1

2021 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- 2021 FISCAL YEAR

The 2021 Annual Report of the Pension Benefit Guaranty Corporation (PBGC) contains a summary 

of the results of the September 30, 2021 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 2020 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, 2021 consisted of: 

(1) $112.5 billion for the 5,068 plans that have terminated: and 

(2) $347.0 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 2021 Annual Report. 
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For the multiemployer program, the liability as of September 30, 2021 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) $1,545.2 million for estimable post-MPPAA losses due to financial assistance to 77

multiemployer pension plans that are currently receiving PBGC assistance: and 

(3) $1,471.5 million for probable estimable post-MPPAA losses due to financial assistance to 57

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 – 2021 

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) 4,684 1,034 $75,669

 2. Seriatim at DOPT, adjusted to FYE 156 183 17,399

 3. Nonseriatim1 228 248 19,085

 4. Missing Participants Program (seriatim)2 -- 37 316

 Subtotal 5,068 1,502 $112,469

 B. Probable terminations (nonseriatim)3 1 3 347

 Total4 5,069 1,505 $112,816

II. Multiemployer Program

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

 

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

 1. Currently receiving assistance5

77 72 1,545

 2. Probable for assistance6

57 65 1,472

Total 144 137 $3,017

 * 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 $119 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 $93 million. Thus, the net claims for probables as reported in the financial 

statements are $347 less $93 million, or $254 million. 

4) The PVFB in the financial statements ($108,929 million) is net of estimated plan assets and recoveries on probables ($93 million), estimated recoveries on terminated plans ($151 

million), and estimated assets of plans pending trusteeship ($3,643 million), or $112,816 million less $93 million less $151 million less $3,643 million equals $108,929 million. 

5) In year 2020 PBGC approved a MPRA facilitated merger committing to provide to the Laborers Local 235 Pension Fund $26.7 million in financial assistance over three equal annual 

installments of $8.9 million. The first two payments were made in January 2020 and January 2021, the third payment will be made in January 2022. This plan is not counted as 

Currently Receiving Financial Assistance. 

6) The American Rescue Plan Act (ARP) of 2021 established Section 4262 of ERISA under which Special Financial Assistance (SFA) is provided to eligible multiemployer plans. Since the 

SFA funding to eligible plans will likely enable the plans to pay benefits for the next 30 years, most of the traditional financial assistance liability recognized in previous years, for 

ongoing probable plans, has been reversed (i.e., unbooked). See Note 7 to the financial statements, Multiemployer Financial Assistance, for more information. 
6 

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 4,684 pension plans (92% of the single-employer 

terminated plans) representing $75,669 million (67%) in liabilities and about 1,034,000 (69%)

participants. This was an increase of 135 plans over the 4,549 plans valued seriatim at September 30, 

2020. The critical discrepancy rates for 654 plans or 14.0% of the seriatim plans (0.9% higher percentage

than last year) exceeded 5%. The overall critical discrepancy rate for the group of 4,684 seriatim plans 

was 1.5%, which is 0.2% 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 156 plans for which a final seriatim valuation as of date of plan termination (DOPT) 

had been completed, but the Office of Benefit 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, 2021 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 228 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, 

2021.

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 FYE21 Single-Employer Liability by 

Method of Calculation 

 Liability for Benefits: $112,816 (Dollars in Millions) 

*Seriatim at FYE includes the Missing Participants Program

**Nonseriatim includes Probable terminations. 

67.4% 17.2%

15.4%

Seriatim at FYE: $75,985*

Seriatim at DOPT Adjusted to FYE: $17,399

Nonseriatim: $19,432**
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Distribution of FYE21 Single-Employer Plans by 

Method of Calculation 

 Total Plans: 5,069

*Nonseriatim includes Probable terminations. 

 

92.4%

4.5% 3.1%

Seriatim at FYE: 4,684

Seriatim at DOPT Adjusted to FYE: 156

Nonseriatim: 229
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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, 2021, 

of net losses that PBGC expected to incur from nonrecoverable future financial assistance to 134 pension 

plans of which 77 were insolvent (i.e., currently receiving PBGC financial assistance) and 57 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, 2021 and the actual or projected date of insolvency, and then discounted back to 

September 30, 2021 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 $3,017 million as of September 31, 2021 is about $63,849 million 

lower than it was a year earlier. The main reason for the decrease in liabilities was due to the removal 

of 60 plans from the multiemployer inventory which was primarily due to the enactment of the 

American Rescue Plan (ARP) Act of 2021 which established the Special Financial Assistance (SFA) 

Program for distressed multiemployer plans that meet specific criteria. Other reasons for the decrease 

in liabilities were due to the change in interest factors, the use of Pri-2012 mortality assumption, the 

actual investment returns exceeding the assumed annual investment returns, and the change in 

assumption for the expected investment return from using discount rates to using 4.98% for the first 10 

years and 6.55% thereafter.
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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, 2021, the spot rate yield curve starts with an interest factor 

of 0.44% in year 1 and changes as the future period for discounting gets longer until year 31 when the 

factor becomes 2.30% and is assumed to remain level thereafter. For September 30, 2020, the spot rate 

yield curve started with an interest factor of 0.62% in year 1 and the interest factor for year 31 and beyond 

was 1.49%. These interest factors are dependent upon PBGC’s mortality assumption. See PBGC Annual 

Performance & Financial Report 2020 for a more detailed discussion on interest factors.

Beginning with the June 30, 2016 valuation, PBGC updated the mortality assumptions by 

adopting the recommendations from a study by an independent consulting firm. The study recommended 

that, when conducting valuations for its financial statements, PBGC use the RP-2014 Healthy Male Table 

times 1.09 and Healthy Female Table times 0.99. The study also recommended that continuing mortality 

improvements be considered by using the most recent projection scale available to project these tables 

forward. Beginning with the June 30, 2017 valuation, PBGC updated the valuation systems to fully 

implement using generational mortality tables. For the September 30, 2021 single-employer valuation, 

PBGC used the adjusted RP-2014 Healthy Male and Female Tables, with blended healthy annuitant and 

employee tables before age 50 each projected generationally using Scale MP-2020. 

The mortality tables used for healthy lives in the FY 2020 valuation are the adjusted RP-2014 Healthy 

Male and Female Mortality tables each projected generationally with scale MP-2019. 
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Prior to the September 30, 2021 valuation, PBGC used the same mortality assumption for the 

single-employer and multiemployer valuations. PBGC determined that the mortality assumption for the 

multiemployer valuation should be based on multiemployer pension plan experience. 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, 2021 multiemployer valuation, these Pri2012 mortality tables are projected generationally using Scale MP-2020 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 FY2021. The FY2021 SPARR of 12.65% is used for the 

September 30, 2021 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 
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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.

During the 2021 fiscal year, PBGC improved the system that calculates the liabilities to address 

some of the valuation audit findings surrounding the valuation systems. In this year we have made 

improvements to our ability to value various forms of table rates, improved the calculation of

intermediate 4022c calculations, improved the accuracy of multiemployer cash flow projections, 

improved the nonseriatim and multiemployer calculations based on results from Multiemployer Solvency 

Projection Study, as well as increased and 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 9/30/20

Interest 

Factors

Spot Rate Yield Curve:

Period Rate Period Rate Period Rate Period Rate

1 0.62% 11 1.62% 21 1.63% 31 1.49%

2 0.71% 12 1.63% 22 1.62% 32 1.49%

3 0.90% 13 1.63% 23 1.61% 33 1.49%

4 1.09% 14 1.64% 24 1.60% 34 1.49%

5 1.25% 15 1.64% 25 1.58% 35 1.49%

6 1.38% 16 1.64% 26 1.56% 36 1.49%

7 1.47% 17 1.64% 27 1.54% 37 1.49%

8 1.54% 18 1.64% 28 1.52% 38 1.49%

9 1.58% 19 1.64% 29 1.50% 39 1.49%

10 1.60% 20 1.64% 30 1.49% 40 1.49%

Current Valuation as of 9/30/21

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%
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Table 2A

Actuarial Valuation Assumptions

Previous Valuation as of 9/30/20 Current Valuation as of 9/30/21

Mortality 

Healthy Lives 

Disabled Lives 

Eligible for Social 

Security (SS) 

Disability Benefits

Disabled Lives Not 

Eligible for SS 

Disability Benefits

RP-2014 Healthy Male Table times 1.09 and RP-2014 

Healthy Female Mortality Table times 0.99, each 

projected generationally with Scale MP-2019.

Healthy Male and Female Mortality Tables as 

described above, set forward 7 years for male lives and 

8 years for female lives.

Healthy Male and Female Mortality Tables as 

described above, set forward 5 years for male lives and 

7 years for female lives.

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.

SPARR Calculated SPARR through fiscal year ending 9/30/20. Calculated SPARR through current fiscal year 

ending 9/30/21.

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 

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 
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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 2021, the SPARR had been 

calculated for plan terminations initiated in fiscal years 1991-2021. The FY 2021 SPARR is assumed for probable 

plans affected by future SPARRs. 

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% 
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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. 
22 

Valuation Statistics

The FY 2021 valuation for the single-employer program included approximately 1,502,000 

participants owed future payments in terminated plans as of September 30, 2021. For the multiemployer 

program, the FY 2021 valuation included, as of September 30, 2021, 15 participants in terminated 

pre-MPPAA plans and approximately 72,000 participants in post-MPPAA plans currently receiving 

financial assistance and 65,000 participants in post-MPPAA plans expected to receive financial 

assistance. Of these, about 967,000 participants from terminated single employer plans and 8 participants 

from terminated multiemployer plans were receiving benefits from PBGC at fiscal year-end. 

The average monthly benefit paid by PBGC for participants in pay status during FY 2021 was 

$548 (including supplemental benefits) for the single employer program and $101 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.
23

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 1,710 $130 $212 $85 *% 0 - $0 0% 

50-54 1,341 212 281 81 *% 0 - 0 0 

55-59 11,781 338 101 1,034 2% 0 - 0 0 

60-64 43,814 393 85 3,971 7% 0 - 0 0 

65-69 126,076 498 158 12,685 24% 0 - 0 0 

70-74 162,120 520 283 14,143 27% 0 - 0 0 

75-79 148,646 556 335 11,165 21% 0 - 0 

0%

80-84 107,855 585 198 6,455 12% 0 - 0 

0%

85-89 68,608 550 26 2,835 5% 2 100 * 

40%

Over 89 45,559 436 125 1,011 2% 6 101 * 

60%

TOTAL 717,510 $519 $126 $53,465 100% 8 $101 * 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 40 362 $255 $0 $13 0% 0 - $0 0%

40-44 4,381 227 0 166 1% 0 - 0 0 

45-49 16,166 234 66 708 3% 0 - 0 0 

50-54 40,024 278 107 2,402 11% 0 - 0 0 

55-59 70,794 336 137 5,923 27% 0 - 0 0 

60-64

78,107 395 129 8,809 39%

0 - 0 0

Over 64 33,556 355 120 3,689 17% 0 - 0 0 

Other**

72,875 - - - - 494 2% 7 - * 100% 

TOTAL 316,265 $339 $123 $22,204 100% 7 - $* 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 73 $17,203 46.9%

B. Other 83 $196 0.5% 

Subtotal 156 $17,399 47.4%

Plans with Non-Final DOPT Benefits

Number of 

Plans

Liability 

(millions)

Percent of

Liability

A. Large 89 $18,728 51.1%

B. Other 139 $340 0.9% 

Subtotal 228 $19,068 52.0%

Probable Plans

Number of 

Plans

Liability 

(millions)

Percent of

Liability

A. Large 1 $228 0.6%

B. Other 0 $0 0.0% 

Subtotal 1 $228 0.6%

Total 385 $36,695 100.0% 

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 these 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 $53,512

 

 

 $19,540 $73,052 $0 $73,052 64.8%

Pending Trusteeship 3 2,036 2,039 127 2,166 1.9%

Total $53,515 $21,576 $75,091 $127 $75,218 66.7%

Not Receiving 

Payments

Trusteed $22,470 $13,273 $35,743 $0 $35,743 31.7%

Pending Trusteeship 0 1,635 1,635 220 1,855 1.6%

Total $22,470 $14,908 $37,378 $220 $37,598 33.3%

All Payment 

Statuses

Trusteed $75,982 $32,813 $108,795 $0 $108,795 96. 5% 

Pending Trusteeship 3 3,671 3,674 347 4,021 3. 5%

Total $75,985 $36,484 $112,469 $347 $112,816 100.0%

Percent of 

Terminated

67.6% 32.4% 100.0%

Percent of Total 67.4% 32.3% 99.7% 0.3% 100%

Notes:

1) Recipient status for Seriatim and Missing Participants liabilities refers to status as of 09/30/2021. 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 718 204 922 0 922 61.2%

Pending Trusteeship 0 22 22 2 24 1.6%

Total 718 226 944 2 946 62.8%

Not Receiving 

Payments

Trusteed 353 187 540 0 540 35.9%

Pending Trusteeship 0 18 18 1 19 1.3%

Total 353 205 558 1 559 37.2%

All Payment Statuses

Trusteed 1,071 391 1,462 0 1,462 97.1%

Pending Trusteeship 0 40 40 3 43 2.9%

Total 1,071 431 1,502 3 1,505 100.0%

Percent of Terminated 71.3% 28.7% 100.0%

Percent of Total 71.2% 28.6% 99.8% 0.2% 100.0% 

Notes:

1) Recipient status for Seriatim and Missing Participants liabilities refers to status as of 9/30/21. 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, 2021 valuation with the September 30, 2020 valuation. It 

shows that the $9,215 million decrease in the liability for the Single Employer program was the net effect 

of: 

 (1) decreased liability from change in interest factors = ($5,283) million

 (2) actual benefit payments = ($6,440) million

(3) decreased liability for probable plans = ($83) million

(4) change in mortality assumptions = ($810) million

 (5) new plan terminations as of the beginning of the year = $5,520 million

 (6) expected interest on liability = $762 million

(7) other changes = ($2,881) 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 FY21 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 (9/30/20)

(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) 9/30/20 Liability for Terminated Plans (a + b + c)

$122,031

(430)

(17)

$121,585

$66,865 

(63,871)

0

$2,994

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)

 $4

 (6)

 ($2)

$0

0

 $0

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)

$205

5,163

(35)

391

$5,726

$0

74

(18)

0

$56

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)

$58

(17)

$41

($6)

(1,206)

($1,212)

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)

$762

(5,283)

(810)

 205

(80)

(2,997)

($8,203)

$11

(46)

(110)

0

(17)

(17)

($178)

6. Expected Expense Payments ($255) $0

7. Actual Benefit Payments ($6,440) ($114)

8. Liabilities at End of Period (9/30/21)

(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) 9/30/21 Present Value of Future Benefits for all Plans (c + d)

$112,451

17

112,469

347

$112,816

$1,545

-

1,545

1,472

 $3,017 

* Includes change from expected benefits $6,833 million to actual benefits $6,440 million in Total Single Employer.

 Includes change from expected benefits $132 million to actual benefits $114 million in Post-MPPAA Multiemployer.

 Actual does not include payments made by employers. 

 Numbers may not add up due to rounding 

 

 ** Includes $119 million for not yet identified probable terminations.

Financial statements show a probables liability of $347 million, less assets of $93 million, for a net claim of $254 million.

Includes $171 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, 2021. 

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 

May 20, 2022