The Pension Insurance Data Book 2001 was developed by the Corporate Policy and

Research Department under project manager William James and produced by the

Communications and Public Affairs Department, Pension Benefit Guaranty Corporation.

NUMBER 6, SPRING 2002
PAGE

Contents

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

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

PBGC DATA AND TRENDS

SINGLE-EMPLOYER PROGRAM:

Figure 1 Net Position of PBGC’s Single-Employer Program (1980-2001) ...................... 4

Figure 2 Concentration of PBGC Claims (1975-2001) ................................................... 5

Figure 3 PBGC Claims by Industry (1975-2001) ............................................................ 6

Figure 4 PBGC Claims by Funded Ratio (1975-2001) ................................................... 7

Figure 5 Participants and Beneficiaries Receiving PBGC Payments (1980-2001) ......... 8

Figure 6 Participants and Beneficiaries Receiving PBGC Payments

by Gender and Age (2001) ............................................................................ 9

Figure 7 PBGC Benefit Payments (1980-2001) ............................................................ 10

Figure 8 PBGC-Insured Plans (1980-2001) .................................................................. 11

Figure 9 Participants in PBGC-Insured Plans (1980-2001) .......................................... 12

Figure 10 PBGC-Insured Participants by Participant Status (1980-1999) ...................... 13

Figure 11 PBGC-Insured Participants by Industry (2001) .............................................. 14

Figure 12 PBGC Premium Revenue (1980-2001) .......................................................... 15

Figure 13 PBGC-Insured Participants and Premiums by Premiums Paid (2001) ........... 16

MULTIEMPLOYER PROGRAM:

Figure 14 Net Position of PBGC’s Multiemployer Program (1980-2001) ........................ 18

Figure 15 PBGC-Insured Plans (1980-2001) .................................................................. 19

Figure 16 Participants in PBGC-Insured Plans (1980-2001) .......................................... 20

Figure 17 PBGC-Insured Participants by Participant Status (1980-1999) ...................... 21

Figure 18 PBGC-Insured Participants by Industry (2001) .............................................. 22

APPENDIX S: SINGLE-EMPLOYER DATA TABLES

PBGC’S SINGLE-EMPLOYER PROGRAM ............................................................. 24

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-2001) .... 25

S-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2001) .... 26

S-3 PBGC Benefit Payments, Payees and Deferred Payees (1980-2001) ........... 27

S-4 PBGC Payees and Benefit Payments by Industry (2001) ............................. 28

S-5 PBGC Payees and Benefit Payments by Gender and Age (2001) ................. 29

S-6 PBGC Payees and Benefit Payments by Size of Payment (2001) ................. 30

S-7 PBGC Payees and Benefit Payments by Date of Plan Termination (2001) .... 31

S-8 PBGC Payees and Benefit Payments by Size of Trusteed Plan (2001) ......... 32

S-9 Bankruptcies and Underfunding Among Publicly Traded Firms

[Table Discontinued]

S-10 PBGC Terminations and Claims (1975-2001)................................................. 33

S-11 PBGC Claims (1975-2001) ............................................................................. 34

S-12 Top 10 Firms Presenting Claims (1975-2001) ................................................ 35

S-13 PBGC Claims by Plan Funding Ratio at Termination (1975-2001) ................. 36
PAGE

S-14 Average Claim per Vested Participant by Plan Size (1975-2001) .................. 37

S-15 PBGC Claims by Industry (1975-2001) .......................................................... 38

S-16 PBGC-Insured Plan Participants (1980-2001) ................................................ 39

S-17 PBGC-Insured Plans (1980-2001) .................................................................. 40

S-18 PBGC-Insured Plans, Participants and Premiums by Industry (2001) ........... 41

S-19A PBGC-Insured Plan Participants by Participant Status (1980-1999) .............. 42

S-19B PBGC-Insured Active Participants as a Percent of Private Sector

Wage and Salary Workers (1980-1998) ...................................................... 43

S-20 PBGC-Insured Plans and Participants by Total Premium Paid (2001) ........... 44

S-21 PBGC Premium Receipts by Size of Plan and Type of Premium (2001)........ 45

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

Premium Status (1992-2001) ...................................................................... 46

S-23 Funding of PBGC-Insured Plans (1980-1999) ................................................ 47

S-24 Funding of Underfunded PBGC-Insured Plans (1980-1999) .......................... 48

S-25 Funding of Overfunded PBGC-Insured Plans (1980-1999) ............................ 49

S-26 Concentration of Underfunding in PBGC-Insured Plans (1990-1999) ............ 50

S-27 Participants and Funding of PBGC-Insured Plans by Funding Ratio (1999) .. 51

S-28 Various Measures of Underfunding in PBGC-Insured Plans (1990-2001)...... 52

S-29 Funding of PBGC-Insured Plans by Industry (1999) ...................................... 53

S-30 Pension Funding Data for PBGC-Insured Plans

by Region and State (1999) ........................................................................ 54

S-31 PBGC Pension Data by Region and State ..................................................... 56

S-32 PBGC Maximum Guaranteed Benefits (1988-2002) ...................................... 58

S-33 PBGC’s Historic Premium Rates .................................................................... 59

APPENDIX M: MULTIEMPLOYER DATA TABLES

PBGC’S MULTIEMPLOYER PROGRAM ................................................................ 62

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-2001) ........ 63

M-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2001) .... 64

M-3A PBGC Financial Assistance to Insolvent Plans (1981-2001) .......................... 65

M-3B PBGC Payees and Benefit Payments (1980-2001) ........................................ 66

M-4 PBGC-Insured Plan Participants (1980-2001) ................................................ 67

M-5 PBGC-Insured Plans (1980-2001) .................................................................. 68

M-6 PBGC-Insured Plans and Participants by Industry (2001) ............................. 69

M-7 PBGC-Insured Plan Participants by Participant Status (1980-1999) .............. 70

M-8 Funding of PBGC-Insured Plans (1980-1999) ................................................ 71

M-9 Funding of Underfunded PBGC-Insured Plans (1980-1999) .......................... 72

M-10 Funding of Overfunded PBGC-Insured Plans (1980-1999) ............................ 73

M-11 Concentration of Underfunding in PBGC-Insured Plans (1990-1999) ............ 74

M-12 Participants and Funding of PBGC-Insured Plans by Funding Ratio (1999) .. 75

M-13 Funding of PBGC-Insured Plans by Industry (1999) ...................................... 76

M-14 PBGC Maximum Guaranteed Benefits (1980-2002) ...................................... 77

M-15 PBGC’s Historic Premium Rates .................................................................... 78
PENSION INSURANCE DATA BOOK 2001 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 pension plans receive their pensions if their plans terminate without sufficient

assets to pay promised benefits. PBGC administers separate insurance programs to

protect participants in single-employer and multiemployer plans.

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

detailed statistics on PBGC program operations and benefit protection.

In addition to tabular presentations of current and historical data on PBGC’s singleemployer and multiemployer pension insurance programs, this edition features graphics

illustrating selected current data and trends in PBGC operations and in the U.S. private

pension universe insured by PBGC.

A number of tables in this Data Book are based on data from the 1999 Form 5500.

Problems with the processing of these forms resulted in incomplete data. When data were

missing, we substituted data from the 1998 Form 5500.
2 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

PBGC DATA BOOK AT A GLANCE

Single-Employer Multiemployer Combined

Program Program Programs

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

Fiscal Year 2001:

Net Financial Position $7,732 $116 $7,848

Total Assets $21,768 $807 $22,575

Total Liabilities $14,036 $691 $14,727

Premium Income $821 $24 $845

Number of Insured Plans 33,486 1,715 35,201

Number of Insured Participants 34.6 million 9.4 million 44.0 million

New Plans Trusteed or Pending

 Trusteeship 101 n/a 101

Change in Gross Claims $1,206 n/a $1,206

Number of Payees* 282,709 510 283,219

Total Benefits Paid $1,042 $1 $1,043

Number of Plans Receiving

 Financial Assistance n/a 22 22

Amount of Financial

 Assistance Granted n/a $5 $5

Fiscal Years 1975-2001:

Plans Trusteed or Pending

 Trusteeship 2,965 10 2,975

Amount of Claims $7,655 $31 $7,686

Number of Plans Receiving

 Financial Assistance n/a 29 29

Amount of Financial

 Assistance Granted n/a $157 $157

Sources: PBGC Pension Insurance Data Book 2001 Tables S-1, S-2, S-3, S-10, S-16, S-17, M-1, M-2, M-3A, M-3B, M-4 and M-5.

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

from PBGC during FY 2001.

PBGC DATA BOOK AT A GLANCE
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 3

PBGC DATA

AND TRENDS

Single-Employer Program
4 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

Net Position of PBGC’s

Single-Employer Program (1980-2001)

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

• The highest reported deficit was $2.9 billion in 1993.

• The surplus reached a historic high of $9.7 billion in 2000.

Reference Table S-1 of the PBGC Pension Insurance Data Book 2001.

Source: PBGC Annual Reports (1980-2001).

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

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

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

Figure 1

Net Position of PBGC’s Single-Employer Program

(Restored LTV Plans)
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 5

Figure 2

Concentration of PBGC Claims

Single-Employer Program

Concentration of PBGC Claims (1975-2001)

Single-Employer Program

• Since 1975, 2,965 terminations of underfunded single-employer plans have resulted

in total claims of nearly $7.7 billion.

• Total annual claims have varied widely, ranging from $30 million in 1984 to more

than $1.5 billion in 1991.

• The firms presenting the ten largest claims have accounted for more than half of all

claims against PBGC from 1975 to 2001.

Reference Table S-11 of the PBGC Pension Insurance Data Book 2001.

Sources: PBGC Fiscal Year Closing File (9/30/2001) and PBGC Case Administration System.

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

Top 10 Claims

All Other Claims
6 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

Figure 3

PBGC Claims by Industry, 1975-2001

Single-Employer Program

PBGC Claims by Industry (1975-2001)

Single-Employer Program

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

accounted for over half of PBGC’s claims.

• An additional 15 percent of claims have come from sponsors in the Fabricated Metals

and Machinery industries.

Reference Table S-15 of the PBGC Pension Insurance Data Book 2001.

Sources: PBGC Fiscal Year Closing File (9/30/2001) and PBGC Case Administration System.
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 7

Figure 4

PBGC Claims by Funded Ratio at Termination, 1975-2001

Single-Employer Program

PBGC Claims by Funded Ratio (1975-2001)

Single-Employer Program

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

• More than 60 percent of pension claims came from plans that were less than

50 percent funded (using PBGC assumptions).

• Only $430 million of the $7.7 billion in aggregate claims came from plans

terminating with funded ratios of 75 percent or higher.

Reference Table S-13 of the PBGC Pension Insurance Data Book 2001.

Sources: PBGC Fiscal Year Closing File (9/30/2001) and PBGC Case Administration System.
8 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

Figure 5

Participants and Beneficiaries Receiving PBGC Payments

Single-Employer Program

Participants and Beneficiaries Receiving

PBGC Payments (1980-2001)

Single-Employer Program

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

past twenty-one years.

• In 2001, PBGC made periodic payments to more than 267,000 payees and lump

sum payments to almost 18,000 participants.

• An additional 246,000 individuals are eligible for future PBGC benefit payments.

Reference Table S-3 of the PBGC Pension Insurance Data Book 2001.

Sources: PBGC Participant System (PRISM), fiscal year calculations, PBGC Management Reports and

PBGC Benefit Payment Reports.

Note: Payees are retired participants or their beneficiaries.
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 9

Figure 6

Participants and Beneficiaries Receiving PBGC Payments

by Gender and Age, 2001

Single-Employer Program

Participants and Beneficiaries Receiving

PBGC Payments by Gender and Age (2001)

Single-Employer Program

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

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

primarily beneficiaries under survivor provisions.

• The 70-74 age group comprises the largest number of PBGC payees.

Reference Table S-5 of the PBGC Pension Insurance Data Book 2001.

Sources: PBGC Participant System (PRISM), fiscal year calculations, PBGC Management Reports and

PBGC Benefit Payment Reports.

Note: Payees are retired participants or their beneficiaries.
10 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

Figure 7

Total PBGC Benefit Payments

Single-Employer Program

PBGC Benefit Payments (1980-2001)

Single-Employer Program

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

in payments over its history.

• In 2001, PBGC disbursed more than $1 billion in monthly pension and lump sum

benefit payments to retired plan participants or their beneficiaries.

Reference Table S-3 of the PBGC Pension Insurance Data Book 2001.

Sources: PBGC Participant System (PRISM), fiscal year calculations, PBGC Management Reports and

PBGC Benefit Payment Reports.

Note: Payment figures include periodic payments and lump sum payments made in each year.
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 11

Figure 8

PBGC-Insured Plans

Single-Employer Program

PBGC-Insured Plans (1980-2001)

Single-Employer Program

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

substantially in the past sixteen years.

• In 2001, PBGC insured about 33,500 single-employer defined benefit plans, down

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

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

Reference Table S-17 of the PBGC Pension Insurance Data Book 2001.

Source: PBGC Premium Filings, various years.
12 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

Figure 9

Participants in PBGC-Insured Plans

Single-Employer Program

Participants in PBGC-Insured Plans (1980-2001)

Single-Employer Program

• PBGC ensures that millions of American workers will receive their pension benefits if

their plans terminate in the future.

• In 2001, PBGC provided pension insurance protection to about 35 million

participants in single-employer plans.

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

1980.

Reference Table S-16 of the PBGC Pension Insurance Data Book 2001.

Source: PBGC Premium Filings, various years.
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 13

Figure 10

PBGC-Insured Participants by Participant Status

Single-Employer Program

PBGC-Insured Participants

by Participant Status (1980-1999)

Single-Employer Program

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

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

to 54 percent in 1999.

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

participants.

Reference Table S-19A of the PBGC Pension Insurance Data Book 2001.

Source: Internal Revenue Service Form 5500 Series filings for single-employer plans with 100 or more participants.
14 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

Figure 11

PBGC-Insured Participants by Industry, 2001

Single-Employer Program

PBGC-Insured Participants by Industry (2001)

Single-Employer Program

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

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

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

the Services, Finance and Retail sectors.

Reference Table S-18 of the PBGC Pension Insurance Data Book 2001.

Source: PBGC Premium Filings.
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 15

Figure 12

PBGC Premium Revenue

Single-Employer Program

PBGC Premium Revenue (1980-2001)

Single-Employer Program

• The increase in premium revenues beginning in 1986 reflects increases in the flat-rate

premium, the addition of the variable-rate premium based on plan underfunding

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

• The decline in premium revenue since 1996 reflects somewhat improved plan

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

exemption from paying the variable-rate premium.

Reference Table S-2 of the PBGC Pension Insurance Data Book 2001.

Source: PBGC Annual Reports (1980-2001).
16 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

Figure 13

Distribution of PBGC-Insured Participants and Premiums

by Premiums Paid, 2001

Single-Employer Program

PBGC-Insured Participants and Premiums

by Premiums Paid (2001)

Single-Employer Program

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

liabilities.

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

Reference Tables S-20 and S-21 of the PBGC Pension Insurance Data Book 2001.

Source: PBGC Premium Filings.
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 17

PBGC DATA

AND TRENDS

Multiemployer Program
18 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

Figure 14

Net Position of PBGC’s Multiemployer Program

Net Position of PBGC’s

Multiemployer Program (1980-2001)

• PBGC’s multiemployer program has been in surplus since 1982.

Reference Table M-1 of the PBGC Pension Insurance Data Book 2001.

Source: PBGC Annual Reports (1980-2001).

PBGC’s Net Position is the difference (with some adjustments) between the insurance program’s total assets and total liabilities.
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 19

Figure 15

PBGC-Insured Plans

Multiemployer Program

PBGC-Insured Plans (1980-2001)

Multiemployer Program

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

1982.

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

• This decline is primarily due to plan mergers.

Reference Table M-5 of the PBGC Pension Insurance Data Book 2001.

Source: PBGC Premium Filings, various years.

 
20 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

Figure 16

Participants in PBGC-Insured Plans

Multiemployer Program

Participants in PBGC-Insured Plans (1980-2001)

Multiemployer Program

• In 2001, PBGC provided pension insurance protection to more than 9.4 million

participants in multiemployer plans.

• This represents a 18 percent increase over the total number of participants covered in

1980.

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

Reference Table M-4 of the PBGC Pension Insurance Data Book 2001.

Source: PBGC Premium Filings, various years.
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 21

Figure 17

PBGC-Insured Plan Participants by Participant Status

Multiemployer Program

PBGC-Insured Participants

by Participant Status (1980-1999)

Multiemployer Program

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

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

76 percent in 1980 to 51 percent in 1999.

• The increase in the number of retired participants was slightly larger than the

increase in the number of separated vested participants.

Reference Table M-7 of the PBGC Pension Insurance Data Book 2001.

Source: Internal Revenue Service Form 5500 Series filings for multiemployer plans with 100 or more participants.
22 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2001

Figure 18

PBGC-Insured Participants by Industry, 2001

Multiemployer Program

PBGC-Insured Participants by Industry (2001)

Multiemployer Program

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

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

Reference Table M-6 of the PBGC Pension Insurance Data Book 2001.

Source: PBGC Premium Filings.
PENSION INSURANCE DATA BOOK 2001 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 23

APPENDIX S

Single-Employer Data Tables
24 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2001

PBGC’s Single-Employer Program

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

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

defined benefit plan is a pension plan other than an individual account plan. In a typical

single-employer defined benefit plan, benefits are based on a formula that typically

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

average compensation.

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

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

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

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

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

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

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

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

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

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

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

will experience substantial benefit cuts. PBGC will pay some non-guaranteed benefits

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

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

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

terminating in 2002, the limit is $3,579.55 per month or $42,954.60 per year for a

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

for retirement ages other than 65. The age-adjusted limit that will apply to a given

participant is the limit for his or her age at plan termination, if he or she has already

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

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

is paid as a joint-and-survivor annuity.
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-1

Net Financial Position of PBGC’s Single-Employer Program (1980-20

Source: PBGC Annual Reports (1980-2001).

*1986 values include $1.8 billion in liabilities that were subsequently returned by a Supreme Court ruling to a reorganized LTV Corporation.

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

Fiscal Year Assets Liabilities Net Po

(in millions) (in millions) (in milli

1980 $430 $524 -$91981 467 656 -181982 773 1,106 -331983 1,085 1,608 -521984 1,063 1,525 -461985 1,155 2,480 -1,321986 1,740 5,566 -3,821987 2,163 3,712 -1,541988 2,422 3,965 -1,541989 3,059 4,183 -1,121990 2,797 4,710 -1,911991 5,422 7,925 -2,501992 6,381 9,118 -2,731993 8,267 11,164 -2,891994 8,281 9,521 -1,241995 10,371 10,686 -311996 12,043 11,174 861997 15,314 11,833 3,481998 17,631 12,619 5,011999 18,431 11,393 7,032000 20,830 11,126 9,702001 21,768 14,036 7,73

* 
26 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-2

PBGC Premium Revenue, Benefit Payments and Expenses (1980-2001

Single-Employer Program

Source: PBGC Annual Reports (1980-2001).

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

Total Administrative & Pre

Fiscal Premium Benefit Investment B

Year Revenue Payments Expenses a

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

1980 $71 $37 $20 1981 75 57 21 1982 80 94 24 1983 82 137 27 1984 81 169 30 1985 82 170 33 1986 201 261 33 1987 268 300 36 1988 465 357 48 1989 603 353 45 1990 659 369 63 1991 741 514 71 1992 875 634 97 1993 890 720 107 1994 955 719 135 1995 838 761 138 1996 1,146 790 150 1997 1,067 823 155 1998 966 847 158 1999 902 901 161 2000 807 902 167 2001 821 1,043 184 
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-3

PBGC Benefit Payments, Payees and Deferred Payees (1980-2001

Single-Employer Program

Sources: PBGC Participant System (PRISM), fiscal year calculations, PBGC Management Reports and PBGC Benefit Payment Reports.

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

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

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

Annual deferred payee totals have been adjusted to reflect subsequent improvements in data quality.

PERIODIC PENSION PAYMENTS LUMP SUM PAYMENTS ALL PA

Average Median

Fiscal Payees Monthly Monthly Payees Average 

Year Total in Year Payment Payment Total in Year Payment Total 

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

1980 $34 28 $124 $91 $3 2 $1,623 $37 1981 50 36 129 87 7 5 1,484 57 1982 79 51 165 79 15 5 2,938 94 1983 129 55 206 96 8 3 2,511 137 1984 166 65 232 112 3 1 1,942 169 1985 166 75 226 128 4 2 1,782 170 1986 259 91 275 141 2 1 2,188 261 1987 298 110 248 174 2 1 1,770 300 1988 348 110 265 178 9 2 3,515 357 1989 342 107 261 180 11 5 3,051 353 1990 356 110 262 184 13 6 2,437 369 1991 499 140 338 189 15 6 2,558 514 1992 617 150 359 232 17 6 3,078 634 1993 704 157 379 234 16 5 2,686 720 1994 699 170 359 238 20 7 2,818 719 1995 739 182 344 232 22 6 3,335 761 1996 770 199 328 225 20 7 2,757 790 1997 800 204 316 212 23 9 2,629 823 1998 826 208 313 208 21 9 2,198 847 1999 844 214 311 208 56 16 3,553 901 2000 831 226 309 206 71 19 3,726 902 2001 954 266 325 208 88 18 4,817 1,042 
28 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-4

PBGC Payees and Benefit Payments by Industry (2001)

Single-Employer Program

Mean 

Month

Industry Payees Benefit Payments Pensio

AGRICULTURE, MINING AND CONSTRUCTION 6,461 2.3% $25,151,472 2.4% $315 MANUFACTURING 160,043 56.6% 525,923,467 50.5% 285 

Apparel and Textile Mill Products 27,729 9.8% 57,103,911 5.5% 176 Fabricated Metal Products 18,625 6.6% 56,716,575 5.4% 260 Food and Tobacco Products 7,228 2.6% 16,683,979 1.6% 201 Machinery and Computer Equipment 19,646 6.9% 75,367,115 7.2% 288 Motor Vehicle Equipment 7,018 2.5% 21,363,588 2.0% 245 Primary Metals 46,636 16.5% 218,683,152 21.0% 420 Rubber and Miscellaneous Plastics 6,805 2.4% 20,817,791 2.0% 265 Other Manufacturing 26,356 9.3% 59,187,356 5.7% 201 

TRANSPORTATION AND PUBLIC UTILITIES 69,852 24.7% 395,757,788 38.0% 444 

Air Transportation 57,279 20.3% 366,878,028 35.2% 561 Other Transportation 11,604 4.1% 28,687,481 2.8% 211 Public Utilities 969 * 192,279 * 208 

INFORMATION 78 * 3,470,839 0.3% 361 WHOLESALE TRADE 5,970 2.1% 16,544,358 1.6% 215 RETAIL TRADE 17,897 6.3% 27,776,363 2.7% 165 FINANCE, INSURANCE AND REAL ESTATE 1,690 0.6% 5,376,302 0.5% 274 SERVICES 20,718 7.3% 42,323,470 4.1% 203 

Health Care 6,255 2.2% 14,813,389 1.4% 225 Other Services 14,463 5.1% 27,510,082 2.6% 196 

TOTAL 282,709 100.0% $1,042,324,059 100.0% $325 

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

*Less than 0.05 of one percent.

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.

Industry classifications are now based on principal business activity code used in the North American Industry Classification System. Therefore, the results 

directly comparable with those in previous years.
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-5

PBGC Payees and Benefit Payments by Gender and Age (2001)

Single-Employer Program

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

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

TOTAL PERIODIC PENSION PAYEES MALE 

Average Average 

Monthly Monthly 

Age Payees Pension Payees Pension Paye

Younger than 60 30,465 100.0% $339 18,263 59.9% $404 12,202 60 - 64 38,979 100.0% 391 27,473 70.5% 462 11,506 65 - 69 49,492 100.0% 354 33,573 67.8% 425 15,919 70 - 74 50,322 100.0% 333 32,030 63.7% 416 18,292 75 - 79 46,543 100.0% 313 27,157 58.3% 410 19,386 80 - 84 30,817 100.0% 273 16,398 53.2% 378 14,419 85 and older 19,701 100.0% 212 9,595 48.7% 297 10,106 TOTAL 266,319 100.0% $325 164,489 61.8% $412 101,830 
30 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-6

PBGC Payees and Benefit Payments by Size of Payment (2001)

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 percent.

Monthly Payment Periodic Pension Payees Periodic Pension P

Less than $50 27,029 10.1% $9,477,912 $50 - $99 45,302 17.0% 39,191,796 $100 - $149 31,789 11.9% 44,931,420 $150 - $199 25,236 9.5% 50,422,391 $200 - $249 20,798 7.8% 53,939,187 $250 - $299 15,549 5.8% 49,226,920 $300 - $349 14,182 5.3% 53,236,629 $350 - $399 11,438 4.3% 49,920,840 $400 - $449 11,140 4.2% 55,273,899 $450 - $499 9,206 3.5% 50,663,223 $500 - $549 8,324 3.1% 50,072,279 $550 - $599 7,239 2.7% 46,594,314 $600 - $749 15,740 5.9% 115,333,777 $750 - $999 11,814 4.4% 112,244,693 $1,000 - $1,499 7,385 2.8% 91,967,491 $1,500 or more 4,148 1.6% 82,123,693 TOTAL 266,319 100.0% $954,620,464 
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-7

PBGC Payees and Benefit Payments by Date of Plan Termination (2

Single-Employer Program

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

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

Fiscal Year of Payees Receiving Payments Benefit Pa

Plan Termination (2001) (200

Prior to 1980 13,117 4.6% $18,357,749 1980 to 1984 39,752 14.1% 104,006,091 1985 7,755 2.7% 21,143,986 1986 20,041 7.1% 91,288,428 1987 8,411 3.0% 30,513,184 1988 10,167 3.6% 32,738,438 1989 7,161 2.5% 17,208,127 1990 6,987 2.5% 19,336,660 1991 51,106 18.1% 266,503,994 1992 17,651 6.2% 74,145,093 1993 6,640 2.3% 20,523,081 1994 14,594 5.2% 60,574,731 1995 8,452 3.0% 31,965,274 1996 11,562 4.1% 31,081,721 1997 14,540 5.1% 49,818,936 1998 4,693 1.7% 22,435,638 1999 6,303 2.2% 15,617,171 2000 11,256 4.0% 14,732,610 2001 22,521 8.0% 120,333,148 TOTAL 282,709 100.0% $1,042,324,059 
32 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-8

PBGC Payees and Benefit Payments by Size of Trusteed Plan (2001)

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 equal those in other tables and percentages may not add up to 100 percent.

Number Average 

of Plan Monthly Pension M

Participants Payees Payments Payment 

(in millions)

Under 100 22,446 7.9% $67.2 6.4% $218 100 - 499 51,765 18.3% 130.6 12.5% 216 500 - 999 36,876 13.0% 104.1 10.0% 247 1,000 - 4,999 85,247 30.2% 334.6 32.1% 363 5,000 or more 86,375 30.6% 405.8 38.9% 406 TOTAL 282,709 100.0% $1,042.3 100.0% $325 

Note: Table S-9 has been discontinued.
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-10

PBGC Terminations and Claims (1975-2001)

Single-Employer Program

Fiscal Standard Trusteed Gross 

Year Terminations Terminations Assets Liabilities Claims R

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

1975-1979 28,572 586 $152.2 $397.4 $245.2 1980 3,933 104 74.3 166.5 92.3 1981 4,949 137 67.1 174.3 107.2 1982 6,003 131 145.6 456.2 310.7 1983 6,730 150 210.8 412.2 201.4 1984 7,621 99 19.4 48.1 28.7 1985 8,635 116 39.9 262.5 222.6 1986 6,829 132 277.6 1,164.1 886.5 1987 10,865 107 139.8 350.6 210.7 1988 10,790 99 109.3 379.0 269.7 1989 11,400 83 85.7 195.0 109.3 1990 11,800 101 109.1 215.8 106.7 1991 8,600 174 1,480.3 3,015.1 1,534.8 1992 6,670 157 251.0 823.4 572.4 1993 5,320 124 126.6 256.8 130.2 1994 3,950 135 305.0 797.0 492.0 1995 3,870 118 230.6 393.0 162.4 1996 3,809 93 256.9 425.3 168.4 1997 3,497 78 455.9 671.8 215.9 1998 2,475 60 171.4 269.8 98.4 1999 1,969 72 284.9 416.5 131.6 2000 1,882 60 272.0 383.6 111.5 2001 1,565 49 2,330.1 3,576.3 1,246.2 TOTAL 161,734 2,965 $7,595.7 $15,250.3 $7,654.5 $

Sources: PBGC Fiscal Year Closing File (9/30/01) and PBGC Case Administration System.

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

Claims figures shown in this table are calculated on a plan basis and identified with fiscal year of plan termination for each plan.

1975 termination and claims values 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 calend

calendar year.

The annual numbers of trusteed terminations shown in this table may differ from those reported elsewhere, as they reflect the fiscal year of plan termina

in which the loss was incurred. For example, PBGC became responsible for 101 underfunded terminated plans during FY 2001, but only 49 of these 

during FY 2001. The rest had termination dates in earlier fiscal years and are allocated to those years.

Values are subject to change as PBGC completes reviews, establishes termination dates and determines recoveries.
34 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-11

PBGC Claims (1975-2001)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/01) and PBGC Case Administration System.

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

Claims figures in this table are calculated on a plan basis.

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

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

See Table S-12 for a list of the Top 10 firms with the largest value of claims.

Fiscal Claims of Top 10 Firms and Other C

Year Total Claims Percent of Total Annual Claims Percent of Tota

1975-1979 $245,166,682 — — $245,166,682 1980 92,280,061 — — 92,280,061 1981 107,153,344 — — 107,153,344 1982 310,664,367 — — 310,664,367 1983 201,387,088 — — 201,387,088 1984 28,701,919 — — 28,701,919 1985 222,619,385 $180,568,290 81.1% 42,051,095 1986 886,464,564 722,321,849 81.5% 164,142,715 1987 210,716,438 35,566,557 16.9% 175,149,881 1988 269,677,236 186,046,772 69.0% 83,630,465 1989 109,264,267 — — 109,264,267 1990 106,674,955 — — 106,674,955 1991 1,534,812,127 1,371,920,378 89.4% 162,891,749 1992 572,383,379 209,532,772 36.6% 362,850,606 1993 130,216,301 — — 130,216,301 1994 491,995,387 290,787,636 59.1% 201,207,751 1995 162,353,711 — — 162,353,711 1996 168,431,441 — — 168,431,441 1997 215,864,021 — — 215,864,021 1998 98,350,472 — — 98,350,472 1999 131,621,764 — — 131,621,764 2000 111,542,605 — — 111,542,605 2001 1,246,177,590 867,074,817 69.6% 379,102,773 TOTAL (1975-2001) $7,654,519,105 $3,863,819,071 50.5% $3,790,700,034 
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-12

Top 10 Firms Presenting Claims (1975-2001)

Single-Employer Program

Average

Number Fiscal Years Claim Pe

of of Plan Vested Vested 

Top 10 Firms Plans Terminations Claims Participants Participa

(by firm) 

1. Pan American Air 3 1991, 1992 $841,082,434 37,472 $22,446 2. Trans World Airlines 2 2001 713,804,680 34,189 20,878 3. Eastern Air Lines 7 1991 552,730,569 51,182 10,799 4. Wheeling Pitt Steel 7 1986 495,235,029 22,144 22,364 5. Sharon Steel 5 1994 290,787,636 6,886 42,229 6. LTV Republic Steel 1 1986 221,920,051 8,208 27,037 7. Kaiser Steel 4 1987, 1988 221,613,329 8,403 26,373 8. CF&I Steel 1 1992 187,640,148 4,239 44,265 9. Allis-Chalmers* 11 1985, 1986 185,735,060 9,055 20,512 

10. Northwestern Steel & Wire 2 2001 153,270,136 4,720 32,472 

Top 10 Total 43 3,863,819,071 186,498 20,718 All Other Total 2,922 3,790,700,034 591,090 6,413 TOTAL (1975-2001) 2,965 $7,654,519,105 777,588 $9,843 

Sources: PBGC Fiscal Year Closing File (9/30/01), PBGC Case Administration System and PBGC Participant System (PRISM).

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

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

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

* Does not include 1997 termination of plan sponsored by the reorganized Allis-Chalmers Corporation.
36 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-13

PBGC Claims by Plan Funding Ratio at Termination (1975-2001)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/01) and PBGC Case Administration System.

Calculations represent aggregated claims over the period 1975-2001.

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

Funding ratios are calculated as the ratio of trust plan assets to plan benefit liabilities before recoveries from employers.

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

Funding Ratio Claims

Under 25% $3,158,363,684 41.3%25% - 49% 1,563,303,414 20.4%50% - 74% 2,503,302,274 32.7%75% and over 429,549,732 5.6%TOTAL $7,654,519,105 100.0%
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-14

Average Claim per Vested Participant by Plan Size (1975-2001)

Single-Employer Program

Average 

Number of Plan Vested Claim Per 

Participants Participants Plans Claims Participant Claim

(2001 Do

Under 100 68,497 1,919 $384,367,619 5.0% $5,611 $553,878,860 100-999 271,137 923 1,624,321,095 21.2% 5,991 2,436,531,988 1,000-4,999 226,574 107 2,518,265,585 32.9% 11,115 3,486,711,679 5,000-9,999 78,136 10 1,084,008,829 14.2% 13,873 1,602,673,352 10,000 and over 133,244 6 2,043,555,976 26.7% 15,337 2,581,018,678 TOTAL 777,588 2,965 $7,654,519,105 100.0% $9,844 $10,660,814,556 1

Sources: PBGC Fiscal Year Closing File (9/30/01), PBGC Case Administration System and Bureau of Labor Statistics.

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

Claims calculations represent aggregated and average counts of plans, claims, and participants over the period 1975-2001.

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

Claims in 2001 dollars are calculated using Consumer Price Index - Urban Consumers.
38 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-15

PBGC Claims by Industry (1975-2001)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/01) and PBGC Case Administration System.

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

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

Industry classifications are now based on principal business activity code used in the North American Industry Classification System. Therefore, the results 

directly comparable with those in previous years.

Industry Total Claims Plans 

AGRICULTURE, MINING AND CONSTRUCTION $128,233,368 1.7% 163 MANUFACTURING 4,474,914,342 58.5% 1,731 

Chemical and Allied Products 80,525,563 1.1% 30 Fabricated Metal Products 470,910,897 6.2% 343 Food and Tobacco Products 115,622,926 1.5% 134 Machinery and Computer Equipment 684,605,502 8.9% 215 Motor Vehicle Equipment 156,662,048 2.0% 55 Paper and Allied Products 44,638,430 0.6% 71 Primary Metals 2,154,927,173 28.2% 220 Rubber and Miscellaneous Plastics 224,936,762 2.9% 71 Other Manufacturing 542,085,040 7.1% 592 

TRANSPORTATION AND PUBLIC UTILITIES 2,378,731,178 31.1% 188 

Air Transportation 2,185,156,901 28.5% 26 Other Transportation and Utilities 193,574,277 2.5% 162 

WHOLESALE TRADE 74,592,258 1.0% 203 RETAIL TRADE 259,038,248 3.4% 274 FINANCE, INSURANCE AND REAL ESTATE 22,662,225 0.3% 94 SERVICES 316,347,486 4.1% 312 TOTAL $7,654,519,105 100.0% 2,965 
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-16

PBGC-Insured Plan Participants (1980-2001)

Single-Employer Program

Source: PBGC Premium Filings, various years.

2001 figures are estimates from PBGC internal calculations. 1999 and 2000 estimates reported last year have been updated to reflect actual premium 

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

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

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

Year Participants Participants Participants Participants Participants Participants Partic

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

1980 27,518 12,044 2,833 5,776 3,852 1,436 1,1981 28,076 12,304 2,894 5,900 3,901 1,455 1,1982 28,182 12,190 2,867 6,077 3,979 1,484 1,1983 28,701 12,770 2,908 6,030 3,839 1,536 1,1984 29,637 12,707 3,010 6,503 4,146 1,588 1,1985 29,809 12,724 3,164 6,579 4,032 1,585 1,1986 30,043 12,800 3,236 6,596 4,104 1,593 1,1987 31,200 13,522 3,168 6,728 4,434 1,644 1,1988 31,461 13,820 3,141 6,844 4,401 1,581 1,1989 31,574 14,253 3,356 6,881 3,984 1,492 1,1990 31,633 14,336 3,351 6,989 4,064 1,429 1,1991 31,851 14,759 3,433 6,945 3,968 1,415 1992 32,056 15,416 3,520 6,997 3,694 1,276 1993 32,271 15,895 3,617 7,000 3,552 1,176 1994 32,372 16,258 3,814 6,942 3,292 1,120 1995 32,634 16,934 3,771 6,908 3,136 1,062 1996 32,724 17,076 3,843 6,896 3,128 1,005 1997 33,214 18,046 3,787 6,767 3,008 919 1998 33,545 18,568 3,905 6,719 2,883 847 1999 33,804 19,591 3,869 6,355 2,662 776 2000 34,108 20,337 3,738 6,225 2,569 733 2001 34,582 21,184 3,658 6,105 2,481 689 
40 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-17

PBGC-Insured Plans (1980-2001)

Single-Employer Program

Source: PBGC Premium Filings, various years.

2001 figures are estimates from PBGC internal calculations. 1999 and 2000 estimates reported last year have been updated to reflect actual premium filings

Insured Insured Insured Insured Insured Insured 

Total Plans with Plans with Plans with Plans with Plans with Plans wit

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

Year Plans Participants Participants Participants Participants Participants Participan

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 21,891 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 10,931 1997 43,902 563 550 3,199 5,962 5,734 9,822 1998 41,462 570 565 3,139 5,693 5,255 8,788 1999 37,536 603 555 2,933 5,271 4,803 7,779 2000 35,373 621 531 2,875 5,056 4,536 7,150 2001 33,486 645 523 2,820 4,876 4,266 6,479 
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-18

PBGC-Insured Plans, Participants and Premiums by Industry (200

Single-Employer Program

Industry Insured Participants Premiums 

(in thousands)

AGRICULTURE, MINING AND CONSTRUCTION 736 2.1% $18,877,056 2.3% MANUFACTURING 16,910 48.9% 396,196,637 48.3% 

Chemical and Allied Products 1,680 4.9% 36,124,967 4.4% Fabricated Metal Products 775 2.2% 25,209,584 3.1% Food and Tobacco Products 1,262 3.6% 28,867,718 3.5% Machinery and Computer Equipment 870 2.5% 21,609,210 2.6% Motor Vehicle Equipment 2,272 6.6% 51,243,940 6.2% Paper and Allied Products 747 2.2% 16,285,389 2.0% Primary Metals 956 2.8% 36,081,670 4.4% Rubber and Miscellaneous Plastics 443 1.3% 11,044,013 1.3% Other Manufacturing 7,905 22.9% 169,730,146 20.7% 

TRANSPORTATION AND PUBLIC UTILITIES 2,363 6.8% 54,120,514 6.6% 

Air Transportation 611 1.8% 12,262,223 1.5% Other Transportation 621 1.8% 15,739,045 1.9% Public Utilities 1,131 3.3% 26,119,246 3.2% 

INFORMATION 2,052 5.9% 45,336,815 5.5% WHOLESALE TRADE 812 2.3% 19,435,177 2.4% RETAIL TRADE 2,025 5.9% 55,926,544 6.8% FINANCE, INSURANCE AND REAL ESTATE 3,922 11.3% 87,168,355 10.6% SERVICES 5,477 15.8% 135,061,516 16.5% 

Health Care 2,623 7.6% 61,039,375 7.4% Other Services 2,854 8.3% 74,022,141 9.0% 

NON-PROFIT ORGANIZATIONS 284 0.8% 8,877,386 1.1% TOTAL 34,582 100.0% $821,000,000 100.0% 3

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.

Industry classifications are now based on principal business activity code used in the North American Industry Classification System.

Therefore, the results in this table may not be directly comparable with those in previous years.
42 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-19A

PBGC-Insured Plan Participants by Participant Status (1980-1999)

Single-Employer Program

Active Retired Separated Veste

Year Participants Participants Participants

1980 77.6% 16.0% 6.4%1981 76.8% 16.3% 6.8%1982 75.3% 17.2% 7.5%1983 73.8% 18.0% 8.2%1984 72.8% 18.8% 8.4%1985 72.2% 18.7% 9.1%1986 71.3% 19.1% 9.6%1987 70.1% 19.8% 10.1%1988 70.6% 18.9% 10.5%1989 70.1% 18.9% 11.0%1990 68.1% 19.4% 12.6%1991 66.4% 20.1% 13.5%1992 64.2% 20.9% 14.9%1993 61.9% 21.6% 16.5%1994 61.2% 21.3% 17.5%1995 57.8% 22.9% 19.3%1996 55.3% 23.0% 21.8%1997 54.7% 23.7% 21.5%1998 54.2% 23.8% 22.0%1999 53.7% 23.9% 22.4%

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans with 100 or more participants.

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

1999 figures are estimates from PBGC internal calculations.
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

PERCENTAGE OF PRIVATE SECTOR WAGE AND SA

Private Sector Single-Employer Multiemployer 

Year Wage and Salary Workers Active Participants Active Participants 

(in thousands)

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

Sources: PBGC Pension Insurance Data Book 2001 Tables S-16, S-19, M-4 and M-7 and data on employed and unemployed wage and salary workers 

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

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

Table S-19B

PBGC-Insured Active Participants

as a Percent of Private-Sector Wage and Salary Workers

(1980-1998)
44 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-20

PBGC-Insured Plans and Participants by Total Premium Paid (2001)

Single-Employer Program

% of Partic

% of Variable-Rate in Variable

Total Premium Premium-Paying % of All Premium-

Per Participant Plans Plans Plans Participants Plan

$19 (NO VARIABLE-RATE PREMIUM PAID) 22,841 —— 68.2% 32,276,609 —— TOTAL VARIABLE-RATE PREMIUM PAYERS 10,645 100.0% 31.8% 2,305,185 100.0

$19.01 - $28.99 898 8.4% 2.7% 357,286 15.5$29.00 - $38.99 957 9.0% 2.9% 190,744 8.3$39.00 -$48.99 900 8.5% 2.7% 213,898 9.3$49.00 - $58.99 852 8.0% 2.5% 188,354 8.2$59.00 - $68.99 726 6.8% 2.2% 182,755 7.9$69.00 - $78.99 686 6.4% 2.0% 163,605 7.1$79.00 - $88.99 557 5.2% 1.7% 305,155 13.2$89.00 - $98.99 480 4.5% 1.4% 113,745 4.9$99.00 - $108.99 420 3.9% 1.3% 142,000 6.2$109.00 - $118.99 384 3.6% 1.1% 99,822 4.3$119 or more 3,785 35.5% 11.3% 347,821 15.1

TOTAL ALL PLANS 33,486 —— 100.0% 34,581,794 —— 

Source: PBGC Premium Filings.

Due to rounding of individual items, percentages may not add up to 100 percent.
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-21

PBGC Premium Receipts by Size of Plan and Type of Premium (20

Single-Employer Program

Source: PBGC Premium Filings.

Due to aggregation and rounding of individual items, premium totals may not equal those in other tables and percentages may not add up to 100 perce

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

Number of Plan Flat-Rate Variable-Rate 

Participants Premium Premium 

Under 100 $7,806,907 1.2% $21,050,886 12.8% $28,857100 - 499 27,477,842 4.2% 31,963,568 19.5% 59,441500 - 999 26,746,553 4.1% 16,701,543 10.2% 43,4481,000 - 2,499 56,170,089 8.5% 26,766,482 16.3% 82,9362,500 - 4,999 57,362,217 8.7% 16,644,314 10.2% 74,0065,000 - 9,999 69,876,082 10.6% 12,102,661 7.4% 81,97810,000 and over 411,614,396 62.6% 38,716,460 23.6% 450,330TOTAL $657,054,086 100.0% $163,945,914 100.0% $821,000PERCENT OF TOTAL 80% 20% 
46 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-22

Distribution of PBGC-Insured Plans and Participants

by Variable-Rate Premium Status (1992-2001)

Single-Employer Program

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 ye

Participants In Participants In

Plans Paying Plans Paying Plans Paying Plans Paying V

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

of Year Premium Premium Only Premium Premium Only I

1992 30.8% 69.2% 27.4% 72.6% 1993 36.4% 63.6% 24.9% 75.1% 1994 43.1% 56.9% 34.2% 65.8% 1995 38.5% 61.5% 23.8% 76.2% 1996 46.8% 53.2% 32.1% 67.9% 1997 37.0% 63.0% 19.4% 80.6% 1998 35.6% 64.4% 16.6% 83.4% 1999 35.1% 64.9% 13.2% 86.8% 2000 28.0% 72.0% 7.4% 92.6% 2001 31.8% 68.2% 6.7% 93.3% 
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-23

Funding of PBGC-Insured Plans (1980-1999)

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans with 100 or more participants.

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

* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beg

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-1999.

Beginning Funding 

of Year Assets Liabilities* Ratio Underfunding Overfunding 

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

1980 $259,810 $211,817 123% $20,156 $67,894 1981 309,969 212,072 146% 12,043 114,676 1982 331,540 206,303 161% 10,263 135,500 1983 376,732 241,010 156% 11,783 147,505 1984 457,644 280,695 163% 9,876 186,825 1985 500,673 308,617 162% 11,182 203,238 1986 619,490 406,118 153% 14,719 228,091 1987 644,239 463,255 139% 20,692 201,676 1988 640,741 450,844 142% 22,341 212,238 1989 696,146 517,226 135% 26,340 205,260 1990 837,131 604,047 139% 35,689 268,773 1991 848,251 687,896 123% 34,485 194,840 1992 915,722 771,421 119% 47,528 191,829 1993 951,972 844,803 113% 59,622 166,791 1994 1,001,129 936,698 107% 75,569 140,000 1995 1,032,503 887,730 116% 37,278 182,050 1996 1,198,221 1,134,194 106% 83,071 147,098 1997 1,368,188 1,192,222 115% 47,906 223,871 1998 1,491,488 1,284,725 116% 49,242 256,005 1999 1,621,682 1,436,502 113% 66,495 251,675 
48 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-24

Funding of Underfunded PBGC-Insured Plans (1980-1999)

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans with 100 or more participants.

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

* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginnin

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-1999.

Beginning Funding 

of Year Assets Liabilities* Underfunding Ratio 

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

1980 $53,840 $73,996 $20,156 73% 1981 31,587 43,630 12,043 72% 1982 29,967 40,230 10,263 74% 1983 37,037 48,820 11,783 76% 1984 26,208 36,084 9,876 73% 1985 28,722 39,904 11,182 72% 1986 41,780 56,499 14,719 74% 1987 62,942 83,634 20,692 75% 1988 68,920 91,261 22,341 76% 1989 99,682 126,022 26,340 79% 1990 95,068 130,758 35,689 73% 1991 147,301 181,786 34,485 81% 1992 172,372 219,900 47,528 78% 1993 215,695 275,317 59,622 78% 1994 308,516 384,085 75,569 80% 1995 218,493 255,771 37,278 85% 1996 493,597 576,668 83,071 86% 1997 353,823 401,729 47,906 88% 1998 358,514 407,756 49,242 88% 1999 458,668 525,162 66,495 87% 
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-25

Funding of Overfunded PBGC-Insured Plans (1980-1999)

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans with 100 or more participants.

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

* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beg

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-1999.

Beginning Funding 

of Year Assets Liabilities* Overfunding Ratio 

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

1980 $205,970 $138,076 $67,894 149% 1981 278,382 163,706 114,676 170% 1982 301,573 166,073 135,500 182% 1983 339,695 192,190 147,505 177% 1984 431,436 244,611 186,825 176% 1985 471,951 268,713 203,238 176% 1986 577,710 349,619 228,091 165% 1987 581,297 379,621 201,676 153% 1988 571,821 359,583 212,238 159% 1989 596,464 391,204 205,260 152% 1990 742,063 473,289 268,773 157% 1991 700,950 506,110 194,840 138% 1992 743,350 551,520 191,829 135% 1993 736,277 569,486 166,791 129% 1994 692,613 552,613 140,000 125% 1995 814,009 631,959 182,050 129% 1996 704,624 557,526 147,098 126% 1997 1,014,365 790,494 223,871 128% 1998 1,132,974 876,969 256,005 129% 1999 1,163,014 911,339 251,675 128% 
50 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-26

Concentration of Underfunding in PBGC-Insured Plans (1990-1999)

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans with 100 or more participants.

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

Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning 

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-1999.

Beginning Total 10 Plans With the Highest Next 40 Plans’ A

of Year Underfunding Underfunding Underfunding U

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

1990 $35,689 $14,119 39.6% $6,487 18.2% $1991 34,485 14,067 40.8% 6,884 20.0% 1992 47,528 21,610 45.5% 7,818 16.4% 1993 59,622 25,894 43.4% 9,337 15.7% 1994 75,569 28,658 37.9% 10,310 13.6% 1995 37,278 6,535 17.5% 7,921 21.2% 1996 83,071 13,850 16.7% 16,410 19.8% 1997 47,906 7,751 16.2% 8,473 17.7% 1998 49,242 14,432 29.3% 6,942 14.1% 1999 66,495 17,673 26.6% 10,235 15.4% 
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-27

Participants and Funding of PBGC-Insured Plans by Funding Ratio (

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans with 100 or more participants.

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

*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 beg

Funding Ratio Participants Total Liabilities* Underfunding 

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

Under 40% 53 0.2% $775 0.1% $595 0.9% 40% - 49% 70 0.2% 1,086 0.1% 599 0.9% 50% -59% 321 0.9% 11,743 0.8% 5,138 7.7% 60% - 69% 912 2.7% 19,924 1.4% 6,541 9.8% 70% - 79% 1,942 5.7% 47,572 3.3% 11,369 17.1% 80% - 89% 5,202 15.4% 212,552 14.8% 30,701 46.2% 90% - 99% 5,492 16.2% 231,509 16.1% 11,554 17.4% 100% - 109% 5,928 17.5% 261,843 18.2% — — $1110% - 119% 4,263 12.6% 206,637 14.4% — — 3120% - 129% 3,285 9.7% 160,261 11.2% — — 4130% - 139% 2,394 7.1% 119,835 8.3% — — 4140% - 149% 1,167 3.5% 50,945 3.5% — — 2150% and over 2,775 8.2% 111,817 7.8% — — 10TOTAL 33,804 100.0% $1,436,502 100.0% $66,495 100.0% $25
52 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-28

Various Measures of Underfunding in PBGC-Insured Plans (1990-200

Single-Employer Program

Definitions:

(A) Underfunding calculated from Internal Revenue Service Form 5500 Series Filings.

(B) Data collected from companies in the preparation of the PBGC Top 50 list of largest underfunded plan sponsors, which PBGC discontinued in 1997. Da

obtained from Standard & Poor’s Compustat.

(C) Underfunding data from PBGC premium filings used to calculate the Variable-Rate Premium.

(D) Data from filings made under Section 4010 of ERISA, which requires that companies annually provide PBGC with information on their underfunded plan

underfunding exceeds $50 million or there is an outstanding lien for missed contributions exceeding $1 million or an outstanding funding waiver of mo

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

Firms and plans included in (C), (D) and (E) totals may differ from year to year.

An error in the 2000 value for Section 4010 underfunding, which appeared in the Data Book 2000, has been corrected.

(A) (B) (C) (D) 

Beginning Form Variable- Section

of 5500 Top 50 / Rate 4010 R

Year Filings Compustat Premium Filings 

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

1990 $35.69 $26.78 $41.28 —— 1991 34.48 32.80 43.32 —— 1992 47.53 38.19 53.66 —— 1993 59.62 53.07 43.80 —— 1994 75.57 71.00 65.67 —— 1995 37.28 31.39 33.37 —— 1996 83.07 63.68 82.23 $38.10 1997 47.91 —— 51.57 28.70 1998 49.24 —— 37.23 25.20 1999 66.49 —— 28.86 34.90 2000 —— —— 17.79 7.37 2001 —— —— 16.10 19.46 
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-29

Funding of PBGC-Insured Plans by Industry (1999)

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans with 100 or more participants.

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

Industry classifications are now based on principal business activity code used in the North American Industry Classification System. Therefore, the re

directly comparable with those in previous years.

* 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 beg

Average

Industry Funding Ratio Total Liabilities* Underfunding 

(in millions) (in millions) 

AGRICULTURE, MINING AND CONSTRUCTION 113% $20,695 1.4% $1,121 1.7% MANUFACTURING 108% 760,424 52.9% 41,432 62.3% 

Chemical and Allied Products 107% 65,826 4.6% 3,565 5.4% Computer and Electronic Products 119% 79,988 5.6% 1,079 1.6% Electrical Equipment 124% 65,661 4.6% 1,591 2.4% Fabricated Metal Products 106% 24,822 1.7% 1,786 2.7% Food and Tobacco Products 103% 43,926 3.1% 3,157 4.7% Machinery 104% 38,694 2.7% 2,199 3.3% Motor Vehicle Equipment 96% 148,340 10.3% 13,856 20.8% Paper Manufacturing 111% 28,399 2.0% 1,298 2.0% Petroleum and Coal Products 109% 33,054 2.3% 1,550 2.3% Primary Metals 102% 50,625 3.5% 4,214 6.3% Other Manufacturing 111% 181,089 12.6% 7,137 10.7% 

TRANSPORTATION AND PUBLIC UTILITIES 116% 150,575 10.5% 5,752 8.6% 

Air Transportation 98% 41,752 2.9% 2,964 4.5% Other Transportation 109% 17,346 1.2% 876 1.3% Public Utilities 125% 91,477 6.4% 1,912 2.9% 

INFORMATION 131% 175,264 12.2% 2,912 4.4% WHOLESALE TRADE 124% 16,620 1.2% 890 1.3% RETAIL TRADE 101% 24,893 1.7% 2,818 4.2% FINANCE, INSURANCE AND REAL ESTATE 122% 126,359 8.8% 3,006 4.5% SERVICES 108% 145,234 10.1% 7,786 11.7% 

Health Care 106% 51,483 3.6% 3,433 5.2% Other Services 109% 93,751 6.5% 4,353 6.5% 

NON-PROFIT ORGANIZATIONS 113% 16,438 1.1% 780 1.2% TOTAL 113% $1,436,502 100.0% $66,495 100.0% 
54 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-30

Pension Funding Data for PBGC-Insured Plans by Region and State (19

Single-Employer Program

OVERFUNDED UNDERFUNDED 

REGION/STATE Assets Liabilities* Overfunding Assets Liabilities* Underfunding As

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

NEW ENGLAND $119,234 $88,660 $30,574 $29,627 $33,203 $3,576 $14

Connecticut 74,280 54,790 19,490 17,071 18,662 1,592 Maine 1,744 1,413 332 523 575 51 Massachusetts 30,761 24,245 6,516 9,108 10,484 1,376 New Hampshire 841 710 131 1,642 1,886 244 Rhode Island 10,945 6,936 4,009 1,062 1,328 266 Vermont 663 566 96 222 268 46 

MID-ATLANTIC 408,656 331,840 76,815 122,707 139,939 17,232 53

Delaware 3,951 3,209 742 2,265 2,503 238 District of Columbia 11,735 8,496 3,240 4,387 4,765 378 Maryland 30,000 25,546 4,454 6,155 6,911 757 New Jersey 82,323 65,169 17,154 26,555 29,882 3,327 New York 191,962 159,302 32,660 45,253 52,082 6,829 Pennsylvania 66,958 53,395 13,563 24,025 27,539 3,514 Virginia 20,982 16,073 4,909 12,755 14,691 1,937 West Virginia 745 651 94 1,312 1,565 252 

SOUTHEAST 122,481 98,023 24,459 39,842 45,928 6,086 16

Alabama 3,588 2,739 850 1,425 1,682 258 Arkansas 1,276 1,021 255 204 245 41 Florida 9,677 5,718 3,959 5,776 6,623 847 Georgia 45,595 36,070 9,526 6,476 7,351 875 Kentucky 2,818 2,301 517 3,349 3,836 487 Louisiana 5,778 5,013 765 561 662 101 Mississippi 671 563 109 313 377 64 North Carolina 22,536 19,713 2,823 10,873 12,750 1,878 South Carolina 2,395 1,884 512 3,676 4,073 397 Tennessee 28,146 23,002 5,144 7,190 8,328 1,138 

GREAT LAKES 251,552 196,284 55,268 185,342 212,780 27,438 43

Illinois 85,757 62,851 22,906 44,442 50,205 5,763 Indiana 12,573 8,496 4,076 8,515 10,070 1,555 Michigan 75,553 65,315 10,238 84,587 98,823 14,235 Minnesota 19,719 15,418 4,301 10,287 11,466 1,179 Ohio 46,349 35,280 11,069 27,398 30,922 3,524 Wisconsin 11,602 8,924 2,678 10,113 11,295 1,182 
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-30 (continued)

Pension Funding Data for PBGC-Insured Plans by Region and State 

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans with 100 or more participants.

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

Funding data is reported by state of plan administration.

*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 be

**Less than $500,000.

OVERFUNDED UNDERFUNDED 

REGION/STATE Assets Liabilities* Overfunding Assets Liabilities* Underfunding 

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

MIDWEST $23,932 $19,360 $4,572 $16,089 $18,539 $2,450 

Iowa 3,349 2,603 746 2,678 3,064 386 Kansas 5,010 4,521 489 1,264 1,419 155 Missouri 12,688 9,853 2,835 10,783 12,481 1,699 Nebraska 2,322 1,957 365 1,281 1,488 206 North Dakota 330 259 71 74 78 3 South Dakota 233 167 66 9 9 ** 

SOUTHWEST 78,593 56,163 22,430 33,174 37,635 4,461 

Arizona 2,809 2,316 493 1,798 2,036 238 New Mexico 3,691 2,140 1,550 38 41 2 Oklahoma 4,330 3,868 462 1,828 2,155 327 Texas 67,763 47,839 19,925 29,510 33,403 3,894 

ROCKY MOUNTAIN 34,740 26,134 8,606 7,844 8,816 972 

Colorado 28,698 21,214 7,484 4,076 4,676 599 Idaho 1,279 1,049 230 1,860 2,024 164 Montana 349 298 50 316 317 1 Nevada 536 444 92 553 601 48 Utah 3,823 3,085 738 1,024 1,184 160 Wyoming 56 44 12 14 15 1 

PACIFIC 122,540 93,937 28,603 23,116 27,122 4,007 

Alaska 124 77 47 122 142 19 California 74,036 55,260 18,776 15,448 18,490 3,042 Hawaii 2,477 1,689 788 855 1,035 180 Oregon 2,624 2,002 623 3,229 3,669 440 Washington 43,279 34,909 8,370 3,461 3,787 326 

U.S. TERRITORIES 1,118 842 277 912 1,182 270 

American Samoa — — — 2 3 1 Puerto Rico 1,115 842 274 882 1,143 262 Virgin Islands 3 ** 3 28 36 8 

FOREIGN COUNTRIES 168 97 70 15 19 3 TOTAL $1,163,014 $911,339 $251,675 $458,668 $525,162 $66,495 
56 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-31

PBGC Pension Data by Region and State*

Single-Employer Program

CLAIMS COVERAGE BENEFITS 

REGION/STATE 1975-2001 2001 2001

Plans Claims Plans Participants Payees Payment

NEW ENGLAND 367 $507,729,477 2,661 1,974,610 18,045 $53,476,9

Connecticut 102 315,674,068 908 740,039 5,902 19,945,1Maine 9 3,795,555 118 152,160 1,508 2,632,6Massachusetts 188 124,122,539 1,222 746,967 6,958 19,836,4New Hampshire 15 5,746,558 164 148,701 1,434 5,413,0Rhode Island 43 38,384,810 173 114,120 1,453 2,797,7Vermont 10 20,005,947 76 72,623 790 2,852,0

MID-ATLANTIC 1,016 4,175,329,132 10,740 7,739,408 71,184 251,849,9

Delaware 4 4,223,850 157 172,910 760 2,746,8District of Columbia 13 6,430,987 262 51,873 183 627,8Maryland 61 61,186,882 607 743,509 2,575 10,227,6New Jersey 168 209,165,512 1,916 1,168,865 9,992 32,052,8New York 410 2,771,923,106 4,533 2,323,896 18,050 67,696,1Pennsylvania 281 609,269,730 2,367 1,756,757 29,487 108,500,7Virginia 34 19,660,370 711 1,206,904 6,731 16,003,1West Virginia 45 493,468,694 187 314,694 3,406 13,994,6

SOUTHEAST 237 224,218,323 3,943 6,466,800 65,453 238,735,1

Alabama 15 9,655,778 273 401,149 3,214 7,769,2Arkansas 9 4,925,973 140 224,781 2,244 4,411,6Florida 52 57,759,241 895 1,576,931 26,129 132,087,4Georgia 42 58,180,002 578 1,013,247 10,484 37,517,6Kentucky 18 13,618,211 334 553,310 2,892 7,104,8Louisiana 21 6,313,765 359 549,850 1,669 4,948,2Mississippi 6 2,870,208 147 186,742 1,251 2,278,9North Carolina 29 9,917,730 574 944,084 7,538 19,416,9South Carolina 11 1,403,821 253 473,771 4,337 9,981,6Tennessee 34 59,573,594 390 542,935 5,695 13,218,3

GREAT LAKES 857 1,713,486,972 7,311 7,417,797 71,658 256,119,0

Illinois 192 464,511,568 2,101 1,780,963 12,150 40,911,6Indiana 78 60,786,929 633 740,049 10,676 38,053,1Michigan 228 223,810,927 1,335 1,338,315 13,433 40,451,2Minnesota 35 115,683,634 505 719,303 4,357 15,185,6Ohio 252 576,084,481 1,993 1,746,382 23,898 97,792,8Wisconsin 72 272,609,433 744 1,092,785 7,144 23,724,5
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-31 (continued)

PBGC Pension Data by Region and State*

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/01), Employee Benefits Supplement to the April 1993 Current Population Survey, PBGC Case Administra

PBGC Premium Filings, PBGC Participant System (PRISM) and fiscal year calculations.

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

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

CLAIMS COVERAGE BENEFIT

REGION/STATE 1975-2001 2001 200

Plans Claims Plans Participants Payees Paym

MIDWEST 98 $280,035,906 1,459 1,922,747 15,166 $58,0

Iowa 30 88,385,300 418 390,774 6,358 18Kansas 20 28,199,076 218 376,942 1,436 7Missouri 42 156,037,423 546 829,962 6,810 30Nebraska 4 7,285,374 183 210,950 400 1North Dakota 2 128,733 55 58,788 64 South Dakota — — 39 55,331 98 

SOUTHWEST 135 191,106,233 2,150 3,025,907 13,187 49,0

Arizona 22 9,479,923 510 477,229 2,905 12New Mexico 6 10,377,511 129 148,701 720 3Oklahoma 16 54,199,283 224 304,319 1,363 4Texas 91 117,049,516 1,287 2,095,658 8,199 28

ROCKY MOUNTAIN 39 209,490,657 739 1,068,577 6,150 32,8

Colorado 13 192,346,173 332 387,316 3,228 21Idaho 7 12,721,343 55 110,662 764 2Montana 3 207,534 47 100,287 182 Nevada 8 943,961 122 200,575 1,170 5Utah 7 2,765,379 158 186,742 696 2Wyoming 1 506,267 25 82,995 110 

PACIFIC 204 343,083,859 4,353 4,896,539 19,030 92,2

Alaska 4 1,163,340 96 55,331 121 California 150 279,808,575 3,379 3,520,182 14,416 74Hawaii 15 15,234,861 229 121,037 1,274 5Oregon 18 33,997,601 257 321,611 1,160 4Washington 17 12,879,481 392 878,378 2,059 7

PUERTO RICO 12 10,038,547 122 68,247 1,775 5,6U.S. TERRITORIES — — 8 1,162 110 4FOREIGN COUNTRIES — — — — 951 3,8TOTAL 2,965 $7,654,519,105 33,486 34,581,794 282,709 $1,042,3
58 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-32

PBGC Maximum Guaranteed Benefits (1988-2002)

Single-Employer Program

Year of Plan Maximum Monthly Maximum A

Termination Guarantee Guarante

1988 $1,909.09 $22,909.01989 2,028.41 24,340.91990 2,164.77 25,977.21991 2,250.00 27,000.01992 2,352.27 28,227.21993 2,437.50 29,250.01994 2,556.82 30,681.81995 2,573.86 30,886.31996 2,642.05 31,704.61997 2,761.36 33,136.31998 2,880.68 34,568.11999 3,051.14 36,613.62000 3,221.59 38,659.02001 3,392.05 40,704.62002 3,579.55 42,954.6

The Employee Retirement Income Security Act of 1974 (ERISA) mandates that the maximum guaranteed amount be adjusted annually based on changes in 

contribution and benefit base.

The maximum guarantee applies to workers who retire at age 65.

PBGC increases the maximum guarantee for people retiring later than age 65 and reduces it for retirees taking earlier retirement or electing survivor’s benefi

In some instances, where a pension plan has adequate resources or PBGC recovers sufficient amounts, a participant may receive benefits in excess of the m
PENSION INSURANCE DATA BOOK 2001 SINGLE-EMP

Table S-33

PBGC’s Historic Premium Rates

 Single-Employer Program

For Plan Years Variable-Ra

Beginning Flat-Rate Premium Premium

(per participant)

September 2, 1974 - December 31, 1977 $1.00 —January 1, 1978 - December 31, 1985 2.60 —January 1, 1986 - December 31, 1987 8.50 —January 1, 1988 - December 31, 1990 16.00 $6 per $1,000 of unfunded 

(Maximum of $34 per 

January 1, 1991 - June 30, 1994 19.00 $9 per $1,000 of unfunded 

(Maximum of $53 per 

July 1, 1994 - June 30, 1995 19.00 $9 per $1,000 of unfunded 

(Maximum of $53 per participant 

variable premium in excess of 

July 1, 1995 - June 30, 1996 19.00 $9 per $1,000 of unfunded 

(Maximum of $53 per participant 

variable premium in excess of 

On or after July 1, 1996 19.00 $9 per $1,000 of unfunded 

(No maximu
APPENDIX M

Multiemployer Data Tables
62 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2001

PBGC’s Multiemployer Program

PBGC administers a separate guarantee program for multiemployer defined benefit

pension plans. Multiemployer benefit plans are established pursuant to collective bargaining agreements between several employers and one or more employee unions.

Multiemployer plans are common in industries such as construction, trucking, mining,

the hotel trades and segments of the grocery business. Some multiemployer defined

benefit plans use a “unit benefit” formula that multiplies a participant’s years of service

times a fixed dollar amount (such as $15 times the participant’s years of service) to set the

monthly benefit. In most cases, plan trustees establish benefit levels but some plans set

benefits in the collective bargaining process. Multiemployer plans pay PBGC a yearly

premium of $2.60 per participant for benefit insurance coverage.

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

trigger the PBGC guarantee.1 A terminated plan continues to pay full plan benefits so

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

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

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

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

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

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

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

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

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

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

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

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

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

financial assistance—typically as a loan—in an amount necessary to pay guaranteed

benefits and administrative expenses. Few plans receiving financial assistance from

PBGC are likely to recover sufficiently to repay all the monies lent to them. An allowance has been established on PBGC’s books to account for financial assistance that is not

expected to be repaid.

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

in these plans.
PENSION INSURANCE DATA BOOK 2001 MULTIEM

Table M-1

Net Financial Position of PBGC’s Multiemployer Program (1980-20

Source: PBGC Annual Reports (1980-2001).

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

Fiscal Year Assets Liabilities Net Po

(in millions) (in millions) (in m

1980 $21 $30 -1981 28 29 1982 40 29 1983 52 46 1984 61 44 1985 78 52 1986 98 54 1987 114 45 1988 129 37 1989 161 37 11990 190 58 11991 238 75 11992 283 114 11993 407 131 21994 378 181 11995 477 285 11996 505 381 11997 596 377 21998 745 404 31999 692 493 12000 694 427 22001 807 691 1
64 MULTIEMPLOYER DATA TABLES PENSION INSU

Table M-2

PBGC Premium Revenue, Benefit Payments and Expenses (1980-2001

Multiemployer Program

Total Administrative & 

Fiscal Premium Benefit Investment 

Year Revenue Payments Expenses 

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

1980 $5 $4 $2 1981 12 4 2 1982 13 5 3 1983 13 4 3 1984 12 4 3 1985 14 4 4 1986 15 3 4 1987 17 3 3 1988 17 3 3 1989 20 3 3 1990 21 2 2 1991 23 2 * 1992 23 2 * 1993 23 2 * 1994 23 2 * 1995 22 2 * 1996 22 2 * 1997 23 1 * 1998 23 1 * 1999 23 1 * 2000 24 1 * 2001 24 1 * 

Source: PBGC Annual Reports (1980-2001).

* Less than $500,000.

Due to aggregation and rounding of individual items, figures may not add across columns or to totals in other tables.
PENSION INSURANCE DATA BOOK 2001 MULTIEM

Table M-3A

PBGC Financial Assistance to Insolvent Plans (1981-2001)

Multiemployer Program

Plans Total Plans Plans

Receiving Amount of Receiving Amount of Receiving Amount of 

Year Financial Financial a Lump Sum Lump Sum Periodic Periodic 

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

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

1981 1 $311.3 — — 1 $311.3 1982 1 10.1 — — 1 10.1 1983 2 616.7 — — 2 616.7 1984 2 578.0 — — 2 578.0 1985 3 1,300.0 — — 3 1,300.0 1986 5 2,229.0 — — 5 2,229.0 1987 6 1,554.0 — — 6 1,554.0 1988 3 1,502.0 — — 3 1,502.0 1989 3 1,300.0 — — 3 1,300.0 1990 3 1,000.0 — — 3 1,000.0 1991 5 2,000.0 — — 5 2,000.0 1992 6 4,000.0 — — 6 4,000.0 1993 6 4,000.0 — — 6 4,000.0 1994 8 3,896.3 — — 8 3,896.3 1995 9 4,346.4 — — 9 4,346.4 1996 12 4,021.8 — — 12 4,021.8 1997 14 4,494.1 — — 14 4,494.1 1998 18 5,437.6 — — 18 5,437.6 1999 21 19,219.7 1 $14,150.0 20 5,069.7 2000 21 91,032.6 2 86,500.0 19 4,532.6 2001 22 4,526.3 1 50.0 22 4,476.3 TOTAL (4) 29 $157,375.8 4 $100,700.0 26 $56,675.8 

Sources: PBGC Annual Reports and internal calculations.

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

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

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

(4) Total for plan columns represents the total number of multiemployer plans that ever received the stated type of financial assistance from PBGC’s Mu

(5) Only one plan has repaid the principal amount of its past financial assistance.

(3)
66 MULTIEMPLOYER DATA TABLES PENSION INSU

Table M-3B

PBGC Payees and Benefit Payments (1980-2001)

Multiemployer Program

PERIODIC PENSION PAYMENTS

Average 

Fiscal Year Payees in Year Total Monthly Payment Mont

(in millions)

1980 4,100 $4 $77 1981 4,000 4 83 1982 3,800 5 86 1983 3,500 4 89 1984 3,400 4 93 1985 3,100 4 91 1986 3,250 3 91 1987 2,800 3 92 1988 2,500 3 93 1989 2,310 3 95 1990 2,170 2 97 1991 1,990 2 98 1992 1,760 2 98 1993 1,590 2 99 1994 1,420 2 102 1995 1,300 2 102 1996 1,130 2 104 1997 1,000 1 102 1998 855 1 104 1999 738 1 106 2000 626 1 109 2001 510 1 112 

Sources: PBGC Participant System (PRISM), fiscal year calculations, PBGC Management Reports and PBGC Benefit Payment Reports.

Payments made on a quarterly, semi-annual or annual basis were converted to their monthly equivalent.
PENSION INSURANCE DATA BOOK 2001 MULTIEM

Table M-4

PBGC-Insured Plan Participants (1980-2001)

Multiemployer Program

Source: PBGC Premium Filings, various years.

2001 figures are estimates from PBGC internal calculations. 2000 estimates reported last year have been updated to reflect actual premium filings.

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

Insured 10,000+ 5,000-9,999 2,500-4,999 1,000-2,499 500-999 250-4

Year Participants Participants Participants Participants Participants Participants Particip

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

1980 7,997 5,072 925 751 731 299 147 1981 8,150 5,151 960 781 759 281 145 1982 8,475 5,404 1,026 776 746 305 145 1983 8,384 5,438 934 774 727 302 139 1984 8,059 5,119 973 739 719 306 136 1985 8,209 5,376 857 761 729 283 136 1986 8,154 5,316 879 746 731 288 129 1987 8,256 5,443 908 718 709 293 124 1988 8,294 5,453 917 739 704 295 127 1989 8,426 5,557 918 767 702 302 124 1990 8,534 5,731 891 757 695 290 121 1991 8,710 5,996 874 731 665 285 110 1992 8,780 6,105 830 734 672 276 115 1993 8,657 5,990 869 711 657 270 111 1994 8,559 5,931 861 703 639 263 112 1995 8,632 5,986 855 709 661 264 112 1996 8,649 5,976 904 713 636 266 106 1997 8,740 6,058 906 718 641 263 110 1998 8,876 6,212 930 675 650 259 108 1999 8,991 6,323 935 666 663 260 104 2000 9,132 6,464 953 683 640 261 97 2001 9,416 6,769 922 732 622 241 96 
68 MULTIEMPLOYER DATA TABLES PENSION INSU

Table M-5

PBGC-Insured Plans (1980-2001)

Multiemployer Program

Source: PBGC Premium Filings, various years.

2001 figures are estimates from PBGC internal calculations. 2000 estimates reported last year have been updated to reflect actual premium filings.

Insured Insured Insured Insured Insured Insured 

Total Plans with Plans with Plans with Plans with Plans with Plans wit

Insured 10,000+ 5,000-9,999 2,500-4,999 1,000-2,499 500-999 250-499 

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 1,879 144 123 205 409 368 303 1996 1,876 143 132 206 400 373 287 1997 1,846 145 131 206 401 365 296 1998 1,817 147 136 193 400 357 290 1999 1,800 149 137 189 403 357 279 2000 1,744 152 138 197 388 357 258 2001 1,715 159 132 210 380 329 253 
PENSION INSURANCE DATA BOOK 2001 MULTIEM

Table M-6

PBGC-Insured Plans and Participants by Industry (2001)

Multiemployer Program

Industry Insured Participants Insur

AGRICULTURE 31,641 0.3% 12 MINING 195,333 2.1% 11 CONSTRUCTION 3,446,618 36.6% 942 

General Contracting 509,366 5.4% 71 Heavy Construction 568,685 6.0% 99 Plumbing, Heating and Air Conditioning 395,366 4.2% 174 Electrical Work 732,821 7.8% 126 Masonry, Brick and Stonework 220,275 2.3% 144 Carpentry 419,390 4.5% 87 Roofing and Sheet Metal Work 117,684 1.2% 57 Other Construction 483,031 5.1% 184 

MANUFACTURING 1,176,135 12.5% 181 

Food and Tobacco Products 282,005 3.0% 38 Apparel and Textile Products 4,406 * 9 Paper and Allied Products 78,819 0.8% 5 Printing and Publishing 196,297 2.1% 22 Furniture and Fixtures 19,350 0.2% 4 Machinery and Computer Equipment 191,577 2.0% 7 Electrical and Electronic Equipment 74,945 0.8% 9 Other Manufacturing 328,736 3.5% 87 

TRANSPORTATION AND PUBLIC UTILITIES 1,605,208 17.0% 163 

Trucking 1,412,168 15.0% 79 

Water Transportation 122,702 1.3% 51 Other Transportation and Public Utilities 70,338 0.7% 33 

WHOLESALE TRADE 215,880 2.3% 51 RETAIL TRADE 1,228,482 13.0% 96 SERVICES 1,516,672 16.1% 259 

Administrative Support 282,711 3.0% 44 Health/Social Assistance 294,589 3.1% 19 Accommodation/Food Service 392,975 4.2% 44 Other Services 546,397 5.8% 152 

TOTAL 9,415,969 100.0% 1,715 

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.

Industry classifications are now based on principal business activity code used in the North American Industry Classification System. Therefore, the re

directly comparable with those in previous years.

*Less than 0.05 of one percent.
70 MULTIEMPLOYER DATA TABLES PENSION INSU

Table M-7

PBGC-Insured Plan Participants by Participant Status (1980-1999)

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans with 100 or more participants.

1999 figures are estimates from PBGC internal calculations.

1998 estimates reported last year have been updated to reflect actual Form 5500 filings.

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

Active Retired Separated Ves

Year Participants Participants Participant

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 52.4% 28.9% 18.7%1996 52.1% 29.1% 18.8%1997 52.2% 28.9% 18.9%1998 51.2% 30.4% 18.3%1999 50.9% 30.5% 18.6%
PENSION INSURANCE DATA BOOK 2001 MULTIEM

Table M-8

Funding of PBGC-Insured Plans (1980-1999)

Multiemployer Program

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 an assumed mortality table, reflects the cost to purchase an annuity at the beg

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-1999.

Beginning Funding 

of Year Assets Liabilities* Ratio Underfunding Overfunding 

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

1980 $40,363 $52,123 77% $17,887 $6,126 1981 46,342 53,282 87% 13,068 6,129 1982 55,073 57,477 96% 11,560 9,156 1983 64,202 64,410 100% 11,221 11,013 1984 73,932 69,865 106% 10,282 14,350 1985 88,182 75,942 116% 6,432 18,672 1986 107,259 93,436 115% 7,687 21,511 1987 121,080 111,259 109% 10,079 19,900 1988 126,963 109,882 116% 8,240 25,321 1989 135,654 121,915 111% 8,635 22,374 1990 166,348 156,149 107% 11,574 21,773 1991 165,734 160,370 103% 13,068 18,432 1992 184,670 187,829 98% 17,835 14,676 1993 197,461 202,177 98% 19,864 15,148 1994 206,625 225,982 91% 29,193 9,837 1995 209,947 218,458 96% 22,726 14,216 1996 238,571 270,551 88% 40,019 8,039 1997 268,471 287,569 93% 32,549 13,452 1998 304,158 331,017 92% 39,497 12,638 1999 317,335 375,668 84% 66,095 7,763 
72 MULTIEMPLOYER DATA TABLES PENSION INSU

Table M-9

Funding of Underfunded PBGC-Insured Plans (1980-1999)

Multiemployer Program

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 an assumed mortality table, reflects the cost to purchase an annuity at the beginnin

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-1999.

Beginning Funding 

of Year Assets Liabilities* Underfunding Ratio 

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

1980 $24,819 $42,706 $17,887 58% 1981 25,599 38,668 13,068 66% 1982 22,301 33,861 11,560 66% 1983 27,287 38,508 11,221 71% 1984 22,515 32,798 10,282 69% 1985 22,813 29,246 6,432 78% 1986 27,035 34,723 7,687 78% 1987 29,782 39,861 10,079 75% 1988 29,802 38,042 8,240 78% 1989 34,845 43,480 8,635 80% 1990 56,512 68,086 11,574 83% 1991 62,563 75,631 13,068 83% 1992 93,790 111,625 17,835 84% 1993 95,331 115,195 19,864 83% 1994 128,718 157,911 29,193 82% 1995 118,707 141,434 22,726 84% 1996 168,347 208,366 40,019 81% 1997 152,633 185,182 32,549 82% 1998 180,084 219,582 39,497 82% 1999 243,354 309,449 66,095 79% 
PENSION INSURANCE DATA BOOK 2001 MULTIEM

Table M-10

Funding of Overfunded PBGC-Insured Plans (1980-1999)

Multiemployer Program

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 an assumed mortality table, reflects the cost to purchase an annuity at the beg

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-1999.

Beginning Funding 

of Year Assets Liabilities* Overfunding Ratio 

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

1980 $15,543 $9,417 $6,126 165% 1981 20,743 14,614 6,129 142% 1982 32,772 23,615 9,156 139% 1983 36,915 25,902 11,013 143% 1984 51,417 37,067 14,350 139% 1985 65,368 46,697 18,672 140% 1986 80,223 58,713 21,511 137% 1987 91,298 71,398 19,900 128% 1988 97,161 71,840 25,321 135% 1989 100,809 78,435 22,374 129% 1990 109,836 88,062 21,773 125% 1991 103,171 84,739 18,432 122% 1992 90,880 76,204 14,676 119% 1993 102,130 86,981 15,148 117% 1994 77,907 68,070 9,837 114% 1995 91,240 77,024 14,216 118% 1996 70,224 62,185 8,039 113% 1997 115,838 102,386 13,452 113% 1998 124,073 111,435 12,638 111% 1999 73,982 66,219 7,763 112% 
74 MULTIEMPLOYER DATA TABLES PENSION INSU

Table M-11

Concentration of Underfunding in PBGC-Insured Plans (1990-1999)

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans with 100 or more participants.

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

Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning 

The assumed mortality table was UP-84 for 1990-1992 and GAM-83 for 1993-1999.

Beginning Total 10 Plans with the Highest Next 40 Plans’ All O

of Year Underfunding Underfunding Underfunding Und

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

1990 $11,574 $6,760 58.4% $2,791 24.1% $2,021991 13,068 7,906 60.5% 3,123 23.9% 2,031992 17,835 9,500 53.3% 4,411 24.7% 3,921993 19,864 10,348 52.1% 4,927 24.8% 4,591994 29,193 13,575 46.5% 7,012 24.0% 8,601995 22,726 11,340 49.9% 6,236 27.4% 5,151996 40,019 16,157 40.4% 10,900 27.2% 12,961997 32,549 14,666 45.1% 8,166 25.1% 9,71998 39,497 17,532 44.4% 9,375 23.7% 12,591999 66,095 27,634 41.8% 15,724 23.8% 22,73
PENSION INSURANCE DATA BOOK 2001 MULTIEM

Table M-12

Participants and Funding of PBGC-Insured Plans by Funding Ratio (

Multiemployer Program

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 begi

Funding Ratio Participants Total Liabilities* Underfunding 

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

Under 40% 86 0.9% $2,172 0.6% $1,506 2.3% 40% - 49% 260 2.8% 7,994 2.1% 4,102 6.2% 50% - 59% 632 6.7% 42,748 11.4% 17,871 27.0% 60% - 69% 463 4.9% 24,808 6.6% 8,685 13.1% 70% - 79% 1,341 14.2% 51,510 13.7% 12,681 19.2% 80% - 89% 2,987 31.7% 120,604 32.1% 18,467 27.9% 90% - 99% 1,305 13.9% 59,613 15.9% 2,784 4.2% 100% - 109% 1,413 15.0% 40,933 10.9% — — 110% - 119% 471 5.0% 12,240 3.3% — — 120% - 129% 306 3.3% 8,932 2.4% — — 130% - 139% 49 0.5% 1,284 0.3% — — 140% - 149% 68 0.7% 2,400 0.6% — — 150% and over 33 0.4% 431 0.1% — — TOTAL 9,416 100.0% $375,668 100.0% $66,095 100.0% 
76 MULTIEMPLOYER DATA TABLES PENSION INSU

Table M-13

Funding of PBGC-Insured Plans by Industry (1999)

Multiemployer Program

Average

Industry Funding Ratio Total Liabilities* Underfunding 

(in millions) (in millions) 

AGRICULTURE 100% $748 0.2% $46 0.1% MINING 83% 9,461 2.5% 1,606 2.4% CONSTRUCTION 86% 165,897 44.2% 25,612 38.8% 

General Contracting 86% 22,189 5.9% 3,212 4.9% Heavy Construction 92% 21,612 5.8% 2,012 3.0% Plumbing, Heating and Air Conditioning 86% 22,642 6.0% 3,557 5.4% Electrical Work 84% 25,185 6.7% 4,374 6.6% Masonry, Brick and Stonework 85% 6,195 1.6% 1,051 1.6% Carpentry 87% 22,563 6.0% 3,200 4.8% Roofing and Sheet Metal Work 75% 10,476 2.8% 2,933 4.4% Other Construction 86% 35,034 9.3% 5,273 8.0% 

MANUFACTURING 91% 32,560 8.7% 3,991 6.0% 

Food and Tobacco Products 90% 9,954 2.6% 1,187 1.8% Apparel and Textile Products 76% 1,736 0.5% 423 0.6% Paper and Allied Products 90% 1,945 0.5% 288 0.4% Printing and Publishing 84% 5,170 1.4% 864 1.3% Furniture and Fixtures 113% 1,176 0.3% 41 0.1% Machinery and Computer Equipment 106% 5,154 1.4% 67 0.1% Electrical and Electronic Equipment 97% 996 0.3% 60 0.1% Other Manufacturing 87% 6,428 1.7% 1,062 1.6% 

TRANSPORTATION AND PUBLIC UTILITIES 72% 91,996 24.5% 26,837 40.6% 

Trucking 69% 79,725 21.2% 24,720 37.4% Water Transportation 91% 7,765 2.1% 1,380 2.1% Other Transportation and Public Utilities 85% 4,506 1.2% 738 1.1% 

INFORMATION 92% 8,947 2.4% 744 1.1% WHOLESALE TRADE 83% 3,480 0.9% 674 1.0% RETAIL TRADE 95% 27,526 7.3% 2,307 3.5% SERVICES 94% 35,053 9.3% 4,278 6.5% 

Administration 84% 7,415 2.0% 1,227 1.9% Health Care 111% 7,548 2.0% 345 0.5% Accommodation/Food Service 87% 3,394 0.9% 689 1.0% Other Services 92% 16,696 4.4% 2,016 3.1% 

TOTAL 84% $375,668 100.0% $66,095 100.0% 

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans with 100 or more participants.

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.

*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 beginnin

**Less than 0.05 of one percent.

76 MULTIEMPLOYER DATA TABLES PENSION INS
PENSION INSURANCE DATA BOOK 2001 MULTIEM

Table M-14

PBGC Maximum Guaranteed Benefits (1980-2002)

Multiemployer Program

Date of Plan Maximum Monthly 

Insolvency Monthly Benefit Formula Guarantee 

(30 Years of Service)* 

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

by the sum of:

(1) 100% of the first $5 of the monthly

benefit accrual rate $487.50  -plus-

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

benefit accrual rate

On or after December 22, 2000** The participant’s years of service multiplied $1,072.50 

by the sum of:

(1) 100% of the first $11 of the monthly

benefit accrual rate -plus-

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

benefit accrual rate

* The formula presumes that the workers’ monthly benefits are calculated by multiplying the monthly benefit accrual rate (a plan-specified dollar amount

If the monthly benefit accrual rate prior to December 22, 2000, was less than $20 per year of service or if the accrual rate after December 21, 2000, 

service then the maximum benefit guarantee for a participant with 30 years of service will be lower than the amounts shown. Note that there is no c

service — 30 years was selected for illustrative purposes only.

** The new guarantee does not apply to multiemployer plans that received financial aid from PBGC between December 22, 1999, and December 21, 20

benefit guarantee continues to apply to participants in these plans.
78 MULTIEMPLOYER DATA TABLES PENSION INSU

Table M-15

PBGC’s Historic Premium Rates

Multiemployer Program

For Plan Years Premium Rate

Beginning (per participant)

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

growing gradually to $1.00 for plan years beginning

September 1, 1980, to September 26, 1980

September 27, 1980 - September 26, 1984 $1.40September 27, 1984 - September 26, 1986 $1.80September 27, 1986 - September 26, 1988 $2.20On or after September 27, 1988 $2.60