PENSION INSURANCE

DATA BOOK 1998
Table of Contents

INTRODUCTION

Overview ................................................................................................................. 1

Trends in Defined Benefit Plans ........................................................................................ 2

Pension Insurance Modeling System: An Introduction .................................................... 10

APPENDIX S: SINGLE-EMPLOYER DATA TABLES

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-1998) ..... 21

S-2 PBGC Premium Revenue, Benefit Payments, and Expenses (1980-1998) .... 22

S-3 PBGC Benefit Payments, Payees, and Deferred Payees (1980-1998) .......... 23

S-4 PBGC Payees and Benefit Payments by Industry (1998) .............................. 24

S-5 PBGC Payees and Benefit Payments by Gender and Age (1998).................. 25

S-6 PBGC Payees and Benefit Payments by Size of Payment (1998).................. 26

S-7 PBGC Payees and Benefit Payments by Date of Plan Termination (1998) .... 27

S-8 PBGC Payees and Benefit Payments by Size of Trusteed Plan (1998).......... 28

S-9 Bankruptcies and Underfunding Among Publicly Traded Firms (1980-1997).. 29

S-10 PBGC Terminations, Claims, and Underfunding (1975-1998) ......................... 30

S-11 PBGC Single-Employer Claims (1975-1998) .................................................. 31

S-12 Top 10 Firms Presenting Claims (1975-1998) ................................................. 32

S-13 PBGC Claims by Plan Funding Ratio at Termination (1975-1998) .................. 33

S-14 Average Claim per Vested Participant by Plan Size (1975-1998) ................... 34

S-15 PBGC Claims by Industry (1975-1998) ........................................................... 35

S-16 PBGC-Covered Plan Participants (1980-1998) ............................................... 36

S-17 PBGC-Insured Plans (1980-1998) .................................................................. 37

S-18 PBGC-Insured Plans, Participants, and Premiums by Industry (1998) .......... 38

S-19 PBGC-Covered Plan Participants By Participant Status (1980-1996) ............ 39

S-20 PBGC-Insured Plans and Participants by Total Premium Paid (1998) ........... 40

S-21 PBGC Premium Receipts by Size of Plan and Type of Premium (1998) ........ 41

S-22 PBGC-Insured Plans and Participants by Variable Rate

Premium Status (1992-1998) .......................................................................... 42

S-23 Funding of PBGC-Insured Plans (1980-1996) ................................................ 43

S-24 Funding of Underfunded PBGC-Insured Plans (1980-1996) ........................... 44

S-25 Funding of Overfunded PBGC-Insured Plans (1980-1996) ............................. 45

S-26 Concentration of Underfunding in PBGC-Insured Plans (1990-1996) ............. 46

S-27 Participants and Funding of PBGC-Insured Plans by Funding Ratio (1996) ... 47

S-28 Various Measures of Underfunding in PBGC-Insured Plans (1990-1998) ...... 48

S-29 Funding of PBGC-Insured Plans by Industry (1996) ....................................... 49

S-30 Pension Funding Data for PBGC-Insured Plans by State (1996) .................... 50

S-31 PBGC Pension Data by State and Region ...................................................... 52

S-32 PBGC Maximum Guaranteed Benefits ............................................................ 54

S-33 Premium Schedule of PBGC’s Single-Employer Program............................... 55

PAGE
APPENDIX M: MULTIEMPLOYER DATA TABLES

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-1998) ......... 58

M-2 PBGC Premium Revenue, Benefit Payments, and Expenses (1980-1998) .... 59

M-3 PBGC Payees and Benefit Payments (1980-1998) ........................................ 60

M-4 PBGC-Covered Plan Participants (1980-1998) ............................................... 61

M-5 PBGC-Insured Plans (1980-1998) .................................................................. 62

M-6 PBGC-Insured Plans and Participants by Industry (1998) .............................. 63

M-7 PBGC-Covered Plan Participants By Participant Status (1980-1996) ............ 64

M-8 Funding of PBGC-Insured Plans (1980-1996) ................................................ 65

M-9 Funding of Underfunded PBGC-Insured Plans (1980-1996)........................... 66

M-10 Funding of Overfunded PBGC-Insured Plans (1980-1996)............................. 67

M-11 Concentration of Underfunding in PBGC-Insured Plans (1990-1996)............. 68

M-12 Participants and Funding of PBGC-Insured Plans by Funding

Ratio (1996)..................................................................................................... 69

1998 DATA BOOK TABLE LISTING KEY ............................................................................ 70

PAGE
PENSION INSURANCE DATA BOOK 1998 SECTION OVERVIEW 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 plans receive their pensions even if their plans terminate without

sufficient assets to pay promised benefits. Separate insurance programs 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 operations and benefit protection. For the first time, the

Data Book 1998 includes data on the PBGC multiemployer pension insurance program

as well as updates of the single-employer data presented previously.

In addition to tabular presentations of current and historical data, this edition

features two articles on critical topics for the future of PBGC. The first article focuses

on trends in retirement plan choice in the private sector, particularly the shift away from

defined benefit plans, which are insured by PBGC, and the reasons behind this change.

The second article describes the Pension Insurance Modeling System (PIMS), an

advanced simulation model designed to improve the accuracy of PBGC’s estimation of

its risk and exposure.

We have included in Appendix S all the tables from last year’s edition relating to

PBGC’s single-employer program, but rearranged them into subject categories to make

it easier for the reader. Because this represents a change in the ordering of tables from

previous years, we have provided an index relating each table to its respective table

number in prior editions at the back of the book. We have also, for the first time,

included tables of multiemployer data in Appendix M.
2 TRENDS IN DB PLANS PENSION INSURANCE DATA BOOK 1998

Trends in Defined Benefit Plans

Executive Summary

Since the early 1980s, there has been a gradual shift away from defined benefit plans in

the private sector. Unless otherwise indicated, the data discussed in this chapter describes these

trends for single-employer pension plans and participants. These trends, which generally are

unfavorable to the defined benefit universe, are partly due to shifts in employment patterns,

but there has been an equally strong reduction in employer preference for defined benefit plans

in all sectors of the economy.

This chapter describes the trend away from defined benefit plans among private singleemployer pension plans. The number and size distribution of plans, and the number and

composition of participants in these plans, have changed markedly since 1980.

The Trend in Number of Plans

Figure 1 shows the number of plans insured by PBGC from 1980 to 1998. The

number peaked in 1985 at about 112,000. Since then there has been a sharp decline to

about 42,000 plans in 1998. The reduction has not been proportional across all plan

sizes. Plans with fewer than 100 participants have shown the most marked decline, from

about 90,000 in 1985 to about 27,000 in 1998. There also has been a sharp decline for

plans with between 100 and 999 participants. In 1985, there were more than 18,000

plans in this size range but, by 1998, only about 11,000 were operating, a reduction of

about 40 percent. These numbers are shown in panel a of Figure 2.

Panel b of the figure shows the number of large plans over time. In marked contrast

to the trends for plans with fewer than 1,000 participants, the number of plans with

more than 1,000 participants has shown modest growth. Since 1980, the number of

plans with between 1,000 and 9,999 participants has grown by about 15 percent, from

3,223 to 3,713 in 1998. The number of plans with at least 10,000 participants has

grown from 349 in 1980 to 544 in 1998, an increase of over 50 percent; most of this

growth has occurred since 1985.

The growth in the number of large plans is attributable to two factors. First, the

rapid increase in inactive participants (retirees and separated vested participants) has

pushed some plans into higher size categories (see below). Second, there has been considerable plan merger activity over the period.1

1

 We selected a random sample of 250 plans with at least 500 participants in 1987 and tracked their disposition

through 1995. We confirmed that plan mergers and growth in inactive participants each explained a substantial

portion of the increase in the number of large plans.
PENSION INSURANCE DATA BOOK 1998 TRENDS IN DB PLANS 3

Figure 1

Number of Insured Single-Employer Plans, 1980-1998

Figure 2

Number of Insured Plans by Size, Selected Years

a b

100-999

15,951

18,233

11,260

Under 100

75,916

90,061

26,817

Size category

1980

1985

1998

0

20,000

40,000

60,000

80,000

100,000

Count

10000 or more

349

354

544

1000-9999

3,223

3,560

3,713

Size category

1980

1985

1998

0

1,000

2,000

3,000

4,000

Count

0

20

40

60

80

100

120

1980

95.4

1981

99.9

1982

103.4

1983

106.7

1984

111.5

1985

112.2

1986

111.9

1987

111.4

1988

108.3

1989

101.7

1990

91.9

1991

82.7

1992

71.6

1993

63.8

1994

57.0

1995

53.6

1996

48.7

1997

43.9

1998

42.3

Thousands of plans

Year

Thousands
4 TRENDS IN DB PLANS PENSION INSURANCE DATA BOOK 1998

The Trend in Number of Participants

In contrast to the dramatic reduction in the total number of plans, the total number

of participants in defined benefit plans has shown modest growth. In 1980, for example,

there were 27.6 million participants in defined benefit plans. By 1996, this number had

increased to almost 33 million.

These numbers, however, mask the negative trend in the defined benefit system

because total participants include not only active workers but also retirees (or their

surviving spouses) and separated vested participants. The latter two categories of participants are reflective of past coverage patterns in defined benefit plans. A better forwardlooking measure is the trend in the number of active participants: these are workers

earning pension accruals currently. Here, the numbers are far less encouraging.

Figure 3 shows the total number of active participants in the four plan-size categories

for selected years.2 Since PBGC data do not reflect the breakout of participants by type,

Figure 3

DB Active Participants by Plan Size

2

 Size categories are measured by the number of active participants.

10000 or more

8.9

9.0

9.2

1000-9999

6.7

7.0

6.1

100-999

4.2

3.8

2.1

Less than 100

1.7

1.7

0.7

All DB

21.4

21.5

18.1

Size category

1980

1985

1996

0

5

10

15

20

25

Millions
PENSION INSURANCE DATA BOOK 1998 TRENDS IN DB PLANS 5

we rely on form 5500 data, which are available through 1996. In 1980, about 73 percent of all active participants in insured single-employer defined benefit plans were in

plans covering at least 1,000 workers; by 1996, this percentage had grown to almost

85 percent. Thus, small- and medium-sized plans are becoming progressively less important in the defined benefit system, in terms of both number of plans and number and

percent of all active participants.

Figure 4 shows the composition of participants by type. The bottom portion of the

bar distributions denotes the number of active participants. The middle and top portions denote retirees and separated vested participants, respectively. It is apparent from

inspection that the number of active participants has been declining since the late 1980s.

In 1988, there were 22.2 million active participants in DB plans; by 1996, this number

had fallen to 18.1 million, a decrease of almost 20 percent. At the same time, the number of inactive participants has been growing at a rate sufficient to more than offset the

decline in workers in the system. This trend means that the maturity level of the defined

benefit system has been rapidly increasing.

Figure 4

Defined Benefit Pension Plan Participants, 1980-1996

Year

Active

Retired

Separated

1980

21.4

4.4

1.8

1981

21.6

4.6

1.9

1982

21.2

4.8

2.1

1983

21.2

5.2

2.3

1984

21.6

5.6

2.5

1985

21.5

5.6

2.7

1986

21.4

5.7

2.9

1987

21.9

6.2

3.1

1988

22.2

5.9

3.3

1989

22.1

6.0

3.5

1990

21.5

6.1

4.0

1991

21.2

6.4

4.3

1992

20.6

6.7

4.8

1993

20.0

7.0

5.3

1994

19.8

6.9

5.7

1996

18.1

7.4

7.2

1995

18.9

7.5

6.2

0

5

10

15

20

25

30

35

Millions
6 TRENDS IN DB PLANS PENSION INSURANCE DATA BOOK 1998

For example, in 1980, inactive participants accounted for only 22 percent of total

participants in defined benefit plans; by 1988 this number had increased to 29 percent.

By 1996, almost 45 percent of the participants in defined benefit plans were inactive

participants (see Figure 5). If this trend continues, active workers in these plans soon

will be a minority of participants.

Percent of Covered Workers

The reduction in absolute numbers of active workers covered by defined benefit plans

takes on even more significance when consideration is given to the overall growth in the

labor market. Since 1980, the private labor force has grown at the rate of about 1.8 percent per year. The pension-covered private work force grew at about the same rate.

Figure 5

Growing Maturity of DB Plans

1996

55.4

44.6

1988

70.7

29.3

1980

77.5

22.5

Year

Active %

Inactive %

0

20

40

60

80

100

Percent of total participants
PENSION INSURANCE DATA BOOK 1998 TRENDS IN DB PLANS 7

Hence, the overall pension coverage rate remained at approximately 45 percent.3 In this

context, the absolute reduction in defined benefit coverage of workers implies a dramatic

reduction in the share of workers covered by these plans. In 1980, for example, including

workers covered by multiemployer plans, 38 percent of private-sector workers were covered by

a DB plan. By 1995, this number had fallen to only 23 percent (see Figure 6).

3

 See U. S. Department of Labor, Pension Plan Bulletin, No. 7, Spring 1998, table E4. These data include partand full-time workers. If only full-time workers are counted, the coverage rate is approximately 50 percent.

Figure 6

Percent of Private Labor Force Covered by A Pension,

1980-1995

1995

46

23

1994

45

24

1993

46

26

1992

46

26

1991

45

27

1990

45

28

1989

45

29

1988

45

30

1987

46

31

1986

46

32

1985

46

33

1984

46

34

1983

46

35

1982

45

36

1981

46

37

1980

46

38

Year

% Covered by a pension

% Covered by a DB pension

50

0

10

20

30

40

Percent covered
8 TRENDS IN DB PLANS PENSION INSURANCE DATA BOOK 1998

4

 This number excludes workers who had a 401(k) plan but chose not to contribute. The U. S. Department of

Labor does not include non-contributors in their pension-covered counts.

Figure 7 shows primary coverage rates for single-employer pensions by plan type over

the period 1979 to 1998. At the beginning of this period, defined benefit plans were the

primary pensions for over 80 percent of pension-covered private sector workers. By

1998, this share had fallen to less than 50 percent. Much of the growth in defined

contribution coverage comes from a special kind of defined contribution plan, the 401(k)

plan, introduced in the early 1980s.

In particular, over this period, traditional defined contribution plans (that is, those

without a 401(k) component) increased their share of covered workers in the primary

pension market from 17 to 25 percent. More dramatically, 401(k) plans, which were

nonexistent in 1979, had captured 25 percent of the primary pension market by 1996.

That is, in 1996, one in every four covered workers in the single-employer universe was

covered primarily by a 401(k) plan (see Figure 8).4

Figure 7

Share of Primary Pension Coverage by Pension Type

1979

0

20

40

60

80

100

Percent of covered workers DB plans

DC plans

Year 1981 1983 1985 1988 1991 1993 1996 1998
PENSION INSURANCE DATA BOOK 1998 TRENDS IN DB PLANS 9

Figure 8

Primary Coverage 1979 and 1996

Employment Shifts and Preference Changes

Part of the shift away from defined benefit plans reflects employment shifts from

traditional defined benefit firms and industries (for example, large, unionized firms in

the manufacturing sector) to firms and industries that traditionally favored defined

contribution plans (for example, smaller, nonunion firms in the service sector). Several

studies have estimated that upwards of 50 percent of the lost defined benefit share may

be attributable to these shifts. The remainder of the shift is attributable to changes in

employer preferences away from defined benefit plans in all sectors of the economy.

While these preference shifts are somewhat different across sectors, the overall direction

is the same in virtually every category of plan coverage.

1979

83

17

0

DB

DC

401(k)

1996

50

25

25

0

20

40

60

80

100

Percent
10 PIMS: AN INTRODUCTION PENSION INSURANCE DATA BOOK 1998

Pension Insurance Modeling System:

An Introduction

Executive Summary

The Pension Insurance Modeling System (PIMS) is a stochastic simulation model developed by PBGC to quantify its risk and exposure over the long run. Like other insurers of

catastrophic risk (such as those that cover hurricanes and earthquakes), PBGC is vulnerable to

large losses that occur with relatively low probabilities. In these kinds of insurance, past claims

are not necessarily a good guide to possible future experience. It is more informative to model

the underlying processes that give rise to claims and to take advantage of state-of-the-art

computer technology to assess future potential problems. PIMS cannot predict future experience but it can assign probabilities to various potential future loss levels and assist the agency

in making assessments about policy alternatives.

____________________________________________________

Historically, PBGC has forecast its future financial position by assuming that past

experience captures the full risk facing the program. Two forecasts (which have been

published in the agency’s annual report) have reflected the average of past claims. One

reflected claims over PBGC’s entire history (forecast ‘A’); the other reflected PBGC’s

more recent history (forecast ‘B’). Forecast ‘C’ took a different approach. It assumed

that all pensions sponsored by companies with below-investment-grade bond ratings

would present claims to PBGC over the ensuing ten years. None of the forecasts assigned probabilities to the results.

In its 1998 Annual Report, PBGC moved to a new and analytically more powerful

tool to assess risk. The Pension Insurance Modeling System — PIMS — is a stochastic

(randomly determined) simulation model designed to quantify the amount of risk facing

the program. The model does not predict future claims. Rather, by fully exploiting the

historic relationships of key economic variables, the model assigns probabilities to various

levels of potential claims.
PENSION INSURANCE DATA BOOK 1998 PIMS: AN INTRODUCTION 11

The Essence of the Problem

The dominant problem in assessing PBGC’s risk is the large variance in potential

claims. In many lines of insurance, claims per annum are predictable within a small

range. Fire insurance is a good example. Each insured house has a relatively small value

and most fires are random events that affect only one house or a handful of insured

houses. In most years, x percent of insured houses will suffer serious fire damage per

period, with very little variance.

At the other extreme, catastrophic insurance tends to experience wide fluctuations in

claims. Hurricane and earthquake insurance are good examples. In most years, damages

are quite low. Occasionally a big event occurs, like Hurricane Andrew or the San Francisco earthquake. These are low probability events but, when they occur, they have

catastrophic consequences. In these kinds of insurance, losses over past periods may not

provide much information about future potential loss levels.

The events that PBGC insures against also have the possibility of catastrophic outcomes. There are two ways in which catastrophic loss levels can occur. First, in periods of

poor equity returns, exposure and bankruptcies tend to increase, creating the potential

for substantial claims. We call this systematic, or market, risk. Second, some companies

can incur adverse financial conditions independent of market returns. Since many

insured plans are very large, a small number of bankrupt plan sponsors can generate large

claims. We call this idiosyncratic, or random, risk.

Presumably, the probability of a catastrophic event is low, but the losses that could

occur in these events arguably dominate PBGC’s potential future costs. The rarity of

catastrophes means that historical loss events are of limited use in gauging the probabilities of claims levels that might arise in future periods.

The General Approach

When historical data do not adequately describe the insurance risk, a commonly

accepted alternative is to model the process that generates uncertainty in the insurance.

For example, in the case of hurricane insurance, weather models can be used to simulate

thousands of possible hurricane ‘seasons.’ While these simulations cannot predict when

and where hurricanes will develop, they can assess the probabilities that hurricane damage can approach particular levels.

PIMS does for pension insurance what weather models do for hurricane insurance.

Given the low probability of bankruptcy and the large number of underfunding paths

that could be observed over some time period, we can learn very little by simply observing our history. PBGC’s experience is the result of one particular historical path of stock
12 PIMS: AN INTRODUCTION PENSION INSURANCE DATA BOOK 1998

returns and interest rates, and a few large firms that entered bankruptcy. But other

information is available to help us quantify the amount of risk facing the program.

Looking forward, many paths of underfunding are possible, and many combinations

of bankruptcies are possible within any path of underfunding. We do not know which

particular underfunding path will develop, nor do we know which particular firms might

enter bankruptcy. If we are willing to assume, however, that the process that generates

historical volatility in key variables is reasonably representative of the process that governs

future volatility, we can evaluate the likelihood that various economic scenarios can

develop. By modeling real pension plans and incorporating minimum funding rules, we

can quantify the likelihood that various levels of exposure can develop under these

conditions.

In short, while historical data do not predict future losses, they reveal information

that can be used to establish probabilities that certain exposure levels can develop. By

evaluating historical bankruptcy data in the same way, we can quantify the potential loss

distribution that characterizes insurance coverage.

Stock Returns and Interest Rates

The most important variables in the model are stock returns and interest rates.

Historically, the mean real stock return is about 9 percent per year with a standard

deviation of 21 percent.1 Stock returns are independent from one period to the next.

This means that we can think of the process as loading an urn with lots of balls, each

assigned a return that comes from a distribution that reflects past experience. To

determine a simulated sequence of stock returns, PIMS does the equivalent of selecting

balls at random from this urn.2

Unlike stock returns, interest rates are correlated over time. We do not observe

interest rates of 6 percent one year followed by a 20 percent interest rate the next year

and then 2 percent the year after, and so on. But interest rates can gradually move from

6 percent to either 20 percent or 2 percent over several years.

While there are many ways to model interest rates, one easy way that preserves the

general character of movements of these rates over time is a simple ‘random walk’ model.

This model says that the interest rate next year is expected to be equal to the interest rate

this period, plus or minus some random amount. To obtain a distribution of these

1 The real stock return equals the nominal return, minus the inflation rate. The average return is measured over

the period 1926-1997. The mean real return is the simple average of all returns observed over the period. About

95 percent of the returns are within two standard deviations of the mean.

2

 In this analogy, the balls would be replaced after each draw.
PENSION INSURANCE DATA BOOK 1998 PIMS: AN INTRODUCTION 13

random amounts, we calculate the observed changes in interest rates between years over a

long period of history and load this information in the data base. Each year of a simulation, PIMS makes a random draw of these “noise” terms to generate some change in

interest rates each year.3

Bankruptcy Rates

The second component of claims events is bankruptcy. When a firm with an

underfunded pension plan enters bankruptcy and is in sufficiently poor financial health,

underfunding can become a claim against PBGC.

We can observe historical bankruptcy rates among firms that sponsored defined

benefit plans over the period 1980-1997. Typical bankruptcy rates for sponsors of

defined benefit plans were around one percent per year, less for very large firms, more for

smaller firms. The probability also varied as a function of the sponsor’s key financial

ratios. In particular, the firm’s likelihood of bankruptcy was lower the higher its equityto-debt ratio and the higher its cash flow as a percent of company assets. Bankruptcy

probabilities also varied significantly over time as a function of overall economic conditions.

PIMS models bankruptcies in the following way. We measure the historical relationship between the probability of bankruptcy and firms’ financial ratios and levels of

employment. We also calculate the amounts by which firms’ employment levels and

financial ratios can change from period to period, and load this information into the data

base. When each firm is simulated each period, its employment level can either increase

or decrease and its financial ratios can either improve or deteriorate. The sponsor’s

simulated employment level and its simulated financial ratios determine its probability of

bankruptcy in any given period.

In this way, we calculate each firm’s chances of going bankrupt each period in the

simulation. Each firm has a varying probability of bankruptcy during each year of every

scenario; in some scenarios, a firm might develop serious financial difficulty, increasing

its odds of going bankrupt, or it might experience a financial turnaround and become a

very low risk to the pension insurer.

The model determines which firms enter bankruptcy by using a stochastic process.

That is, if a firm has a one percent chance of bankruptcy then it draws a ball from an urn

3

 This specification of interest rates has three attractive properties: (1) the expected future interest rate is equal to

the (observed) interest rate at the start of the simulation, (2) the simulated rate can follow an infinite number of

orderly paths over time, and (3) the variance of the simulated interest rate increases with time so that interest rates in

period ten of the simulation can drift quite far from the starting point (in either direction), reflecting growing

uncertainty of interest rates far in the future.
14 PIMS: AN INTRODUCTION PENSION INSURANCE DATA BOOK 1998

filled with 100 balls numbered 1 to 100. If it draws the ball marked ‘1’ then it enters

bankruptcy. If it draws a ball numbered 2 or higher, it survives to experience the next

period, at which point it is reevaluated, and so on. We assume that, in a bankruptcy in

the simulation, any pension plan that has a funding ratio less than 80 percent (on a

termination basis) becomes a claim to PBGC.4

Pension Data

The PIMS data base has approximately 400 pension plans, sponsored by about 250

firms, which represent about 50 percent of liabilities and underfunding in the defined

benefit plan system. Each plan is loaded in the data base in great detail, so that we can

realistically model plan liabilities. Each plan is assigned an asset allocation so that

pension asset returns can be modeled given any combination of simulated interest rates

and stock returns.5 The key financial ratios of the plan sponsors also are recorded in the

data base.

The plans in the data base represent about half of the liabilities and underfunding

among the insured universe. To achieve a universe estimate, we assign one ‘partner’ plan

to each PIMS plan. This mirror plan is identical to its partner plan in the PIMS data,

but its sponsor’s financial condition changes independently over time. In this way, the

model delivers results that are representative of the universe.6

The Simulation

We draw a series of stock returns and interest rates for 10 simulated years. We call

this an economic scenario. Each plan sponsor is simulated in the scenario; each draws

new financial ratios and employment levels every year and has some assigned bankruptcy

probability based on these values. The model determines stochastically if the firm enters

bankruptcy during the scenario.

We also model each sponsor’s pension plan during the scenario. The equity return

4

 Pension plans with funding ratios in excess of 80 percent are assumed to become sufficient terminations.

5

 Briefly, we exploit information from the historic form 5500 pension plan annual reports (over the period

1980-1995) to infer investment returns for a sample of pension plans compared to market returns. This exercise yields

estimates of asset allocations across pension plans. Using this information, we assign each firm a different asset

allocation at the start of every scenario.

6

 We check various key variables to make sure the sample is correctly calibrated. For example, the overall

predicted probability is calibrated, if necessary, to properly reflect bankruptcy probabilities of all DB plan sponsors in

the Compustat data. In addition, we check the flat and variable rate premium (VRP) revenues against PBGC

collections to ensure that starting values correctly reflect overall premium revenues.
PENSION INSURANCE DATA BOOK 1998 PIMS: AN INTRODUCTION 15

and interest rate draws affect pension assets and liabilities; so do movements in the firm’s

simulated employment level. By also including the minimum funding rules, we can

calculate paths in underfunding that could occur within the constraints of the existing

funding rules. If a plan sponsor enters bankruptcy in the model, then we calculate

underfunding for guaranteed benefits in its pension plan(s). If any plan meets the

80 percent (or less) funding criterion, it becomes a claim on PBGC.

To increase the amount of information gained from each economic scenario, each

plan sponsor is ‘cycled’ several times through the scenario with different draws on its

financial ratios. In this way, many different firms have a chance to enter bankruptcy

given a particular sequence of equity returns and interest rates. Experiments show that

the model requires 3,000 simulations (300 scenarios, 10 cycles each) to generate stable

results.

Claims Potential

The results are characterized by a wide variance. Median claims are about

$600 million per annum (expressed in today’s dollars), meaning that half of the simulations produce results higher than this, and half below. The mean level of claims (that is,

the average claim) is much higher, more than $900 million per year. The mean is higher

because there is a chance under some scenarios that claims could reach very high levels.

For example, under the model, there is a 10 percent chance that claims could exceed

$2.1 billion per year. While changes in the underlying input assumptions alter the

results, the general character of the distribution survives extensive sensitivity tests.

The last result is intuitive. If a few large firms that have lots of underfunding fall into

severe financial difficulty, a ‘tail event’ can occur. Similarly, if a bad economic scenario is

encountered, underfunding and bankruptcy rates can escalate rapidly, causing a severe

tail event.

In reality, we will pass through one particular economic scenario over the next

10 years and we have no idea which one it might be. Further, given this scenario, any

number of bankruptcy combinations could arise, some of which cause few problems for

the pension insurer and others that cause large losses. Many right-tail events in PIMS

arise because either stock values or interest rates (or both) fall.

Systematic Risk

The relationship between interest rates and stock returns has an important effect on

claims. In general, the worst simulated outcomes tend to occur in scenarios characterized by

low stock returns or low interest rates. This is the “systematic risk” in pension insurance.
16 PIMS: AN INTRODUCTION PENSION INSURANCE DATA BOOK 1998

Idiosyncratic Risk

In addition to systematic risk, the program also faces idiosyncratic risk. This is the

risk that some plan sponsors (or industries) that have lots of pension underfunding incur

severe financial difficulty. It is possible for the agency to experience a run of claims,

independent of market conditions.7

 Some ‘tail events’ are attributable to this kind of

risk, and some are attributable to both idiosyncratic financial difficulties of some large

firms and overall unfavorable economic conditions. It turns out that about half of the

variation in potential claims is explained by movements in stock returns and interest

rates; the rest is attributable to idiosyncratic risk.

PBGC’s Financial Position

In order to generate the agency’s future financial position, we need to take into

account its premiums, expenses, and investment returns.

Premiums in PIMS reflect a projected change in mortality table, together with the

increase in the variable rate premium (VRP) interest rate to 100 percent of the 30-year

Treasury bond rate, as provided by the Retirement Protection Act of 1994. For purposes

of projections, we assume that flat-benefit plans with funding ratios above 90 percent (on

a current liability basis) will set their ERISA full funding limits so that they do not pay

the VRP. The flat rate premium of $19 per participant is not indexed to inflation and,

thus, its value gradually falls in real terms. Owing to the VRP component, premiums

can vary substantially depending on market conditions. PBGC expenses in PIMS

depend on the number and size of claims that arise in each simulation.8

Finally, the simulations assume that PBGC allocates one-third of its assets to equity

securities and that it maintains a bond portfolio that immunizes its liabilities against

interest rate risk.9

The mean outcome is an $8.8 billion surplus in 2008 (in present value terms).

However, the model also shows the potential for significant downside outcomes. In

particular, there is nearly a 20 percent chance that the agency could return to a deficit in

7

 The variance around these loss distributions is higher when equity returns are low.

8

 Several PBGC actuaries have worked on the expense formula for PIMS. The result is a function of the existing

level of liabilities, a natural depreciation of these costs over time (as each case moves through the process), and the

number of new cases in the simulation.

9

 The liabilities are immunized by purchasing sufficient amounts of zero-coupon Treasuries. We then pursue the

goal of one-third equities in the portfolio. This ratio corresponds closely to the 33 percent share that characterized the

PBGC portfolio as of yearend in fiscal year 1998. In the event that insufficient trust assets exist to reach one-third, we

set the equity component to the maximum allowable limit. Any assets remaining after satisfying these two goals are

invested in one-year Treasury bills.
PENSION INSURANCE DATA BOOK 1998 PIMS: AN INTRODUCTION 17

the next 10 years and a 10 percent chance that the deficit could exceed $6.3 billion in

2008. These outcomes are most likely if the economy performs poorly, in which case

PBGC may experience both large claims and significant investment losses.

Concluding Remarks

The forecast methodology that PBGC used in prior years relied on a limited amount

of information, primarily past claims experience. In effect, it assumed that the same

economic conditions that prevailed in past years would repeat themselves and, further,

that the frequency and size of claims experienced under these conditions also would be

the same. PIMS recognizes the possibility that thousands of different paths of stock

returns and interest rates could develop over future years and that many different claims

sequences could occur within any given economic scenario. By quantifying a fuller range

of uncertainty, the model helps PBGC assess its financial vulnerability from future events

that may be significantly different than those that have characterized its history.
APPENDIX S

Single-Employer Data Tables
K 1998 SINGLE-EMPLOYER DATA TABLES 21

Table S-1

 Financial Position of PBGC’s Single-Employer Program (1980-1998)

(1980-1998).

n in liabilities that were subsequently returned by a Supreme Court ruling to a reorganized LTV Corporation.

tems, rows may not add across.

d A-1 in Pension Insurance Data Book 1997.

Assets Liabilities Net Position

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

$467 $561 -$95

515 704 -189835 1,168 -333

1,085 1,608 -5231,063 1,525 -4621,155 2,480 -1,3251,740 5,566 -3,8262,163 3,712 -1,5492,422 3,965 -1,5433,059 4,183 -1,1242,797 4,710 -1,9135,422 7,925 -2,503

6,381 9,118 -2,7378,267 11,164 -2,897

8,281 9,521 -1,240

10,371 10,686 -31512,043 11,174 86915,314 11,833 3,48117,631 12,619 5,012

* *
K 1998 SINGLE-EMPLOYER DATA TABLES 22

Table S-2

GC Premium Revenue, Benefit Payments, and Expenses (1980-1998)

Single-Employer Program

Total Administrative & Premiums Minus

Premium Benefit Investment Benefits Paid

Revenue Payments Expenses and Expenses

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

$71 $37 $20 $14

75 57 21 -380 94 24 -3882 137 27 -8281 169 30 -11882 170 33 -121

201 261 33 -93268 300 36 -68465 356 48 61603 353 45 205659 369 63 227741 514 71 156875 634 97 144890 678 107 105955 719 135 101838 761 138 -61

1,146 790 150 2061,067 823 155 89

966 847 158 -39

 (1980-1998).

ng of individual items, figures may not add up to totals in other tables.

 A-20 in Pension Insurance Data Book 1997.
K 1998 SINGLE-EMPLOYER DATA TABLES 23

Table S-3

PBGC Benefit Payments, Payees, and Deferred Payees (1980-1998)

Single-Employer Program

ystem (PRISM), fiscal year calculations, PBGC Management Reports, and PBGC Benefit Payment Reports.

cash outs of pensions with de minimus present values and back payments to current pensioners.

oth pensions and lump sum payments, total number of payees may be less than the sum of pensioners and lump sum recipients.

ble termination status as of end of fiscal year.

ave been adjusted to reflect subsequent improvements in data quality.

 A-2 in Pension Insurance Data Book 1997.

RIODIC PENSION PAYMENTS LUMP SUM PAYMENTS ALL PAYMENTS

Average Median

Payees Monthly Monthly Payees Average Payees Deferred

in Year Payment Payment Total in Year Payment Total in Year Payees

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

28 $124 $91 $3 2 $1,623 $37 30 2536 129 87 7 5 1,484 57 41 3351 165 79 15 5 2,938 94 56 5555 206 96 8 3 2,511 137 58 7465 232 112 3 1 1,942 169 66 8375 226 128 4 2 1,782 170 77 9491 275 141 2 1 2,188 261 92 99

110 248 174 2 1 1,770 300 111 104110 265 178 9 2 3,515 356 112 104

107 261 180 11 5 3,051 353 112 109

110 262 184 13 6 2,437 369 116 115

140 338 189 15 6 2,558 514 146 183150 359 232 17 6 3,078 634 156 184157 379 234 13 5 2,686 678 162 188170 359 238 20 7 2,818 719 176 198182 344 232 22 6 3,335 761 187 210199 328 225 20 7 2,757 790 206 240204 316 212 23 9 2,629 823 213 260208 313 208 21 9 2,198 847 216 263
K 1998 SINGLE-EMPLOYER DATA TABLES 24

Table S-4

PBGC Payees and Benefit Payments by Industry (1998)

Single-Employer Program

Mean Median

Monthly Monthly

dustry Payees Benefit Payments Pension Pension

G, AND CONSTRUCTION 5,331 2.5% $20,798,654 2.5% $317 $249

134,458 62.3% 476,217,451 56.2% 289 193

extile Mill Products 19,370 9.0% 27,619,642 3.3% 114 66

tal Products 14,877 6.9% 48,154,410 5.7% 268 202

acco Products 5,508 2.6% 14,309,652 1.7% 211 160

 Computer Equipment 22,166 10.3% 74,341,895 8.8% 275 213

Equipment 4,736 2.2% 14,193,066 1.7% 249 203

s 43,542 20.2% 230,570,251 27.2% 431 381

scellaneous Plastics 6,553 3.0% 22,069,796 2.6% 279 235

cturing 17,706 8.2% 44,958,739 5.3% 171 129

ND PUBLIC UTILITIES 55,319 25.6% 306,920,702 36.2% 466 342

tion 42,894 19.9% 274,680,436 32.4% 538 407

rtation 12,363 5.7% 32,150,530 3.8% 216 166

62 * 89,735 * 117 100

5,619 2.6% 12,357,264 1.5% 213 1317,555 3.5% 9,975,521 1.2% 108 63

E, AND REAL ESTATE 1,298 0.6% 4,079,675 0.5% 264 147

6,025 2.8% 16,079,685 1.9% 230 143

ZATIONS 288 0.1% 341,492 * 98 52

215,893 100.0% $846,770,445 100.0% $313 $208

ystem (PRISM), fiscal year calculations, and PBGC Management Reports.

ing of individual items, totals may not add up to totals in other tables and percentages may not add up to 100 percent.

d A-4 in Pension Insurance Data Book 1997.
K 1998 SINGLE-EMPLOYER DATA TABLES 25

Table S-5

PBGC Payees and Benefit Payments by Gender and Age (1998)

Single-Employer Program

ystem (PRISM), fiscal year calculations, and PBGC Management Reports.

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

d A-5 in Pension Insurance Data Book 1997.

TOTAL PERIODIC PENSION PAYEES MALE FEMALE

Average Average Average

Monthly Monthly Monthly

Payees Pension Payees Pension Payees Pension

29,356 100.0% $331 20,638 70.3% $386 8,718 29.7% $225

32,571 100.0% 387 24,144 74.1% 447 8,427 25.9% 22239,665 100.0% 359 27,505 69.3% 434 12,160 30.7% 19041,813 100.0% 332 26,750 64.0% 416 15,063 36.0% 17933,861 100.0% 292 19,518 57.6% 390 14,343 42.4% 15520,121 100.0% 241 11,075 55.0% 326 9,046 45.0% 134

10,186 100.0% 185 5,085 49.9% 250 5,101 50.1% 115

207,573 100.0% $313 134,715 64.9% $397 72,858 35.1% $176
SINGLE-EMPLOYER DATA TABLES PENSION INSUR

Table S-6

PBGC Payees and Benefit Payments by Size of Payment (1998)

Single-Employer Program

Sources: PBGC Participant System (PRISM), fiscal 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 add up to 100 percen

This table was previously titled A-6 in Pension Insurance Data Book 1997.

Monthly Payment Periodic Pension Payees Periodic Pension 

Less than $50 22,656 10.9% $8,446,400 

$50 - $99 34,964 16.8% 32,712,078 

$100 - $149 23,921 11.5% 36,869,532 

$150 - $199 19,272 9.3% 41,805,604 

$200 - $249 15,913 7.7% 44,429,561 

$250 - $299 12,010 5.8% 41,141,154 

$300 - $349 10,924 5.3% 44,475,645 

$350 - $399 9,239 4.5% 43,710,828 

$400 - $449 9,242 4.5% 49,935,110 

$450 - $499 7,699 3.7% 46,748,220 

$500 - $549 6,766 3.3% 45,779,194 

$550 - $599 5,841 2.8% 42,975,407 

$600 - $749 12,285 5.9% 105,901,180 

$750 - $999 9,375 4.5% 103,120,506 

$1,000 - $1,499 5,230 2.5% 78,961,184 

$1,500 or More 2,236 1.1% 59,065,845 

TOTAL 207,573 100.0% $826,077,448 
K 1998 SINGLE-EMPLOYER DATA TABLES 27

Table S-7

GC Payees and Benefit Payments by Date of Plan Termination (1998)

Single-Employer Program

ystem (PRISM), fiscal year calculations, and PBGC Management Reports.

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

 A-7 in Pension Insurance Data Book 1997.

on Payees Receiving Payment Benefit Payments

15,024 7.0% $23,023,318 2.7%

4,949 2.3% 11,313,749 1.3%8,107 3.8% 13,990,440 1.7%

15,694 7.3% 47,526,205 5.6%

11,007 5.1% 41,838,332 4.9%

2,052 1.0% 4,808,335 0.6%7,986 3.7% 23,915,798 2.8%

20,341 9.4% 103,497,913 12.2%

8,333 3.9% 31,286,630 3.7%9,799 4.5% 35,102,142 4.1%7,225 3.3% 18,405,719 2.2%6,723 3.1% 19,413,038 2.3%

45,439 21.0% 268,263,015 31.7%15,853 7.3% 67,313,174 7.9%

5,321 2.5% 17,022,547 2.0%

12,123 5.6% 59,098,431 7.0%

5,514 2.6% 25,488,089 3.0%9,077 4.2% 24,463,956 2.9%4,654 2.2% 9,721,196 1.1%

672 0.3% 1,278,418 0.2%

215,893 100.0% $846,770,445 100.0%
K 1998 SINGLE-EMPLOYER DATA TABLES 28

Table S-8

PBGC Payees and Benefit Payments by Size of Trusteed Plan (1998)

Single-Employer Program

ystem (PRISM), fiscal year calculations, and PBGC Management Reports.

ng of individual items, totals may not equal those in other tables and percentages may not add up to 100 percent.

 B-1 in Pension Insurance Data Book 1997.

Average Median

Payments Monthly Pension Monthly

Payees (in millions) Payment Pension

16,806 7.8% $40.1 4.7% $195 $126

43,148 20.0% 110.8 13.1% 208 14029,773 13.8% 93.1 11.0% 249 144

er 126,166 58.4% 602.8 71.2% 379 288

215,893 100.0% $846.8 100.0% $313 $208
K 1998 SINGLE-EMPLOYER DATA TABLES 29

Table S-9

kruptcies and Underfunding Among Publicly Traded Firms (1980-1997)

 Compustat Data and New Generations Database and Yearbook, various issues.

GC claims experience.

d A-8 in Pension Insurance Data Book 1997.

Total Bankrupt Firms With Bankrupt Firms With

nkruptcies Fully Funded Defined Benefit Plans Only Any Underfunded Defined Benefit Plans

86 25 29.1% 1 1.2%76 30 39.5% 2 2.6%93 23 24.7% 3 3.2%86 22 25.6% 6 7.0%

113 23 20.4% 1 0.9%

128 35 27.3% 1 0.8%128 30 23.4% 7 5.5%

95 20 21.1% 3 3.2%

122 26 21.3% 5 4.1%150 29 19.3% 8 5.3%149 45 30.2% 9 6.0%145 41 28.3% 5 3.4%

99 24 24.2% 3 3.0%

114 27 23.7% 6 5.3%

60 15 25.0% 0 0.0%94 20 21.3% 5 5.3%69 12 17.4% 4 5.8%

105 23 21.9% 1 1.0%

,912 470 24.6% 70 3.7%
K 1998 SINGLE-EMPLOYER DATA TABLES 30

Table S-10

PBGC Terminations, Claims, and Underfunding (1975-1998)

Single-Employer Program

Single-Employer

Total Gross Claims as

Trusteed Gross Net Single-Employer a Percentage of

Terminations Assets Liabilities Claims Recoveries Claims Underfunding Underfunding

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

100 $18.9 $56.0 $37.2 $5.1 $32.1 — —171 41.6 87.9 46.3 28.5 17.8 — —130 17.2 51.8 34.6 9.2 25.4 — —103 43.3 124.4 81.1 8.9 72.2 — —

82 31.3 77.3 46.0 7.2 38.8 $35,910 0.1%

104 74.3 166.5 92.3 32.2 60.1 20,156 0.5%137 67.1 174.3 107.2 39.3 67.9 12,043 0.9%131 145.6 456.2 310.7 44.3 266.4 10,263 3.0%149 210.8 412.0 201.3 40.5 160.8 11,783 1.7%

99 19.5 48.1 28.6 3.5 25.1 9,876 0.3%

115 40.1 261.3 221.2 14.5 206.7 11,182 2.0%

132 275.4 1,164.0 888.6 81.1 807.5 14,719 6.0%

105 139.8 350.7 211.0 32.7 178.3 20,692 1.0%

99 109.5 379.5 270.0 20.7 249.3 22,341 1.2%

84 79.8 197.0 117.2 12.4 104.8 26,340 0.4%

100 108.1 228.0 119.9 7.7 112.2 35,689 0.3%

168 1,482.7 2,961.7 1,478.9 228.9 1,250.1 34,485 4.3%

150 247.7 856.1 608.3 79.1 529.2 47,528 1.3%

117 123.3 262.9 139.6 15.0 124.5 59,622 0.2%

123 302.0 737.5 435.5 29.0 406.4 75,569 0.6%107 231.7 369.3 137.6 9.0 128.6 37,278 0.4%

76 241.6 392.5 150.9 23.8 127.2 83,071 0.2%50 426.3 638.7 212.4 3.2 209.2 — —23 87.6 138.6 51.1 1.3 49.7 — —

2,655 $4,565.0 $10,592.4 $6,027.4 $777.1 $5,250.3 — —

losing File (9/30/98) and PBGC Case Administration System.

tems, values may not add up exactly across columns.

ble are calculated on a plan basis and identified with fiscal year of plan termination for each plan.

alues are for 7/1/74 to 6/30/75. 1976 values are for 7/1/75 to 9/30/76. For 1977 on, values are for 10/1 of the prior calendar year to 9/30 of the current

ed terminations shown in this table may differ from those reported elsewhere, as they reflect the fiscal year of plan termination, rather than the fiscal year

as PBGC completes reviewing, establishes termination dates, and determines recoveries.

d A-9 in Pension Insurance Data Book 1997.
K 1998 SINGLE-EMPLOYER DATA TABLES 31

Table S-11

PBGC Single-Employer Claims (1975-1998)

osing File (9/30/98) and PBGC Case Administration System.

may not add up to 100 percent.

calculated on a plan basis.

are summations of all claims in that fiscal year associated with the Top 10 firms.

as PBGC completes reviewing, establishes termination dates, and determines recoveries.

Top 10 firms with the largest value of claims.

 A-10 in Pension Insurance Data Book 1997.

Claims of Top 10 Firms and Other Claims and

Total Claims Percent of Total Annual Claims Percent of Total Annual Claims

$37,180,226 — — $37,180,226 100.0%

46,275,083 — — 46,275,083 100.0%34,590,634 — — 34,590,634 100.0%81,063,181 — — 81,063,181 100.0%46,020,124 — — 46,020,124 100.0%92,288,503 — — 92,288,503 100.0%

107,153,344 — — 107,153,344 100.0%310,664,367 — — 310,664,367 100.0%201,295,912 — — 201,295,912 100.0%

28,592,090 — — 28,592,090 100.0%

221,165,990 $180,568,290 81.6% 40,597,700 18.4%

888,607,011 722,321,849 81.3% 166,285,161 18.7%

210,973,021 35,566,557 16.9% 175,406,464 83.1%270,033,406 186,046,772 68.9% 83,986,634 31.1%

117,228,891 — — 117,228,891 100.0%119,910,562 — — 119,910,562 100.0%

1,478,944,981 1,307,583,787 88.4% 171,361,194 11.6%

608,322,643 468,852,553 77.1% 139,470,090 22.9%139,592,942 — — 139,592,942 100.0%435,472,125 267,727,965 61.5% 167,744,160 38.5%137,594,312 — — 137,594,312 100.0%150,935,816 — — 150,935,816 100.0%212,410,983 — — 212,410,983 100.0%

51,074,383 — — 51,074,383 100.0%

$6,027,390,530 $3,168,667,773 52.6% $2,858,722,756 47.4%
K 1998 SINGLE-EMPLOYER DATA TABLES 32

Table S-12

Top 10 Firms Presenting Claims (1975-1998)

Single-Employer Program

Average

Number Fiscal Years Claim Per Percent

of of Plan Vested Vested of Total

Plans Terminations Claims Participants Participant Claims

(by firm) (1975-1998)

3 1991, 1992 $776,745,843 37,472 $20,729 12.9%

7 1991 552,730,569 51,182 10,799 9.2%

7 1986 495,235,029 22,144 22,364 8.2%

5 1994 232,192,487 6,886 33,720 3.9%

1 1986 221,920,051 8,208 27,037 3.7%

4 1987, 1988 221,613,329 8,403 26,373 3.7%

1 1992 220,839,313 4,239 52,097 3.7%

11 1985, 1986 185,735,060 9,055 20,512 3.1%

1 1992 142,705,203 5,212 27,380 2.4%

6 1992, 1994 118,950,890 5,659 21,020 2.0%

46 3,168,667,773 158,460 19,997 52.6%

2,609 2,858,722,756 468,983 6,096 47.4%

8) 2,655 $6,027,390,530 627,443 $9,606 100.0%

losing File (9/30/98), PBGC Case Administration System, and PBGC Participant System (PRISM).

may not add up to 100 percent.

culated on a firm basis and includes all plans of each firm.

nation of plan sponsored by the reorganized Allis-Chalmers Corporation.

d B-2 in Pension Insurance Data Book 1997.
K 1998 SINGLE-EMPLOYER DATA TABLES 33

Table S-13

PBGC Claims by Plan Funding Ratio at Termination (1975-1998)

Single-Employer Program

ng Ratio Claims

$2,990,105,377 49.6%

1,523,815,331 25.3%1,368,634,921 22.7%

144,834,901 2.4%

$6,027,390,530 100.0%

losing File (9/30/98) and PBGC Case Administration System.

ated claims over the period 1975-1998.

ubject to change as PBGC completes reviewing, establishes termination dates and determines recoveries.

as the ratio of trust plan assets to plan benefit liabilities before recoveries from employers.

tems, percentages may not add up to 100 percent.

d A-11 in Pension Insurance Data Book 1997.
K 1998 SINGLE-EMPLOYER DATA TABLES 34

Table S-14

Average Claim per Vested Participant by Plan Size (1975-1998)

Single-Employer Program

Average Average

Vested Claim Per Claim Per

Participants Plans Claims Participant Claims Participant

(1998 Dollars) (1998 Dollars)

61,253 1,731 $313,420,363 5.2% $5,117 $437,085,069 5.3% $7,136

239,807 824 1,456,663,768 24.2% 6,074 2,067,347,116 25.2% 8,621

181,498 88 1,784,383,424 29.6% 9,831 2,501,672,387 30.5% 13,783

61,195 8 1,047,617,131 17.4% 17,119 1,423,819,622 17.4% 23,26783,690 4 1,425,305,844 23.6% 17,031 1,768,042,103 21.6% 21,126

627,443 2,655 $6,027,390,530 100.0% $9,606 $8,197,966,297 100.0% $13,066

losing File (9/30/98), PBGC Case Administration System, and Bureau of Labor Statistics.

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

aggregated and average counts of plans, claims, and participants over the period 1975-1998.

tems, percentages may not add up to 100 percent.

culated using Consumer Price Index - Urban Consumers.

d A-12 in Pension Insurance Data Book 1997.
K 1998 SINGLE-EMPLOYER DATA TABLES 35

Table S-15

PBGC Claims by Industry (1975-1998)

Single-Employer Program

stry Total Claims Claims

1975-1998 1998

G, AND CONSTRUCTION $115,140,473 1.9% — —

3,884,808,987 64.3% $22,018,925 43.1%

Allied Products 68,434,893 1.1% — —

tal Products 424,481,707 7.0% — —

acco Products 116,736,517 1.9% — —

 Computer Equipment 571,862,668 9.5% 2,432,736 4.8%

Equipment 199,928,821 3.3% — —

ed Products 36,186,804 0.6% 13,443,103 26.3%

s 1,823,027,273 30.2% — —

scellaneous Plastics 218,979,081 3.6% — —

turing 425,171,223 7.1% 6,143,086 12.0%

ND PUBLIC UTILITIES 1,646,690,212 27.3% — —

ion 1,447,043,203 24.0% — —

rtation and Utilities 199,647,009 3.3% — —

63,272,827 1.0% 1,626,176 3.2%

116,265,478 1.9% 25,199,125 49.3%

E, AND REAL ESTATE 24,899,377 0.4% — —

176,313,176 2.9% 2,230,157 4.4%

$6,027,390,530 100.0% $51,074,383 100.0%

osing File (9/30/98) and PBGC Case Administration System.

bject to change as PBGC completes reviewing, establishes termination dates and determines recoveries.

ems, percentages may not add up to 100 percent.

 B-3 in Pension Insurance Data Book 1997.
K 1998 SINGLE-EMPLOYER DATA TABLES 36

Table S-16

PBGC-Covered Single-Employer Plan Participants (1980-1998)

gs, various years.

m PBGC internal calculations.

ear have been updated to reflect actual premium filings.

d A-13 in Pension Insurance Data Book 1997.

l In Plans with In Plans with In Plans with In Plans with In Plans with In Plans with In Plans with

ed 10,000+ 5,000-9,999 1,000-4,999 250-999 100-249 25-99 <25

ants Participants Participants Participants Participants Participants Participants Participants

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

8 12,044 2,833 5,776 3,852 1,436 1,064 5136 12,304 2,894 5,900 3,901 1,455 1,094 5282 12,190 2,867 6,077 3,979 1,484 1,069 5161 12,770 2,908 6,030 3,839 1,536 1,090 5287 12,707 3,010 6,503 4,146 1,588 1,131 5529 12,724 3,164 6,579 4,032 1,585 1,164 5613 12,800 3,236 6,596 4,104 1,593 1,155 5590 13,522 3,168 6,728 4,434 1,644 1,166 5381 13,820 3,141 6,844 4,401 1,581 1,150 5244 14,253 3,356 6,881 3,984 1,492 1,108 5003 14,336 3,351 6,989 4,064 1,429 1,023 4411 14,759 3,433 6,945 3,968 1,415 946 3856 15,416 3,520 6,997 3,694 1,276 825 3281 15,895 3,617 7,000 3,552 1,176 758 2732 16,258 3,814 6,942 3,292 1,120 698 2484 16,934 3,771 6,908 3,136 1,062 625 1984 17,076 3,843 6,896 3,128 1,005 591 1854 18,046 3,787 6,767 3,008 919 527 1609 18,981 3,841 6,434 2,684 745 403 121
PENSION INSURANCE DATA BOOK 1998 SINGLE-EMPLO

Table S-17

PBGC-Insured Single-Employer Plans (1980-1998)

Source: PBGC Premium Filings, various years.

1998 figures are estimates from PBGC internal calculations.

1997 estimates reported last year have been updated to reflect actual premium filings.

This table was previously titled A-14 in Pension Insurance Data Book 1997.

Insured Insured Insured Insured Insured Insure

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

Insured 10,000+ 5,000-9,999 1,000-4,999 250-999 100-249 25-9

Year Plans Participants Participants Participants Participants Participants Particip

1980 95,439 349 365 2,858 7,439 8,512 19,069 

1981 99,892 344 360 3,010 7,803 8,928 19,956 

1982 103,423 393 411 2,965 8,142 9,316 20,646 

1983 106,668 377 413 2,908 8,006 9,676 21,123 

1984 111,491 386 428 3,178 8,470 10,005 21,89

1985 112,208 354 435 3,125 8,230 10,003 22,609 

1986 111,944 379 447 3,158 8,186 9,859 22,442 

1987 111,351 411 450 3,276 9,036 10,339 22,373 

1988 108,279 412 446 3,314 8,799 9,965 22,028 

1989 101,724 427 462 3,211 8,057 9,395 21,113 

1990 91,899 458 477 3,400 8,085 8,976 19,464 

1991 82,717 495 493 3,353 7,986 8,867 17,888 

1992 71,589 505 504 3,367 7,402 7,991 15,410 

1993 63,778 504 517 3,336 7,064 7,358 14,392 

1994 57,010 524 553 3,361 6,682 6,941 13,100 

1995 53,589 528 559 3,308 6,743 6,850 11,674 

1996 48,748 531 556 3,280 6,217 6,225 10,93

1997 43,902 563 550 3,199 5,962 5,734 9,822 

1998 42,334 544 555 3,158 5,782 5,476 9,296 
K 1998 SINGLE-EMPLOYER DATA TABLES 38

Table S-18

sured Single-Employer Plans, Participants, and Premiums by Industry (1998)

ustry Covered Participants Premiums Insured Plans

G, AND CONSTRUCTION 655,249 2.0% $19,426,108 2.0% 3,110 7.3%

16,935,063 51.0% 503,219,557 52.1% 13,870 32.8%

Allied Products 1,760,608 5.3% 51,901,625 5.4% 1,079 2.5%

tal Products 1,045,785 3.1% 33,788,412 3.5% 2,596 6.1%

acco Products 1,356,436 4.1% 37,141,049 3.8% 1,111 2.6%

 Computer Equipment 1,480,357 4.5% 38,596,868 4.0% 1,348 3.2%

Equipment 1,895,000 5.7% 49,108,435 5.1% 496 1.2%

ed Products 793,916 2.4% 20,167,811 2.1% 727 1.7%

s 892,139 2.7% 37,807,545 3.9% 750 1.8%

scellaneous Plastics 444,003 1.3% 12,215,642 1.3% 627 1.5%

cturing 7,266,820 21.9% 222,492,171 23.0% 5,136 12.1%

ND PUBLIC UTILITIES 3,798,267 11.4% 128,881,621 13.3% 1,824 4.3%

tion 617,087 1.9% 36,540,325 3.8% 115 0.3%

rtation 583,415 1.8% 22,202,266 2.3% 718 1.7%

2,597,765 7.8% 70,139,030 7.3% 992 2.3%

655,070 2.0% 19,029,148 2.0% 3,371 8.0%

2,224,494 6.7% 62,339,186 6.5% 2,441 5.8%

E, AND REAL ESTATE 4,025,021 12.1% 101,760,788 10.5% 4,853 11.5%

3,963,385 11.9% 103,012,288 10.7% 8,161 19.3%

ZATIONS 952,153 2.9% 28,331,305 2.9% 4,703 11.1%

33,208,701 100.0% $966,000,000 100.0% 42,334 100.0%

gs.

ing of individual items, totals may not add up to totals in other tables and percentages may not add up to 100 percent.

d A-16 in Pension Insurance Data Book 1997.
K 1998 SINGLE-EMPLOYER DATA TABLES 39

Table S-19

overed Single-Employer Plan Participants by Participant Status (1980-1996)

Active Retired Separated Vested

Participants Participants Participants

77.6% 16.0% 6.4%76.8% 16.3% 6.8%75.3% 17.2% 7.5%73.8% 18.0% 8.2%72.8% 18.8% 8.4%72.2% 18.7% 9.1%71.3% 19.1% 9.6%70.1% 19.8% 10.1%70.6% 18.9% 10.5%70.1% 18.9% 11.0%68.1% 19.4% 12.6%66.4% 20.1% 13.5%64.2% 20.9% 14.9%61.9% 21.6% 16.5%61.2% 21.3% 17.5%58.0% 22.9% 19.1%55.4% 22.7% 21.9%

vice Form 5500 Series Filings for single-employer plans with 100 or more participants.

tems, rows may not add up to 100 percent.
K 1998 SINGLE-EMPLOYER DATA TABLES 40

Table S-20

sured Single-Employer Plans and Participants by Total Premium Paid (1998)

% of Variable % of Participants

Rate in Variable

emium Premium-Paying % of All Rate Premium- % of All

icipant Plans Plans Plans Participants Paying Plans Participants

ATE PREMIUM PAID) 27,261 —— 64.4% 27,710,497 —— 83.4%

$28.99 1,901 12.6% 4.5% 746,653 13.6% 2.2%$38.99 1,834 12.2% 4.3% 763,168 13.9% 2.3%$48.99 1,609 10.7% 3.8% 573,042 10.4% 1.7%

$58.99 1,380 9.2% 3.3% 451,622 8.2% 1.4%

$68.99 1,161 7.7% 2.7% 693,179 12.6% 2.1%

$78.99 979 6.5% 2.3% 292,609 5.3% 0.9%$88.99 831 5.5% 2.0% 420,465 7.6% 1.3%$98.99 646 4.3% 1.5% 309,078 5.6% 0.9%

$108.99 526 3.5% 1.2% 227,986 4.1% 0.7%

$118.99 472 3.1% 1.1% 179,944 3.3% 0.5%

 More 3,734 24.8% 8.8% 840,458 15.3% 2.5%

E PREMIUM PAYERS 15,073 100.0% 35.6% 5,498,204 100.0% 16.6%

L PLANS 42,334 —— 100.0% 33,208,701 —— 100.0%

s.

tems, percentages may not add up to 100 percent.

d A-18 in Pension Insurance Data Book 1997.
K 1998 SINGLE-EMPLOYER DATA TABLES 41

Table S-21

BGC Premium Receipts by Size of Plan and Type of Premium (1998)

Single-Employer Program

Flat Variable Total

Rate Premium Rate Premium Premium

$9,951,353 1.6% $17,223,235 5.1% $27,174,589 2.8%33,593,325 5.3% 37,620,901 11.2% 71,214,226 7.4%31,547,529 5.0% 26,996,473 8.1% 58,544,003 6.1%

555,873,112 88.1% 253,194,071 75.6% 809,067,183 83.8%

$630,965,319 100.0% $335,034,681 100.0% $966,000,000 100.0%

65% 35% 100%

gs.

ing of individual items, premium totals may not equal those in other tables and percentages may not add up to 100 percent.

oportions of Flat Rate and Variable Rate Premiums, respectively, of Total Premiums.

d A-19 in Pension Insurance Data Book 1997.
PENSION INSURANCE DATA BOOK 1998 SINGLE-EMPLOYE

Table S-22

PBGC-Insured Single-Employer Plans and Participants by Variable Rate Premium Status 

Source: PBGC Premium Filings.

* Interest rates for valuing vested benefits for PBGC Variable Rate Premium for plans with premium payment years beginning in January of the respective 

This table was previously titled B-8 in Pension Insurance Data Book 1997.

Participants In Participants In

Plans Paying Plans Paying Plans Paying Plans Paying 

Beginning Variable Rate Flat Rate Variable Rate Flat Rate 

of Year Premium Premium Only Premium Premium Only 

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% 
K 1998 SINGLE-EMPLOYER DATA TABLES 43

Table S-23

Funding of PBGC-Insured Single-Employer Plans (1980-1996)

vice Form 5500 Series Filings for single-employer plans with 100 or more participants.

adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

was UP-84 for 1980-1992 and GAM-83 for 1993-1996.

d A-21 in Pension Insurance Data Book 1997.

Assets Liabilities Funding Underfunding Overfunding PBGC

(in millions) (in millions) Ratio (in millions) (in millions) Rate*

$259,810 $211,817 123% $20,156 $67,894 8.50%

309,969 212,072 146% 12,043 114,676 9.75%331,540 206,303 161% 10,263 135,500 10.75%376,732 241,010 156% 11,783 147,505 9.75%457,644 280,695 163% 9,876 186,825 9.75%500,673 308,617 162% 11,182 203,238 9.75%619,490 406,118 153% 14,719 228,091 8.50%644,239 463,255 139% 20,692 201,676 7.50%640,741 450,844 142% 22,341 212,238 8.25%696,146 517,226 135% 26,340 205,260 7.75%837,131 604,047 139% 35,689 268,773 7.25%848,251 687,896 123% 34,485 194,840 7.25%915,722 771,421 119% 47,528 191,829 6.25%951,972 844,803 113% 59,622 166,791 6.40%

,001,129 936,698 107% 75,569 140,000 5.65%,032,503 887,730 116% 37,278 182,050 7.15%,198,221 1,134,194 106% 83,071 147,098 5.30%
K 1998 SINGLE-EMPLOYER DATA TABLES 44

Table S-24

ing of Underfunded PBGC-Insured Single-Employer Plans (1980-1996)

vice Form 5500 Series Filings for single-employer plans with 100 or more participants.

djusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

was UP-84 for 1980-1992 and GAM-83 for 1993-1996.

d A-22 in Pension Insurance Data Book 1997.

Assets Liabilities Underfunding Funding PBGC

(in millions) (in millions) (in millions) Ratio Rate*

$53,840 $73,996 $20,156 73% 8.50%

31,587 43,630 12,043 72% 9.75%29,967 40,230 10,263 74% 10.75%37,037 48,820 11,783 76% 9.75%

26,208 36,084 9,876 73% 9.75%

28,722 39,904 11,182 72% 9.75%41,780 56,499 14,719 74% 8.50%62,942 83,634 20,692 75% 7.50%68,920 91,261 22,341 76% 8.25%99,682 126,022 26,340 79% 7.75%95,068 130,758 35,689 73% 7.25%

147,301 181,786 34,485 81% 7.25%172,372 219,900 47,528 78% 6.25%215,695 275,317 59,622 78% 6.40%308,516 384,085 75,569 80% 5.65%218,493 255,771 37,278 85% 7.15%493,597 576,668 83,071 86% 5.30%
K 1998 SINGLE-EMPLOYER DATA TABLES 45

Table S-25

ding of Overfunded PBGC-Insured Single-Employer Plans (1980-1996)

vice Form 5500 Series Filings for single-employer plans with 100 or more participants.

adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

was UP-84 for 1980-1992 and GAM-83 for 1993-1996.

d A-23 in Pension Insurance Data Book 1997.

Assets Liabilities Overfunding Funding PBGC

(in millions) (in millions) (in millions) Ratio Rate*

$205,970 $138,076 $67,894 149% 8.50%

278,382 163,706 114,676 170% 9.75%301,573 166,073 135,500 182% 10.75%339,695 192,190 147,505 177% 9.75%431,436 244,611 186,825 176% 9.75%471,951 268,713 203,238 176% 9.75%577,710 349,619 228,091 165% 8.50%581,297 379,621 201,676 153% 7.50%571,821 359,583 212,238 159% 8.25%596,464 391,204 205,260 152% 7.75%742,063 473,289 268,773 157% 7.25%700,950 506,110 194,840 138% 7.25%743,350 551,520 191,829 135% 6.25%736,277 569,486 166,791 129% 6.40%692,613 552,613 140,000 125% 5.65%814,009 631,959 182,050 129% 7.15%704,624 557,526 147,098 126% 5.30%
K 1998 SINGLE-EMPLOYER DATA TABLES 46

Table S-26

ation of Underfunding in PBGC-Insured Single-Employer Plans (1990-1996)

vice Form 5500 Series Filings for single-employer plans with 100 or more participants.

tems, percentages may not add up to 100 percent.

djusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

was UP-84 for 1990-1992 and GAM-83 for 1993-1996.

d B-7 in Pension Insurance Data Book 1997.

Total 10 Plans With the Highest Next 40 Plans All Others

Underfunding Underfunding Underfunding Underfunding

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

$35,689 $14,119 39.6% $6,487 18.2% $15,083 42.3%

34,485 14,067 40.8% 6,884 20.0% 13,534 39.2%47,528 21,610 45.5% 7,818 16.4% 18,100 38.1%59,622 25,894 43.4% 9,337 15.7% 24,392 40.9%

75,569 28,658 37.9% 10,310 13.6% 36,601 48.4%

37,278 6,535 17.5% 7,921 21.2% 22,822 61.2%

83,071 13,850 16.7% 16,410 19.8% 52,810 63.6%
K 1998 SINGLE-EMPLOYER DATA TABLES 47

Table S-27

and Funding of PBGC-Insured Single-Employer Plans by Funding Ratio (1996)

vice Form 5500 Series Filings for single-employer plans with 100 or more participants.

tems, dollar totals may not add up to totals in other tables, and percentages may not add up to 100 percent.

justed to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beginning of 1996.

d B-4 in Pension Insurance Data Book 1997.

Participants Total Liabilities Underfunding Overfunding

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

93 0.3% $2,535 0.2% $1,720 2.1% — —

119 0.4% 2,588 0.2% 1,425 1.7% — —

477 1.5% 16,623 1.5% 7,269 8.8% — —

1,319 4.0% 39,605 3.5% 13,451 16.2% — —3,258 10.0% 91,556 8.1% 22,362 26.9% — —5,636 17.2% 186,475 16.4% 27,334 32.9% — —

5,609 17.1% 237,286 20.9% 9,509 11.4% — —

4,074 12.5% 144,127 12.7% — — $6,580 4.5%

4,069 12.4% 124,208 11.0% — — 18,655 12.7%

2,802 8.6% 132,086 11.6% — — 32,737 22.3%2,176 6.6% 65,216 5.7% — — 22,989 15.6%

791 2.4% 27,518 2.4% — — 12,063 8.2%

2,302 7.0% 64,371 5.7% — — 54,073 36.8%

32,724 100.0% $1,134,194 100.0% $83,071 100.0% $147,098 100.0%
K 1998 SINGLE-EMPLOYER DATA TABLES 48

Table S-28

asures of Underfunding in PBGC-Insured Single-Employer Plans (1990-1998)

rom IRS Form 5500 filings.

anies in the preparation of the PBGC Top 50 list of largest underfunded plan sponsors.

ained from Standard & Poor’s Compustat.

PBGC premium filings used to calculate the Variable Rate Premium.

der Section 4010 of ERISA, which requires that companies annually provide PBGC with information on their underfunded plans, if the firm’s aggregate

0 million, or there is an outstanding lien for missed contributions exceeding $1 million or an outstanding funding waiver of more than $1 million.

in the total may differ from year-to-year.

onsors with less than investment grade bond ratings.

d B-5 in Pension Insurance Data Book 1997.

(A) (C) (D)

Form (B) Variable Section (E)

5500 Top 50 / Rate 4010 Reasonably

Filings Compustat Premium Filings Possible

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

$35.69 $26.78 $41.28 —— $8.00

34.48 32.80 43.32 —— 13.0047.53 38.19 53.66 —— 12.3659.62 53.07 43.80 —— 13.0675.57 71.00 65.67 —— 18.2337.28 31.39 33.37 —— 14.5683.07 63.68 82.23 $38.10 22.47

—— —— 51.57 28.70 20.73—— —— 37.23 25.20 15.38
K 1998 SINGLE-EMPLOYER DATA TABLES 49

Table S-29

unding of PBGC-Insured Single-Employer Plans by Industry (1996)

vice Form 5500 Series Filings for single-employer plans with 100 or more participants.

tems, percentages may not add up to 100 percent.

djusted to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beginning of 1996.

d B-6 in Pension Insurance Data Book 1997.

dustry Funding Ratio Total Liabilities Underfunding Overfunding

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

G, AND CONSTRUCTION 102% $16,502 1.5% $1,292 1.6% $1,584 1.1%

99% 626,714 55.3% 54,252 65.3% 47,298 32.2%

Allied Products 102% 61,216 5.4% 4,634 5.6% 5,556 3.8%

trical Equipment 106% 71,545 6.3% 6,348 7.6% 10,643 7.2%

al Products 92% 24,375 2.1% 3,840 4.6% 1,876 1.3%

cco Products 99% 31,800 2.8% 2,811 3.4% 2,502 1.7%

Computer Equipment 100% 69,117 6.1% 2,930 3.5% 2,657 1.8%

quipment 98% 117,912 10.4% 6,517 7.8% 4,147 2.8%

d Products 100% 23,068 2.0% 2,253 2.7% 2,186 1.5%

ning 101% 27,913 2.5% 1,969 2.4% 2,237 1.5%

81% 42,124 3.7% 9,035 10.9% 822 0.6%

Medical Instruments 89% 14,007 1.2% 1,909 2.3% 432 0.3%

uring 102% 143,638 12.7% 12,005 14.5% 14,240 9.7%

D PUBLIC UTILITIES 120% 218,725 19.3% 8,852 10.7% 51,716 35.2%

on 92% 28,861 2.5% 3,317 4.0% 1,007 0.7%

tation 101% 16,106 1.4% 1,524 1.8% 1,668 1.1%

126% 173,759 15.3% 4,011 4.8% 49,042 33.3%113% 13,505 1.2% 1,190 1.4% 2,962 2.0%

96% 21,236 1.9% 2,646 3.2% 1,864 1.3%

, AND REAL ESTATE 112% 115,148 10.2% 6,866 8.3% 20,141 13.7%

112% 96,507 8.5% 6,350 7.6% 17,765 12.1%

ZATIONS 108% 25,856 2.3% 1,622 2.0% 3,768 2.6%

106% $1,134,194 100.0% $83,071 100.0% $147,098 100.0%
K 1998 SINGLE-EMPLOYER DATA TABLES 50

Table S-30

n Funding Data for PBGC-Insured Single-Employer Plans by State (1996)

OVERFUNDED UNDERFUNDED TOTAL

Assets Liabilities Overfunding Assets Liabilities Underfunding Assets Liabilities

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

$75,666 $60,968 $14,697 $36,929 $43,007 $6,078 $112,595 $103,976

54,877 43,579 11,297 24,374 28,106 3,731 79,252 71,685

699 571 128 575 682 107 1,274 1,253

15,256 12,773 2,484 9,306 11,040 1,734 24,562 23,813

711 603 108 775 948 173 1,486 1,551

3,893 3,246 646 1,624 1,921 297 5,517 5,168

230 196 34 274 311 37 503 507

253,245 204,777 48,470 181,638 213,587 31,949 434,883 418,364

2,990 2,217 773 2,468 2,770 302 5,458 4,987

8,523 6,761 1,762 4,606 5,313 707 13,129 12,074

15,934 13,831 2,103 7,121 8,196 1,075 23,055 22,027

67,509 55,286 12,223 27,785 32,590 4,804 95,295 87,875

122,535 98,773 23,762 75,734 84,903 9,168 198,270 183,676

25,094 19,314 5,781 52,865 66,532 13,668 77,958 85,846

10,096 8,180 1,915 10,226 12,191 1,966 20,322 20,371

565 415 150 831 1,091 260 1,396 1,507

64,540 50,331 14,209 34,408 40,675 6,267 98,948 91,007

2,153 1,745 408 993 1,177 183 3,147 2,9221,052 889 163 224 290 66 1,276 1,180

6,287 4,413 1,876 5,849 7,246 1,397 12,136 11,658

24,473 18,178 6,296 12,337 14,058 1,721 36,810 32,235

2,731 2,270 460 1,954 2,235 281 4,685 4,505

3,182 2,582 600 1,944 2,146 203 5,126 4,728

825 662 162 197 229 32 1,021 891

9,844 7,954 1,889 5,759 6,576 817 15,602 14,530

2,069 1,778 291 2,793 3,808 1,014 4,863 5,586

11,924 9,860 2,065 2,358 2,912 553 14,283 12,771

141,609 109,642 31,968 174,527 200,517 25,990 316,136 310,159

49,906 35,898 14,008 40,880 49,081 8,201 90,787 84,979

5,904 4,285 1,619 7,654 8,961 1,307 13,558 13,245

38,624 32,827 5,797 79,373 85,754 6,381 117,997 118,580

9,119 6,974 2,146 14,838 18,296 3,458 23,957 25,270

30,888 24,222 6,666 23,195 28,203 5,008 54,083 52,425

7,168 5,436 1,732 8,587 10,222 1,636 15,754 15,659
K 1998 SINGLE-EMPLOYER DATA TABLES 51

Table S-30 (continued)

n Funding Data for PBGC-Insured Single-Employer Plans by State (1996)

vice Form 5500 Series Filings for single-employer plans with 100 or more participants.

tems, totals may not exactly equal those in other tables or add up exactly across columns.

djusted to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beginning of 1996.

ate of plan administration.

d B-9 in Pension Insurance Data Book 1997.

OVERFUNDED UNDERFUNDED TOTAL

Assets Liabilities Overfunding Assets Liabilities Underfunding Assets Liabilities

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

$23,818 $18,839 $4,978 $12,398 $14,391 $1,993 $36,216 $33,230

2,642 1,974 668 2,485 2,985 500 5,127 4,958

3,885 3,388 496 739 882 142 4,625 4,270

15,366 11,832 3,534 8,083 9,256 1,173 23,450 21,088

1,569 1,335 234 1,007 1,173 165 2,576 2,507

203 182 21 80 92 12 282 273

154 129 25 4 4 1 157 133

40,219 32,512 7,706 24,177 28,340 4,163 64,396 60,852

1,874 1,710 163 1,704 1,908 204 3,578 3,618

2,122 1,236 886 385 429 44 2,507 1,665

1,877 1,546 330 1,590 1,894 304 3,466 3,440

34,347 28,019 6,327 20,498 24,109 3,611 54,845 52,128

16,198 12,515 3,682 4,916 5,767 851 21,114 18,282

11,026 7,949 3,078 3,144 3,654 510 14,170 11,603

1,619 1,463 155 723 858 134 2,342 2,321

249 191 58 31 34 3 280 225

393 333 60 401 480 80 794 814

2,852 2,556 295 579 699 120 3,431 3,255

59 23 35 38 42 4 96 65

87,409 66,550 20,858 24,080 29,612 5,532 111,489 96,163

123 100 24 88 103 15 211 202

67,770 49,910 17,859 18,482 22,838 4,356 86,252 72,749

1,678 1,216 463 631 752 121 2,309 1,968

2,234 1,883 350 2,151 2,715 564 4,385 4,599

15,604 13,441 2,163 2,728 3,205 477 18,332 16,646

1,920 1,390 530 523 772 249 2,443 2,162

* * * 2 2 * 2 2

* * * 4 4 * 4 4

1,917 1,388 529 508 751 244 2,425 2,140

2 2 * 10 14 5 12 16

$704,624 $557,526 $147,098 $493,597 $576,668 $83,071 $1,198,221 $1,134,194
K 1998 SINGLE-EMPLOYER DATA TABLES 52

Table S-31

PBGC Single-Employer Pension Data by State* and Region

CLAIMS COVERAGE BENEFITS PAID

1975-1998 1998 1998

Mean Monthly

Plans Claims Plans Participants Payees Payments Pension

336 $408,032,181 3,318 1,896,216 14,403 $40,713,499 $227

90 232,687,295 1,213 710,665 4,791 15,369,869 257

7 837,575 151 146,118 1,201 2,244,955 146

176 110,203,068 1,436 717,308 5,310 14,572,925 220

15 9,091,990 189 142,797 1,111 3,992,632 28839 34,578,925 226 109,589 1,334 2,418,089 140

9 20,633,328 103 69,739 656 2,115,029 294

919 3,134,799,361 14,098 7,432,107 55,604 216,943,797 309

4 4,392,433 213 166,044 525 2,007,640 303

11 3,551,235 323 49,813 161 534,038 287

59 63,707,269 811 713,987 2,123 8,993,727 343

145 136,735,470 2,619 1,122,454 5,736 19,442,757 278

370 1,877,754,233 5,973 2,231,624 14,431 55,870,856 303

260 546,648,366 2,987 1,687,003 25,538 103,984,899 320

27 9,179,476 918 1,158,983 3,734 11,255,210 245

43 492,830,879 254 302,199 3,356 14,854,669 347

198 173,848,039 4,765 6,210,029 49,412 209,776,244 346

15 9,809,683 335 385,221 3,035 7,790,203 210

9 6,672,938 202 215,856 1,196 2,693,308 189

45 47,818,256 1,055 1,514,318 21,638 121,578,110 455

29 39,500,246 725 973,015 6,823 32,823,319 393

12 6,665,571 420 531,340 1,948 4,428,810 178

20 11,460,248 352 528,018 1,549 4,848,426 257

6 2,172,893 165 179,327 976 1,872,130 162

26 9,895,410 705 906,598 4,404 14,977,500 275

5 59,414 289 454,959 2,806 7,311,418 207

31 39,793,380 517 521,377 5,038 11,453,021 188

770 1,418,892,401 9,690 7,123,266 58,039 222,042,225 304

175 198,397,006 2,761 1,710,248 7,878 23,482,679 242

73 51,677,050 855 710,665 9,318 33,417,037 282

205 222,438,474 1,892 1,285,176 10,702 36,604,191 277

27 114,453,212 662 690,742 3,483 12,722,586 284

227 555,942,136 2,538 1,677,040 21,778 99,741,678 361

63 275,984,523 982 1,049,395 4,880 16,074,054 259
K 1998 SINGLE-EMPLOYER DATA TABLES 53

Table S-31(continued)

PBGC Single-Employer Pension Data by State* and Region

losing File (9/30/98), Employee Benefits Supplement to the April, 1993 Current Population Survey, and PBGC Case Administration System.

PBGC Participant System (PRISM), fiscal year calculations.

tems, totals may not equal those in other tables.

administration; benefits and coverage data by state of payee residence.

d B-10 in Pension Insurance Data Book 1997.

CLAIMS COVERAGE BENEFITS PAID

1975-1998 1998 1998

Mean Monthly

Plans Claims Plans Participants Payees Payments Pension

86 $140,031,404 1,800 1,846,403 8,628 $27,301,698 $255

28 86,208,544 498 375,258 5,840 19,241,285 256

19 28,860,567 254 361,975 646 2,102,269 341

33 17,542,417 721 797,008 1,754 4,587,938 212

4 7,291,143 220 202,574 296 997,358 265

2 128,733 63 56,454 39 141,914 219

0 0 44 53,134 52 230,934 355

118 169,542,976 2,603 2,905,761 9,741 36,357,139 299

20 6,456,893 518 458,280 1,690 6,845,524 326

6 10,377,511 146 142,797 548 2,272,142 324

15 39,747,401 296 292,236 1,051 3,264,281 247

77 112,961,171 1,643 2,012,448 6,453 23,975,193 297

35 239,280,248 891 1,026,148 4,743 28,195,913 467

12 223,705,276 395 371,937 2,688 20,657,762 596

6 12,480,578 93 106,268 642 1,879,063 228

3 252,370 58 96,305 95 350,453 294

6 550,184 115 192,611 706 3,105,133 347

7 1,579,727 199 179,327 537 1,930,946 298

1 712,113 31 79,700 76 272,557 283

182 332,757,507 5,024 4,702,117 13,374 57,235,656 344

4 3,106,217 39 53,134 35 117,013 261

130 267,242,102 3,864 3,380,410 10,340 44,668,581 347

15 16,261,286 319 116,231 1,068 5,017,239 372

17 35,301,249 329 308,841 803 2,510,554 256

16 10,846,653 473 843,501 1,128 4,922,269 350

11 10,206,411 138 65,537 1,149 4,689,429 320

0 0 7 1,116 80 422,681 844

— — — — 719 3,092,164 340

2,655 $6,027,390,528 42,334 33,208,700 215,892 $846,770,445 $313
K 1998 SINGLE-EMPLOYER DATA TABLES 54

Table S-32

PBGC Maximum Guaranteed Benefits

Single-Employer Program

ear of Plan Maximum Monthly Maximum Annual

ermination Guarantee Guarantee

1988 $1,909.09 $22,909.081989 2,028.41 24,340.921990 2,164.77 25,977.241991 2,250.00 27,000.001992 2,352.27 28,227.241993 2,437.50 29,250.001994 2,556.82 30,681.841995 2,573.86 30,886.321996 2,642.05 31,704.601997 2,761.36 33,136.321998 2,880.68 34,568.161999 3,051.14 36,613.68

ome Security Act of 1974 (ERISA) mandates that the maximum guaranteed amount be adjusted annually based on changes in the Social Security

e.

lies to workers who retire at age 65 or later.

uced for retirees taking earlier retirement or electing survivor’s benefits.

ension plan has adequate resources or PBGC recovers sufficient amounts, a participant may receive benefits in excess of the maximum guarantee.

d B-11 in Pension Insurance Data Book 1997.
PENSION INSURANCE DATA BOOK 1998 SINGLE-EMPLO

Table S-33

Premium Schedule of PBGC’s Single-Employer Program

This table was previously titled B-12 in Pension Insurance Data Book 1997.

For Plan Years Flat Rate Premium Variable Rate

Beginning (per participant) Premium

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 $1,000 of unfunded v

(Maximum of $34 per p

January 1, 1991 - June 30, 1994 19.00 $9 per $1,000 of unfunded v

(Maximum of $53 per p

July 1, 1994 - June 30, 1995 19.00 $9 per $1,000 of unfunded v

(Maximum of $53 per participant p

variable premium in excess of $

July 1, 1995 - June 30, 1996 19.00 $9 per $1,000 of unfunded v

participant plus 60% of 

variable premium in excess of $

 On or After July 1, 1996 19.00 $9 per $1,000 of unfunded v

(No maximum
APPENDIX M

Multiemployer Data Tables
PENSION INSURANCE DATA BOOK 1998 MULTIEMPL

Table M-1

Net Financial Position of PBGC’s Multiemployer Program (1980-199

Source: PBGC Annual Report (1980-1998).

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

Fiscal Year Assets Liabilities Net Pos

(in millions) (in millions) (in millio

1980 $21 $30 -$9

1981 28 29 -1

1982 40 29 11

1983 52 46 6

1984 61 44 17

1985 78 52 27

1986 98 54 45

1987 114 45 68

1988 129 37 92

1989 161 37 123

1990 190 58 132

1991 238 75 163

1992 283 114 169

1993 407 131 276

1994 378 181 197

1995 477 285 192

1996 505 381 124

1997 596 377 219

1998 745 404 341
K 1998 MULTIEMPLOYER DATA TABLES 59

Table M-2

GC Premium Revenue, Benefit Payments, and Expenses (1980-1998)

Multiemployer Program

Administrative & Premiums Minus

Premium Benefit Investment Benefits Paid

Revenue Payments Expenses Expenses

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

$5 $4 $2 -$212 4 2 513 5 3 513 4 3 612 4 3 614 4 4 715 3 4 817 3 3 1017 3 4 1120 3 3 1521 2 2 1723 2 * 2123 2 * 2123 2 * 2123 2 * 2122 2 * 2022 2 * 2023 1 * 2223 1 * 22

t (1980-1998).

ing of individual items, figures may not add up to totals in other tables.
K 1998 MULTIEMPLOYER DATA TABLES 60

Table M-3

PBGC Payees and Benefit Payments (1980-1998)

Multiemployer Program

PERIODIC PENSION PAYMENTS

Average Median

Payees in Year Total Monthly Payment Monthly Payment

(in millions)

4,100 $4 $77 $454,000 4 83 453,800 5 86 453,500 4 89 453,400 4 93 453,100 4 91 453,250 3 91 452,800 3 92 452,500 3 93 452,310 3 95 452,170 2 97 501,990 2 98 511,760 2 98 521,590 2 99 531,420 2 102 551,300 2 102 551,130 2 104 551,000 1 102 55

855 1 104 55

ystem (PRISM), fiscal year calculations, PBGC Management Reports and PBGC Benefit Payment Reports.

y, semi-annual, or annual basis were converted to their monthly equivalent.

tems, columns may not add up.
K 1998 MULTIEMPLOYER DATA TABLES 61

Table M-4

PBGC-Covered Multiemployer Plan Participants (1980-1998)

gs, various years.

m PBGC internal calculations.

In Plans with In Plans with In Plans with In Plans with In Plans with In Plans with In Plans with

d 10,000+ 5,000-9,999 2,500-4,999 1,000-2,499 500-999 250-499 <250

nts Participants Participants Participants Participants Participants Participants Participants

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

5,072 925 751 731 299 147 715,151 960 781 759 281 145 745,404 1,026 776 746 305 145 725,438 934 774 727 302 139 71

5,119 973 739 719 306 136 67

5,376 857 761 729 283 136 665,316 879 746 731 288 129 645,443 908 718 709 293 124 615,453 917 739 704 295 127 585,557 918 767 702 302 124 565,731 891 757 695 290 121 485,997 874 731 665 285 110 476,105 830 734 672 276 115 495,991 869 711 657 270 111 495,933 861 703 639 263 112 506,034 894 719 645 258 111 466,196 933 666 659 257 108 416,216 929 696 657 248 101 386,210 927 674 649 249 101 38
PENSION INSURANCE DATA BOOK 1998 MULTIEMPL

Table M-5

PBGC-Insured Multiemployer Plans (1980-1998)

Source: PBGC Premium Filings, various years.

1998 figures are estimates from PBGC internal calculations.

Insured Insured Insured Insured Insured Insured 

Total Plans with Plans with Plans with Plans with Plans with Plans wi

Insured 10,000+ 5,000-9,999 2,500-4,999 1,000-2,499 500-999 250-499 

Year Plans Participants Participants Participants Participants Participants Participan

1980 2,244 120 131 211 452 420 404 

1981 2,272 121 135 221 479 392 399 

1982 2,289 125 142 218 468 420 396 

1983 2,285 134 132 218 454 418 385 

1984 2,223 127 138 209 451 430 381 

1985 2,188 137 124 216 459 402 376 

1986 2,153 135 127 213 461 405 362 

1987 2,098 139 131 205 438 408 344 

1988 2,081 137 133 213 436 409 351 

1989 2,060 137 131 217 430 417 337 

1990 1,983 140 127 214 428 402 332 

1991 1,926 145 127 207 414 401 302 

1992 1,936 150 121 210 418 386 310 

1993 1,900 143 126 204 412 378 302 

1994 1,880 141 125 202 403 369 302 

1995 1,853 144 129 206 405 359 297 

1996 1,806 148 137 191 406 354 290 

1997 1,775 149 135 196 401 341 272 

1998 1,754 149 135 191 396 343 270 
PENSION INSURANCE DATA BOOK 1998 MULTIEMPLO

Table M-6

PBGC-Insured Multiemployer Plans and Participants by Industry (19

Industry Covered Participants Insured 

AGRICULTURE 67,084 0.8% 14 

MINING 204,145 2.3% 11 

Coal Mining 189,781 2.1% 5 

Other Mining 14,364 0.2% 7 

CONSTRUCTION 3,059,520 34.6% 945 

General Contracting 603,921 6.8% 108 

Heavy Construction 378,235 4.3% 63 

Plumbing, Heating and Air Conditioning 311,181 3.5% 176 

Electrical Work 634,156 7.2% 133 

Masonry, Brick and Stonework 164,215 1.9% 142 

Carpentry 316,765 3.6% 85 

Roofing and Sheet Metal Work 229,914 2.6% 66 

Other Construction 421,134 4.8% 172 

MANUFACTURING 1,375,519 15.5% 239 

Food and Tobacco Products 233,739 2.6% 35 

Apparel and Textile Products 321,963 3.6% 18 

Paper and Allied Products 77,519 0.9% 8 

Printing and Publishing 234,141 2.6% 47 

Furniture and Fixtures 58,996 0.7% 5 

Machinery and Computer Equipment 169,087 1.9% 10 

Electrical and Electronic Equipment 68,318 0.8% 10 

Other Manufacturing 211,757 2.4% 107 

TRANSPORTATION AND PUBLIC UTILITIES 1,463,080 16.5% 158 

Trucking 1,214,624 13.7% 70 

Water Transportation 130,087 1.5% 46 

Other Transportation 89,599 1.0% 36 

Public Utilities 28,770 0.3% 7 

WHOLESALE TRADE 210,632 2.4% 54 

RETAIL TRADE 1,224,609 13.8% 118 

FINANCE, INSURANCE, AND REAL ESTATE 3,834 * 8 

SERVICES 1,239,354 14.0% 207 

TOTAL 8,847,777 100.0% 1,754 

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 to 100 percent.

*Less than .05%.
PENSION INSURANCE DATA BOOK 1998 MULTIEMPL

Table M-7

PBGC-Covered Multiemployer Plan Participants by Participant Status (198

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans with 100 or more participants.

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

Active Retired Separated Ve

Year Participants Participants Participan

1980 75.9% 17.7% 6.5%

1981 73.7% 19.1% 7.3%

1982 72.9% 18.6% 8.6%

1983 68.6% 21.7% 9.7%

1984 66.5% 23.1% 10.4%

1985 66.1% 22.6% 11.4%

1986 63.7% 23.2% 13.1%

1987 62.3% 24.1% 13.6%

1988 61.1% 24.5% 14.4%

1989 61.3% 24.6% 14.1%

1990 58.6% 25.2% 16.2%

1991 57.2% 26.3% 16.5%

1992 54.6% 27.6% 17.8%

1993 53.5% 28.0% 18.4%

1994 53.4% 28.0% 18.6%

1995 51.5% 29.1% 19.4%

1996 50.3% 30.0% 19.7%
K 1998 MULTIEMPLOYER DATA TABLES 65

Table M-8

Funding of PBGC-Insured Multiemployer Plans (1980-1996)

vice Form 5500 Series Filings for multiemployer plans with 100 or more participants.

adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

was UP-84 for 1980-1992 and GAM-83 for 1993-1996.

Assets Liabilities Funding Underfunding Overfunding PBGC

(in millions) (in millions) Ratio (in millions) (in millions) Rate*

$40,363 $52,123 77% $17,887 $6,126 8.50%

46,342 53,282 87% 13,068 6,129 9.75%

55,073 57,477 96% 11,560 9,156 10.75%

64,202 64,410 100% 11,221 11,013 9.75%73,932 69,865 106% 10,282 14,350 9.75%88,182 75,942 116% 6,432 18,672 9.75%

107,259 93,436 115% 7,687 21,511 8.50%121,080 111,259 109% 10,079 19,900 7.50%126,963 109,882 116% 8,240 25,321 8.25%135,654 121,915 111% 8,635 22,374 7.75%166,348 156,149 107% 11,574 21,773 7.25%165,734 160,370 103% 13,068 18,432 7.25%184,670 187,829 98% 17,835 14,676 6.25%197,461 202,177 98% 19,864 15,148 6.40%206,625 225,982 91% 29,193 9,837 5.65%209,947 218,458 96% 22,726 14,216 7.15%238,571 270,551 88% 40,019 8,039 5.30%
K 1998 MULTIEMPLOYER DATA TABLES 66

Table M-9

ing of Underfunded PBGC-Insured Multiemployer Plans (1980-1996)

ce Form 5500 Series Filings for multiemployer plans with 100 or more participants.

djusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

as UP-84 for 1980-1992 and GAM-83 for 1993-1996.

Assets Liabilities Underfunding Funding PBGC

(in millions) (in millions) (in millions) Ratio Rate*

$24,819 $42,706 $17,887 58% 8.50%

25,599 38,668 13,068 66% 9.75%22,301 33,861 11,560 66% 10.75%27,287 38,508 11,221 71% 9.75%22,515 32,798 10,282 69% 9.75%

22,813 29,246 6,432 78% 9.75%27,035 34,723 7,687 78% 8.50%

29,782 39,861 10,079 75% 7.50%

29,802 38,042 8,240 78% 8.25%34,845 43,480 8,635 80% 7.75%

56,512 68,086 11,574 83% 7.25%62,563 75,631 13,068 83% 7.25%93,790 111,625 17,835 84% 6.25%95,331 115,195 19,864 83% 6.40%

128,718 157,911 29,193 82% 5.65%

118,707 141,434 22,726 84% 7.15%

168,347 208,366 40,019 81% 5.30%
K 1998 MULTIEMPLOYER DATA TABLES 67

Table M-10

ding of Overfunded PBGC-Insured Multiemployer Plans (1980-1996)

vice Form 5500 Series Filings for multiemployer plans with 100 or more participants.

djusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

was UP-84 for 1980-1992 and GAM-83 for 1993-1996.

Assets Liabilities Overfunding Funding PBGC

(in millions) (in millions) (in millions) Ratio Rate*

$15,543 $9,417 $6,126 165% 8.50%

20,743 14,614 6,129 142% 9.75%32,772 23,615 9,156 139% 10.75%

36,915 25,902 11,013 143% 9.75%51,417 37,067 14,350 139% 9.75%65,368 46,697 18,672 140% 9.75%80,223 58,713 21,511 137% 8.50%91,298 71,398 19,900 128% 7.50%97,161 71,840 25,321 135% 8.25%

100,809 78,435 22,374 129% 7.75%109,836 88,062 21,773 125% 7.25%103,171 84,739 18,432 122% 7.25%

90,880 76,204 14,676 119% 6.25%

102,130 86,981 15,148 117% 6.40%

77,907 68,070 9,837 114% 5.65%91,240 77,024 14,216 118% 7.15%70,224 62,185 8,039 113% 5.30%
K 1998 MULTIEMPLOYER DATA TABLES 68

Table M-11

ation of Underfunding in PBGC-Insured Multiemployer Plans (1990-1996)

vice Form 5500 Series Filings for multiemployer plans with 100 or more participants.

tems, percentages may not add up to 100 percent.

justed to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

was UP-84 for 1990-1992 and GAM-83 for 1993-1996.

Total 10 Plans with the Highest Next 40 Plans All Others

Underfunding Underfunding Underfunding Underfunding

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

$11,574 $6,760 58.4% $2,791 24.1% $2,023 17.5%

13,068 7,906 60.5% 3,123 23.9% 2,038 15.6%17,835 9,500 53.3% 4,411 24.7% 3,923 22.0%19,864 10,348 52.1% 4,927 24.8% 4,590 23.1%29,193 13,575 46.5% 7,012 24.0% 8,606 29.5%22,726 11,340 49.9% 6,236 27.4% 5,150 22.7%

40,019 16,157 40.4% 10,900 27.2% 12,962 32.4%
PENSION INSURANCE DATA BOOK 1998 MULTIEMPLO

Table M-12

Participants and Funding of PBGC-Insured Multiemployer Plans by Funding R

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans with 100 or more participants.

*Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beginn

Participants Total Liabilities Underfunding 

Funding Ratio (in thousands) (in millions) (in millions) 

Under 40% 129 1.5% $2,332 0.9% $1,566 3.9% 

40% - 49% 221 2.5% 4,974 1.8% 2,528 6.3% 

50% - 59% 134 1.5% 4,302 1.6% 1,910 4.8% 

60% - 69% 1,199 13.5% 43,038 15.9% 14,378 35.9% 

70% - 79% 1,604 18.1% 39,545 14.6% 9,352 23.4% 

80% - 89% 1,793 20.2% 41,997 15.5% 6,346 15.9% 

90% - 99% 1,835 20.7% 71,930 26.6% 3,939 9.8% 

100% - 109% 1,197 13.5% 37,085 13.7% — — $1

110% - 119% 466 5.3% 13,304 4.9% — — 1

120% - 129% 181 2.0% 8,335 3.1% — — 2

130% - 139% 22 0.3% 1,725 0.6% — — 

140% - 149% 26 0.3% 337 0.1% — — 

150% and Over 54 0.6% 1,647 0.6% — — 1

TOTAL 8,860 100.0% $270,551 100.0% $40,019 100.0% $8
70 PENSION INSURANCE DATA BOOK 1998

1998 DATA BOOK TABLE LISTING KEY

1998 1997

DATA BOOK TITLE OF TABLE DATA BOOK

TABLE TABLE

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-1998) A-1

S-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-1998)

Single-Employer Program A-20

S-3 PBGC Benefit Payments, Payees and Deferred Payees (1980-1998)

Single-Employer Program A-2

S-4 PBGC Payees and Benefit Payments by Industry (1998) Single-Employer Program A-4

S-5 PBGC Payees and Benefit Payments by Gender and Age (1998) Single-Employer Program A-5

S-6 PBGC Payees and Benefit Payments by Size of Payment (1998) Single-Employer Program A-6

S-7 PBGC Payees and Benefit Payments by Date of Plan Termination (1998)

Single-Employer Program A-7

S-8 PBGC Payees and Benefit Payments by Size of Trusteed Plan (1998)

Single-Employer Program B-1

S-9 Bankruptcies and Underfunding Among Publicly-Traded Firms (1980-1997) A-8

S-10 PBGC Terminations, Claims and Underfunding (1975-1998) Single-Employer Program A-9

S-11 PBGC Single-Employer Claims (1975-1998) A-10

S-12 Top 10 Firms Presenting Claims (1975-1998) Single-Employer Program B-2

S-13 PBGC Claims by Plan Funding Ratio at Termination (1975-1998) Single-Employer Program A-11

S-14 Average Claim per Vested Participant by Plan Size (1975-1998) Single-Employer Program A-12

S-15 PBGC Claims by Industry (1975-1998) Single-Employer Program B-3

S-16 PBGC-Covered Single-Employer Plan Participants (1980-1998) A-13

S-17 PBGC-Insured Single-Employer Plans (1980-1998) A-14

S-18 PBGC-Insured Single-Employer Plans, Participants and Premiums by Industry (1998) A-16

S-19 PBGC-Covered Single-Employer Plan Participants By Participant Status (1980-1998) ——

S-20 PBGC-Insured Single-Employer Plans and Participants by Total Premium Paid (1998) A-18

S-21 PBGC Premium Receipts by Size of Plan and Type of Premium (1998)

Single-Employer Program A-19

S-22 PBGC-Insured Single-Employer Plans and Participants by

Variable Rate Premium Status (1992-1998) B-8

S-23 Funding of PBGC-Insured Single-Employer Plans (1980-1996) A-21

S-24 Funding of Underfunded PBGC-Insured Single-Employer Plans (1980-1996) A-22

S-25 Funding of Overfunded PBGC-Insured Single-Employer Plans (1980-1996) A-23

S-26 Concentration of Underfunding in PBGC-Insured Single-Employer Plans (1990-1996) B-7

S-27 Participants and Funding of PBGC-Insured Single-Employer Plans by Funding Ratio (1996) B-4

S-28 Various Measures of Underfunding in PBGC-Insured Single-Employer Plans (1990-1998) B-5

S-29 Funding of PBGC-Insured Single-Employer Plans by Industry (1996) B-6

S-30 Pension Funding Data for PBGC-Insured Single-Employer Plans by State (1996) B-9

S-31 PBGC Single-Employer Pension Data by State and Region B-10

S-32 PBGC Maximum Guaranteed Benefits Single-Employer Program B-11

S-33 Premium Schedule of PBGC’s Single-Employer Program B-12

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-1998) ——

M-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-1998)

Multiemployer Program ——

M-3 PBGC Payees and Benefit Payments (1980-1998) Multiemployer Program ——

M-4 PBGC-Covered Multiemployer Plan Participants (1980-1998) ——

M-5 PBGC-Insured Multiemployer Plans (1980-1998) ——

M-6 PBGC-Insured Multiemployer Plans and Participants by Industry (1998) ——

M-7 PBGC-Covered Multiemployer Plan Participants By Participant Status (1980-1998) ——

M-8 Funding of PBGC-Insured Multiemployer Plans (1980-1996) ——

M-9 Funding of Underfunded PBGC-Insured Multiemployer Plans (1980-1996) ——

M-10 Funding of Overfunded PBGC-Insured Multiemployer Plans (1980-1996) ——

M-11 Concentration of Underfunding in PBGC-Insured Multiemployer Plans (1990-1996) ——

M-12 Participants and Funding of PBGC-Insured Multiemployer Plans by Funding Ratio (1996) ——

Pictorial representations of selected data in these tables are available on the PBGC website: www.pbgc.gov.

TABLE LISTING KEY
Pension Benefit Guaranty Corporation 

1200 K Street, N.W.

Washington, DC 20005

www.pbgc.gov