Present Value of Future Benefits and Nonrecoverable Financial Assistance - 2004

  Number of Plans Number of Participants (in thousands) Liability (in millions)
1. SINGLE-EMPLOYER PROGRAM   
A. Terminated plans      
1. Seriatim at fiscal year-end (FYE) 3,109 448 $ 14,521
2. Seriatim at DOPT, adjusted to FYE 66 47 $ 2,334
3. Nonseriatim (note 1) 410 679 $ 45,751
4. Rettig Settlement (seriatim) (note 2)   * $ 1
5. Missing Participants Program (seriatim) (note 3)   19 $ 42
Subtotal 3,585 1,193 $62,649
B. Probable terminations (nonseriatim) (note 4) 45 222 $ 23,918
Total (note 5) 3,629 1,415 $ 86,567
2. MULTIEMPLOYER PROGRAM   
A. Pre-MPPAA terminations (seriatim) 10 * $ 2
B. Post-MPPAA liability (net of plan assets) 77 100 $ 1,485
Total 87 103 $ 1,487

Notes:

  1. The liability for terminated plans has been increased by $65 million for settlements.

  2. The Rettig Settlement refers to the liability 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.

  3. The Missing Participants Program refers to a liability that PBGC assumed for unlocated participants in standard plan terminations.

  4. The net claims for probable plans reported in the financial statements include $431 million for not-yet-identified probable terminations. The assets for the 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 probable terminations as reported in the financial statements are $30,953 million less $14,027 million, or $16,926 million.

  5. The PVFB in the financial statements ($60,836 million) is net of estimated plan assets and recoveries on probable terminations ($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.

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