1

 Fiscal Year 2023 Actuarial Report
2 

Table of Contents

Overview of Valuation Results 3 

 Single-Employer Program 

 Seriatim at FYE Method 6

 Seriatim at DOPT Method 7 

 Nonseriatim Method 7 

 Missing Participants Program 8 

 Collins Settlement 8 

 

Multiemployer Program 9 

Actuarial Assumptions, Methods, and Procedures 11 

Data Sources and Assumptions 18 

Valuation Statistics 19

Reconciliation of Results 23 

Statement of Actuarial Opinion 25 
3 

ACTUARIAL VALUATION REPORT- FISCAL YEAR 2023 

The Fiscal Year 2023 Annual Report of the Pension Benefit Guaranty Corporation (PBGC) contains 

a summary of the results of the September 30, 2023 actuarial valuation. The purpose of this separate 

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

presented in PBGC's Annual Report. 

Overview of Valuation Results 

PBGC calculated and validated the present value of future benefits (PVFB) for the single-employer 

program and the nonrecoverable future financial assistance (NRFFA) under the multiemployer program. 

Generally, except for the changes in interest, mortality, and expense assumptions, we used the same 

methods and procedures as in fiscal year 2022 for the Single-Employer and Multiemployer Programs. 

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

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

period after the date of the financial statements. 

For the single-employer program, the liability as of September 30, 2023, consisted of: 

(1) $73.8 billion for the 5,119 plans that have terminated: and

(2) $668.1 million for two probable plans terminations and plans not yet identified as probable

terminations (small bulk reserve). 

The liability for "probable terminations" reflected reasonable estimates of the losses for plans that are 

likely to terminate in a future year and plans not yet identified as probable terminations (small bulk 

reserve). These estimated losses were based on conditions that existed as of PBGC's fiscal year-end. 

PBGC believes it is likely that one or more events will occur after the fiscal year-end confirming the fact 

of the loss. 
4

For the multiemployer program, the liability as of September 30, 2023, consisted of: 

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

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

trustee. 

(2) $1,622 million for estimable post-MPPAA losses due to financial assistance to 90

multiemployer pension plans that are currently receiving PBGC assistance: and 

(3) $589 million for probable estimable post-MPPAA losses due to financial assistance to 33

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

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

assistance, are presented in Tables 1 & 7 of this report.
5 

Table 1: 

Present Value of Future Benefits and Nonrecoverable Future Financial Assistance – September 30, 2023 

Number

of Plans

 Estimated

 Number of

 Participants 

(in thousands)

Liability 

 (in millions)

I. Single-Employer Program

 A. Terminated plans

 1. Seriatim at fiscal year-end (FYE) 4,988 1,172 $64,289

 2. Seriatim at DOPT, adjusted to FYE 19 9 313

 3. Nonseriatim1 112 175 8,856

 4. Missing Participants Program (seriatim)2 -- 44 364

 Subtotal 5,119 1,400 $73,822

 B. Probable terminations (nonseriatim)3 2 3 668

 Total4 5,121 1,403 $74,490

II. Multiemployer Program

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

III. Multiemployer Program

 Post-MPPAA liability ((nonseriatim) 

 1. Currently receiving assistance 90 86 1,622

 2. Probable for assistance 33 42 589

Total5 123 128 $2,211

 * Fewer than 500 participants

** Less than $500,000

Notes:

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

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

3) The net claims for the probable plans reported in the financial statements include $112 million for not yet identified probable terminations. The assets for probable plans, including the 

expected value of recoveries on employer liability and due and unpaid employer contributions claims, are $382 million. Thus, the net claims for probables as reported in the financial 

statements are $668 less $382 million, or $286 million. 

4) The PVFB in the financial statements ($73,929 million) is net of estimated plan assets and recoveries on probables ($382 million), estimated recoveries on terminated plans ($166 

million), and estimated assets of plans pending trusteeship ($13 million), or $74,490 million less $382 million less $166 million less $13 million equals $73,929 million. 

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

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

decisions related to potential assumption updates resulting from the recent studies. PBGC results only reflect plans that were not eligible for SFA as of 9/30/2023. 
6 

Single-Employer Program 

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

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

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

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

(3) nonseriatim. 

In addition, PBGC included liabilities for not yet identified probable terminations (small bulk reserve), 

for the Missing Participants Program, and for the Collins Settlement. 

Seriatim at FYE Method

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

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

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

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

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

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

data that were necessary to perform an actuarial valuation. 

For this valuation, these criteria were met by 4,988 pension plans (97% of the single-employer 

terminated plans) representing $64,289 million (87%) in liabilities and about 1,172,000 (84%)

participants. This was an increase of 93 plans over the 4,895 plans valued seriatim at September 30, 2022.

The critical discrepancy rates for 542 plans or 10.9% of the seriatim plans (4.1% lower percentage than 

last year) exceeded 5%. The overall critical discrepancy rate for the group of 4,988 seriatim plans was 

0.9%, which is 0.7% lower than last year. A data discrepancy is considered critical if the value of the 

data element in discrepancy has a major impact on the liability associated with a benefit record. 
7

Seriatim at DOPT Method

There were 19 plans for which a final seriatim valuation as of date of plan termination (DOPT) 

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

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

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

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

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

September 30, 2023, using the nonseriatim method outlined below. Because PBGC had finalized and 

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

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

whose benefits are not final.

Nonseriatim Method

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

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

PBGC. For the 112 terminated plans and 2 probable plans valued nonseriatim, PBGC obtained the 

liability for each plan as of the most recent available actuarial valuation date for each category of 

participant: retired, active, and terminated vested. These liabilities were adjusted to reflect such factors 

as:

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

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

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

actuaries and those used by PBGC; and

(4) the effect on the liability of time elapsed between the valuation date and September 30, 2023.
8

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

estimating the liability for benefits for administrative purposes. 

Missing Participants Program

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

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

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

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

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

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

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

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

impact of this change. 

Collins Settlement

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

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

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

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

is included in the nonseriatim portion of the liability.
9 

Multiemployer Program

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

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

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

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

assumptions as for the single-employer program. 

The post-MPPAA portion of the liability represented the present value, as of September 30, 2023, 

of net losses that PBGC expected to incur from nonrecoverable future financial assistance to 123 pension 

plans of which 90 were insolvent (i.e., currently receiving PBGC financial assistance) and 33 were 

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

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

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

of September 30, 2023, and the actual or projected date of insolvency, and then discounted back to 

September 30, 2023, using interest only. The most recent available actuarial reports and information 

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

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

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

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

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

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

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

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

necessary.
10

The post-MPPAA liability of $2,211 million as of September 30, 2023, is about $179 million lower 

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

interest factors and the expected assistance for insolvent plans.

COVID-19 Note

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

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

reflected in these assumptions. Beginning with the March 31, 2023 valuation, ASTD adjusted the MP2021 improvement scale to reflect excess mortality due to COVID-19 in future years. Any potential 

impact on other assumptions will be evaluated over time as events unfold and more data is acquired.
11 

Actuarial Assumptions, Methods, and Procedures

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

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

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

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

section of this report. 

The present value of future benefits (PVFB) is the estimated liability for future pension benefits 

that PBGC is or will be obligated to pay for trusteed plans and plans pending termination and trusteeship.

PBGC uses a curve of interest factors to determine the estimated actuarial present value of future benefit 

payments. For September 30, 2023, the spot rate yield curve starts with an interest factor of 6.30% in 

year 1 and changes as the future period for discounting gets longer until year 30 when the factor becomes 

5.55% and is assumed to remain level thereafter. For September 30, 2022, the spot rate yield curve started 

with an interest factor of 5.12% in year 1 and changes as the future period for discounting got longer 

until year 30 when the interest factor became 4.76% and was assumed to remain level thereafter. These 

interest factors are dependent upon PBGC’s mortality assumptions. See PBGC Annual Performance & 

Financial Report 2023 Note 6 for a more detailed discussion on interest factors. 

PBGC uses a fully generational mortality assumption, in combination with the spot rates above

to measure the PVFB. Based on the results of a 2023 study of PBGC’s Single-Employer Program 

mortality experience, an updated mortality assumption was adopted for 9/30/2023. The mortality tables 

used for valuing healthy lives in the Single Employer Program were the Pri-2012 Male and Female Total 

Dataset tables with adjustments for healthy annuitants, non-annuitants, and contingent survivors 

respectively. The resulting tables were projected generationally with adjusted Male and Female Scales 

MP-2021. For the 9/30/2023 valuation, the base year for mortality projection is 2024 and the adjustments 

to Scales MP-2021 for anticipated excess mortality are as follows: 2023: 5%, 2024: 4%, 2025: 3%, 2026: 
12

2%, 2027: 1%, 2028 and beyond: 0%.

In fiscal year 2022, the mortality tables used for valuing healthy lives were the Pri-2012 Male 

and Female Total Dataset Combined tables, with adjustment and projected generationally with Male and 

Female Scales MP-2021.

For the September 30, 2023, multiemployer valuation, the mortality tables used for valuing

healthy lives are the Pri-2012 Blue-collar mortality tables projected generationally using Scale MP-2021 

with the following excess mortality adjustments to improvement rates:

2020: 18%, 2021: 16%, 2022: 12%, 2023: 3%, 2024: 4%, 2025: 3%, 2026: 2%, 2027: 1%, 2028 and 

beyond: 0%.

Excess mortality adjustments were developed based on a 2023 study of PBGC’s single employer 

program mortality experience and assumptions about the future impact of COVID.

The Small Plan Average Recovery Ratio (SPARR) is used in the calculation of the liability for 

benefits determined under section 4022(c) of ERISA, which provides participants with a portion of 

PBGC’s recoveries. The SPARR has been determined by PBGC for terminations initiated in a given 

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

during a five-year average period. As of the end of fiscal year 2023, the SPARR had been calculated for 

plan terminations initiated in fiscal years 1991-2023. The FY 2023 SPARR is assumed for probable plans 

affected by future SPARRs. The FY2023 SPARR of 7.79% is used for the September 30, 2023, valuation.

Based on the results of a 2023 study of PBGC’s case administration expenses, a new expense 

assumption was adopted for the 9/30/2023 valuation. The reserve for expenses was assumed to be 

0.68% of the liability for benefits plus additional reserves for cases whose plan asset determinations, 

participant database audits, and actuarial valuations were not yet complete. In addition to the 

completion of these milestones, PBGC continues to base the reserve on plan size (large/small), number 

of participants, and time since trusteeship. The expense reserve remained at 0.68% of the liability but 

the additional reserve factors decreased. The reserve factors are static and do not assume any future 
13

increases or decreases. The factors are intended to estimate a reserve for the entire inventory of plans 

and is not intended to predict costs for any one plan. The factors used in the expense reserve formula 

are shown in Table 2C.

During fiscal year 2023, PBGC implemented changes in assumption to the actuarial valuation

system. For the Single Employer program, PBGC increased the age threshold at which liabilities are 

100% phased-out. Liabilities are phased-out at 100% for deferred participants whose ages are 75 and 

over, previously it was 100% at age 70. Another change was the separation of the mortality tables for 

the system to use separate annuitant, non-annuitant and contingent survivor tables; previously, a single 

combined table was used.

We continue to improve the quality of the seriatim data and, as in previous years, made various 

changes to generally improve the security, auditability, speed, and accuracy of the calculations as well 

as integrate with the evolving PBGC technologies.
14

Table 2A - Actuarial Valuation Assumptions

CURVE OF SPOT RATES FOR 9/30/2023

Year Rate Year Rate Year Rate Year Rate

1 6.30% 11 5.88% 21 6.19% 31 5.55%

2 6.07% 12 5.91% 22 6.18% 32 5.55%

3 5.95% 13 5.95% 23 6.15% 33 5.55%

4 5.88% 14 5.99% 24 6.11% 34 5.55%

5 5.83% 15 6.03% 25 6.05% 35 5.55%

6 5.81% 16 6.07% 26 5.98% 36 5.55%

7 5.80% 17 6.11% 27 5.89% 37 5.55%

8 5.81% 18 6.14% 28 5.79% 38 5.55%

9 5.82% 19 6.17% 29 5.67% 39 5.55%

10 5.85% 20 6.18% 30 5.55% 40 5.55%

CURVE OF SPOT RATES FOR 9/30/2022

Year Rate Year Rate Year Rate Year Rate

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

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

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

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

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

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

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

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

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

10 5.26% 20 5.58% 30 4.76% 40 4.76%
15

Table 2A: Actuarial Valuation Assumptions, Single-Employer

Previous Valuation as of 9/30/2022 Current Valuation as of 9/30/2023

Mortality 

Healthy Lives 

Disabled Lives 

Eligible for Social 

Security (SS) 

Disability Benefits

Disabled Lives Not 

Eligible for SS 

Disability Benefits

Pri-2012 Total Dataset Combined Male and Female 

Healthy Mortality tables with adjustments, each 

projected generationally with scale MP-2021.

Pri-2012 Total Dataset Disabled Male with no Ages 

adjustment and Pri-2012 Total Dataset Disabled 

Female with Ages Set Forward 2 years, each projected 

generationally with scale MP-2021.

Pri-2012 Total Dataset Disabled Male with Ages Set 

Back 3 years and Pri-2012 Total Dataset Disabled 

Female with Ages Set Back 2 years, each projected 

generationally with scale MP-2021

Pri-2012 Male and Female Total Dataset tables with 

adjustments for healthy annuitants, non-annuitants, 

and contingent survivors, each projected 

generationally with adjusted scale MP-2021.

Pri-2012 Total Dataset Disabled Male with no Ages 

adjustment and Pri-2012 Total Dataset Disabled 

Female with Ages Set Forward 2 years, each projected 

generationally with adjusted scale MP-2021.

Pri-2012 Total Dataset Disabled Male with Ages Set 

Back 3 years and Pri-2012 Total Dataset Disabled 

Female with Ages Set Back 2 years, each projected 

generationally with adjusted scale MP-2021.

SPARR Calculated SPARR through fiscal year ending 

9/30/2022.

Calculated SPARR through current fiscal year ending 

9/30/2023.

Retirement Ages (a) Earliest possible for shutdown companies.

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

 CFR 4044 for ongoing companies.

(c) Deferred participants past XRA are assumed to

 be in pay status, retroactive to their XRA.

 To reflect lower likelihood of payment:

(d) Unlocated deferred participants past age 65 are 

 phased out over 3 years.

(e) Located deferred participants are fully phased

 out past age 70.

(f) Deferred participants in the Missing Participants

 Program are phased out over 10 years past age 70.

Same 

Same

Same

Same

(e) Located deferred participants are fully phased

 out past age 75.

Same

Expenses All terminated plans and single-employer probable 

terminations:

0.68% of the liability for benefits

 plus 

additional reserves as shown in Table 2C for cases 

where plan asset determinations, participant database 

audits and actuarial valuations were not complete.

All terminated plans and single-employer probable 

terminations:

0.68% of the liability for benefits

 plus 

new additional reserves as shown in Table 2C for 

cases where plan asset determinations, participant 

database audits and actuarial valuations were not 

complete.
16

Table 2A: Actuarial Valuation Assumptions, Multiemployer

Previous Valuation as of 9/30/2022 Current Valuation as of 9/30/2023

Mortality 

Healthy Lives 

Pri-2012 Male Blue-collar Mortality and Pri-2012 Female Bluecollar tables published by the SOA projected generationally using 

most recent projection scale published by the SOA, MP-2021.

Pri-2012 Male Blue-collar Mortality and 

Pri-2012 Female Blue-collar tables 

published by the SOA projected 

generationally with adjusted scale MP-2021.

Expense

Projection

Assumed annual increase is 3.5% for ongoing plans, 

0.0% for terminated plans and plans currently receiving financial 

assistance.

Expenses for each multiemployer plan are projected monthly as a 

ratio of total participant count.

Same

Premium Index 3.7% 

Premium expenses are separate from administrative expenses. A

premium index is used to increase PBGC premium rates after the 

last published date.

3.9%

Retirement Ages Assumed Retirement Ages as shown in plan’s AVR or Schedule 

MB.

Same
17

Table 2C

Reserve Factors for Expenses: Single-Employer

Large Plans (more than 100 participants)

Plan Asset

Evaluation

Participant

Data 

Review Actuarial Valuation

Interim Benefit

Administration

Years

Since

Trusteeship

Per Large

Plan

Per Large

Plan

Per Large

Plan

Per Participant 

for the First 100

Per Participant 

for the Next 400 Per Participant 

for >500

Per

Participant

0<=y<1 $196,691 $843,063 $82,414 $5,161 $852 $63 $1,148

1<=y<2 146,733 567,929 56,763 3,555 587 44 791

2<=y<3 118,248 437,527 37,828 2,369 391 29 527

3<=y<4 100,669 350,907 33,072 2,071 342 25 461

4<=y<5 92,237 275,032 25,921 1,623 268 20 361

5<=y<10 46,566 166,299 15,673 750 162 12 218

Small Plans (100 or fewer participants)

Plan Asset

Evaluation

Participant

Data 

Review Actuarial Valuation

Interim Benefit 

Administration

Years

Since

Trusteeship

Per Small

Plan

Per Small

Plan

Per Small

Plan

Per Participant 

for the First 100

Per Participant 

for the Next 400 Per Participant 

for >500

Per

Participant

0<=y<1 $196,691 $263,519 $82,414 $5,161 N/A N/A $1,148

1<=y<2 146,733 173,613 56,763 3,555 N/A N/A 791

2<=y<3 118,248 151,393 37,828 2,369 N/A N/A 527

3<=y<4 100,669 128,887 33,072 2,071 N/A N/A 461

4<=y<5 92,237 118,092 25,921 1,623 N/A N/A 361

5<=y<10 46,566 59,619 15,673 982 N/A N/A 218

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

benefits applies to both Large Plans and Small Plans. 
18 

Data Sources and Assumptions

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

of Benefits Administration. For the seriatim liability, benefit amounts have been determined for each 

participant using plan documents, together with ERISA and PBGC regulations relating to guaranteed 

benefits and the allocation of assets. If specific data were not available for deferred vested participants 

under the seriatim method, participants were assumed to be married and to elect the qualified Joint and 

Survivor (J&S) benefit; wives were assumed to be four years younger than their husbands. When certain 

other data elements for a participant were missing, they were replaced by the average for the plan. When 

the plan average was not available, the average for all plans valued seriatim was used. 

The nonseriatim liability was based on the plan's most recent actuarial valuation performed before 

the termination date that is available to PBGC. The valuation information generally was obtained from 

actuarial reports or Schedule SB or MB filings. For nonseriatim plans and probable terminations, 

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

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

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

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

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

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

data were unavailable. 
19 

Valuation Statistics

The FY 2023 valuation for the single-employer program included approximately 1,400,000 

participants owed future payments in terminated plans as of September 30, 2023. Of these, about 932,000

participants from terminated single employer plans and 5 participants from pre-MPPAA multiemployer 

plans were receiving benefits from PBGC at fiscal year-end. As of September 30, 2023, in the preMPPAA plans there were 11 participants and for the post-MPPAA plans, there were approximately 

86,000 participants that are currently receiving financial assistance (insolvent plans) and 42,000 

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

The average monthly benefit paid by PBGC for participants in pay status during FY 2023 was 

$548 (including supplemental benefits) for the single employer program and $111 for the multiemployer 

program in the ten pre-MPPAA plans. 

Tables 3, 4 and 6 summarize the detailed results of the seriatim and nonseriatim valuations for 

both the single-employer and multiemployer programs. 
20

Table 3:

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

 Single-Employer Multiemployer

 Age

Number of

Benefit

Recipients**

Average

Monthly

Benefit

Average

Supplemental

Monthly

Benefit

Liability 

(Millions)

Percent of

Liability 

Number of 

Benefit 

Recipients

Average 

Monthly

Benefit

Liability

(Millions)

Percent of 

Liability

Under 50 1,916 $144 $105 $60 *% 0 - $0 0% 

50-54 1,442 194 294 48 *% 0 - 0 0 

55-59 13,191 378 89 820 2% 0 - 0 0 

60-64 47,383 435 74 3,151 7% 0 - 0 0 

65-69 138,441 549 108 10,607 22% 0 - 0 0 

70-74 184,080 574 209 12,450 25% 0 - 0 0 

75-79 181,151 597 327 11,145 23% 0 - 0 

0%

80-84 131,360 606 190 6,376 13% 0 - 0 

0%

85-89 78,965 570 57 2,660 6% 1 157 * 

40%

Over 89

49,512 474 0 946

 

2% 4 99 * 60%

TOTAL 827,441 $561 $100 $48,263 100% 5 $111 * 100%

Notes: 

*Liability is less than $500,000.

 Not all recipients are receiving supplemental benefits.

Missing Participants Program liabilities and adjustments are not included.

Numbers may not add up due to rounding.

Table 4:

Liability for Deferred Participants in "Seriatim at FYE" Method

 Single-Employer Multiemployer 

 Age

Number of Benefit 

Recipients**

Average 

Monthly

Benefit

Average 

Supplemental 

Monthly

Benefit

Liability 

(Millions) Percent of Liability

Number of 

Benefit 

Recipients

Average 

Monthly

Benefit

Liability

(Millions)

Percent of 

Liability

Under 40 $336 $218 $50 $4 0% 0 - $0 0%

40-44 3,441 224 50 49 0% 0 - 0 0 

45-49 15,799 227 53 302 2% 0 - 0 0 

50-54 39,595 254 94 1,140 7% 0 - 0 0 

55-59 69,013 295 133 3,127 20% 0 - 0 0 

60-64

84,288 341 116 6,081 37%

0 - 0 

Over 64 53,308 318 118 4,891 31% 0 - 0 0 

Other**

78,720 - - - - 432 3% 6 - * 100% 

TOTAL 344,500 $303 $117 $16,026 100% 6 - $* 100%

Notes

*Liability is less than $500,000.

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

Missing Participants Program liabilities and adjustments are not included.

Numbers may not add up to totals due to rounding.
21 

Table 6A: 

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

and Valuation Method – September 30, 2023 

(Dollars in millions)

Recipient 

Status

Seriatim/

Missing

Participants

Nonseriatim/

Collins

Total 

Terminated

Liability

Probables/

Small Bulk 

Reserves

Total 

Liability

Percent

of Total

Liability

Receiving 

Payments

Trusteed $48,316 

 

 

 $5,733 $ 54,049 $0 $54,049 72.6% 

Pending 

Trusteeship

 3 5 8 407 415 0.5% 

Total $ 48,319 $ 5,738 $ 54,057 $407 $54,464 73.1%

Not Receiving 

Payments

Trusteed $16,334 $3,392 $19,726 $0 $19,726 26.5%

Pending 

Trusteeship 0 39 39 261 300 0.4% 

Total $16,334 $3,431 $ 19,765 $261 $20,026 26.9%

All Payment 

Statuses

Trusteed $64,650 $9,125 $73,775 $0 $73,775 99.1% 

Pending 

Trusteeship 3 

 

 44 47 688

 

 715 0.9% 

Total $64,653 $9,169 $73,822 $688 $74,490 100.0%

Percent of 

Terminated

87.6% 12.4% 100.0%

Percent of 

Total

86.8% 12.3% 99.1% 0.9% 100%

Notes:

1) Recipient status for Seriatim and Missing Participants liabilities refers to status as of 9/30/2023. For Nonseriatim and Probable 

liabilities, recipient status refers to the status as of the most recent actuarial valuation report (date of plan termination if benefits 

are "Final"). Final DOPT benefits refer to those benefits that PBGC has determined and valued seriatim as of DOPT for the plan. 

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

from the liability for benefits).

3) Numbers may not add up due to rounding. 
22 

Table 6B: 

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

and Valuation Method – September 30, 2023 

(Participants in thousands)

Recipient 

Status

Seriatim/

Missing

Participants Nonseriatim

Total 

Terminated

Participants Probables

Total 

Participants

 Percent

 of Total 

Participants *

Receiving 

Payments

Trusteed 827 105 932 0 932 66.4% 

Pending 

Trusteeship

 0 0 0 2 2 0.2% 

Total 827 105 932 2 934 66.6%

Not Receiving 

Payments

Trusteed 389 79 468 0 468 33.3%

Pending 

Trusteeship

 0 0 0 1 1 0.1% 

Total 389 79 468 1 469 33.4% 

All Payment 

Statuses

Trusteed 1,216 184 1,400 0 1,400 99.7% 

Pending 

Trusteeship

 0 0 0 3 3 0.3% 

Total 1, 216 184 1,400 3 1,403 100.0%

Percent of 

Terminated

86.8% 13.2% 100.0%

Percent of 

Total

86.6% 13.2% 99.8% 0.2% 100.0% 

Notes:

1) Recipient status for Seriatim and Missing Participants liabilities refers to status as of 9/30/2023. For Nonseriatim and Probable 

liabilities, recipient status refers to the status as of the most recent actuarial valuation report (date of plan termination if benefits 

are "Final"). Final DOPT benefits refer to those benefits that PBGC has determined and valued seriatim as of DOPT for the plan. 

2) Participant counts for Small Bulk Reserves and Collins are not included.

3) Numbers may not add up due to rounding. 
23 

Reconciliation of Results

Table 7 reconciles the September 30, 2023, valuation with the September 30, 2022, valuation. It 

shows that the $7,157 million decrease in the liability for the Single Employer program was the net effect 

of:

 (1) decreased liability from change in interest factors = ($2,941) million

 (2) actual benefit payments = ($6,061) million

(3) increased liability for probable plans = $145 million

(4) change in mortality assumptions = $237 million

 (5) new plan terminations as of DOPT = $257 million

 (6) expected interest on liability = $3,909 million

(7) other changes = ($2,702) million.

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

insolvent plans. The liability for the pre-MPPAA terminated plans in FY 2023 is less than $500,000 and 

not included or shown in this table.
24

Table 7:

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

Total Single

Employer

Post-MPPAA

Multiemployer

1. Liability at BOY (9/30/2022)

(a) Present Value of Future Benefits for all Plans

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

(c) Liability for Unreported Terminated Plans and other settlements

(d) 9/30/2022 Liability for Terminated Plans (a + b + c)

$81,647

(523)

(17)

$81,106

$2,390 

(839)

0

$1,551

2. Change in Valuation Software

(a) Effect on Liability as of DOPT

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

(c) Total (a + b)

 $0

 604

 $604

$0

0

 $0

3. Net New Plans and Missing Participant Liability

(a) New Missing Participant Liability

(b) New Termination Inventory as of DOPT

(c) Deletions as of DOPT

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

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

$101

156

(3,559)

1,168

($2,134)

$0

252

0

0

$252

4. Nonseriatim Data Changes and Effect of DOPT Seriatim Valuation

(a) Effect on Liability at DOPT

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

(c) Total (a + b)

$20

(4)

$16

($9)

0

($9)

5. Actuarial Charges/Credits

(a) Expected Interest

(b) Change in Interest Factors

(c) Change in Mortality Assumption

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

(e) Effect of Experience*

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

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

$3,909

(2,941)

237

 (38)

(611)

(81)

$475

$87

(66)

(15)

0

(22)

0

($16)

6. Expected Expense Payments ($201) $0

7. Actual Benefit Payments ($6,061) ($157)

8. Liabilities at End of Period (9/30/2023)

(a) Liability for all Terminated Plans 

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

(b) Liability for Unreported Terminated Plans and other settlements

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

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

(e) 9/30/2023 Present Value of Future Benefits for all Plans (c + d)

$73,805

17

73,822

668

$74,490

$1,622

-

1,622

589

 $2,211 

* Includes change from expected benefits $6,356 million to actual benefits $6,061 million in Total Single Employer.

 Includes change from expected benefits $177 million to actual benefits $157 million in Post-MPPAA Multiemployer.

 Actual does not include payments made by employers. 

 Numbers may not add up due to rounding. 

 

 ** Includes $112 million for not yet identified probable terminations.

Financial statements show a probables liability of $668 million, less assets of $382 million, for a net claim of $286 million.

Includes $163 million for small reserves Post-MPPAA Multiemployer plans.

 Numbers may not add up due to rounding.
25 

Statement of Actuarial Opinion

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

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

liabilities for the single-employer and multiemployer plan insurance programs as of September 30, 2023. 

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

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

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

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

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

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

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

experience under these programs. 

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

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

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

opinion contained in this report. 

Scott G. Young

Scott G. Young, FSA, EA, MAAA 

Fellow of the Society of Actuaries

Enrolled Actuary 

Member of the American Academy of Actuaries

Chief Valuation Actuary and Department Director 

Actuarial Services and Technology Department

Pension Benefit Guaranty Corporation 

December 20, 2023