1

2022 Actuarial Report
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Table of Contents

Overview of Valuation Results 3

 Single-Employer Program 

 Seriatim at FYE Method 6

 Seriatim at DOPT Method 7

 Nonseriatim Method 7

 Missing Participants Program 11

 Collins Settlement 11

Multiemployer Program 12

Actuarial Assumptions, Methods, and Procedures 14

Data Sources and Assumptions 21

Valuation Statistics 22

Reconciliation of Results 27

Statement of Actuarial Opinion 29
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ACTUARIAL VALUATION REPORT- 2022 FISCAL YEAR

The 2022 Annual Report of the Pension Benefit Guaranty Corporation (PBGC) contains a summary 

of the results of the September 30, 2022 actuarial valuation. The purpose of this separate Actuarial 

Valuation Report is to provide greater detail concerning the valuation of future benefits than is presented 

in PBGC's Annual Report.

Overview of Valuation Results

PBGC calculated and validated the present value of future benefits (PVFB) for both the singleemployer and multiemployer programs and of nonrecoverable future financial assistance (NRFFA) under 

the multiemployer program. Generally, except for the changes in interest and mortality assumptions, we 

used the same methods and procedures as in 2021 for the Single-Employer and Multiemployer Programs. 

These calculations reflect the present value of claims as of the date of the financial statements. They 

present a snapshot of the liabilities as of a point in time and do not include liability projections over the 

period after the date of the financial statements.

For the single-employer program, the liability as of September 30, 2022, consisted of:

(1) $81.1 billion for the 5,100 plans that have terminated: and

(2) $523.0 million for one probable termination.

Liabilities for "probable terminations" reflected reasonable estimates of the losses for plans that are likely 

to terminate in a future year. These estimated losses were based on conditions that existed as of PBGC's 

fiscal year-end. Management believes it is likely that one or more events after PBGC's fiscal year-end 

will occur, confirming the fact of the loss. In addition, the liability for reasonably possible terminations 

has been calculated and is discussed in a note to the financial statements of PBGC's 2022 Annual Report. 
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For the multiemployer program, the liability as of September 30, 2022, consisted of: 

(1) less than $500,000 for 10 pension plans that terminated before the passage of the 

Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) and of which PBGC is 

trustee. 

(2) $1,550.8 million for estimable post-MPPAA losses due to financial assistance to 86

multiemployer pension plans that are currently receiving PBGC assistance: and 

(3) $839.2 million for probable estimable post-MPPAA losses due to financial assistance to 50

multiemployer pension plans that were probable to receive PBGC assistance in the future.

The results of the valuation (the present value of future benefits and nonrecoverable future financial 

assistance) are presented in Table 1 and are displayed in the graphs on pages 9 and 10.
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Table 1:

Present Value of Future Benefits and Nonrecoverable Future Financial Assistance – 2022

Number

of Plans

 Estimated

 Number of

 Participants 

(in thousands)

Liability 

 (in millions)

I. Single-Employer Program

 A. Terminated plans

 1. Seriatim at fiscal year-end (FYE) 4,895 1,153 $66,571

 2. Seriatim at DOPT, adjusted to FYE 45 46 1,425

 3. Nonseriatim1 160 232 12,833

 4. Missing Participants Program (seriatim)2 -- 40 295

 Subtotal 5,100 1,471 $81,124

 B. Probable terminations (nonseriatim)3 1 1 523

 Total4 5,101 1,472 $81,647

II. Multiemployer Program

 A. Pre-MPPAA termination (seriatim) 10 * $**

 

 B. Post-MPPAA liability (net of plan assets)

 1. Currently receiving assistance 86 81 1,551

 2. Probable for assistance 50 63 839

Total5 146 144 $2,390

 * Fewer than 500 participants

** Less than $500,000

Notes:

1) Liability for terminated plans includes an estimated liability of $17 million in settled litigation.

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

3) The net claims for the probable plans reported in the financial statements include $218 million for not yet identified probable terminations. The assets for probable plans, including the 

expected value of recoveries on employer liability and due and unpaid employer contributions claims, are $302 million. Thus, the net claims for probables as reported in the financial 

statements are $523 less $302 million, or $221 million.

4) The PVFB in the financial statements ($78,832 million) is net of estimated plan assets and recoveries on probables ($302 million), estimated recoveries on terminated plans ($128

million), and estimated assets of plans pending trusteeship ($2,885 million), or $81,647 million less $302 million less $128 million less $2,885 million equals $78,832 million.

5) The ARP of 2021 established Section 4262 of ERISA under which Special Financial Assistance (SFA) is provided to eligible multiemployer plans. Eligible plans can apply to PBGC for 

SFA sufficient to maintain solvency through the 2051 plan year and will not be required to repay the SFA. PBGC considered the impact of the ARP on the multiemployer inventory in 

decisions related to potential assumption updates resulting from the recent studies. PBGC results only reflect plans that were not eligible for SFA as of 9/30/2022.
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Single-Employer Program

PBGC calculated the single-employer program's liability for benefits for each of the terminated 

plans and for each of the plans considered to be a probable termination using one of three methods:

(1) seriatim at fiscal year-end (FYE);

(2) seriatim at date of plan termination (DOPT), adjusted to FYE; and

(3) nonseriatim.

In addition, PBGC included liabilities for incurred but not reported (IBNR) plans, for the Missing 

Participants Program, and for the Collins Settlement.

Seriatim at FYE Method

The liability for each participant's benefit was calculated separately at FYE for plans for which 

PBGC had sufficiently complete and accurate data. This was termed the seriatim at FYE method. PBGC 

selected plans to be valued using the seriatim at FYE method according to two criteria:

(1) completeness - whether PBGC’s computer system contained enough of the plan’s 

participant records and whether enough of those records had been finalized; and

(2) accuracy - whether the participant's record contained enough of the critical elements of 

data that were necessary to perform an actuarial valuation. 

For this valuation, these criteria were met by 4,895 pension plans (96% of the single-employer 

terminated plans) representing $66,571 million (82%) in liabilities and about 1,153,000 (78%)

participants. This was an increase of 211 plans over the 4,684 plans valued seriatim at September 30, 

2021. The critical discrepancy rates for 732 plans or 15.0% of the seriatim plans (1.0% higher percentage 

than last year) exceeded 5%. The overall critical discrepancy rate for the group of 4,895 seriatim plans 

was 1.6%, which is 0.1% higher than last year. A data discrepancy is considered critical if the value of 

the data element in discrepancy has a major impact on the liability associated with a benefit record.
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Seriatim at DOPT Method

There were 45 plans for which a final seriatim valuation as of date of plan termination (DOPT) 

had been completed, but the Office of Benefits Administration of PBGC had not finished processing the 

case as of year-end (e.g., participant data had not been fully loaded into PBGC's computer database, or 

the data lacked too many critical elements to be valued by the seriatim at FYE method). When PBGC 

benefit calculations were finalized but not ready for seriatim valuation as of fiscal year-end, PBGC valued 

the plan's liability seriatim as of the plan's termination date and brought the total amounts forward to

September 30, 2022, using the nonseriatim method outlined below. Because PBGC had finalized and 

valued these benefits for each participant and valued them using PBGC assumptions and regulations as 

of each plan's date of termination, these amounts are more accurate than similar calculations for plans 

whose benefits are not final.

Nonseriatim Method

If calculations of benefits provided by PBGC were not final, PBGC based the liability calculations 

on the plan's most recent actuarial valuation performed before the termination date that is available to 

PBGC. For the 160 terminated plans valued nonseriatim, PBGC obtained the liability for each plan as of 

the most recent available actuarial valuation date for each category of participant: retired, active, and

terminated vested. These liabilities were adjusted to reflect such factors as:

(1) benefits accrued between the valuation and plan termination dates.

(2) differences between the interest rates assumed by the plans' actuaries and those assumed 

by PBGC.

(3) differences between the mortality, retirement age, and expense assumptions used by the 

plans' actuaries and those used by PBGC; and
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(4) the effect on the liability of time elapsed between the valuation date and September 30, 

2022.

PBGC based the adjustment factors used in the nonseriatim procedure on its experience in routinely 

estimating the liability for benefits for administrative purposes. 
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Distribution of FYE 2022 Single-Employer Liability by 

Method of Calculation

Liability for Benefits: $81,647

(Dollars in Millions)

*Seriatim at FYE includes the Missing Participants Program

**Nonseriatim includes Probable terminations.

81.9%

1.7% 16.4%

Seriatim at FYE: $66,866*

Seriatim at DOPT Adjusted to FYE: $1,425

Nonseriatim: $13,356**
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Distribution of FYE 2022 Single-Employer Plans by

Method of Calculation

 Total Plans: 5,101

*Nonseriatim includes Probable terminations. 

96.0%

3.2% 0.8%

Seriatim at FYE: 4,895

Seriatim at DOPT Adjusted to FYE: 45

Nonseriatim: 161
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Missing Participants Program

The Missing Participants Program refers to a responsibility that PBGC has assumed under the 

Retirement Protection Act of 1994 to act as a clearinghouse for unlocated participants in standard plan 

terminations. As with other parts of PVFB, only the liabilities are shown here. Because plan 

administrators have transferred a corresponding asset amount to PBGC, the net increase in liabilities of 

PBGC due to this program, if any, will be negligible. Effective January 22, 2018, PBGC revised the 

existing program, as authorized by the Pension Protect Act of 2006, to establish similar programs for 

most defined contribution plans, multiemployer plans covered by the pension insurance system, and 

certain defined benefit plans that are not covered by PBGC guarantees. This valuation incorporates the 

impact of this change. 

Collins Settlement

The Collins Settlement refers to the liability for benefits that PBGC incurred because of the 

settlement of a class action lawsuit during fiscal year 1996. This settlement provides benefits for 

participants in plans which terminated between January 1, 1976, and December 31, 1981, without having 

been amended to conform to ERISA’s vesting requirements. The remaining liability under this settlement 

is included in the nonseriatim portion of the liability.
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Multiemployer Program

 There was a total of ten pre-MPPAA terminations, nine of which were granted discretionary 

coverage under the provisions of ERISA as passed in 1974. The remaining plan terminated when 

coverage under Title IV was mandatory (from August 1, 1980, until September 25, 1980). PBGC 

calculated the liability for these ten terminations under the seriatim at FYE method using the same 

assumptions as for the single-employer program.

The post-MPPAA portion of the liability represented the present value, as of September 30, 2022, 

of net losses that PBGC expected to incur from nonrecoverable future financial assistance to 136 pension 

plans of which 86 were insolvent (i.e., currently receiving PBGC financial assistance) and 50 were 

expected to become insolvent. The liability for each plan was calculated (using the cash flow method) as 

the present value of future guaranteed benefit and expense payments, net of the present value of future 

employer contributions and withdrawal liability payments. This liability was determined as of the later 

of September 30, 2022, and the actual or projected date of insolvency, and then discounted back to 

September 30, 2022, using interest only. The most recent available actuarial reports and information 

provided by representatives of the affected plans served as the basis for the valuations.

Projected benefit payments were estimated based on liabilities, current benefit payments and 

estimated average ages for actives, terminated vested and retirees from the most recent actuarial reports, 

combined with assumptions of retirement ages and of future rates of mortality and termination. Projected 

expense payments were estimated as a constant percentage of the projected benefit payments; this 

percentage is equal to the ratio of current expense payments to current benefit payments. The projected 

date of insolvency was then established using a cashflow model with initial assets, expense payments, 

contributions, and projected benefit and withdrawal liability payments as inputs, estimated when 

necessary.
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The post-MPPAA liability of $2,390 million as of September 30, 2022, is about $627 million lower 

than it was a year earlier. The main reasons for the decrease in liabilities were due to the change in 

interest factors, expected assistance for new insolvent plans, and the change in the expected investment 

return from 4.98% to 6.54% for the first 10 years.

COVID-19 Note

There are certain assumptions that are or can potentially be impacted by the COVID-19 pandemic. Any 

impact to assumptions tied to current market conditions, such as interest rates and investment returns, is 

reflected in these assumptions. Any potential impact to other assumptions will be evaluated over time 

as events unfold and more data is analyzed. 
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Actuarial Assumptions, Methods, and Procedures

PBGC continues to review the actuarial assumptions used in the valuation to assure that they 

remain consistent with current market conditions in the insurance industry and with PBGC's experience. 

The actuarial assumptions, which are used in both the single-employer and multiemployer valuations, 

are presented in Table 2A. Assumptions concerning data that were not available are discussed in the data 

section of this report. 

Beginning with the March 31, 2017, valuation, PBGC used spot rate yield curve interest factors 

to value PBGC’s liabilities. For September 30, 2022, the spot rate yield curve starts with an interest factor 

of 5.12% in year 1 and changes as the future period for discounting gets longer until year 30 when the 

factor becomes 4.76% and is assumed to remain level thereafter. For September 30, 2021, the spot rate 

yield curve started with an interest factor of 0.44% in year 1 and changes as the future period for 

discounting gets longer until year 30 when the factor becomes 2.30% and is assumed to remain level 

thereafter. These interest factors are dependent upon PBGC’s mortality assumptions. See PBGC Annual 

Performance & Financial Report 2022 for a more detailed discussion on interest factors.

Based on the results of a 2022 study of PBGC’s Single-Employer Program mortality experience, 

an updated mortality assumption was adopted for the 9/30/2022 and subsequent Financial Statements. 

The study recommended the use of Pri-2012 Total Dataset Combined Male and Female Healthy Mortality

tables with specific ten-year age band adjustments from ages 55 to 104 for healthy lives. The resulting 

tables are projected generationally using the most recent available mortality improvement scale, which 

is scale MP-2021. For the September 30, 2022, single-employer valuation, PBGC used the Pri-2012 Total 

Dataset Combined Male and Female Healthy Mortality tables with adjustments each projected 

generationally with scale MP-2021. The mortality tables used for healthy lives in the FY 2021 valuation 

are the adjusted RP-2014 Healthy Male and Female Mortality tables, with blended healthy annuitant and 

employee tables before age 50 each projected generationally with scale MP-2020.
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Based on a 2021 Multiemployer Benefit Projection Study, we used projected benefit payments 

generated by plan actuaries and reported on the Schedule MBs as the best estimate of plan experience 

and set assumptions that best matched those projection payments. The Society of Actuaries published the 

Pri-2012 Mortality Table report in 2019, and the Pri-2012 tables reflect a significant amount of 

multiemployer experience. Based on the results of the 2021 Multiemployer Benefit Projection Study, the 

multiemployer mortality assumption was updated to the Pri-2012 blue-collar mortality rates. According 

to the projection methodology for annual updates, the mortality rates are projected generationally using 

the most currently available projection scale. Therefore, for the September 30, 2022, multiemployer 

valuation, these Pri-2012 mortality tables are projected generationally using Scale MP-2021 for both 

male and female mortality tables.

The SPARR (Small Plan Average Recovery Ratio) assumptions as shown in Table 2B were 

updated to reflect the SPARR calculated in FY2022. The FY2022 SPARR of 8.53% is used for the 

September 30, 2022, valuation.

Based on the results of a 2018 study of PBGC’s case administration expenses, a new expense 

assumption was adopted for the 12/31/2018 and subsequent Financial Statements. The new expense 

reserve factors are significantly higher than the prior reserve factors primarily due to increased annual 

expenses, change in discount rate, and increased lag to complete tasks. The reserve factors are static 

and do not assume any future increases or decreases. The factors are intended to estimate a reserve for 

the entire inventory of plans and is not intended to predict costs for any one plan.

PBGC used the expense assumption for expenses in all terminated plans and single-employer 

probable terminations. The reserve for expenses was assumed to be 0.68% of the liability for benefits 

plus additional reserves for cases whose plan asset determinations, participant database audits, and 

actuarial valuations were not yet complete. The factors to determine the additional reserves were based 

on case sizes (large/small), number of participants, and time since trusteeship. The factors used in the 

expense reserve formula are shown in Table 2C.
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During the 2022 fiscal year, PBGC improved the IPVFB system that calculates the liabilities to

address some of the valuation audit findings. In this year we have made several improvements to reduce

personally identifiable information (PII) in the benefit calculation and valuation system, improved the 

calculation of expected interest on a lump sum, improved the calculation process to exclude new Missing 

Participants adjustments, improved the nonseriatim and multiemployer cash flow valuation process, as 

well as improved the reports available for the analysis of our results. We continue our ongoing efforts to 

improve the quality of the seriatim data and, as in other years, made various changes to generally improve 

the accuracy, speed, security and auditability of the calculations as well as integrate with the evolving 

PBGC technologies.
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Table 2A

Actuarial Valuation Assumptions

Previous Valuation as of 9/30/2021

Interest 

Factors

Spot Rate Yield Curve:

Period Rate Period Rate Period Rate Period Rate

1 0.44% 11 2.30% 21 2.49% 31 2.30%

2 0.71% 12 2.33% 22 2.50% 32 2.30%

3 1.07% 13 2.35% 23 2.49% 33 2.30%

4 1.39% 14 2.38% 24 2.48% 34 2.30%

5 1.65% 15 2.40% 25 2.46% 35 2.30%

6 1.86% 16 2.42% 26 2.44% 36 2.30%

7 2.01% 17 2.44% 27 2.41% 37 2.30%

8 2.12% 18 2.46% 28 2.38% 38 2.30%

9 2.20% 19 2.47% 29 2.34% 39 2.30%

10 2.25% 20 2.49% 30 2.30% 40 2.30%

Previous Valuation as of 9/30/2022

Interest 

Factors

Spot Rate Yield Curve:

Period Rate Period Rate Period Rate Period Rate

1 5.12% 11 5.26% 21 5.59% 31 4.76%

2 5.28% 12 5.27% 22 5.57% 32 4.76%

3 5.44% 13 5.30% 23 5.54% 33 4.76%

4 5.48% 14 5.33% 24 5.48% 34 4.76%

5 5.47% 15 5.38% 25 5.41% 35 4.76%

6 5.43% 16 5.43% 26 5.31% 36 4.76%

7 5.37% 17 5.48% 27 5.19% 37 4.76%

8 5.32% 18 5.52% 28 5.06% 38 4.76%

9 5.28% 19 5.56% 29 4.91% 39 4.76%

10 5.26% 20 5.58% 30 4.76% 40 4.76%
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Table 2A

Actuarial Valuation Assumptions

Previous Valuation as of 9/30/2021 Current Valuation as of 9/30/2022

Mortality 

Healthy Lives 

Disabled Lives 

Eligible for Social 

Security (SS) 

Disability Benefits

Disabled Lives Not 

Eligible for SS 

Disability Benefits

Single Employer: RP-2014 Healthy Male Table times 

1.09 and RP-2014 Healthy Female Mortality Table 

times 0.99, each projected generationally with Scale 

MP-2020.

Multiemployer: Pri-2012 Male Blue-collar Mortality 

and Pri-2012 Female Blue-collar tables published by 

the SOA projected generationally using most recent 

projection scale published by the SOA, MP-2020.

Single Employer: Healthy Male and Female Mortality 

Tables as described above, set forward 7 years for male 

lives and 8 years for female lives.

Single Employer: Healthy Male and Female Mortality 

Tables as described above, set forward 5 years for male 

lives and 7 years for female lives

Single Employer: Pri-2012 Total Dataset Combined 

Male and Female Healthy Mortality tables with

adjustments, each projected generationally with scale 

MP-2021.

Multiemployer: Pri-2012 Male Blue-collar 

Mortality and Pri-2012 Female Blue-collar tables 

published by the SOA projected generationally using 

most recent projection scale published by the SOA, 

MP-2021.

Single Employer: Pri-2012 Total Dataset Disabled

Male with no Ages adjustment and Pri-2012 Total 

Dataset Disabled Female with Ages Set Forward 2 

years, each projected generationally with scale MP2021.

Single Employer: Pri-2012 Total Dataset Disabled 

Male with Ages Set Back 3 years and Pri-2012 Total 

Dataset Disabled Female with Ages Set Back 2 years,

each projected generationally with scale MP-2021

SPARR Calculated SPARR through fiscal year ending 9/30/21. Calculated SPARR through current fiscal year ending 

9/30/22.

See Table 2B for values and notes.

Retirement Ages (a) Earliest possible for shutdown companies.

(b) Expected retirement age (XRA) tables from 29

 CFR 4044 for ongoing companies.

(c) Deferred participants past XRA are assumed to

 be in pay status, retroactive to their XRA.

 To reflect lower likelihood of payment:

(d) Unlocated deferred participants past age 65 are 

 phased out over 3 years.

(e) Located deferred participants are fully phased

 out past age 70.

(f) Deferred participants in the Missing Participants

 Program are phased out over 10 years past age 70.

Same 
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Table 2B

Small Plan Average Recovery Ratio (SPARR) Assumptions

The SPARR is used in the calculation of the liability for benefits determined under section 4022(c) of ERISA, 

which provides participants with a portion of PBGC’s recoveries. The SPARR has been determined by PBGC for 

terminations initiated in a given fiscal year based on actual recoveries and unfunded benefit liabilities for plan 

terminations initiated during a five-year averaging period. As of the end of fiscal year 2022, the SPARR had been 

calculated for plan terminations initiated in fiscal years 1991-2022. The FY 2022 SPARR is assumed for probable 

plans affected by future SPARRs. 

Expenses All terminated plans and single-employer probable 

terminations:

0.68% of the liability for benefits

 plus 

Additional reserves as shown in Table 2C for cases 

where plan asset determinations, participant database 

audits and actuarial valuations were not complete.

Same 

Fiscal Year SPARR Fiscal Year SPARR

1991 12.01% 2007 4.35%

1992 7.73% 2008 4.26%

1993 7.44% 2009 3.85%

1994 7.04% 2010 9.15%

1995 7.22% 2011 12.30%

1996 7.90% 2012 12.56%

1997 5.98% 2013 17.23%

1998 6.84% 2014 4.93%

1999 8.01% 2015 9.29%

2000 4.58% 2016 9.39%

2001 4.94% 2017 6.92%

2002 9.60% 2018 6.84%

2003 7.86% 2019 5.77%

2004 3.42% 2020 11.95%

2005 4.39% 2021 12.65%

10/1/05 – 9/15/06

 9/16/06 – 9/30/06

 4.13% 

 3.50%

2022 8.53%
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Table 2C

 Reserve Factors for Expenses

Large Plans (more than 100 participants)

Plan Asset

Audit

Participant

Data Audit Actuarial Valuation

Interim Plan 

Processing

Years

Since

Trusteeship

Per Large

Plan

Per Large

Plan

Per Large

Plan

Per Participant 

for the First 100

Per Participant 

for the Next 400 Per Participant 

for >500

Per

Participant

0<=y<1 $134,940 $393,310 $190,990 $4,220 $710 $60 $2,680 

1<=y<2 101,520 288,520 146,130 3,230 530 60 2,050

2<=y<3 71,020 200,070 106,100 2,340 390 40 1,490

3<=y<4 47,360 146,880 73,110 1,620 280 20 1,010

4<=y<5 31,850 101,590 46,980 1,040 180 20 650

5<=y 25,480 73,890 33,810 750 120 20 470

Small Plans (100 or fewer participants)

Plan Asset

Audit

Participant

Data Audit Actuarial Valuation

Interim Plan 

Processing

Years

Since

Trusteeship

Per Small

Plan

Per Small

Plan

Per Small

Plan Per Participant 

f h Fi 100

Per Participant 

f h N 400

Per Participant 

for >500

Per

Participant

0<=y<1 $134,940 $49,490 $190,990 $4,220 N/A N/A $2,680 

1<=y<2 101,520 35,430 146,130 3,230 N/A N/A 2,050

2<=y<3 71,020 26,450 106,100 2,340 N/A N/A 1,490

3<=y<4 47,360 22,210 73,110 1,620 N/A N/A 1,010

4<=y<5 31,850 17,150 46,980 1,040 N/A N/A 650

5<=y 25,480 13,190 33,810 750 N/A N/A 470

In addition to the reserve factors shown, an expense loading factor equal to 0.68% of the liability for 

benefits applies to both Large Plans and Small Plans. 
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Data Sources and Assumptions

The seriatim portion of this valuation was based on participant data maintained by PBGC’s Office 

of Benefits Administration. 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 SB or MB filings. For nonseriatim plans and probable terminations, 

provision generally has been made to reduce benefits to guaranteed levels. For Single Employer plans

valued nonseriatim, the attained ages for active participants, terminated vested participants, and retired 

participants were assumed to be 55.1, 55.6 and 70.9 respectively when plan data were unavailable. For 

post-MPPAA Multiemployer plans that are terminated, the assumed age for terminated vested is 55. For 

ongoing plans, the assumed age for terminated vested is 54. For insolvent plans, the assumed age for 

terminated vested participants is 57. If there any active participants, the assumed age is 47 when plan

data were unavailable.
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Valuation Statistics

The FY 2022 valuation for the single-employer program included approximately 1,471,000 

participants owed future payments in terminated plans as of September 30, 2022. Of these, about 960,000

participants from terminated single employer plans and 6 participants from pre-MPPAA multiemployer 

plans were receiving benefits from PBGC at fiscal year-end. As of September 30, 2022, in the preMPPAA plans there were 12 participants and for the post-MPPAA plans, there were approximately 

81,000 participants that are currently receiving financial assistance (insolvent plans) and 63,000

participants in terminated and ongoing (probable) plans that are expected to receive financial assistance.

The average monthly benefit paid by PBGC for participants in pay status during FY 2022 was 

$560 (including supplemental benefits) for the single employer program and $117 for the multiemployer 

program in the ten pre-MPPAA plans. 

Tables 3 through 6 summarize the detailed results of the seriatim and nonseriatim valuations for 

both the single-employer and multiemployer programs.
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Table 3:

Liability for Pay-Status Recipients in "Seriatim at FYE" Method

 Single-Employer Multiemployer

 Age

Number of

Benefit

Recipients**

Average

Monthly

Benefit

Average

Supplemental

Monthly

Benefit

Liability 

(Millions)

Percent of

Liability 

Number of 

Benefit 

Recipients

Average 

Monthly

Benefit

Liability

(Millions)

Percent of 

Liability

Under 50 1,872 $139 $212 $66 *% 0 - $0 0% 

50-54 1,571 203 327 63 *% 0 - 0 0 

55-59 14,630 399 95 1,040 2% 0 - 0 0 

60-64 49,862 443 83 3,603 7% 0 - 0 0 

65-69 142,168 552 127 11,542 23% 0 - 0 0 

70-74 181,774 579 223 12,918 27% 0 - 0 0 

75-79 172,271 608 357 11,098 22% 0 - 0 

0%

80-84 123,120 609 171 6,119 12% 0 - 0 

0%

85-89 74,117 565 46 2,517 5% 2 100 * 

40%

Over 89

48,218 455 81 900

 

2% 4 126 * 60%

TOTAL 809,603 $563 $111 $49,866 100% 6 $117 * 100%

Notes: 

*Liability is less than $500,000.

 Not all recipients are receiving supplemental benefits.

Missing Participants Program liabilities and adjustments are not included.

Numbers may not add up due to rounding.

Table 4:

Liability for Deferred Participants in "Seriatim at FYE" Method

 Single-Employer Multiemployer 

 Age

Number of Benefit 

Recipients**

Average 

Monthly

Benefit

Average 

Supplemental 

Monthly

Benefit

Liability 

(Millions) 

Percent of 

Liability

Number of 

Benefit 

Recipients

Average 

Monthly

Benefit

Liability

(Millions)

Percent of 

Liability

Under 40 330 $234 $0 $5 0% 0 - $0 0%

40-44 4,397 229 0 79 0% 0 - 0 0 

45-49 17,748 234 67 409 2% 0 - 0 0 

50-54 43,155 268 102 1,479 9% 0 - 0 0 

55-59 72,618 313 135 3,794 23% 0 - 0 0 

60-64

83,434 364 131 6,733 40%

0 - 0 0

Over 64 38,855 349 122 3,771 23% 0 - 0 0 

Other**

82,425 - - - - 435 3% 6 - * 100% 

TOTAL 342,962 $339 $123 $16,705 100% 6 - $* 100%

Notes

*Liability is less than $500,000.

** "Other" includes unlocatable participants and participants scheduled at year end for lump sum payments.

Missing Participants Program liabilities and adjustments are not included.

Numbers may not add up to totals due to rounding.
24

 Table 5:

Seriatim at DOPT and Nonseriatim Liability

Plans with Final DOPT Benefits

Number of 

Plans

Liability 

(millions)

Percent of

Liability

A. Large 16 $1,353 9.3%

B. Other 29 $72 0.5% 

Subtotal 45 $1,425 9.8%

Plans with Non-Final DOPT Benefits

Number of 

Plans

Liability 

(millions)

Percent of

Liability

A. Large 64 $12,597 86.5%

B. Other 96 $236 1.6% 

Subtotal 160 $12,833 88.1%

Probable Plans

Number of 

Plans

Liability 

(millions)

Percent of

Liability

A. Large 1 $305 2.1%

B. Other 0 $0 0.0% 

Subtotal 1 $305 2.1%

Total 206 $14,563 100.0%

Notes:

1) Numbers may not add up to totals due to rounding. 

2) Large Final DOPT benefits refer to those benefits that PBGC has determined and valued seriatim as of 

DOPT for the plan. Non-Final DOPT benefits are estimates of final DOPT benefits.

3) Large plans in this table are those whose present value of Title IV benefits as of DOPT equals or exceeds 

$10 million.

4) The liability shown in this table does not include the liability for settlements.

5) The liability for Probable Plans is shown as a gross amount (i.e., plan assets and collections on employer 

liabilities are not subtracted from the benefit liabilities). Also, the liability does not include the liability for 

not-yet-identified probable terminations.
25

Table 6A:

Distribution of Single-Employer Liability (including 4022(c)) by Trusteeship Status, Recipient Status, 

and Valuation Method 

(Dollars in millions)

Recipient Status

Seriatim/

Missing

Participants

Nonseriatim/

Collins

Total 

Terminated

Liability

Probables/

IBNR

Total 

Liability

Percent

of Total

Liability

Receiving Payments

Trusteed $49,897

 

 

 $6,980 $56,877 $0 $56,877 69.7%

Pending Trusteeship 3 1,471 1,474 207 1,681 2.1%

Total $49,900 $8,451 $58,351 $207 $58,558 71.8%

Not Receiving 

Payments

Trusteed $16,966 $4,707 $21,673 $0 $21,673 26.5%

Pending Trusteeship 0 1,100 1,100 316 1,416 1.7%

Total $16,966 $5,807 $ 22,773 $316 $23,089 28.2%

All Payment 

Statuses

Trusteed $66,863 $11,687 $78,550 $0 $78,550 96.2%

Pending Trusteeship 3

 

 2,571

 

2,574 523 3,097 3.8%

Total $66,866 $14,258 $81,124 $523 $81,647 100.0%

Percent of 

Terminated

82.4% 17.6% 100.0%

Percent of Total 81.9% 17.5% 99.4% 0.6% 100%

Notes:

1) Recipient status for Seriatim and Missing Participants liabilities refers to status as of 9/30/2022. For Nonseriatim 

and Probable liabilities, recipient status refers to the status as of the most recent actuarial valuation report (date of 

plan termination if benefits are "final"). The term "final" is defined in the notes to Table 5.

2) The Probable liabilities are shown as gross amounts (i.e., plan assets and collections on employer liabilities are not 

subtracted from the liability for benefits).
26

Table 6B:

Distribution of Single Employer Participants (including 4022(c)) by Trusteeship Status, Recipient Status, 

and Valuation Method

(Participants in thousands)

Recipient Status

Seriatim/

Missing

Participants Nonseriatim

Total 

Terminated

Participants Probables

Total 

Participants

 Percent

 of Total 

Participants *

Receiving Payments

Trusteed 810 127 937 0 937 63.7%

Pending Trusteeship 0 23 23 1 24 1.6%

Total 810 150 960 1 961 65.3%

Not Receiving 

Payments

Trusteed 383 112 495 0 495 33.6%

Pending Trusteeship 0 16 16 0 16 1.1%

Total 383 128 511 0 511 34.7%

All Payment Statuses

Trusteed 1,193 239 1,432 0 1,432 97.3%

Pending Trusteeship 0 39 39 1 40 2.7%

Total 1,193 278 1,471 1 1,472 100.0%

Percent of Terminated 81.1% 18.9% 100.0%

Percent of Total 81.0% 18.9% 99.9% 0.1% 100.0%

Notes:

1) Recipient status for Seriatim and Missing Participants liabilities refers to status as of 9/30/2022. For 

Nonseriatim and Probable liabilities, recipient status refers to the status as of the most recent actuarial 

valuation report (date of plan termination if benefits are "final"). The term "final" is defined in the notes to 

Table 5.

2) Participant counts for IBNR and Collins are not included.
27

Reconciliation of Results

Table 7 reconciles the September 30, 2022, valuation with the September 30, 2021, valuation. It 

shows that the $31,169 million decrease in the liability for the Single Employer program was the net 

effect of:

 (1) decreased liability from change in interest factors = ($24,061) million

(2) actual benefit payments = ($7,042) million

(3) increased liability for probable plans = $176 million

(4) change in mortality assumptions = $368 million

 (5) new plan terminations as of the beginning of the year = $540 million

(6) expected interest on liability = $483 million

(7) other changes = ($1,631) million.

The Multiemployer columns reconcile the liability for the post-MPPAA financial assistance to 

insolvent plans. The liability for the pre-MPPAA terminated plans in FY 2022 is less than $500,000 and 

not included or shown in this table.
28

Table 7:

Reconciliation of the Present Value of Future Benefits (dollars in millions)

Total Single

Employer

Post-MPPAA

Multiemployer

1. Liability at BOY (9/30/2021)

(a) Present Value of Future Benefits for all Plans

(b) Liability for Probable Plans (gross liability including unreported)

(c) Liability for Unreported Terminated Plans and other settlements

(d) 9/30/2021 Liability for Terminated Plans (a + b + c)

$112,816

(347)

(17)

$112,451

$3,017 

(1,471)

0

$1,545

2. Change in Valuation Software

(a) Effect on Liability as of DOPT

(b) Projection of (a) from DOPT to BOY + post-DOPT changes

(c) Total (a + b)

 $0

 0

 $0

$0

3

 $3

3. Net New Plans and Missing Participant Liability

(a) New Missing Participant Liability

(b) New Termination Inventory as of DOPT

(c) Deletions as of DOPT

(d) Projection of (b + c) from DOPT to BOY

(e) Total (a + b + c + d)

$60

494

0

46

$600

$0

552

0

0

$552

4. Nonseriatim Data Changes and Effect of DOPT Seriatim Valuation

(a) Effect on Liability at DOPT

(b) Projection of (a) from DOPT to BOY

(c) Total (a + b)

($4)

18

$13

$14

0

$14

5. Actuarial Charges/Credits

(a) Expected Interest

(b) Change in Interest Factors

(c) Change in Mortality Assumption

(d) Change in Method (Current Year: Seriatim at DOPT to Seriatim at FYE)

(e) Effect of Experience*

(f) Change in Other Assumptions (Expense, SPARR, PBGCC STD Rates)

(g) Total (a + b + c + d + e +f)

$483

(24,061)

368

 797

299

(2,563)

($24,679)

$9

(408)

7

0

(27)

3

($416)

6. Expected Expense Payments ($237) $0

7. Actual Benefit Payments ($7,042) ($147)

8. Liabilities at End of Period (9/30/2022)

(a) Liability for all Terminated Plans 

= (1d) + (2c) + (3e) + (4c) + (5g) + (6) + (7)

(b) Liability for Unreported Terminated Plans and other settlements

(c) Liability for all Terminated Plans (a + b)

(d) Liability for Probable Plans (gross liability including unreported) **

(e) 9/30/2022 Present Value of Future Benefits for all Plans (c + d)

$81,107

17

81,124

523

$81,647

$1,551

-

1,551

839

 $2,390 

* Includes change from expected benefits $6,786 million to actual benefits $7,042 million in Total Single Employer.

 Includes change from expected benefits $165 million to actual benefits $147 million in Post-MPPAA Multiemployer.

 Actual does not include payments made by employers. 

 Numbers may not add up due to rounding. 

 

 ** Includes $218 million for not yet identified probable terminations.

Financial statements show a probables liability of $523 million, less assets of $302 million, for a net claim of $221 million.

Includes $92 million for small reserves Post-MPPAA Multiemployer plans.

 Numbers may not add up due to rounding.
29

Statement of Actuarial Opinion

This valuation has been prepared in accordance with generally accepted actuarial principles and 

practices and, to the best of my knowledge, fairly reflects the actuarial present value of the Corporation's 

liabilities for the single-employer and multiemployer plan insurance programs as of September 30, 2022.

In preparing this valuation, I have relied upon information provided to me regarding plan 

provisions, plan participants, plan assets, and other matters.

In my opinion, (1) the techniques and methodology used for valuing these liabilities are generally 

acceptable within the actuarial profession; (2) the assumptions used are appropriate for the purposes of 

this statement and are individually my best estimate of expected future experience, discounted using 

current settlement rates from insurance companies as determined by PBGC’s Policy Research and 

Analysis Department; and (3) the resulting total liability represents my best estimate of anticipated 

experience under these programs.

I, Scott G. Young, am the Chief Valuation Actuary of PBGC. I am a Member of the American 

Academy of Actuaries, a Fellow of the Society of Actuaries, and an Enrolled Actuary. 

I meet the Qualification Standards of the American Academy of Actuaries to render the actuarial 

opinion contained in this report.

Scott G. Young

Scott G. Young, FSA, EA, MAAA

Fellow of the Society of Actuaries

Enrolled Actuary

Member of the American Academy of Actuaries

Chief Valuation Actuary and Department Director

Actuarial Services and Technology Department

Pension Benefit Guaranty Corporation

August 28, 2023