The Pension Insurance Data Book 2004 was developed by the Corporate Policy and

Research Department under project manager William James and produced by the

Communications and Public Affairs Department, Pension Benefit Guaranty Corporation.

NUMBER 9, SPRING 2005
PAGE

Contents

OVERVIEW .................................................................................................................................1

PBGC DATA BOOK AT A GLANCE .....................................................................................2

PBGC DATA AND TRENDS

SINGLE-EMPLOYER PROGRAM:

Figure 1 Net Position of PBGC’s Single-Employer Program (1980-2004) ............................4

Figure 2 Concentration of PBGC Claims (1975-2004) .........................................................5

Figure 3 PBGC Claims by Industry (1975-2004) ..................................................................6

Figure 4 PBGC Claims by Funded Ratio (1975-2004) ..........................................................7

Figure 5 Participants and Beneficiaries Receiving PBGC Payments (1980-2004) ...............8

Figure 6 Participants and Beneficiaries Receiving PBGC Payments by 

Gender and Age (2004) ...........................................................................................9

Figure 7 PBGC Benefit Payments (1980-2004) ..................................................................10

Figure 8 PBGC-Insured Plans (1980-2004) ........................................................................11

Figure 9 Participants in PBGC-Insured Plans (1980-2004) ................................................12

Figure 10 PBGC-Insured Participants by Participant Status (1980-2002) ...........................13

Figure 11 PBGC-Insured Participants by Industry (2003) ....................................................14

Figure 12 PBGC Premium Revenue (1980-2004) .................................................................15

Figure 13 PBGC-Insured Participants and Premiums by Premiums Paid (2003) .................16

MULTIEMPLOYER PROGRAM:

Figure 14 Net Position of PBGC’s Multiemployer Program (1980-2004) .............................18

Figure 15 PBGC-Insured Plans (1980-2004) ........................................................................19

Figure 16 Participants in PBGC-Insured Plans (1980-2004) ................................................20

Figure 17 PBGC-Insured Participants by Participant Status (1980-2002) ...........................21

Figure 18 PBGC-Insured Participants by Industry (2003) ....................................................22
PAGE

APPENDIX S: SINGLE-EMPLOYER DATA TABLES

PBGC’S SINGLE-EMPLOYER PROGRAM ........................................................................25

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-2004) ...........26

S-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2004) ...........27

Claims

S-3 PBGC Terminations and Claims (1975-2004) .......................................................28

S-4 PBGC Claims (1975-2004) ...................................................................................29

S-5 Top 10 Firms Presenting Claims (1975-2004) .......................................................30

S-6 PBGC Trusteed Terminations by Fiscal Year and Size of Claim (1975-2004) .......31

S-7 PBGC Claims by Fiscal Year and Size of Claim (1975-2004) ...............................32

S-8 PBGC Trusteed Plans by Fiscal Year and Funded Ratio (1975-2004) ..................33

S-9 PBGC Claims by Fiscal Year and Funded Ratio (1975-2004) ..............................34

S-10 PBGC Trusteed Plans by Size of Claim and Funded Ratio (1975-2004) ..............35

S-11 PBGC Claims by Size of Claim and Funded Ratio (1975-2004) ...........................36

S-12 Average Claim per Vested Participant by Plan Size (1975-2004) .........................37

S-13 PBGC Trusteed Plans by Fiscal Year and Plan Size (1975-2004) .........................38

S-14 PBGC Claims by Fiscal Year and Plan Size (1975-2004) .....................................39

S-15 PBGC Trusteed Plans by Size of Claim and Plan Size (1975-2004) .....................40

S-16 PBGC Claims by Size of Claim and Plan Size (1975-2004) .................................41

S-17 PBGC Trusteed Plans by Funded Ratio and Plan Size (1975-2004) ....................42

S-18 PBGC Claims by Funded Ratio and Plan Size (1975-2004) .................................43

S-19 PBGC Claims by Industry (1975-2004) ................................................................44

Benefit Payments

S-20 PBGC Benefit Payments, Payees and Deferred Payees (1980-2004) ..................45

S-21 PBGC Payees and Benefit Payments by Date of Plan Termination (2004) ..........46

S-22 PBGC Payees and Benefit Payments by Size of Trusteed Plan (2004) ................47

S-23 Total PBGC Payees and Average Benefit Payments 

by Gender and Age (2004) ....................................................................................48

S-24 PBGC Retired Payees and Average Benefit Payments 

by Gender and Age (2004) ....................................................................................49

S-25 PBGC Beneficiary Payees and Average Benefit Payments 

by Gender and Age (2004) ....................................................................................50

S-26 Total PBGC Payees and Benefit Payments 

by Size of Monthly Payment (2004) ......................................................................51

S-27 PBGC Retired Payees and Benefit Payments 

by Size of Monthly Payment (2004) ......................................................................52

S-28 PBGC Beneficiary Payees and Benefit Payments 

by Size of Monthly Payment (2004) ......................................................................53

S-29 PBGC Payees and Benefit Payments by Industry (2004) .....................................54

Coverage

S-30 PBGC-Insured Plan Participants (1980-2004) ......................................................55

S-31 PBGC-Insured Plans (1980-2004) ........................................................................56

S-32 PBGC-Insured Plan Participants by Participant Status (1980-2002) ...................57

S-33 PBGC-Insured Active Participants as a Percent of 

Private-Sector Wage and Salary Workers (1980-2002) ........................................58

S-34 PBGC-Insured Hybrid Plans by Plan Size (2001-2003) ........................................59

S-35 PBGC-Insured Hybrid Plan Participants by Plan Size (2001-2003) .....................60

S-36 PBGC-Insured Plans, Participants and Premiums by Industry (2003) .................61
PBGC Premiums

S-37 PBGC’s Historic Premium Rates ..........................................................................62

S-38 PBGC Premium Revenue (1980-2004) .................................................................63

S-39 PBGC Premium Revenue by Size of Plan and Type of Premium (2003) ..............64

S-40 PBGC-Insured Plans and Participants by Total Premium Paid (2003) .................65

S-41 PBGC-Insured Plans and Participants 

by Variable-Rate Premium Status (1992-2003) ....................................................66

Funding Levels of Insured Plans

S-42 Funding of PBGC-Insured Plans (1980-2002) ......................................................67

S-43 Funding of Underfunded PBGC-Insured Plans (1980-2002) ................................68

S-44 Funding of Overfunded PBGC-Insured Plans (1980-2002) ..................................69

S-45 Concentration of Underfunding in PBGC-Insured Plans (1990-2002) ..................70

S-46 Plans, Participants and Funding of PBGC-Insured Plans 

by Funding Ratio (2002) ........................................................................................71

S-47 Various Measures of Underfunding in PBGC-Insured Plans (1990-2004) ............72

S-48 Funding of PBGC-Insured Plans by Industry (2002) ............................................73

State Data 

S-49 Pension Funding Data for PBGC-Insured Plans by Region and State (2002) ......74

S-50 PBGC Pension Data by Region and State ...........................................................76

S-51 PBGC Maximum Guaranteed Benefits (1988-2005) ............................................78

APPENDIX M: MULTIEMPLOYER DATA TABLES

PBGC’S MULTIEMPLOYER PROGRAM ...........................................................................81

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-2004) ..............82

M-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2004) ...........83

Benefit Payments and Financial Assistance

M-3 PBGC Payees and Benefit Payments (1980-2004) ..............................................84

M-4 PBGC Financial Assistance to Insolvent Plans (1981-2004) ................................85

Coverage

M-5 PBGC-Insured Plan Participants (1980-2004) ......................................................86

M-6 PBGC-Insured Plans (1980-2004) ........................................................................87

M-7 PBGC-Insured Plan Participants by Participant Status (1980-2002) ...................88

M-8 PBGC-Insured Plans and Participants by Industry (2003) ...................................89

Funding Levels of Insured Plans

M-9 Funding of PBGC-Insured Plans (1980-2002) ......................................................90

M-10 Funding of Underfunded PBGC-Insured Plans (1980-2002) ................................91

M-11 Funding of Overfunded PBGC-Insured Plans (1980-2002) ..................................92

M-12 Concentration of Underfunding in PBGC-Insured Plans (1990-2002) ..................93

M-13 Plans, Participants and Funding of PBGC-Insured Plans 

by Funding Ratio (2002) ........................................................................................94

M-14 Funding of PBGC-Insured Plans by Industry (2002) ............................................95

M-15 PBGC Maximum Guaranteed Benefits (1980-2005) ............................................96

M-16 PBGC’s Historic Premium Rates ..........................................................................97

DATA BOOK 2004 TABLE LISTING KEY ..........................................................................99

PAGE
PENSION INSURANCE DATA BOOK 2004 OSECTION VERVIEW 1 1

Overview

The Pension Benefit Guaranty Corporation (PBGC) was established by the Employee Retirement Income Security Act of 1974 to ensure that participants in defined benefit 

pension plans receive their pensions if their plans terminate without sufficient assets to 

pay promised benefits. PBGC administers separate insurance programs to protect 

participants in single-employer and multiemployer plans.

PBGC has published the Pension Insurance Data Book annually since 1996 to present 

detailed statistics on PBGC program operations and benefit protection.

This edition of the Pension Insurance Data Book has been expanded and the order 

of the tables has been slightly revised. Tables related to the growing number of plans 

using hybrid benefit formulas have been added to provide more data on this significant 

trend in retirement benefits. A “table listing key” at the end of this book will assist those 

familiar with the table numbers in the 2003 edition of the Pension Insurance Data Book in 

finding the relevant table(s) in this edition.

The Data Book tables are available in electronic form on PBGC’s Web site at 

www.pbgc.gov/publications/databook.
2 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

PBGC DATA BOOK AT A GLANCE

Single-Employer Multiemployer Combined

Program Program Programs

(Dollars in millions) (Dollars in millions) (Dollars in millions) 

Fiscal Year 2004:

Net Financial Position -$23,305 -$236 -$23,541 

Total Assets $38,993 $1,070 $40,063 

 Total Liabilities $62,298 $1,306 $63,604 

Premium Revenue $1,458 $27 $1,485 

Number of Insured Plans 29,651 1,587 31,238 

Number of Insured Participants 34.6 million 9.8 million 44.4 million 

New Plans Trusteed or 

Pending Trusteeship 192 n/a 192 

Change in Gross Claims $3,017 n/a $3,017

Number of Payees* 532,884 324 533,208 

Total Benefits Paid $3,006 $1 $3,007 

Number of Plans Receiving 

Financial Assistance n/a 27 27 

Amount of Financial 

Assistance Granted n/a $10 $10 

 

Fiscal Years 1975-2004:

Plans Trusteed or 

Pending Trusteeship 3,469 10 3,479 

Amount of Claims $20,605 $31 $20,636 

Number of Plans Receiving 

Financial Assistance n/a 38 38 

Total Amount of Financial 

Assistance Granted n/a $177 $177 

Sources: PBGC Pension Insurance Data Book Tables S-1, S-2, S-3, S-20, S-30, S-31, M-1, M-2, M-3, M-4, M-5 and M-6. 

*The number of payees includes those receiving a periodic pension benefi t payment and those who received a lump sum benefi t 

payment from PBGC during FY 2004.

PBGC DATA BOOK AT A GLANCE
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 3

PBGC DATA

AND TRENDS

Single-Employer Program
4 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

Figure 1

Net Position of PBGC’s Single-Employer Program

Reference Table S-1 of the PBGC Pension Insurance Data Book 2004.

Source: PBGC Annual Reports (1980-2004).

PBGC’s Net Position is the difference (with some adjustments) between the insurance program’s total assets and total liabilities.

The originally reported $3.8 billion defi cit in 1986 decreased after a Supreme Court ruling restored three pension plans and 

returned their pension obligations of $1.8 billion to LTV Corporation.

Net Position of PBGC’s

Single-Employer Program (1980-2004)

• PBGC’s single-employer program was in deficit from its inception until 1996. 

• It then had a growing surplus that reached a historic high of $9.7 billion in 2000. 

• Since 2000, PBGC’s financial position has fallen to a deficit of $23.3 billion. 

• This rapid decline resulted from several very large losses (primarily from steel 

and airline industry plans), lower interest rates that raised the value of PBGC’s 

liabilities and declining stock prices.

-$24

-$20

-$16

-$12

-$8

-$4

$0

$4

$8

$12

1980

1981

1982

1983

1984

1985

1986

19871988

1989

1990

1991

1992

1993

19941995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Fiscal Year

Billions

(Restored LTV Plans)
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 5

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

$6,500

Millions

Top 10 Claims

All Other Claims

Total Claims

1975-2004

55% 45%

1985-1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Date of Plan Termination (Fiscal Year) Pre-1985

2004

Figure 2

Concentration of PBGC Claims

Single-Employer Program

Reference Table S-4 of the PBGC Pension Insurance Data Book 2004.

Sources: PBGC Fiscal Year Closing File (9/30/2004) and PBGC Case Administration System.

Note: Claims are termination liabilities minus plan assets. They do not include recoveries.

Concentration of PBGC Claims (1975-2004)

Single-Employer Program 

• Since 1975, 3,469 terminations of underfunded single-employer plans have resulted 

in total claims of $20.6 billion.

• Total annual claims have varied widely, ranging from a low of $28.6 million in 1984 

to a high of almost $6.4 billion in 2003.

• The firms presenting the ten largest claims have accounted for nearly 55 percent of 

all claims against PBGC from 1975 to 2004.
6 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

Figure 3

PBGC Claims by Industry, 1975-2004

Single-Employer Program

Reference Table S-19 of the PBGC Pension Insurance Data Book 2004. 

Sources: PBGC Fiscal Year Closing File (9/30/2004) and PBGC Case Administration System. 

PBGC Claims by Industry (1975-2004) 

Single-Employer Program 

• Terminations by firms in the Primary Metals and Air Transportation industries have 

accounted for over 67 percent of PBGC’s claims.

• An additional 8 percent of claims have come from sponsors in the Fabricated Metals 

and Machinery industries.
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 7

Figure 4

PBGC Claims by Funded Ratio at Termination, 1975-2004

Single-Employer Program

Reference Table S-11 of the PBGC Pension Insurance Data Book 2004. 

Sources: PBGC Fiscal Year Closing File (9/30/2004) and PBGC Case Administration System.

PBGC Claims by Funded Ratio (1975-2004) 

Single-Employer Program 

• Funded ratios are generally very low for plans terminating with claims against PBGC.

• More than 57 percent of pension claims came from plans that were less than 

50 percent funded (using PBGC assumptions).

• Only $586 million of the $20.6 billion in total claims came from plans terminating 

with funded ratios of 75 percent or higher.

Less than 25% 

Funded Ratio 

18.4%

25% to 49%

Funded Ratio

39.1%

75% or Higher

Funded Ratio

2.8% 

50% to 74%

Funded Ratio

39.6%
8 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

Figure 5

Participants and Beneficiaries Receiving PBGC Payments

Single-Employer Program

Reference Table S-20 of the PBGC Pension Insurance Data Book 2004. 

Sources: PBGC Participant System (PRISM), fi scal year calculations, PBGC Management Reports 

and PBGC Benefi t Payment Reports.

Note: Payees are retired participants or their benefi ciaries. 

Participants and Benefi ciaries Receiving

PBGC Payments (1980-2004) 

Single-Employer Program 

• PBGC’s responsibility for paying pension benefits has increased substantially 

over the past twenty-five years.

• In 2004, PBGC made periodic payments to more than 517,000 payees and 

lump sum payments to almost 21,000 participants.

• An additional 424,000 individuals are eligible for future PBGC benefit payments.

0

100

200

300

400

500

600

700

800

900

1,000

19801981

1982

1983

1984

198519861987

19881989

19901991

1992

1993

1994

1995

1996

1997

1998

19992000

2001

2002

2003

2004

Fiscal Year

Thousands

Deferred Status

Pay Status
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 9

Figure 6

Participants and Beneficiaries Receiving PBGC Payments

by Gender and Age, 2004

Single-Employer Program

Reference Table S-23 of the PBGC Pension Insurance Data Book 2004.

Sources: PBGC Participant System (PRISM), fi scal year calculations, PBGC Management Reports 

and PBGC Benefi t Payment Reports.

Note: Payees are retired participants or their benefi ciaries.

Participants and Beneficiaries Receiving

PBGC Payments by Gender and Age (2004) 

Single-Employer Program 

• Payees receiving PBGC payments are distributed across all retiree age groups.

• In all age groups except the oldest, male payees outnumber female payees.

 

0

20

40

60

80

100

Younger

Than 60

60-64 65-69 70-74 75-79 80-84 85 or Older

Age

Thousands

Female

Male
10 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

Figure 7

Total PBGC Benefit Payments

Single-Employer Program

PBGC Benefi t Payments (1980-2004) 

Single-Employer Program 

• PBGC’s important role in the private pension system is illustrated by the continuing 

increase in payments over its history. 

• In 2004, PBGC disbursed more than $3 billion in monthly pension and lump sum 

benefit payments to retired plan participants or their beneficiaries. 

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

1980

1981

1982198319841985198619871988

1989

1990

1991

1992

19931994

19951996

1997

1998

1999

2000

2001

2002

20032004

Fiscal Year

Millions

Reference Table S-20 of the PBGC Pension Insurance Data Book 2004.

Sources: PBGC Participant System (PRISM), fi scal year calculations, PBGC Management Reports 

and PBGC Benefi t Payment Reports.

Note: Payment fi gures include periodic payments and lump sum payments made in each year.
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 11

Figure 8

PBGC-Insured Plans

Single-Employer Program

Reference Table S-31 of the PBGC Pension Insurance Data Book 2004.

Source: PBGC Premium Filings, various years. 

PBGC-Insured Plans (1980-2004) 

Single-Employer Program 

• The total number of single-employer plans insured by PBGC has declined 

substantially in the past nineteen years.

• In 2004, PBGC insured about 29,600 single-employer defined benefit plans, 

down from an all-time high of 112,000 plans in 1985.

• This decline primarily reflects a large number of terminations among small plans.

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

120,000

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

 5,000 Or More Participants

 1,000 - 4,999 Participants

 100 - 999 Participants

 Fewer Than 100 Participants

Size of Plan 
12 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

Figure 9

Participants in PBGC-Insured Plans

Single-Employer Program

Reference Table S-30 of the PBGC Pension Insurance Data Book 2004. 

Source: PBGC Premium Filings, various years.

Participants in PBGC-Insured Plans 

(1980-2004)

Single-Employer Program 

• In 2004, PBGC provided pension insurance protection to more than 

34 million participants in single-employer plans. 

• This represented a 26 percent increase over the total number of participants covered in 

1980. 

0

10

20

30

40

1980

1981

1982

1983

198419851986

1987

1988

19891990

19911992

1993

1994

1995

1996

1997

19981999

2000

20012002

2003

2004

Millions

Fewer Than 100 Participants

 100 - 999 Participants

1,000 - 4,999 Participants

 5,000 Or More Participants

Size of Plan
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 13

Figure 10

PBGC-Insured Participants by Participant Status

Single-Employer Program

Reference Table S-32 of the PBGC Pension Insurance Data Book 2004. 

Source: Internal Revenue Service Form 5500 Series fi lings for single-employer plans. Data for plan years prior to 1999 include 

only plans with 100 or more participants. 

PBGC-Insured Participants

by Participant Status (1980-2002)

Single-Employer Program 

• Although the total number of participants that PBGC covers has grown, the 

percentage of these participants that are active workers fell from 78 percent in 1980 

to 50 percent in 2002.

• The greatest participant growth since 1980 has occurred among separated vested 

participants.

0%

20%

40%

60%

80%

100%

Percent of Total 

Participants

Active Retired Separated Vested

19801981

1982

1983

1984

1985198619871988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002
14 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

Figure 11

PBGC-Insured Participants by Industry, 2003

Single-Employer Program

Reference Table S-36 of the PBGC Pension Insurance Data Book 2004.

Source: PBGC Premium Filings. 

PBGC-Insured Participants by Industry (2003)

Single-Employer Program

• While PBGC covers workers in all major industrial sectors, nearly half of all covered 

single-employer participants are in plans sponsored by manufacturing firms. 

• Substantial numbers of participants can also be found in plans sponsored by firms in 

the Services, Finance and Retail sectors.

Information

7.1%

Services

15.6%

Finance,

Insurance & 

Real Estate

12.3%

Other

Industries

17.8%

Manufacturing

47.2%

Major Manufacturing Groups:

5.8% Motor Vehicles

5.5% Chemical and

 Allied Products

3.5% Food & Tobacco

2.8% Machinery 

2.5% Primary Metals
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 15

Figure 12

PBGC Premium Revenue

Single-Employer Program

Reference Table S-38 of the PBGC Pension Insurance Data Book 2004. 

Source: PBGC Annual Reports (1980-2004). 

PBGC Premium Revenue (1980-2004)

Single-Employer Program 

• The increase in premium revenues beginning in 1986 reflected increases in the flatrate premium, the addition of the variable-rate premium based on plan underfunding 

levels after 1987, and the phasing-out of the cap on the variable-rate premium.

• The decline in premium revenue from 1996 to 2002 reflected somewhat improved 

plan funding and an increase in the number of underfunded plans qualifying for 

exemption from paying the variable-rate premium.

• The increase in premium revenues since 2002 reflected deteriorating plan funding, 

which caused an increase in variable-rate premiums. 

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

Fiscal Year

Millions

Variable-Rate

Flat-Rate

19801981

1982

1983

19841985

19861987

1988

1989

1990

1991

1992

19931994

19951996

1997

1998

1999

2000

2001

2002

2003

2004
16 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

Figure 13

Distribution of PBGC-Insured Participants and Premiums

by Premiums Paid, 2003

Single-Employer Program

Reference Tables S-39 and S-40 of the PBGC Pension Insurance Data Book 2004.

Source: PBGC Premium Filings. 

PBGC-Insured Participants and Premiums 

by Premiums Paid (2003)

Single-Employer Program 

• The PBGC variable-rate premium is based on the level of a plan’s 

unfunded liabilities. 

• Relatively few participants are in plans paying the variable-rate premium. 

Flat-Rate

68% Flat-Rate Only

83%

VariableRate

32%

VariableRate

17%

Insured Participants Total Premiums
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 17

PBGC DATA

AND TRENDS

Multiemployer Program
18 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

Figure 14

Net Position of PBGC’s Multiemployer Program

Reference Table M-1 of the PBGC Pension Insurance Data Book 2004. 

Source: PBGC Annual Reports (1980-2004). 

PBGC’s Net Position is the difference (with some adjustments) between the insurance program’s total assets and total liabilities. 

Net Position of PBGC’s

Multiemployer Program (1980-2004) 

• PBGC’s multiemployer program was in surplus from 1982 to 2002.

• The program reported a deficit of $236 million in 2004.

-$400

-$300

-$200

-$100

$0

$100

$200

$300

$400

19801981

1982

1983

1984

1985

1986

1987

1988

1989

19901991

1992

1993

19941995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Millions

Fiscal Year
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 19

Figure 15

PBGC-Insured Plans 

Multiemployer Program

Reference Table M-6 of the PBGC Pension Insurance Data Book 2004.

Source: PBGC Premium Filings, various years.

PBGC-Insured Plans (1980-2004)

Multiemployer Program 

• The total number of multiemployer plans insured by PBGC has declined slowly 

since 1982.

• This decline primarily reflects the loss of plans with fewer than 1,000 participants.

• This decline is primarily due to plan mergers.

0

500

1,000

1,500

2,000

2,500

3,000

1980

1981

19821983

1984

19851986198719881989

199019911992

1993

1994

1995

1996

19971998

1999

2000

2001

2002

2003

2004

 5,000 Or More Participants

 1,000 - 4,999 Participants

 Fewer Than 1,000 Participants

Size of Plan
20 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

Figure 16

Participants in PBGC-Insured Plans 

Multiemployer Program

Reference Table M-5 of the PBGC Pension Insurance Data Book 2004. 

Source: PBGC Premium Filings, various years. 

Participants in PBGC-Insured Plans 

(1980-2004) 

Multiemployer Program 

• In 2004, PBGC provided pension insurance protection to more than 9.8 million 

participants in multiemployer plans. 

• This represents a 23 percent increase over the total number of participants 

covered in 1980. 

• This increase occurred primarily in plans with 5,000 or more participants. 

0

2

4

6

8

10

1980198119821983198419851986198719881989

1990

19911992

1993

1994199519961997

1998

1999

2000

2001

200220032004

Millions

 Fewer Than 1,000 Participants

1,000 - 4,999 Participants

 5,000 Or More Participants

Size of Plan
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 21

Figure 17

PBGC-Insured Plan Participants by Participant Status 

Multiemployer Program

Reference Table M-7 of the PBGC Pension Insurance Data Book 2004. 

Source: Internal Revenue Service Form 5500 Series fi lings for multiemployer plans. Data for plan years prior to 1999 include only 

plans with 100 or more participants. 

PBGC-Insured Participants 

by Participant Status (1980-2002) 

Multiemployer Program 

• Although the total number of multiemployer plan participants that PBGC covers 

has grown, the percentage of these participants that are active workers fell from 

76 percent in 1980 to 48 percent in 2002. 

0%

20%

40%

60%

80%

100%

19801981

1982

1983

1984

1985

1986

19871988

1989

1990

1991

199219931994

1995

1996

199719981999

2000

2001

2002

Percent of Total 

Participants

Active Retired Separated Vested
22 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2004

Figure 18

PBGC-Insured Participants by Industry, 2003

Multiemployer Program

Reference Table M-8 of the PBGC Pension Insurance Data Book 2004. 

Source: PBGC Premium Filings. 

PBGC-Insured Participants by Industry (2003)

Multiemployer Program 

• While PBGC covers workers in all major industrial sectors, the construction trades 

account for over one-third of all covered multiemployer plan participants.

 

Other

5.4%

Services

14.4%

Retail Trade

14.2%

Manufacturing

15.3%

Truck

 Transportation

14.2%

Construction

36.5%

Major Construction Groups:

7.8% Electrical Work

7.2% Building Construction

5.1% Heavy Construction

4.2% Plumbing, Heating

 & Air Conditioning
PENSION INSURANCE DATA BOOK 2004 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 23

APPENDIX S

Single-Employer Data Tables
24 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2004
PENSION INSURANCE DATA BOOK 2004 SINGLE-EMPLOYER DATA TABLES 25

PBGC’s Single-Employer Program

Under its single-employer program, PBGC insures the pension benefits of participants in most private sector, single-employer, defined benefit pension plans. A singleemployer plan is a plan that was not established pursuant to a collective bargaining 

agreement between the plan’s participants and two or more unrelated employers. 

A defined benefit plan is a pension plan other than an individual account plan. In a typical single-employer defined benefit plan, benefits are based on a formula that typically 

includes as inputs years of service and either a flat dollar amount or the participants’ 

average compensation.

An insured plan pays PBGC a yearly premium of $19 per participant for pension 

benefit insurance coverage. Plans that are underfunded (based on PBGC premium 

calculations) also have to pay PBGC an additional premium of $9 per $1,000 of 

underfunding to cover the additional exposure they create for the insurance program.

If a plan terminates with insufficient assets to pay all promised benefits, PBGC will 

usually trustee the plan and become responsible for paying benefits to the plan’s participants and their beneficiaries. PBGC pays benefits according to the provisions of each 

individual pension plan, subject to certain guarantee limits. More than 90 percent of the 

participants in PBGC-trusteed plans receive all the benefits they were promised by their 

plan. Benefits for some participants may be cut back if 1) their benefits exceed PBGC’s 

maximum guarantee limit, 2) a benefit increase occurred within five years of the plan’s 

termination, or 3) a part of their benefit is a supplemental benefit. While few participants have their benefits reduced by any of these guarantee limits, some of those who do 

will experience substantial benefit cuts. PBGC will pay some nonguaranteed benefits 

when the plan has sufficient assets to do so or when there are recoveries from employers.

PBGC does not index benefit payments. However, by law it must increase the 

maximum guarantee limit each year to reflect the increase in national wages. For plans 

terminating in 2005, the limit is $3,801.14 per month or $45,613.68 per year for a 

single-life annuity beginning at age 65. The limit on the maximum guarantee is adjusted 

for retirement ages other than 65. The age-adjusted limit that will apply to a given participant is the limit for his or her age at plan termination, if he or she has already retired, 

or the limit for the age when he or she actually retires. The limit is reduced if the benefit 

is not paid as a single-life annuity. For example, the limit is reduced if the benefit is paid 

as a joint-and-survivor annuity. 
26 SINGLE-EMPLOYER DATA TABLES 

Table S-1

Net Financial Position of PBGC’s Single-Employer Program 

Source: PBGC Annual Reports (1980-2004). 

*The originally reported $3.8 billion defi cit in 1986 decreased after a Supreme Court ruling restored three pension plans and returned 

Corporation.

Due to rounding of individual items, numbers may not add exactly across columns. 

* 

Fiscal Year Assets Liabilities 

(in millions) (in millions) 

1980 $430 $524 

1985 1,155 2,480 1986 1,740 3,766 1987 2,163 3,712 1988 2,422 3,965 1989 3,059 4,183 1990 2,797 4,710 1991 5,422 7,925 1992 6,381 9,118 1993 8,267 11,164 1994 8,281 9,521 1995 10,371 10,686 1996 12,043 11,174 1997 15,314 11,833 1998 17,631 12,619 1999 18,431 11,393 2000 20,830 11,126 2001 21,768 14,036 2002 25,430 29,068 2003 34,016 45,254 2004 38,993 62,298 
PENSION INSURANCE DATA BOOK 2004 

Table S-2

PBGC Premium Revenue, Benefit Payments and Expenses 

Single-Employer Program

Source: PBGC Annual Reports (1980-2004). 

Due to aggregation and rounding of individual items, fi gures may not add up to totals in other tables.

Total Admi

Fiscal Premium Benefit Inv

Year Revenue Payments Ex

(in millions) (in millions) (

1980 $71 $37 1985 82 170 1986 201 261 1987 268 300 1988 465 357 1989 603 353 1990 659 369 1991 741 514 1992 875 634 1993 890 720 1994 955 719 1995 838 761 1996 1,146 790 1997 1,067 823 1998 966 847 1999 902 901 2000 807 902 2001 821 1,042 2002 787 1,537 2003 948 2,488 2004 1,458 3,006 
28 SINGLE-EMPLOYER DATA TABLES 

Table S-3

PBGC Terminations and Claims (1975-2004)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Due to rounding of individual items, numbers may not add exactly across columns.

Claims fi gures shown in this table are calculated on a plan basis and identifi ed with fi scal year of plan termination for each plan.

The annual numbers of trusteed terminations shown in this table may differ from those reported elsewhere as they refl ect the fi scal ye

in which the loss was incurred. For example, PBGC became responsible for 192 underfunded terminated plans during FY 2004, b

during FY 2004. The rest had termination dates in earlier fi scal years and are allocated to those years.

Values are subject to change as PBGC completes reviews, establishes termination dates and determines recoveries.

Fiscal Standard Trusteed Gro

Year Terminations Terminations Assets Liabilities Cla

(in millions) (in millions) (in mi

1975-1979 28,572 586 $145.2 $397.4 $251980-1984 29,236 621 513.8 1,257.3 741985-1989 48,519 537 651.1 2,351.4 1,701990 11,800 101 108.0 215.8 101991 8,600 175 1,485.4 3,022.2 1,531992 6,670 157 250.7 822.2 571993 5,320 124 125.9 256.3 131994 3,950 135 304.5 799.6 491995 3,870 121 235.3 397.5 161996 3,809 96 256.7 425.2 161997 3,497 82 463.8 672.3 201998 2,475 63 172.8 248.3 71999 1,969 76 282.1 450.5 162000 1,882 72 266.8 368.7 102001 1,565 110 2,520.3 3,724.6 1,202002 1,214 177 4,517.6 8,092.3 3,572003 1,119 140 6,933.0 13,326.0 6,392004 1,189 96 2,811.3 5,821.9 3,01TOTAL 165,256 3,469 $22,044.3 $42,649.6 $20,60
PENSION INSURANCE DATA BOOK 2004 

Table S-4

PBGC Claims (1975-2004)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Due to rounding, percentages may not add up to 100 percent.

Annual claims for Top 10 fi rms are summations of all claims in that fi scal year associated with the Top 10 fi rms. See Table S-5 for a l

values.

Values are subject to change as PBGC completes reviews and establishes termination dates.

Fiscal Claims of Top 10 Firms and 

Year Total Claims Percent of Total Annual Claims 

1975-1979 $252,203,231 — — 1980-1984 743,533,498 — — 1985-1989 1,700,270,434 $495,235,029 29.1% 1990 107,746,293 — — 1991 1,536,783,633 1,371,920,378 89.3% 1992 571,581,045 21,892,625 3.8% 1993 130,418,962 — — 1994 495,085,458 — — 1995 162,181,128 — — 1996 168,570,089 — — 1997 208,519,025 — — 1998 75,486,781 — — 1999 168,475,418 — — 2000 101,890,688 — — 2001 1,204,293,061 668,377,105 55.5% 2002 3,574,640,663 1,908,064,123 53.4% 2003 6,393,049,425 5,527,640,954 86.5% 2004 3,010,587,569 1,308,497,611 43.5% TOTAL (1975-2004) $20,605,316,001 $11,301,627,825 54.8% 
30 SINGLE-EMPLOYER DATA TABLES 

Table S-5

Top 10 Firms Presenting Claims (1975-2004) 

Single-Employer Program

Number Fiscal Years 

of of Plan Vested 

Top 10 Firms Plans Terminations Claims Participants 

(by firm) 

1. Bethlehem Steel 1 2003 $3,654,380,116 97,015 2. LTV Steel* 6 2002, 2003, 2004 1,962,625,409 80,376 3. National Steel 7 2003, 2004 1,146,438,451 35,404 4. Pan American Air 3 1991, 1992 841,082,434 37,485 5. US Airways Pilots 1 2003 726,077,461 7,168 6. Weirton Steel 1 2004 688,684,867 9,196 7. Trans World Airlines 2 2001 668,377,105 34,171 8. Kaiser Aluminum 3 2004 565,996,384 17,591 9. Eastern Air Lines 7 1991 552,730,569 51,187 

10. Wheeling-Pitt Steel 7 1986 495,235,029 22,144 

Top 10 Total 38 11,301,627,825 391,575 All Other Total 3,431 9,303,688,176 1,009,097 TOTAL 3,469 $20,605,316,001 1,400,672 

Sources: PBGC Fiscal Year Closing File (9/30/04), PBGC Case Administration System and PBGC Participant System (PRISM). 

Due to rounding, percentages may not add up to 100 percent. 

Data in this table have been calculated on a fi rm basis and include all plans of each fi rm. 

Values and distributions are subject to change as PBGC completes its reviews and establishes termination dates. 

* Does not include 1986 termination of a Republic Steel plan sponsored by LTV. 
PENSION INSURANCE DATA BOOK 2004 

Table S-6

PBGC Trusteed Terminations by Fiscal Year and Size of Clai

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates.

Due to rounding, percentages may not add up to 100%.

FISCAL YEAR

Size of Claim 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 2000-

Less than $1 million 545 537 451 532 304 27$1 to $9 million 36 66 66 137 118 21$10 to $99 million 5 18 15 17 16 8$100 to $999 million — — 5 6 — 1$1 billion or more — — — — — TOTAL 586 621 537 692 438 59
32 SINGLE-EMPLOYER DATA TABLES 

Table S-7

PBGC Claims by Fiscal Year and Size of Claim (197

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates.

Due to rounding, percentages may not add up to 100%.

FISCAL YEAR

Size of Claim 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 2

Less than $1 million $62,190,393 $79,609,153 $75,747,198 $125,334,970 $94,795,786 $$1 to $9 million 89,626,004 193,468,853 217,215,344 449,072,208 307,856,748 7$10 to $99 million 100,386,834 470,455,492 424,362,734 447,349,948 380,579,907 2,6$100 to $999 million — — 982,945,158 1,819,857,865 — 5,5$1 billion or more — — — — — 5,2TOTAL $252,203,231 $743,533,498 $1,700,270,434 $2,841,614,991 $783,232,441 $14,2
PENSION INSURANCE DATA BOOK 2004 

Table S-8

PBGC Trusteed Plans by Fiscal Year and Funded Ratio (

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates.

Due to rounding, percentages may not add up to 100%.

FISCAL YEAR

Funded Ratio 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 2000-

Under 25% 163 221 169 189 119 1025% - 49% 149 134 112 153 102 1650% - 74% 127 134 129 181 134 2175% and over 147 132 127 169 83 11TOTAL 586 621 537 692 438 59
34 SINGLE-EMPLOYER DATA TABLES 

Table S-9

PBGC Claims by Fiscal Year and Funded Ratio (197

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates.

Due to rounding, percentages may not add up to 100%.

FISCAL YEAR

Funded Ratio 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 200Under 25% $170,654,428 $304,502,424 $874,619,562 $1,663,923,174 $103,861,264 $67625% - 49% 54,478,604 308,867,603 676,479,113 326,486,170 184,644,727 6,51250% - 74% 21,092,607 119,301,160 142,113,165 767,251,812 339,101,195 6,77275% and over 5,977,592 10,862,311 7,058,594 83,953,835 155,625,255 322TOTAL $252,203,231 $743,533,498 $1,700,270,434 $2,841,614,991 $783,232,441 $14,284
PENSION INSURANCE DATA BOOK 2004 

Table S-10

PBGC Trusteed Plans by Size of Claim and Funded Ratio 

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Claim values and distributions are subject to change as PBGC completes reviews.

SIZE OF CLAIM

Less Than 

Funded Ratio $1 Million $1 - $9 Million $10 - $99 Million $100 - $999 Million Under 25% 756 163 35 8 25 - 49% 548 205 50 8 50 - 74% 630 215 60 14 75% and over 709 55 11 — TOTAL 2,643 638 156 30 
36 SINGLE-EMPLOYER DATA TABLES 

Table S-11

PBGC Claims by Size of Claim and Funded Ratio (19

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Claim values and distributions are subject to change as PBGC completes reviews.

Due to rounding, percentages may not add up to 100%.

SIZE OF CLAIM

Less Than $1 Billio

Funded Ratio $1 Million $1 - $9 Million $10 - $99 Million $100 - $999 Million or More Under 25% $182,014,662 $480,903,575 $946,670,347 $2,184,827,903 25% - 49% 135,486,977 703,553,109 1,313,027,361 2,257,159,582 $3,654,38050% - 74% 144,241,608 654,176,939 1,850,383,710 3,940,783,918 1,571,79675% and over 62,665,362 140,596,598 382,647,271 — TOTAL $524,408,609 $1,979,230,221 $4,492,728,689 $8,382,771,403 $5,226,177
PENSION INSURANCE DATA BOOK 2004 

Table S-12

Average Claim per Vested Participant by Plan Size (19

Single-Employer Program

Average 

Number of Plan Vested Claim Per 

Participants Participants Plans Claims Participant 

Under 100 76,126 2,057 $393,660,964 1.9% $5,171 $7100-999 370,105 1,201 2,703,328,042 13.1% 7,304 4,51,000-4,999 338,946 168 4,300,243,498 20.9% 12,687 6,45,000-9,999 176,149 24 3,811,647,180 18.5% 21,639 4,610,000 and over 439,346 19 9,396,436,317 45.6% 21,387 11,0TOTAL 1,400,672 3,469 $20,605,316,001 100.0% $14,711 $27,4

Sources: PBGC Fiscal Year Closing File (9/30/04), PBGC Case Administration System and Bureau of Labor Statistics.

Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates.

Claims calculations represent aggregated and average counts of plans, claims, and participants over the period 1975-2004. 

The number of vested participants and claims values are calculated as of date of plan termination. 

Due to rounding, percentages may not add up to 100 percent. 

Claims in 2004 dollars are calculated using Consumer Price Index - Urban Consumers.
38 SINGLE-EMPLOYER DATA TABLES 

Table S-13

PBGC Trusteed Plans by Fiscal Year and Plan Size (19

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates. 

Due to rounding, percentages may not add up to 100%.

Number of FISCAL YEAR

Plan Participants 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 2000

Less than 25 193 175 143 136 90 825-99 222 246 207 251 162 14100-999 159 179 166 276 151 271,000-4,999 12 21 16 24 31 65,000-9,999 — — 4 2 3 110,000 and over — — 1 3 1 1TOTAL 586 621 537 692 438 59
PENSION INSURANCE DATA BOOK 2004 

Table S-14

PBGC Claims by Fiscal Year and Plan Size (1975-

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System. 

Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates. 

Number of Plan FISCAL YEAR

Participants 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 20

Less than 25 $6,429,262 $8,109,535 $7,707,563 $13,590,381 $13,084,408 $1525-99 21,730,565 38,835,260 42,391,518 63,313,563 62,478,439 100100-999 125,299,991 241,745,665 297,290,846 556,330,490 291,964,260 1,1901,000-4,999 98,743,413 454,843,038 369,935,349 750,449,650 284,275,911 2,3415,000-9,999 — — 738,503,990 212,729,641 102,443,025 2,75710,000 and over — — 244,441,168 1,245,201,266 28,986,398 7,877TOTAL $252,203,231 $743,533,498 $1,700,270,434 $2,841,614,991 $783,232,441 $14,284
40 SINGLE-EMPLOYER DATA TABLES 

Table S-15

PBGC Trusteed Plans by Size of Claim and Plan Size (1

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System. 

Claim values and distributions are subject to change as PBGC completes reviews.

SIZE OF CLAIM

Number of Plan Less Than 

Participants $1 Million $1 - $9 Million $10 - $99 Million $100 - $999 Million 

Less than 25 817 3 — — 25-99 1,176 61 — — 100-999 635 511 55 — 1,000-4,999 15 62 84 7 5,000-9,999 — 1 12 11 10,000 and over — — 5 12 TOTAL 2,643 638 156 30 
PENSION INSURANCE DATA BOOK 2004 

Table S-16

PBGC Claims by Size of Claim and Plan Size (1975

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Claim values and distributions are subject to change as PBGC completes reviews.

SIZE OF CLAIM

Number of Plan Less Than 

Participants $1 Million $1 - $9 Million $10 - $99 Million $100 - $999 Million 

Less than 25 $59,837,421 $4,219,670 — — 25-99 231,139,641 98,464,232 — — 100-999 226,000,860 1,563,445,329 $913,881,853 — 1,000-4,999 7,430,687 306,680,155 2,716,157,666 $1,269,974,990 5,000-9,999 — 6,420,835 597,107,695 3,208,118,650 10,000 and over — — 265,581,475 3,904,677,763 TOTAL $524,408,609 $1,979,230,221 $4,492,728,689 $8,382,771,403 Percent of Total 2.5% 9.6% 21.8% 40.7% 
42 SINGLE-EMPLOYER DATA TABLES 

Table S-17

PBGC Trusteed Plans by Funded Ratio and Plan Size (1

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System. 

Claim values and distributions are subject to change as PBGC completes reviews.

Number of Plan FUNDED RATIO 

Participants Less Than 25% 25%-49% 50%-74% 

Less than 25 305 155 144 25-99 364 305 296 100-999 256 300 395 1,000-4,999 32 41 64 5,000-9,999 4 7 10 10,000 and over 1 4 11 TOTAL 962 812 920 
PENSION INSURANCE DATA BOOK 2004 

Table S-18

PBGC Claims by Funded Ratio and Plan Size (1975

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System.

Claim values and distributions are subject to change as PBGC completes reviews.

Number of Plan FUNDED RATIO 

Participants Less Than 25% 25%-49% 50%-74% 7

Less than 25 $35,633,218 $15,924,781 $10,442,941 25-99 152,759,310 100,527,730 64,633,172 100-999 745,140,538 936,619,197 892,452,113 1,000-4,999 1,347,389,414 996,279,891 1,750,770,747 5,000-9,999 733,956,619 1,578,183,480 1,401,990,743 10,000 and over 779,537,388 4,436,072,066 4,041,093,422 TOTAL $3,794,416,487 $8,063,607,145 $8,161,383,138 
44 SINGLE-EMPLOYER DATA TABLES 

Table S-19

PBGC Claims by Industry (1975-2004)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04) and PBGC Case Administration System. 

Values and distributions are subject to change as PBGC completes reviews.

Due to rounding, percentages may not add up to 100 percent. 

Industry classifi cations for PBGC claims are based on the Standard Industrial Classifi cation (SIC) system. Therefore the results in thi

industry tables based on the North American Industry Classifi cation (NAIC) system. 

Industry Total Claims 

AGRICULTURE, MINING AND CONSTRUCTION $530,441,173 2.6% MANUFACTURING 15,117,390,355 73.4% 

Chemical and Allied Products 118,450,097 0.6% 

Fabricated Metal Products 776,462,949 3.8% 

Food and Tobacco Products 142,235,118 0.7% 

Machinery and Computer Equipment 840,298,250 4.1% 

Motor Vehicle Equipment 255,896,170 1.2% 

Paper and Allied Products 137,795,236 0.7% 

Primary Metals 10,955,512,456 53.2% 

Rubber and Miscellaneous Plastics 280,132,017 1.4% 

Other Manufacturing 1,610,608,062 7.8% 

TRANSPORTATION AND PUBLIC UTILITIES 3,535,073,396 17.2% 

Air Transportation 2,857,632,315 13.9% 

Other Transportation and Utilities 677,441,081 3.3% 

WHOLESALE TRADE 408,186,748 2.0% RETAIL TRADE 363,743,708 1.8% FINANCE, INSURANCE AND REAL ESTATE 215,136,123 1.0% SERVICES 435,344,498 2.1% 

TOTAL $20,605,316,001 100.0% 
PENSION INSURANCE DATA BOOK 2004 

Table S-20

PBGC Benefit Payments, Payees and Deferred Payees (1

Single-Employer Program

Sources: PBGC Participant System (PRISM), fi scal year calculations, PBGC Management Reports and PBGC Benefi t Payment Rep

Lump sum payments include cash-outs of pensions with de minimis present values and backpayments to current pensioners.

Since some payees received both pensions and lump sum payments, total number of payees may be less than the sum of pensioner

Excludes participants in plans that are in probable termination status as of end of fi scal year.

PERIODIC PENSION PAYMENTS LUMP SUM PAYMENTS 

Average Median 

Fiscal Payees Monthly Monthly Payees Average 

Year Total in Year Payment Payment Total in Year Payment 

(in millions) (in thousands) (in millions) (in thousands) 

1980 $34 28 $124 $91 $3 2 $1,623 1985 166 75 226 128 4 2 1,782 1990 356 110 262 184 13 6 2,437 1991 499 140 338 189 15 6 2,558 1992 617 150 359 232 17 6 3,078 1993 704 157 379 234 16 5 2,686 1994 699 170 359 238 20 7 2,818 1995 739 182 344 232 22 6 3,335 1996 770 199 328 225 20 7 2,757 1997 800 204 316 212 23 9 2,629 1998 826 208 313 208 21 9 2,198 1999 844 214 311 208 56 16 3,553 2000 831 226 309 206 71 19 3,726 2001 955 266 325 208 88 18 4,817 2002 1,458 343 383 242 79 21 3,757 2003 2,401 457 453 275 87 22 4,220 2004 2,918 517 475 281 88 21 4,229 
46 SINGLE-EMPLOYER DATA TABLES 

Table S-21

PBGC Payees and Benefit Payments by Date of Plan Term

Single-Employer Program

Sources: PBGC Participant System (PRISM), fi scal year calculations and PBGC Management Reports. 

Due to rounding, totals may not add up exactly to totals in other tables and percentages may not add up to 100 percent. 

Average 

Fiscal Year of Monthly 

Plan Termination Payees in 2004 Benefit Payments in 2004 Pension 

(in millions)

Prior to 1980 10,211 1.9% $15.2 0.5% $114 1980 to 1984 33,830 6.3% 92.2 3.1% 217 1985 to 1989 47,592 8.9% 176.4 5.9% 300 1990 5,982 1.1% 18.1 0.6% 239 1991 51,534 9.7% 272.1 9.1% 423 1992 15,796 3.0% 65.0 2.2% 327 1993 5,759 1.1% 17.9 0.6% 247 1994 12,649 2.4% 54.2 1.8% 342 1995 7,712 1.4% 30.4 1.0% 315 1996 10,554 2.0% 31.9 1.1% 226 1997 13,548 2.5% 48.4 1.6% 289 1998 4,716 0.9% 15.6 0.5% 264 1999 6,750 1.3% 19.5 0.6% 233 2000 13,603 2.6% 36.1 1.2% 210 2001 51,378 9.6% 322.0 10.7% 532 2002 105,308 19.8% 673.0 22.4% 535 2003 104,676 19.6% 994.5 33.1% 757 2004 31,286 5.9% 123.3 4.1% 550 TOTAL 532,884 100.0% $3,005.9 100.0% $475 
PENSION INSURANCE DATA BOOK 2004 

Table S-22

PBGC Payees and Benefit Payments by Size of Trusteed 

Single-Employer Program

Sources: PBGC Participant System (PRISM), fi scal year calculations and PBGC Management Reports.

Due to aggregation and rounding of individual items, totals may not equal those in other tables and percentages may not add up to 1

Number Avera

of Plan Monthly P

Participants Payees Payments Payme

(in millions)

Under 100 20,099 3.8% $56.0 1.9% $216 100 - 499 64,884 12.2% 198.6 6.6% 254 500 - 999 42,044 7.9% 172.2 5.7% 333 1,000 - 4,999 105,266 19.8% 561.1 18.7% 442 5,000 - 9,999 70,561 13.2% 400.6 13.3% 579 10,000 - 24,999 83,444 15.7% 460.2 15.3% 479 25,000 or more 146,586 27.5% 1,157.2 38.5% 611 TOTAL 532,884 100.0% $3,005.9 100.0% $475 
48 SINGLE-EMPLOYER DATA TABLES 

Table S-23

Total PBGC Payees and Average Benefit Payments by Gender 

Single-Employer Program

Sources: PBGC Participant System (PRISM), fi scal year calculations and PBGC Management Reports.

Due to rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not add up to 100 pe

Numbers in table include periodic payees only.

TOTAL PERIODIC PAYEES MALE 

Average Average 

Monthly Monthly 

Age Payees Pension Payees Pension 

Younger than 60 58,692 100.0% $673 38,974 66.4% $834 60 - 64 69,475 100.0% 586 48,509 69.8% 706 65 - 69 88,349 100.0% 516 60,477 68.5% 638 70 - 74 89,884 100.0% 478 58,404 65.0% 618 75 - 79 85,853 100.0% 413 50,657 59.0% 563 80 - 84 69,953 100.0% 359 36,617 52.3% 520 85 and older 54,460 100.0% 296 25,345 46.5% 457 TOTAL 516,666 100.0% $475 318,983 61.7% $629 
PENSION INSURANCE DATA BOOK 2004 

Table S-24

PBGC Retired Payees and Average Benefit Payments by Gende

Single-Employer Program

Sources: PBGC Participant System (PRISM), fi scal year calculations and PBGC Management Reports.

Due to rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not add up to 100 pe

Numbers in table include periodic payees only.

TOTAL RETIRED PAYEES MALE 

Average Average 

Monthly Monthly 

Age Payees Pension Payees Pension 

Younger than 60 53,667 100.0% $704 38,466 71.7% $838 60 - 64 64,221 100.0% 612 48,038 74.8% 709 65 - 69 80,203 100.0% 544 59,706 74.4% 640 70 - 74 79,051 100.0% 515 57,467 72.7% 621 75 - 79 72,339 100.0% 455 49,967 69.1% 567 80 - 84 56,602 100.0% 402 35,978 63.6% 524 85 and older 43,099 100.0% 332 24,805 57.6% 462 TOTAL 449,182 100.0% $515 314,427 70.0% $632 
50 SINGLE-EMPLOYER DATA TABLES 

Table S-25

PBGC Beneficiary Payees and Average Benefit Payments by Gen

Single-Employer Program

Sources: PBGC Participant System (PRISM), fi scal year calculations and PBGC Management Reports. 

Due to rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not add up to 100 pe

Numbers in table include periodic payees only.

TOTAL BENEFICIARY PAYEES MALE 

Average Average 

Monthly Monthly 

Age Payees Pension Payees Pension 

Younger than 60 5,025 100.0% $327 508 10.1% $362 60 - 64 5,254 100.0% 248 471 9.0% 308 65 - 69 8,146 100.0% 216 771 9.5% 332 70 - 74 10,833 100.0% 192 937 8.6% 333 75 - 79 13,514 100.0% 167 690 5.1% 186 80 - 84 13,351 100.0% 157 639 4.8% 157 85 and older 11,361 100.0% 146 540 4.8% 148 TOTAL 67,484 100.0% $190 4,556 6.8% $265 
PENSION INSURANCE DATA BOOK 2004 

Table S-26

Total PBGC Payees and Benefit Payments by Size of Monthly 

Single-Employer Program

Sources: PBGC Participant System (PRISM), fi scal year calculations and PBGC Management Reports. 

Due to aggregation and rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not 

Numbers in table include periodic payees only.

Monthly Payment Total Payees 

Less than $50 31,616 6.1% $1$50 - $99 77,221 14.9% 6$100 - $149 63,657 12.3% 9$150 - $199 38,551 7.5% 7$200 - $249 32,531 6.3% 8$250 - $299 25,905 5.0% 8$300 - $349 23,545 4.6% 9$350 - $399 19,766 3.8% 8$400 - $449 19,276 3.7% 9$450 - $499 16,932 3.3% 9$500 - $549 16,804 3.3% 10$550 - $599 15,603 3.0% 11$600 - $749 36,177 7.0% 29$750 - $999 34,341 6.6% 36$1,000 - $1,499 38,201 7.4% 56$1,500 - $1,999 15,423 3.0% 32$2,000 - $2,499 5,956 1.2% 15$2,500 or more 5,161 1.0% 18TOTAL 516,666 100.0% $2,91
52 SINGLE-EMPLOYER DATA TABLES 

Table S-27

PBGC Retired Payees and Benefit Payments by Size of Monthl

Single-Employer Program

Sources: PBGC Participant System (PRISM), fi scal year calculations and PBGC Management Reports. 

Due to aggregation and rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not 

Numbers in table include periodic payees only.

Monthly Payment Retired Payees 

Less than $50 26,738 6.0% $1$50 - $99 54,463 12.1% 4$100 - $149 49,481 11.0% 7$150 - $199 32,002 7.1% 6$200 - $249 27,707 6.2% 7$250 - $299 22,244 5.0% 7$300 - $349 20,972 4.7% 8$350 - $399 17,992 4.0% 8$400 - $449 18,032 4.0% 9$450 - $499 16,020 3.6% 9$500 - $549 15,998 3.6% 10$550 - $599 14,982 3.3% 10$600 - $749 35,003 7.8% 29$750 - $999 33,706 7.5% 35$1,000 - $1,499 37,658 8.4% 55$1,500 - $1,999 15,205 3.4% 31$2,000 - $2,499 5,883 1.3% 15$2,500 or more 5,096 1.1% 18TOTAL 449,182 100.0% $2,77
PENSION INSURANCE DATA BOOK 2004 

Table S-28

PBGC Beneficiary Payees and Benefit Payments by Size of Mont

Single-Employer Program

Sources: PBGC Participant System (PRISM), fi scal year calculations and PBGC Management Reports. 

Due to aggregation and rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not 

Numbers in table include periodic payees only.

Monthly Payment Beneficiary Payees 

Less than $50 4,878 7.2% $$50 - $99 22,758 33.7% 2$100 - $149 14,176 21.0% 1$150 - $199 6,549 9.7% 1$200 - $249 4,824 7.1% 1$250 - $299 3,661 5.4% 1$300 - $349 2,573 3.8% $350 - $399 1,774 2.6% $400 - $449 1,244 1.8% $450 - $499 912 1.4% $500 - $549 806 1.2% $550 - $599 621 0.9% $600 - $749 1,174 1.7% $750 - $999 635 0.9% $1,000 - $1,499 543 0.8% $1,500 - $1,999 218 0.3% $2,000 - $2,499 73 0.1% $2,500 or more 65 0.1% TOTAL 67,484 100.0% $14
54 SINGLE-EMPLOYER DATA TABLES 

Table S-29

PBGC Payees and Benefit Payments by Industry (2

Single-Employer Program

Sources: PBGC Participant System (PRISM), fi scal year calculations and PBGC Management Reports.

Due to aggregation and rounding of individual items, totals may not add up to totals in other tables and percentages may not add up t

Industry classifi cations are now based on principal business activity codes used in the North American Industry Classifi cation System

directly comparable with those in previous years. 

*Less than 0.05 of one percent.

Industry Payees Benefit Payments 

AGRICULTURE, MINING AND CONSTRUCTION 9,698 1.8% $61,000,623 2.0% MANUFACTURING 380,806 71.5% 2,259,819,969 75.2% 

Apparel and Textile Mill Products 40,155 7.5% 85,980,757 2.9Fabricated Metal Products 24,978 4.7% 84,747,197 2.8Food and Tobacco Products 6,623 1.2% 17,201,632 0.6Machinery and Computer Equipment 26,339 4.9% 112,654,331 3.7Motor Vehicle Equipment 7,671 1.4% 23,551,156 0.8Primary Metals 217,092 40.7% 1,702,595,429 56.6Rubber and Miscellaneous Plastics 7,031 1.3% 22,486,034 0.7Other Manufacturing 50,917 9.6% 210,603,433 7.0

TRANSPORTATION AND PUBLIC UTILITIES 80,685 15.1% 528,680,489 17.6% 

Air Transportation 66,615 12.5% 470,011,308 15.6Other Transportation 13,979 2.6% 58,455,464 1.9Public Utilities 91 * 213,717 

INFORMATION 938 0.2% 3,530,364 0.1% WHOLESALE TRADE 5,574 1.0% 15,520,693 0.5% RETAIL TRADE 29,138 5.5% 60,645,176 2.0% FINANCE, INSURANCE AND REAL ESTATE 3,322 0.6% 17,976,087 0.6% SERVICES 22,723 4.3% 58,690,077 2.0% 

Health Care 6,511 1.2% 19,626,549 0.7Other Services 16,212 3.0% 39,063,528 1.3

TOTAL 532,884 100.0% $3,005,863,478 100.0% 
PENSION INSURANCE DATA BOOK 2004 

Table S-30

PBGC-Insured Plan Participants (1980-2004)

Single-Employer Program

Source: PBGC Premium Filings, various years.

2004 fi gures are estimates from PBGC internal calculations. 2003 estimates reported last year have been updated to refl ect actual pr

Due to rounding of individual items, numbers may not add exactly across columns. 

Total In Plans with In Plans with In Plans with In Plans with In Plans 

Insured 10,000+ 5,000-9,999 1,000-4,999 250-999 100-2

Year Participants Participants Participants Participants Participants Particip

(in thousands) (in thousands) (in thousands) (in thousands) (in thousands) (in thousa

1980 27,518 12,044 2,833 5,776 3,852 1,431985 29,809 12,724 3,164 6,579 4,032 1,581986 30,043 12,800 3,236 6,596 4,104 1,591987 31,200 13,522 3,168 6,728 4,434 1,641988 31,461 13,820 3,141 6,844 4,401 1,581989 31,574 14,253 3,356 6,881 3,984 1,491990 31,633 14,336 3,351 6,989 4,064 1,421991 31,851 14,759 3,433 6,945 3,968 1,411992 32,056 15,416 3,520 6,997 3,694 1,271993 32,271 15,895 3,617 7,000 3,552 1,171994 32,372 16,258 3,814 6,942 3,292 1,121995 32,634 16,934 3,771 6,908 3,136 1,061996 32,724 17,076 3,843 6,896 3,128 1,001997 33,214 18,046 3,787 6,767 3,008 911998 33,545 18,568 3,905 6,719 2,883 841999 33,804 19,591 3,869 6,355 2,662 772000 34,108 20,337 3,738 6,225 2,569 732001 34,342 21,100 3,661 6,045 2,408 672002 34,248 21,573 3,537 5,846 2,263 602003 34,407 21,947 3,609 5,682 2,164 592004 34,617 22,425 3,619 5,526 2,085 56
56 SINGLE-EMPLOYER DATA TABLES 

Table S-31

PBGC-Insured Plans (1980-2004)

Single-Employer Program

Source: PBGC Premium Filings, various years.

2004 fi gures are estimates from PBGC internal calculations. 2003 estimates reported last year have been updated to refl ect actual pr

Insured Insured Insured Insured Insure

Total Plans with Plans with Plans with Plans with Plans w

Insured 10,000+ 5,000-9,999 1,000-4,999 250-999 100-24

Year Plans Participants Participants Participants Participants Participa

1980 95,439 349 365 2,858 7,439 8,512 1985 112,208 354 435 3,125 8,230 10,003 1986 111,944 379 447 3,158 8,186 9,859 1987 111,351 411 450 3,276 9,036 10,339 1988 108,279 412 446 3,314 8,799 9,965 1989 101,724 427 462 3,211 8,057 9,395 1990 91,899 458 477 3,400 8,085 8,976 1991 82,717 495 493 3,353 7,986 8,867 1992 71,589 505 504 3,367 7,402 7,991 1993 63,778 504 517 3,336 7,064 7,358 1994 57,010 524 553 3,361 6,682 6,941 1995 53,589 528 559 3,308 6,743 6,850 1996 48,748 531 556 3,280 6,217 6,225 1997 43,902 563 550 3,199 5,962 5,734 1998 41,462 570 565 3,139 5,693 5,255 1999 37,536 603 555 2,933 5,271 4,803 2000 35,373 621 531 2,875 5,056 4,536 2001 32,954 644 522 2,787 4,757 4,154 2002 31,229 632 505 2,671 4,461 3,742 2003 30,611 621 514 2,569 4,238 3,662 2004 29,651 628 512 2,494 4,089 3,479 
PENSION INSURANCE DATA BOOK 2004 

Table S-32

PBGC-Insured Plan Participants by Participant Status (

Single-Employer Program

Active Retired 

Year Participants Participants 

1980 77.6% 16.0% 1985 72.2% 18.7% 1986 71.3% 19.1% 1987 70.1% 19.8% 1988 70.6% 18.9% 1989 70.1% 18.9% 1990 68.1% 19.4% 1991 66.4% 20.1% 1992 64.2% 20.9% 1993 61.9% 21.6% 1994 61.2% 21.3% 1995 57.8% 22.9% 1996 55.3% 23.0% 1997 54.7% 23.7% 1998 54.2% 23.8% 1999 53.7% 23.9% 2000 51.9% 24.4% 2001 51.3% 24.6% 2002 49.8% 25.2% 

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only 

Due to rounding of individual items, rows may not add up to 100 percent.

2002 fi gures are estimates from PBGC internal calculations. 2001 fi gures reported last year have been updated to refl ect actual For
58 SINGLE-EMPLOYER DATA TABLES 

PERCENTAGE OF PRIVATE-SECTOR WA

Private-Sector Single-Employer Multiemployer 

Year Wage and Salary Workers Active Participants Active Participan

(in thousands) 

1980 78,349 27.3% 7.7% 1985 88,293 24.4% 6.1% 1986 90,267 23.7% 5.8% 1987 91,559 23.9% 5.6% 1988 93,012 23.9% 5.4% 1989 94,448 23.4% 5.5% 1990 94,772 22.7% 5.3% 1991 94,959 22.3% 5.2% 1992 96,577 21.3% 5.0% 1993 97,749 20.4% 4.7% 1994 101,077 19.6% 4.5% 1995 102,162 18.5% 4.4% 1996 104,313 17.3% 4.3% 1997 106,955 17.0% 4.3% 1998 108,340 16.8% 4.2% 1999 110,131 16.5% 4.2% 2000 112,443 15.8% 4.2% 2001 113,458 15.5% 4.2% 2002 113,711 15.0% 4.2% 

Sources: PBGC Pension Insurance Data Book 2004 Tables S-30, S-32, M-5 and M-7 and data on employed and unemployed wage a

Earnings (Bureau of Labor Statistics, U.S. Department of Labor).

Due to rounding of individual items, percentages may not add up across rows.

Table S-33

PBGC-Insured Active Participants

as a Percent of Private-Sector Wage and Salary Wo

(1980-2002)
PENSION INSURANCE DATA BOOK 2004 

Table S-34

PBGC-Insured Hybrid Plans by Plan Size (2001-2

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans.

Hybrid plans incorporate elements of both defi ned benefi t and defi ned contribution plans but are treated as defi ned benefi t plans. The

balance. The two most common types of hybrid plans are Cash Balance Plans and Pension Equity Plans.

2003 fi gures are estimates from PBGC internal calculations.

TOTAL INSURED PLANS INSURED PLANS WITH INSURED PLANS WIT

5,000 OR MORE PARTICIPANTS 1,000 - 4,999 PARTICIPA

Beginning Total Hybrid Percent Total Hybrid Percent Total Hybrid Per

of Year Plans Plans Hybrid Plans Plans Hybrid Plans Plans Hy

2001 32,954 1,227 3.7% 1,166 256 22.0% 2,787 290 102002 31,229 1,308 4.2% 1,137 263 23.1% 2,671 310 112003 30,611 1,514 4.9% 1,135 301 26.5% 2,569 324 12
60 SINGLE-EMPLOYER DATA TABLES 

Table S-35

PBGC-Insured Hybrid Plan Participants by Plan Size (2

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. 

Hybrid plans incorporate elements of both defi ned benefi t and defi ned contribution plans but are treated as defi ned benefi t plans. Th

balance. The two most common types of hybrid plans are Cash Balance Plans and Pension Equity Plans. Because most hybrid p

plans, not all participants will receive benefi ts based on the hybrid plan design. 

2003 fi gures are estimates from PBGC internal calculations.

TOTAL INSURED PLANS INSURED PLANS WITH INSURED PLANS WIT

5,000 OR MORE PARTICIPANTS 1,000 - 4,999 PARTICIPAN

Participants % in Participants % in Participants 

Beginning Total in Hybrid Hybrid Total in Hybrid Hybrid Total in Hybrid H of Year Participants Plans Plans Participants Plans Plans Participants Plans P

(in thousands) (in thousands) (in thousands) (in thousands) (in thousands) (in thousands) 

2001 34,342 7,034 20.5% 24,761 6,180 25.0% 6,045 698 12002 34,248 7,915 23.1% 25,110 6,999 27.9% 5,846 763 12003 34,407 8,469 24.6% 25,556 7,528 29.5% 5,682 783 1
PENSION INSURANCE DATA BOOK 2004 

Table S-36

PBGC-Insured Plans, Participants and Premiums by Indu

Single-Employer Program

Industry Insured Plans Insured Participan

(in thousands) 

AGRICULTURE, MINING AND CONSTRUCTION 2,525 8.2% 700 2.0% MANUFACTURING 8,576 28.0% 16,244 47.2% 

Chemical and Allied Products 749 2.4% 1,888 5.5% Fabricated Metal Products 1,491 4.9% 733 2.1% Food and Tobacco Products 754 2.5% 1,187 3.5% Machinery and Computer Equipment 829 2.7% 959 2.8% Motor Vehicle Equipment 387 1.3% 1,988 5.8% Paper and Allied Products 343 1.1% 803 2.3% Primary Metals 543 1.8% 854 2.5% Rubber and Miscellaneous Plastics 420 1.4% 393 1.1% Other Manufacturing 3,060 10.0% 7,438 21.6% 

TRANSPORTATION AND PUBLIC UTILITIES 1,109 3.6% 2,488 7.2% 

Air Transportation 74 0.2% 759 2.2% Other Transportation 624 2.0% 636 1.8% Public Utilities 411 1.3% 1,093 3.2% 

INFORMATION 791 2.6% 2,434 7.1% WHOLESALE TRADE 2,269 7.4% 696 2.0% RETAIL TRADE 1,587 5.2% 1,987 5.8% FINANCE, INSURANCE AND REAL ESTATE 5,284 17.3% 4,228 12.3% SERVICES 7,322 23.9% 5,356 15.6% 

Health Care 1,856 6.1% 3,092 9.0% Other Services 5,466 17.9% 2,264 6.6% 

NON-PROFIT ORGANIZATIONS 1,148 3.8% 274 0.8% TOTAL 30,611 100.0% 34,407 100.0% 

Source: PBGC Premium Filings.

Due to aggregation and rounding of individual items, totals may not add up to totals in other tables and percentages may not add up t

Industry classifi cations are now based on principal business activity codes used in the North American Industry Classifi cation System

directly comparable with those in previous years.
62 SINGLE-EMPLOYER DATA TABLES 

Table S-37

PBGC’s Historic Premium Rates

Single-Employer Program

For Plan Years 

Beginning Flat-Rate Premium 

(per participant)

September 2, 1974 - December 31, 1977 $1.00 January 1, 1978 - December 31, 1985 2.60 January 1, 1986 - December 31, 1987 8.50 January 1, 1988 - December 31, 1990 16.00 $6 per $1

(Max

January 1, 1991 - June 30, 1994 19.00 $9 per $1

(Max

July 1, 1994- June 30, 1995 19.00 $9 per $1

(Maximum of $53 

variable prem

July 1, 1995 - June 30, 1996 19.00 $9 per $1

(Maximum of $53 

variable prem

On or after July 1, 1996 19.00 $9 per $1

* Only vested liabilities are used when determining underfunding for variable-rate premium payment purposes. These vested liabilitie

percentage of the 30-year Treasury bond rate for the month preceding the month in which the plan year begins. The specifi ed perc

for plan years beginning from January 1988 to June 1997; 85 percent for plan years beginning from July 1997 to December 2002; 

January 2003 to December 2003. Starting in January 2004, and continuing through December 2005, the vestedliabilities were (an

to 85 percent of the Composite Corporate Bond Rate, as reported by the U.S. Department of the Treasury. 
PENSION INSURANCE DATA BOOK 2004 

Table S-38

PBGC Premium Revenue (1980-2004)

Single-Employer Program

Source: PBGC Premium Filings.

Flat-Rate Variable-Rate 

Year Premium Premium 

(in millions) (in millions) 

1980 $71.2 100.0% — — 1985 81.7 100.0% — — 1986 201.4 100.0% — — 1987 267.6 100.0% — — 1988 414.4 89.2% $50.0 10.8% 1989 503.2 83.4% 100.0 16.6% 1990 509.0 77.2% 150.0 22.8% 1991 541.0 73.0% 200.0 27.0% 1992 590.0 67.4% 285.0 32.6% 1993 605.0 68.0% 285.0 32.0% 1994 648.0 67.9% 307.0 32.1% 1995 587.0 70.0% 251.0 30.0% 1996 600.0 52.4% 546.0 47.6% 1997 646.0 60.5% 421.0 39.5% 1998 642.0 66.5% 324.0 33.5% 1999 611.0 67.7% 291.0 32.3% 2000 661.0 81.9% 146.0 18.1% 2001 674.0 82.1% 147.0 17.9% 2002 654.0 83.1% 133.0 16.9% 2003 647.0 68.2% 301.0 31.8% 2004 654.0 44.9% 804.0 55.1% 
64 SINGLE-EMPLOYER DATA TABLES 

Table S-39

PBGC Premium Revenue by Size of Plan and Type of Prem

Single-Employer Program

Source: PBGC Premium Filings.

Due to aggregation and rounding of individual items, premium totals may not equal those in other tables and percentages may not ad

“Percent of Total” represents proportions of Flat-Rate and Variable-Rate Premiums, respectively, of Total Premiums. 

Number of Plan Flat-Rate Variable-Rate 

Participants Premium Premium 

Under 100 $7,554,706 1.2% $18,195,439 6.0% 

100 - 499 25,445,078 3.9% 33,580,159 11.2% 500 - 999 23,681,260 3.7% 24,036,012 8.0% 1,000 - 2,499 50,070,822 7.7% 41,530,556 13.8% 2,500 - 4,999 53,320,323 8.2% 26,554,624 8.8% 5,000 - 9,999 67,684,886 10.5% 38,118,720 12.7% 10,000 and over 419,242,925 64.8% 118,984,491 39.5% 

TOTAL $647,000,000 100.0% $301,000,000 100.0% 

PERCENT OF TOTAL 68% 32% 
PENSION INSURANCE DATA BOOK 2004 

Table S-40

PBGC-Insured Plans and Participants by Total Premium 

Single-Employer Program

Percent 

of Variable-Rate Percent 

Total Premium Premium-Paying of All 

Per Participant Plans Plans Plans Participa

$19 (NO VARIABLE-RATE PREMIUM PAID) 16,813 — 54.9% 28,475,TOTAL VARIABLE-RATE PREMIUM PAYERS 13,798 100.0% 45.1% 5,930,

$19.01 - $28.99 823 6.0% 2.7% 458,$29.00 - $38.99 959 7.0% 3.1% 457,$39.00 - $48.99 968 7.0% 3.2% 584,$49.00 - $58.99 932 6.8% 3.0% 612,$59.00 - $68.99 876 6.4% 2.9% 496,$69.00 - $78.99 811 5.9% 2.6% 422,$79.00 - $88.99 787 5.7% 2.6% 530,$89.00 - $98.99 641 4.6% 2.1% 283,$99.00 - $108.99 585 4.2% 1.9% 308,$109.00 - $118.99 508 3.7% 1.7% 279,$119.00 - $168.99 1,734 12.6% 5.7% 856,$169.00 - $218.99 959 7.0% 3.1% 412,$219.00 - $268.99 617 4.5% 2.0% 75,$269.00 - $318.99 501 3.6% 1.6% 25,$319 or more 2,097 15.2% 6.9% 125,

TOTAL ALL PLANS 30,611 — 100.0% 34,406,

Source: PBGC Premium Filings.

Due to rounding of individual items, percentages may not add up to 100 percent. 
66 SINGLE-EMPLOYER DATA TABLES 

Table S-41

PBGC-Insured Plans and Participants 

by Variable-Rate Premium Status (1992-2003

Single-Employer Program

Source: PBGC Premium Filings. 

* Interest rates for valuing vested benefi ts for PBGC Variable-Rate Premium for plans with premium payment years beginning in Janu

Participants In Participants 

Plans Paying Plans Paying Plans Paying Plans Payi

Beginning Variable-Rate Flat-Rate Variable-Rate Flat-Rate 

of Year Premium Premium Only Premium Premium O

1992 30.8% 69.2% 27.4% 72.6% 1993 36.4% 63.6% 24.9% 75.1% 1994 43.1% 56.9% 34.2% 65.8% 1995 38.5% 61.5% 23.8% 76.2% 1996 46.8% 53.2% 32.1% 67.9% 1997 37.0% 63.0% 19.4% 80.6% 1998 35.6% 64.4% 16.6% 83.4% 1999 35.1% 64.9% 13.2% 86.8% 2000 28.0% 72.0% 7.4% 92.6% 2001 33.5% 66.5% 8.0% 92.0% 2002 35.7% 64.3% 9.8% 90.2% 2003 45.1% 54.9% 17.2% 82.8% 
PENSION INSURANCE DATA BOOK 2004 

Table S-42

Funding of PBGC-Insured Plans (1980-2002) 

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only 

Estimates for 2001 reported last year have been updated.

Due to rounding of individual items, numbers may not add up across columns.

* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, refl ects the cost to purchase an 

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2002.

Beginning Funding 

of Year Assets Liabilities* Ratio Underfunding 

(in millions) (in millions) (in millions) 

1980 $259,810 $211,817 123% $20,156 1985 500,673 308,617 162% 11,182 1986 619,490 406,118 153% 14,719 1987 644,239 463,255 139% 20,692 1988 640,741 450,844 142% 22,341 1989 696,146 517,226 135% 26,340 1990 837,131 604,047 139% 35,689 1991 848,251 687,896 123% 34,485 1992 915,722 771,421 119% 47,528 1993 951,972 844,803 113% 59,622 1994 1,001,129 936,698 107% 75,569 1995 1,032,503 887,730 116% 37,278 1996 1,198,221 1,134,194 106% 83,071 1997 1,368,188 1,192,222 115% 47,906 1998 1,491,488 1,284,725 116% 49,242 1999 1,692,755 1,455,469 116% 54,237 2000 1,836,184 1,271,347 144% 6,566 2001 1,714,534 1,374,416 125% 38,564 2002 1,628,690 1,553,119 105% 130,457 
68 SINGLE-EMPLOYER DATA TABLES 

Table S-43

Funding of Underfunded PBGC-Insured Plans (198

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only 

Estimates for 2001 reported last year have been updated. 

Due to rounding of individual items, numbers may not add up across columns. 

* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, refl ects the cost to purchase an 

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2002.

Beginning Fund

of Year Assets Liabilities* Underfunding Ra

(in millions) (in millions) (in millions)

1980 $53,840 $73,996 $20,156 731985 28,722 39,904 11,182 721986 41,780 56,499 14,719 741987 62,942 83,634 20,692 751988 68,920 91,261 22,341 761989 99,682 126,022 26,340 791990 95,068 130,758 35,689 731991 147,301 181,786 34,485 811992 172,372 219,900 47,528 781993 215,695 275,317 59,622 781994 308,516 384,085 75,569 801995 218,493 255,771 37,278 851996 493,597 576,668 83,071 861997 353,823 401,729 47,906 881998 358,514 407,756 49,242 881999 413,446 467,683 54,237 882000 63,218 69,784 6,566 912001 308,514 347,078 38,564 892002 767,529 897,986 130,457 85
PENSION INSURANCE DATA BOOK 2004 

Table S-44

Funding of Overfunded PBGC-Insured Plans (1980

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only 

Estimates for 2001 reported last year have been updated.

Due to rounding of individual items, numbers may not add up across columns.

* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, refl ects the cost to purchase an 

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2002.

Beginning Fund

of Year Assets Liabilities* Overfunding Ra

(in millions) (in millions) (in millions)

1980 $205,970 $138,076 $67,894 149% 1985 471,951 268,713 203,238 176% 1986 577,710 349,619 228,091 165% 1987 581,297 379,621 201,676 153% 1988 571,821 359,583 212,238 159% 1989 596,464 391,204 205,260 152% 1990 742,063 473,289 268,773 157% 1991 700,950 506,110 194,840 138% 1992 743,350 551,520 191,829 135% 1993 736,277 569,486 166,791 129% 1994 692,613 552,613 140,000 125% 1995 814,009 631,959 182,050 129% 1996 704,624 557,526 147,098 126% 1997 1,014,365 790,494 223,871 128% 1998 1,132,974 876,969 256,005 129% 1999 1,279,309 987,785 291,524 130% 2000 1,772,966 1,201,563 571,403 148% 2001 1,406,020 1,027,338 378,682 137% 2002 861,161 655,134 206,027 131% 
70 SINGLE-EMPLOYER DATA TABLES 

Table S-45

Concentration of Underfunding in PBGC-Insured Plans 

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only 

Estimates for 2001 reported last year have been updated.

Due to rounding of individual items, numbers may not add up across columns and percentages may not add up to 100 percent. 

Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, refl ects the cost to purchase an a

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2002. 

Beginning Total 10 Plans With the Highest Next 40 Plans’ 

of Year Underfunding Underfunding Underfunding 

(in millions) (in millions) (in millions) 

1990 $35,689 $14,119 39.6% $6,487 18.2% 1991 34,485 14,067 40.8% 6,884 20.0% 1992 47,528 21,610 45.5% 7,818 16.4% 1993 59,622 25,894 43.4% 9,337 15.7% 1994 75,569 28,658 37.9% 10,310 13.6% 1995 37,278 6,535 17.5% 7,921 21.2% 1996 83,071 13,850 16.7% 16,410 19.8% 1997 47,906 7,751 16.2% 8,473 17.7% 1998 49,242 14,432 29.3% 6,942 14.1% 1999 54,237 11,500 21.2% 9,018 16.6% 2000 6,566 1,631 24.8% 1,077 16.4% 2001 38,564 12,776 33.1% 7,254 18.8% 2002 130,457 29,651 22.7% 21,912 16.8% 
PENSION INSURANCE DATA BOOK 2004 

Table S-46

Plans, Participants and Funding of PBGC-Insured Plans by Fu

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans.

Due to rounding of individual items, dollar totals may not add up to totals in other tables and percentages may not add up to 100 perc

*Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, refl ects the cost to purchase an 

Funding Ratio Plans Participants Total Liabilities* 

(in thousands) (in millions) 

Under 40% 474 1.5% 99 0.3% $2,764 0.2% $140% - 49% 512 1.6% 41 0.1% 980 0.1% 50% - 59% 1,117 3.6% 291 0.8% 10,235 0.7% 460% - 69% 2,536 8.1% 1,553 4.5% 44,129 2.8% 1570% - 79% 4,240 13.6% 4,779 14.0% 198,511 12.8% 5080% - 89% 4,899 15.7% 6,987 20.4% 287,936 18.5% 4290% - 99% 4,451 14.3% 7,404 21.6% 353,431 22.8% 15100% - 109% 3,443 11.0% 3,795 11.1% 164,529 10.6% 110% - 119% 2,393 7.7% 2,848 8.3% 139,991 9.0% 120% - 129% 1,666 5.3% 1,809 5.3% 84,337 5.4% 130% - 139% 1,149 3.7% 1,322 3.9% 75,396 4.9% 140% - 149% 787 2.5% 1,315 3.8% 89,848 5.8% 150% and over 3,562 11.4% 2,003 5.8% 101,033 6.5% TOTAL 31,229 100.0% 34,248 100.0% $1,553,119 100.0% $130UNDERFUNDED 18,229 58.4% 21,155 61.8% $897,986 57.8% $130OVERFUNDED 13,000 41.6% 13,093 38.2% $655,134 42.2% 
72 SINGLE-EMPLOYER DATA TABLES 

Table S-47

Various Measures of Underfunding in PBGC-Insured Plan

Single-Employer Program

Defi nitions:

(A) Underfunding calculated from Internal Revenue Service Form 5500 fi lings for single-employer plans. Vested liabilities have been 

assumed mortality table, refl ects the cost to purchase an annuity at the beginning of the relevant year. The assumed mortality 

1993-2002.

(B) Underfunding data from PBGC premium fi lings used to calculate the Variable-Rate Premium.

(C) Data from fi lings made under Section 4010 of ERISA, which requires that companies annually provide PBGC with information on 

underfunding exceeds $50 million or there is an outstanding lien for missed contributions exceeding $1 million or an outstandin

(D) Underfunding for plan sponsors with less than investment-grade bond ratings.

Only (A) represents the universe of PBGC-insured plans. Firms and plans included in (B), (C) and (D) totals may differ from year to y

(A) (B) (C) 

Beginning Form Variable- Section

of 5500 Rate 4010 

Year Filings Premium Filings 

(in billions) (in billions) (in billions) 

1990 $35.69 $41.28 — 1991 34.48 43.32 — 1992 47.53 53.66 — 1993 59.62 43.80 — 1994 75.57 65.67 — 1995 37.28 33.37 — 1996 83.07 82.23 $38.10 1997 47.91 51.57 28.70 1998 49.24 37.23 25.20 1999 54.24 28.86 34.90 2000 6.57 17.79 7.37 2001 38.56 18.72 19.46 2002 130.46 15.14 95.57 2003 — 32.46 273.37 2004 — 88.92 283.34 
PENSION INSURANCE DATA BOOK 2004 

Table S-48

Funding of PBGC-Insured Plans by Industry (20

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. 

Due to rounding of individual items, percentages may not add up to 100 percent. 

Industry classifi cations are now based on principal business activity codes used in the North American Industry Classifi cation System

directly comparable with those in previous years.

* Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, refl ects the cost to purchase an 

Average

Industry Funding Ratio Total Liabilities* Unde

(in millions) (in 

AGRICULTURE, MINING AND CONSTRUCTION 105% $24,752 1.6% $2,379 MANUFACTURING 101% 841,276 54.2% 75,358 

Chemical and Allied Products 96% 94,698 6.1% 9,499 Computer and Electronic Products 120% 68,526 4.4% 2,552 Electrical Equipment 94% 24,501 1.6% 3,166 Fabricated Metal Products 99% 46,315 3.0% 4,068 Food and Tobacco Products 115% 94,646 6.1% 2,843 Machinery 88% 159,639 10.3% 25,516 Motor Vehicle Equipment 106% 29,666 1.9% 2,341 Paper Manufacturing 101% 29,656 1.9% 2,419 Petroleum and Coal Products 99% 41,042 2.6% 3,565 Primary Metals 96% 41,015 2.6% 4,264 Other Manufacturing 104% 211,572 13.6% 15,125 

TRANSPORTATION AND PUBLIC UTILITIES 106% 148,963 9.6% 13,217 

Air Transportation 79% 31,007 2.0% 6,556 Other Transportation 103% 17,756 1.1% 1,836 Public Utilities 114% 100,200 6.5% 4,825 

INFORMATION 129% 155,471 10.0% 4,936 WHOLESALE TRADE 104% 20,275 1.3% 1,954 RETAIL TRADE 90% 26,953 1.7% 3,983 FINANCE, INSURANCE AND REAL ESTATE 109% 145,320 9.4% 9,778 SERVICES 99% 174,509 11.2% 17,749 

Health Care 92% 60,091 3.9% 7,455 Other Services 103% 114,418 7.4% 10,294 

NON-PROFIT ORGANIZATIONS 106% 15,601 1.0% 1,103 TOTAL 105% $1,553,119 100.0% $130,457 
74 SINGLE-EMPLOYER DATA TABLES 

Table S-49

Pension Funding Data for PBGC-Insured Plans by Region a

Single-Employer Program

OVERFUNDED UNDERFUNDED 

REGION/STATE Assets Liabilities* Overfunding Assets Liabilities* Un

(in millions) (in millions) (in millions) (in millions) (in millions) 

NEW ENGLAND $94,040 $71,092 $22,948 $63,262 $71,419 

Connecticut 61,110 43,687 17,423 42,731 47,877 Maine 1,001 814 187 854 979 Massachusetts 20,862 17,507 3,355 16,929 19,200 New Hampshire 1,756 1,637 119 1,004 1,209 Rhode Island 9,132 7,292 1,841 1,288 1,612 Vermont 179 155 23 457 542 

MID-ATLANTIC 313,280 232,968 80,312 247,654 280,785 

Delaware 2,693 2,158 534 16,184 18,717 District of Columbia 9,286 6,879 2,407 5,983 6,661 Maryland 19,857 17,429 2,428 14,864 17,134 New Jersey 101,011 71,714 29,297 43,854 51,224 New York 114,226 82,288 31,939 111,669 124,334 Pennsylvania 42,718 33,796 8,922 41,847 47,793 Virginia 23,000 18,309 4,692 12,362 13,852 

West Virginia 487 395 93 890 1,071 

SOUTHEAST 75,691 54,597 21,095 75,030 87,495 

Alabama 1,925 1,504 421 2,940 3,355 Arkansas 574 507 67 1,097 1,197 Florida 7,782 5,224 2,558 9,567 11,580 Georgia 38,494 26,607 11,888 13,822 16,471 Kentucky 1,089 816 273 4,752 5,950 Louisiana 4,355 1,333 3,022 4,049 4,692 Mississippi 445 392 52 610 751 North Carolina 10,083 8,688 1,395 25,737 28,575 South Carolina 3,884 3,649 235 2,903 3,398 Tennessee 7,061 5,877 1,184 9,553 11,526 

GREAT LAKES 190,030 153,447 36,583 264,493 317,160 

Illinois 66,838 53,647 13,191 67,652 77,480 Indiana 8,031 6,861 1,170 8,166 10,096 Michigan 47,009 38,924 8,086 114,548 141,891 Minnesota 22,333 19,065 3,267 12,830 16,135 Ohio 29,511 22,227 7,284 49,206 57,268 Wisconsin 16,309 12,723 3,585 12,090 14,289 
PENSION INSURANCE DATA BOOK 2004 

Table S-49 (continued)

Pension Funding Data for PBGC-Insured Plans by Region a

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. 

Due to rounding of individual items, totals may not exactly equal those in other tables or add up exactly across columns.

Funding data is reported by state or country of plan administration.

*Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, refl ects the cost to purchase an 

**Less than $500,000. 

OVERFUNDED UNDERFUNDED 

REGION/STATE Assets Liabilities* Overfunding Assets Liabilities* Un

(in millions) (in millions) (in millions) (in millions) (in millions) 

MIDWEST $16,507 $11,041 $5,466 $25,354 $ 30,773 

Iowa 5,083 2,432 2,650 4,389 5,472 Kansas 1,760 1,218 542 4,702 5,620 Missouri 7,037 5,211 1,826 14,372 17,445 Nebraska 2,224 1,847 376 1,661 1,954 North Dakota 240 200 41 183 219 South Dakota 163 132 31 48 64 

SOUTHWEST 73,512 56,585 16,927 36,385 44,846 

Arizona 1,317 1,092 226 3,012 3,659 New Mexico 3,564 2,591 973 597 652 Oklahoma 5,483 3,969 1,514 4,519 5,627 Texas 63,147 48,933 14,214 28,257 34,908 

ROCKY MOUNTAIN 17,509 14,038 3,472 9,439 11,668 

Colorado 12,799 10,031 2,768 4,556 5,591 Idaho 398 281 117 2,145 2,836 Montana 331 295 37 541 661 Nevada 315 280 36 983 1,060 Utah 3,660 3,147 513 1,168 1,464 Wyoming 6 4 2 47 56 

PACIFIC 79,874 60,805 19,069 44,505 52,011 

Alaska 123 83 40 161 194 California 59,186 46,097 13,089 33,759 39,400 Hawaii 1,312 1,086 226 1,347 1,616 Oregon 3,357 2,918 439 3,662 4,312 Washington 15,896 10,621 5,275 5,575 6,489 

U.S. TERRITORIES 694 543 150 1,397 1,816 

American Samoa 2 1 ** 1 1 Puerto Rico 691 541 150 1,370 1,778 Virgin Islands 1 1 1 26 38 

FOREIGN COUNTRIES 24 18 6 10 14 TOTAL $861,161 $655,134 $206,027 $767,529 $897,986 $
76 SINGLE-EMPLOYER DATA TABLES 

Table S-50

PBGC Pension Data by Region and State*

Single-Employer Program

CLAIMS COVERAGE 

REGION/STATE 1975-2004 2003 

Plans Claims Plans Participants Pa

NEW ENGLAND 406 $965,573,977 2,348 1,964,604 2

Connecticut 113 343,044,934 830 736,289 Maine 14 10,824,452 114 151,389 Massachusetts 201 537,035,166 1,017 743,181 New Hampshire 22 15,947,208 166 147,948 Rhode Island 45 38,577,137 137 113,542 Vermont 11 20,145,080 84 72,255 

MID-ATLANTIC 1,152 10,009,562,582 9,678 7,700,187 16

Delaware 7 4,635,474 144 172,033 District of Columbia 14 14,081,160 247 51,610 Maryland 65 74,383,260 577 739,741 New Jersey 193 324,901,318 1,693 1,162,942 New York 456 2,998,247,136 4,267 2,312,120 Pennsylvania 324 4,595,082,405 1,954 1,747,854 Virginia 41 760,323,147 622 1,200,788 

West Virginia 52 1,237,908,682 174 313,099 

SOUTHEAST 303 1,150,312,424 3,457 6,434,031 11

Alabama 17 22,434,797 252 399,116 Arkansas 11 6,230,089 130 223,642 Florida 67 308,299,491 850 1,568,941 Georgia 53 161,809,494 505 1,008,112 Kentucky 25 106,498,436 301 550,506 Louisiana 24 70,450,815 268 547,064 Mississippi 8 14,599,690 115 185,796 North Carolina 42 327,665,131 490 939,300 South Carolina 17 64,334,338 182 471,370 Tennessee 39 67,990,143 364 540,184 

GREAT LAKES 1,021 5,748,689,084 6,468 7,380,208 14

Illinois 234 756,533,931 1,884 1,771,937 Indiana 97 1,263,999,652 541 736,299 Michigan 267 425,593,553 1,184 1,331,533 Minnesota 41 179,564,014 511 715,658 Ohio 303 2,842,065,621 1,698 1,737,533 Wisconsin 79 280,932,313 650 1,087,248 
PENSION INSURANCE DATA BOOK 2004 

Table S-50 (continued)

PBGC Pension Data by Region and State*

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/04), Employee Benefi ts Supplement to the April 1993 Current Population Survey, PBG

Filings, PBGC Participant System (PRISM) and fi scal year calculations.

Due to rounding of individual items, totals may not equal those in other tables.

*Claims data by state of plan administration; benefi ts and coverage data by state of payee residence.

CLAIMS COVERAGE 

REGION/STATE 1975-2004 2003 

Plans Claims Plans Participants Pay

MIDWEST 130 $428,926,437 1,217 1,913,003 21,4

Iowa 39 110,646,454 343 388,794 6,Kansas 23 42,253,350 172 375,032 2,Missouri 62 268,569,442 451 825,756 11,Nebraska 4 7,328,458 162 209,881 North Dakota 2 128,733 47 58,490 South Dakota — — 42 55,050 

SOUTHWEST 159 811,427,562 2,101 3,010,574 22,6

Arizona 23 9,446,594 515 474,811 5,New Mexico 7 10,407,209 126 147,948 1,Oklahoma 21 376,494,237 205 302,778 2,Texas 108 415,079,522 1,255 2,085,037 13,

ROCKY MOUNTAIN 46 226,120,549 723 1,063,162 9,4

Colorado 16 199,976,929 323 385,353 4,Idaho 7 12,709,940 57 110,101 1,Montana 3 207,534 44 99,779 Nevada 10 1,261,244 136 199,558 2,Utah 8 11,367,748 133 185,796 1,Wyoming 2 597,154 30 82,575 

PACIFIC 238 1,247,568,861 4,513 4,871,725 26,4

Alaska 4 1,171,886 25 55,050 California 179 962,410,671 3,694 3,502,343 19,Hawaii 18 20,006,043 223 120,424 1,Oregon 18 34,114,277 217 319,981 1,Washington 19 229,865,984 354 873,927 3,

PUERTO RICO 13 16,930,166 97 67,901 2,4U.S. TERRITORIES — — 9 1,156 1FOREIGN COUNTRIES 1 204,359 — — 1,3TOTAL 3,469 $20,605,316,001 30,611 34,406,551 532,8
78 SINGLE-EMPLOYER DATA TABLES 

Table S-51

PBGC Maximum Guaranteed Benefits (1988-20

Single-Employer Program

Year of Plan Maximum Monthly 

Termination Guarantee 

1988 $1,909.09 1989 2,028.41 1990 2,164.77 1991 2,250.00 1992 2,352.27 1993 2,437.50 1994 2,556.82 1995 2,573.86 1996 2,642.05 1997 2,761.36 1998 2,880.68 1999 3,051.14 2000 3,221.59 2001 3,392.05 2002 3,579.55 2003 3,664.77 2004 3,698.86 2005 3,801.14 

The Employee Retirement Income Security Act of 1974 (ERISA) mandates that the maximum guaranteed amount be adjusted annua

contribution and benefi t base. 

The maximum guarantee applies to workers who retire at age 65. PBGC increases the maximum guarantee for people retiring later t

earlier retirement or electing survivor’s benefi ts.

In some instances, where a pension plan has adequate resources or PBGC recovers suffi cient amounts, a participant may receive be
PENSION INSURANCE DATA BOOK 2004 SINGLE-EMPLOYER DATA TABLES 79

APPENDIX M

Multiemployer Data Tables
80 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2004
PENSION INSURANCE DATA BOOK 2004 MULTIEMPLOYER DATA TABLES 81

PBGC’s Multiemployer Program 

PBGC administers a separate guarantee program for multiemployer defined benefit 

pension plans. Multiemployer benefit plans are established pursuant to collective bargaining agreements involving two or more unrelated employers. Multiemployer plans 

are common in industries such as construction, trucking, mining, the hotel trades, and 

segments of the grocery business. Some multiemployer defined benefit plans use a 

“unit benefit” formula that multiplies a participant’s years of service times a fixed dollar 

amount (such as $15 times the participant’s years of service) to set the monthly benefit. 

In most cases, plan trustees establish benefit levels but some plans set benefits in the collective bargaining process. Multiemployer plans pay PBGC a yearly premium of $2.60 

per participant for benefit insurance coverage. 

Unlike the single-employer program, a multiemployer plan termination does not 

trigger the PBGC guarantee.1

 A terminated plan continues to pay full plan benefits so 

long as it has sufficient assets to do so. A plan that does not have enough assets to pay 

full plan benefits is allowed to reduce or suspend payment of that portion of the benefit 

that exceeds the PBGC guarantee level. The current PBGC monthly benefit guarantee 

level for multiemployer plans is 100 percent of the first $11 of the plan-designated dollar 

amount multiplied by the participant’s years of service under the plan plus 75 percent of 

the next $33 of the dollar amount multiplied by the participant’s years of service. The 

dollar levels in this benefit guarantee formula are not indexed. Prior to December 22, 

2000, PBGC’s monthly benefit guarantee level was 100 percent of the first $5 of the 

dollar amount multiplied by years of service plus 75 percent of the next $15 multiplied 

by years of service. The revised formula increased the monthly benefit guarantee for a 

worker with 30 years of service in a multiemployer plan from $487.50 ($5,850 per year) 

to $1,072.50 ($12,870 per year).

If a plan becomes insolvent despite benefit cutbacks, PBGC will provide the plan 

financial assistance—typically as a loan—in an amount necessary to pay guaranteed benefits and administrative expenses. Few plans receiving financial assistance from PBGC 

are likely to recover sufficiently to repay all the monies lent to them. An allowance has 

been established on PBGC’s books to account for financial assistance that is not expected 

to be repaid.

1

 PBGC trusteed 10 multiemployer plans prior to October 1980 and continues to pay monthly benefits 

to participants in these plans.
82 MULTIEMPLOYER DATA TABLES 

Table M-1

Net Financial Position of PBGC’s Multiemployer Program 

Source: PBGC Annual Reports (1980-2004). 

Due to rounding of individual items, numbers may not add exactly across columns. 

Fiscal Year Assets Liabilities 

(in millions) (in millions) 

1980 $21 $30 1985 78 52 1986 98 54 1987 114 45 1988 129 37 1989 161 37 1990 190 58 1991 238 75 1992 283 114 1993 407 131 1994 378 181 1995 477 285 1996 505 381 1997 596 377 1998 745 404 1999 692 493 2000 694 427 2001 807 691 2002 944 786 2003 1,000 1,261 2004 1,070 1,306 
PENSION INSURANCE DATA BOOK 2004 

Table M-2

PBGC Premium Revenue, Benefit Payments and Expenses 

Multiemployer Program

Total Adminis

Fiscal Premium Benefit Inves

Year Revenue Payments Expe

(in millions) (in millions) (in m

1980 $5 $4 $1985 14 4 1986 15 3 1987 17 3 1988 17 3 1989 20 3 1990 21 2 1991 23 2 1992 23 2 1993 23 2 1994 23 2 1995 22 2 1996 22 2 1997 23 1 1998 23 1 1999 23 1 2000 24 1 2001 24 1 2002 25 1 2003 25 1 2004 27 1 

Source: PBGC Annual Reports (1980-2004).

Due to aggregation and rounding of individual items, numbers may not add exactly across columns or to totals in other tables.

* Less than $500,000. 
84 MULTIEMPLOYER DATA TABLES 

Table M-3

PBGC Payees and Benefit Payments (1980-200

Multiemployer Program

PERIODIC PENSION 

Average 

Fiscal Year Payees in Year* Total Monthly Pay

(in millions)

1980 4,100 $4 $77 1985 3,100 4 91 1986 3,250 3 91 1987 2,800 3 92 1988 2,500 3 93 1989 2,310 3 95 1990 2,170 2 97 1991 1,990 2 98 1992 1,760 2 98 1993 1,590 2 99 1994 1,420 2 102 1995 1,300 2 102 1996 1,130 2 104 1997 1,000 1 102 1998 855 1 104 1999 738 1 106 2000 626 1 109 2001 510 1 112 2002 463 1 114 2003 389 1 117 2004 324 1 135 

Sources: PBGC Participant System (PRISM), fi scal year calculations, PBGC Management Reports and PBGC Benefi t Payment Repo

Payments made on a quarterly, semi-annual or annual basis were converted to their monthly equivalent.

*These payees were in the 10 multiemployer plans PBGC trusteed prior to October 1980. The Multiemployer Pension Plan Amendm

responsibility from trusteeship of troubled plans to providing fi nancial assistance (loans) to insolvent multiemployer plans.
PENSION INSURANCE DATA BOOK 2004 

Table M-4

PBGC Financial Assistance to Insolvent Plans (1981

Multiemployer Program

Plans Total Plans Plans 

Receiving Amount of Receiving Amount of Receiving Am

Year Financial Financial a Lump Sum Lump Sum Periodic P

Assistance (1) Assistance Payment (2) Payment Payments (1) Pa

(in thousands) (in thousands) (in 

 1981 1 $311.3 — — 1 

1985 3 1,300.0 — — 3 1986 5 2,229.0 — — 5 1987 6 1,554.0 — — 6 1988 3 1,502.0 — — 3 1989 3 1,300.0 — — 3 1990 3 1,000.0 — — 3 1991 5 2,000.0 — — 5 1992 6 4,000.0 — — 6 1993 6 4,000.0 — — 6 1994 8 3,896.3 — — 8 1995 9 4,346.4 — — 9 1996 12 4,021.8 — — 12 1997 14 4,494.1 — — 14 1998 18 5,437.6 — — 18 1999 21 19,219.7 1 $14,150.0 20 2000 21 91,032.6 2 86,510.0 19 2001 22 4,526.3 1 50.0 22 2002 23 4,893.9 — — 23 2003 24 5,022.1 1 219.2 23 2004 27 10,120.8 1 282.2 27 TOTAL(4) 38 $177,412.7 6 $101,211.4 34 $7

Sources: PBGC Annual Reports and internal calculations.

(1) A number of plans received fi nancial assistance in more than one year.

(2) Lump sum closeout payments were made to these insolvent multiemployer plans.

(3) This plan received periodic payments before receiving the lump sum payment.

(4) Total for plan columns represents the total number of multiemployer plans that ever received the stated type of fi nancial assistanc

(5) Only one plan has repaid any of its past fi nancial assistance. That plan repaid only the principal amount of the loans it received.

 (3) (3)
86 MULTIEMPLOYER DATA TABLES 

Table M-5

PBGC-Insured Plan Participants (1980-2004

Multiemployer Program

Source: PBGC Premium Filings, various years.

2004 fi gures are estimates from PBGC internal calculations. 2003 estimates reported last year have been updated to refl ect actual p

Total In Plans with In Plans with In Plans with In Plans with In Plans w

Insured 10,000+ 5,000-9,999 2,500-4,999 1,000-2,499 500-999 

Year Participants Participants Participants Participants Participants Participan

(in thousands) (in thousands) (in thousands) (in thousands) (in thousands) (in thousands) 

1980 7,997 5,072 925 751 731 299 1985 8,209 5,376 857 761 729 283 1986 8,154 5,316 879 746 731 288 1987 8,256 5,443 908 718 709 293 1988 8,294 5,453 917 739 704 295 1989 8,426 5,557 918 767 702 302 1990 8,534 5,731 891 757 695 290 1991 8,710 5,996 874 731 665 285 1992 8,780 6,105 830 734 672 276 1993 8,657 5,990 869 711 657 270 1994 8,559 5,931 861 703 639 263 1995 8,632 5,986 855 709 661 264 1996 8,649 5,976 904 713 636 266 1997 8,740 6,058 906 718 641 263 1998 8,876 6,212 930 675 650 259 1999 8,991 6,323 935 666 663 260 2000 9,132 6,464 953 683 640 261 2001 9,423 6,776 927 733 617 240 2002 9,630 6,970 930 739 647 227 2003 9,699 7,127 885 715 642 228 2004 9,828 7,248 898 724 640 219 
PENSION INSURANCE DATA BOOK 2004 

Table M-6

PBGC-Insured Plans (1980-2004)

Multiemployer Program

Source: PBGC Premium Filings, various years.

2004 fi gures are estimates from PBGC internal calculations. 2003 estimates reported last year have been updated to refl ect actual p

Insured Insured Insured Insured Insured 

Total Plans with Plans with Plans with Plans with Plans wit

Insured 10,000+ 5,000-9,999 2,500-4,999 1,000-2,499 500-999 

Year Plans Participants Participants Participants Participants Participan

1980 2,244 120 131 211 452 420 1985 2,188 137 124 216 459 402 1986 2,153 135 127 213 461 405 1987 2,098 139 131 205 438 408 1988 2,081 137 133 213 436 409 1989 2,060 137 131 217 430 417 1990 1,983 140 127 214 428 402 1991 1,926 145 127 207 414 401 1992 1,936 150 121 210 418 386 1993 1,900 143 126 204 412 378 1994 1,880 141 125 202 403 369 1995 1,879 144 123 205 409 368 1996 1,876 143 132 206 400 373 1997 1,846 145 131 206 401 365 1998 1,817 147 136 193 400 357 1999 1,800 149 137 189 403 357 2000 1,744 152 138 197 388 357 2001 1,707 159 133 210 377 327 2002 1,671 163 133 212 397 316 2003 1,612 166 129 206 391 321 2004 1,587 166 129 208 391 307 
88 MULTIEMPLOYER DATA TABLES 

Table M-7

PBGC-Insured Plan Participants by Participant Status (

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only pl

Due to rounding of individual items, rows may not add up to 100 percent.

2002 fi gures are estimates from PBGC internal calculations. 2001 fi gures reported last year have been updated to refl ect actual Form 

Active Retired 

Year Participants Participants 

1980 75.9% 17.7% 1985 66.1% 22.6% 1986 63.7% 23.2% 1987 62.3% 24.1% 1988 61.1% 24.5% 1989 61.3% 24.6% 1990 58.6% 25.2% 1991 57.2% 26.3% 1992 54.6% 27.6% 1993 53.5% 28.0% 1994 53.4% 28.0% 1995 52.4% 28.9% 1996 52.1% 29.1% 1997 52.2% 28.9% 1998 51.2% 30.4% 1999 50.9% 30.5% 2000 51.1% 30.1% 2001 49.5% 29.6% 2002 48.1% 29.7% 
PENSION INSURANCE DATA BOOK 2004 

Table M-8

PBGC-Insured Plans and Participants by Industry 

Multiemployer Program

Industry Insured Plans 

AGRICULTURE 11 0.7% MINING 8 0.5% CONSTRUCTION 869 53.9% 

Building Construction 104 6.4% Heavy Construction 67 4.2% Plumbing, Heating and Air Conditioning 167 10.4% Electrical Work 127 7.9% Building Finishing Contractors 71 4.4% Foundation, Structure and Exterior Work 152 9.4% Other Construction 181 11.2% 

MANUFACTURING 171 10.6% 

Food and Tobacco Products 42 2.6% Apparel and Textile Products 10 0.6% Paper and Allied Products 5 0.3% Printing and Publishing 26 1.6% Furniture and Fixtures 3 0.2% Machinery and Computer Equipment 7 0.4% Electrical and Electronic Equipment 8 0.5% Other Manufacturing 70 4.3% 

TRANSPORTATION AND PUBLIC UTILITIES 145 9.0% 

Trucking 81 5.0% 

Water Transportation 29 1.8% 

Other Transportation and Public Utilities 35 2.2% 

INFORMATION 31 1.9% WHOLESALE TRADE 35 2.2% RETAIL TRADE 90 5.6% SERVICES 252 15.6% 

Administrative Support 43 2.7% Health/Social Assistance 16 1.0% Accommodation/Food Service 38 2.4% Other Services 155 9.6% 

TOTAL 1,612 100.0% 

Source: PBGC Premium Filings.

Due to aggregation and rounding of individual items, totals may not add up to totals in other tables and percentages may not add up 

Industry classifi cations are now based on principal business activity codes used in the North American Industry Classifi cation System

directly comparable with those in previous years.
90 MULTIEMPLOYER DATA TABLES 

Table M-9

Funding of PBGC-Insured Plans (1980-2002)

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only pla

Estimates for 2001 reported last year have been updated.

Due to rounding of individual items, numbers may not add up across columns.

* Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, refl ects the cost to purchase an 

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2002. 

Beginning Funding 

of Year Assets Liabilities* Ratio Underfunding 

(in millions) (in millions) (in millions) 

1980 $40,363 $52,123 77% $17,887 1985 88,182 75,942 116% 6,432 1986 107,259 93,436 115% 7,687 1987 121,080 111,259 109% 10,079 1988 126,963 109,882 116% 8,240 1989 135,654 121,915 111% 8,635 1990 166,348 156,149 107% 11,574 1991 165,734 160,370 103% 13,068 1992 184,670 187,829 98% 17,835 1993 197,461 202,177 98% 19,864 1994 206,625 225,982 91% 29,193 1995 209,947 218,458 96% 22,726 1996 238,571 270,551 88% 40,019 1997 268,471 287,569 93% 32,549 1998 304,158 331,017 92% 39,497 1999 320,704 351,021 91% 44,379 2000 356,659 339,741 105% 21,135 2001 351,108 385,272 91% 48,412 2002 333,207 432,331 77% 102,676 
PENSION INSURANCE DATA BOOK 2004 

Table M-10

Funding of Underfunded PBGC-Insured Plans (198

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only p

Estimates for 2001 reported last year have been updated.

Due to rounding of individual items, numbers may not add up across columns.

* Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, refl ects the cost to purchase an 

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2002.

Beginning Fun

of Year Assets Liabilities* Underfunding Ra

(in millions) (in millions) (in millions)

1980 $24,819 $42,706 $17,887 581985 22,813 29,246 6,432 781986 27,035 34,723 7,687 781987 29,782 39,861 10,079 751988 29,802 38,042 8,240 781989 34,845 43,480 8,635 801990 56,512 68,086 11,574 831991 62,563 75,631 13,068 831992 93,790 111,625 17,835 841993 95,331 115,195 19,864 831994 128,718 157,911 29,193 821995 118,707 141,434 22,726 841996 168,347 208,366 40,019 811997 152,633 185,182 32,549 821998 180,084 219,582 39,497 821999 206,568 250,947 44,379 822000 110,729 131,864 21,135 842001 222,296 270,708 48,412 822002 297,046 399,722 102,676 74
92 MULTIEMPLOYER DATA TABLES 

Table M-11

Funding of Overfunded PBGC-Insured Plans (1980

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only p

Estimates for 2001 reported last year have been updated.

Due to rounding of individual items, numbers may not add up across columns.

* Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, refl ects the cost to purchase an 

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2002.

Beginning Fun

of Year Assets Liabilities* Overfunding R

(in millions) (in millions) (in millions)

1980 $15,543 $9,417 $6,126 161985 65,368 46,697 18,672 141986 80,223 58,713 21,511 131987 91,298 71,398 19,900 121988 97,161 71,840 25,321 131989 100,809 78,435 22,374 121990 109,836 88,062 21,773 121991 103,171 84,739 18,432 121992 90,880 76,204 14,676 111993 102,130 86,981 15,148 111994 77,907 68,070 9,837 111995 91,240 77,024 14,216 111996 70,224 62,185 8,039 111997 115,838 102,386 13,452 111998 124,073 111,435 12,638 111999 114,136 100,074 14,063 112000 245,930 207,877 38,054 112001 128,812 114,564 14,249 112002 36,161 32,609 3,552 11
PENSION INSURANCE DATA BOOK 2004 

Table M-12

Concentration of Underfunding in PBGC-Insured Plans 

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only p

Due to rounding of individual items, percentages may not add up to 100 percent.

Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, refl ects the cost to purchase an a

The assumed mortality table was UP-84 for 1990-1992 and GAM-83 for 1993-2002.

Estimates for 2001 reported last year have been updated.

Beginning Total 10 Plans with the Highest Next 40 Plans

of Year Underfunding Underfunding Underfunding 

(in millions) (in millions) (in millions) 

1990 $11,574 $6,760 58.4% $2,791 24.1% 1991 13,068 7,906 60.5% 3,123 23.9% 1992 17,835 9,500 53.3% 4,411 24.7% 1993 19,864 10,348 52.1% 4,927 24.8% 1994 29,193 13,575 46.5% 7,012 24.0% 1995 22,726 11,340 49.9% 6,236 27.4% 1996 40,019 16,157 40.4% 10,900 27.2% 1997 32,549 14,666 45.1% 8,166 25.1% 1998 39,497 17,532 44.4% 9,375 23.7% 1999 44,379 19,244 43.4% 10,675 24.1% 2000 21,135 11,493 54.4% 5,255 24.9% 2001 48,412 20,032 41.4% 11,193 23.1% 2002 102,676 34,276 33.4% 24,502 23.9% 
94 MULTIEMPLOYER DATA TABLES 

Table M-13

Plans, Participants and Funding of PBGC-Insured Plans by Fun

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans.

*Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, refl ects the cost to purchase an 

** Less than 0.05 of one percent.

Funding Ratio Plans Participants Total Liabilities* Unde

(in thousands) (in millions) (in 

Under 40% 18 1.1% 82 0.9% $2,230 0.5% $1,601 40% - 49% 42 2.5% 354 3.7% 14,909 3.4% 8,148 50% - 59% 114 6.8% 994 10.3% 60,442 14.0% 26,384 60% - 69% 245 14.6% 1,081 11.2% 57,361 13.3% 19,601 

70% - 79% 402 24.0% 2,300 23.9% 102,679 23.8% 25,601 80% - 89% 385 23.1% 2,580 26.8% 106,425 24.6% 17,219 90% - 99% 231 13.8% 1,190 12.4% 55,677 12.9% 4,122 100% - 109% 124 7.4% 613 6.4% 19,537 4.5% — 110% - 119% 47 2.8% 290 3.0% 8,344 1.9% — 120% - 129% 26 1.5% 81 0.8% 2,095 0.5% — 130% - 139% 11 0.7% 39 0.4% 1,213 0.3% — 140% - 149% 5 0.3% 2 ** 31 ** — 150% and over 21 1.2% 23 0.2% 1,390 0.3% — TOTAL 1,671 100.0% 9,630 100.0% $432,331 100.0% $102,676 UNDERFUNDED 1,437 86.0% 8,581 89.1% $399,722 92.5% $102,676 OVERFUNDED 234 14.0% 1,049 10.9% $32,609 7.5% — 
PENSION INSURANCE DATA BOOK 2004 

Table M-14

Funding of PBGC-Insured Plans by Industry (20

Multiemployer Program

Average

Industry Funding Ratio Total Liabilities* Under

(in millions) (in m

AGRICULTURE 110% $719 0.2% $13 MINING 73% 9,008 2.1% 2,409 CONSTRUCTION 77% 196,435 45.4% 45,684 

Building Construction 72% 36,430 8.4% 10,307 Heavy Construction 81% 31,684 7.3% 6,171 Plumbing, Heating and Air Conditioning 74% 28,845 6.7% 7,684 Electrical Work 76% 30,763 7.1% 7,304 Building Finishing Contractors 81% 18,052 4.2% 3,477 Foundation, Structure and Exterior Work 81% 14,585 3.4% 2,883 Other Construction 79% 36,076 8.3% 7,857 

MANUFACTURING 83% 36,335 8.4% 6,524 

Food and Tobacco Products 80% 11,112 2.6% 2,263 Apparel and Textile Products 78% 2,416 0.6% 539 Paper and Allied Products 72% 2,288 0.5% 669 Printing and Publishing 77% 5,945 1.4% 1,358 Furniture and Fixtures 76% 204 ** 50 Machinery and Computer Equipment 101% 6,826 1.6% 38 Electrical and Electronic Equipment 83% 482 0.1% 87 Other Manufacturing 79% 7,061 1.6% 1,521 

TRANSPORTATION AND PUBLIC UTILITIES 72% 101,154 23.4% 29,416 

Trucking 70% 90,288 20.9% 27,013 

Water Transportation 94% 4,638 1.1% 1,086 

Other Transportation and Public Utilities 79% 6,227 1.4% 1,317 

INFORMATION 75% 6,832 1.6% 1,715 WHOLESALE TRADE 80% 2,158 0.5% 442 RETAIL TRADE 78% 34,357 7.9% 7,727 SERVICES 83% 45,333 10.5% 8,745 

Administration 70% 6,462 1.5% 1,997 Health Care 100% 9,365 2.2% 727 Accommodation/Food Service 82% 6,281 1.5% 1,206 Other Services 81% 23,225 5.4% 4,816 

TOTAL 77% $432,331 100.0% $102,676 

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans.

Due to aggregation and rounding of individual items, totals may not add up to totals in other tables and percentages may not add up 

*Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, refl ects the cost to purchase an 

** Less than 0.05 of one percent.

*** Less than $500,000.
96 MULTIEMPLOYER DATA TABLES 

Table M-15

PBGC Maximum Guaranteed Benefits (1980-20

Multiemployer Program

Date of Plan Maxim

Insolvency Monthly Benefit Formula Gu

(30 Ye

September 27, 1980, to December 21, 2000 The participant’s years of service multiplied

by the sum of:(1) 100% of the first $5 of the monthly

benefit accrual rate $

-plus-

(2 75% of the next $15 of the monthly

benefit accrual rate

On or after December 22, 2000** The participant’s years of service multiplied $1

by the sum of:(1) 100% of the first $11 of the monthly

benefit accrual rate

-plus-

(2) 75% of the next $33 of the monthly

benefit accrual rate

* The formula presumes that the workers’ monthly benefi ts are calculated by multiplying the monthly benefi t accrual rate (a plan-spec

If the monthly benefi t accrual rate prior to December 22, 2000, was less than $20 per year of service or if the accrual rate after Dec

service then the maximum benefi t guarantee for a participant with 30 years of service will be lower than the amounts shown. Note 

service — 30 years was selected for illustrative purposes only.

** The new guarantee does not apply to multiemployer plans that received fi nancial aid from PBGC between December 22, 1999, an

benefi t guarantee continues to apply to participants in these plans.
PENSION INSURANCE DATA BOOK 2004 

Table M-16

PBGC’s Historic Premium Rates

Multiemployer Program

For Plan Years Prem

Beginning (per p

September 2, 1974 - August 31, 1979 $September 1, 1979 - September 26, 1980 $0.50 for plan years be

growing gradually to $1

September 1, 1980

September 27, 1980 - September 26, 1984 $September 27, 1984 - September 26, 1986 $September 27, 1986 - September 26, 1988 $On or after September 27, 1988 $
PENSION INSURANCE DATA BOOK 2004 MULTIEMPLOYER DATA TABLES 99

DATA BOOK 2004 TABLE LISTING KEY

2004 2003

Data Book TITLE OF TABLE Data Book

Table Table

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-2004) S-1

S-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2004) S-2

S-3 PBGC Terminations and Claims (1975-2004) S-3

S-4 PBGC Claims (1975-2004) S-4

S-5 Top 10 Firms Presenting Claims (1975-2004) S-5

S-6 PBGC Trusteed Terminations by Fiscal Year and Size of Claim (1975-2004) S-6

S-7 PBGC Claims by Fiscal Year and Size of Claim (1975-2004) S-7 

S-8 PBGC Trusteed Plans by Fiscal Year and Funded Ratio (1975-2004) S-8

S-9 PBGC Claims by Fiscal Year and Funded Ratio (1975-2004) S-9

S-10 PBGC Trusteed Plans by Size of Claim and Funded Ratio (1975-2004) S-10 

S-11 PBGC Claims by Size of Claim and Funded Ratio (1975-2004) S-11

S-12 Average Claim per Vested Participant by Plan Size (1975-2004) S-12

S-13 PBGC Trusteed Plans by Fiscal Year and Plan Size (1975-2004) S-13

S-14 PBGC Claims by Fiscal Year and Plan Size (1975-2004) S-14

S-15 PBGC Trusteed Plans by Size of Claim and Plan Size (1975-2004) S-15

S-16 PBGC Claims by Size of Claim and Plan Size (1975-2004) S-16

S-17 PBGC Trusteed Plans by Funded Ratio and Plan Size (1975-2004) S-17 

S-18 PBGC Claims by Funded Ratio and Plan Size (1975-2004) S-18

S-19 PBGC Claims by Industry (1975-2004) S-19

S-20 PBGC Benefit Payments, Payees and Deferred Payees (1980-2004) S-20

S-21 PBGC Payees and Benefit Payments by Date of Plan Termination (2004) S-21

S-22 PBGC Payees and Benefit Payments by Size of Trusteed Plan (2004) S-22

S-23 Total PBGC Payees and Average Benefit Payments S-23

by Gender and Age (2004) 

S-24 PBGC Retired Payees and Average Benefit Payments by Gender and Age (2004) S-24

S-25 PBGC Beneficiary Payees and Average Benefit Payments S-25

by Gender and Age (2004)

S-26 Total PBGC Payees and Benefit Payments by Size of Monthly Payment (2004) S-26

S-27 PBGC Retired Payees and Benefit Payments S-27

by Size of Monthly Payment (2004) 

S-28 PBGC Beneficiary Payees and Benefit Payments S-28

by Size of Monthly Payment (2004)

S-29 PBGC Payees and Benefit Payments by Industry (2004) S-29

S-30 PBGC-Insured Plan Participants (1980-2004) S-30

S-31 PBGC-Insured Plans (1980-2004) S-31

S-32 PBGC-Insured Plan Participants by Participant Status (1980-2002) S-32

S-33 PBGC-Insured Active Participants as a Percent of S-33

Private-Sector Wage and Salary Workers (1980-2002)

S-34 PBGC-Insured Hybrid Plans by Plan Size (2001-2003) ----

S-35 PBGC-Insured Hybrid Plan Participants by Plan Size (2001-2003) ----

S-36 PBGC-Insured Plans, Participants and Premiums by Industry (2003) S-34

S-37 PBGC’s Historic Premium Rates S-35

S-38 PBGC Premium Revenue (1980-2004) S-36

TABLE LISTING KEY
100MTABLE ULTIEMPLOYER LISTING K DEYATA TABLES PENSION INSURANCE DATA BOOK 2004

DATA BOOK 2004 TABLE LISTING KEY, CONTINUED

2004 2003

Data Book TITLE OF TABLE Data Book

Table Table

S-39 PBGC Premium Revenue by Size of Plan and Type of Premium (2003) S-37

S-40 PBGC-Insured Plans and Participants by Total Premium Paid (2003) S-38

S-41 PBGC-Insured Plans and Participants S-39

by Variable-Rate Premium Status (1992-2003) 

S-42 Funding of PBGC-Insured Plans (1980-2002) S-40

S-43 Funding of Underfunded PBGC-Insured Plans (1980-2002) S-41

S-44 Funding of Overfunded PBGC-Insured Plans (1980-2002) S-42

S-45 Concentration of Underfunding in PBGC-Insured Plans (1990-2002) S-43

S-46 Plans, Participants and Funding of PBGC-Insured Plans S-44

by Funding Ratio (2002) 

S-47 Various Measures of Underfunding in PBGC-Insured Plans (1990-2004) S-45

S-48 Funding of PBGC-Insured Plans by Industry (2002) S-46

S-49 Pension Funding Data for PBGC-Insured Plans S-47

by Region and State (2002) 

S-50 PBGC Pension Data by Region and State S-48

S-51 PBGC Maximum Guaranteed Benefits (1988-2005) S-49

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-2004) M-1

M-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2004) M-2

M-3 PBGC Payees and Benefit Payments (1980-2004) M-3

M-4 PBGC Financial Assistance to Insolvent Plans (1981-2004) M-4

M-5 PBGC-Insured Plan Participants (1980-2004) M-5

M-6 PBGC-Insured Plans (1980-2004) M-6

M-7 PBGC-Insured Plan Participants by Participant Status (1980-2002) M-7

M-8 PBGC-Insured Plans and Participants by Industry (2003) M-8

M-9 Funding of PBGC-Insured Plans (1980-2002) M-9

M-10 Funding of Underfunded PBGC-Insured Plans (1980-2002) M-10

M-11 Funding of Overfunded PBGC-Insured Plans (1980-2002) M-11

M-12 Concentration of Underfunding in PBGC-Insured Plans (1990-2002) M-12

M-13 Plans, Participants and Funding of PBGC-Insured Plans M-13

by Funding Ratio (2002) 

M-14 Funding of PBGC-Insured Plans by Industry (2002) M-14

M-15 PBGC Maximum Guaranteed Benefits (1980-2005) M-15

M-16 PBGC’s Historic Premium Rates M-16