Net claims for probable terminations, prior year |
|
(16,926) |
|
(5,207) |
| Actuarial adjustments -- underwriting: | ||||
| Changes in method and assumptions | $ 17 |
|
$ 1,340 |
|
| Effect of experience | 203 |
|
185 |
|
| Total actuarial adjustments -- underwriting | 220 |
|
1,525 |
|
| Actuarial charges -- financial: | ||||
| Passage of time | 2,618 |
|
1,881 |
|
| Change in interest rates | (2,348) |
|
(1,619) |
|
| Total actuarial charges -- financial | 270 |
|
262 |
|
| Total actuarial charges, current year |
|
490 |
|
1,787 |
| Terminations: | ||||
| Current year | 21,191 |
|
6,926 |
|
| Changes in prior year | (292) |
|
(427) |
|
| Total terminations |
|
20,899 |
|
6,499 |
| Benefit payments, current year (The benefit payments of $3,006 million and $2,488 million include $119 million in 2004 and $334 million in 2003 for benefits paid from plan assets by plans prior to trusteeship) |
|
(3,685) |
|
(3,006) |
| Estimated recoveries, current year |
|
(343) |
|
(364) |
| Assets of terminated plans pending trusteeship, net, current year |
|
(3,039) |
|
(678) |
| Settlements and judgments, current year |
|
58 |
|
65 |
| Net claims for probable terminations: | ||||
Future benefits** |
23,918 |
|
30,953 |
|
Estimated plan assets and recoveries from sponsors |
(13,448) |
|
(14,027) |
|
Total net claims, current year |
|
10,470 |
|
16,926 |
Present value of future benefits,at end of year -- Single-Employer, net |
|
69,737 |
60,836 |
|
Present value of future benefits, at end of year -- Multiemployer |
|
2 |
3 |
|
Total present value of future benefits, at end of year, net |
|
$ 69,739 |
|
$60,839
|
The benefit payments of $3,685 million and $3,006 million include $384 million in 2005 and $119 million in 2004 for benefits paid from plan assets by plans prior to trusteeship.
** The future benefits for probable terminations of $23,918 million and $30,953 million for fiscal years 2005 and 2004, respectively, include $137 million and $431 million, respectively, in net claims (future benefits less estimated plan assets and recoveries) for probable terminations not specifically identified and $23,781 million and $30,522 million, respectively, in net claims for specifically identified probables.
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