The Pension Insurance Data Book 2003 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 8, SPRING 2004
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 (1980-2003) ...................... 4

Figure 2 Concentration of PBGC Claims (1975-2003) ................................................... 5

Figure 3 PBGC Claims by Industry (1975-2003) ............................................................ 6

Figure 4 PBGC Claims by Funded Ratio (1975-2003) ................................................... 7

Figure 5 Participants and Beneficiaries Receiving PBGC Payments (1980-2003) ......... 8

Figure 6 Participants and Beneficiaries Receiving PBGC Payments by Gender

and Age (2003) ................................................................................................. 9

Figure 7 PBGC Benefit Payments (1980-2003) ............................................................ 10

Figure 8 PBGC-Insured Plans (1980-2003) .................................................................. 11

Figure 9 Participants in PBGC-Insured Plans (1980-2003) .......................................... 12

Figure 10 PBGC-Insured Participants by Participant Status (1980-2001) ...................... 13

Figure 11 PBGC-Insured Participants by Industry (2002) .............................................. 14

Figure 12 PBGC Premium Revenue (1980-2003) .......................................................... 15

Figure 13 PBGC-Insured Participants and Premiums by Premiums Paid (2002) ........... 16

MULTIEMPLOYER PROGRAM:

Figure 14 Net Position of PBGC’s Multiemployer Program (1980-2003) ........................ 18

Figure 15 PBGC-Insured Plans (1980-2003) .................................................................. 19

Figure 16 Participants in PBGC-Insured Plans (1980-2003) .......................................... 20

Figure 17 PBGC-Insured Participants by Participant Status (1980-2001) ...................... 21

Figure 18 PBGC-Insured Participants by Industry (2002) .............................................. 22
PAGE

APPENDIX S: SINGLE-EMPLOYER DATA TABLES

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

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-2003) .... 25

S-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2003) .... 26

Claims

S-3 PBGC Terminations and Claims (1975-2003)................................................. 27

S-4 PBGC Claims (1975-2003) ............................................................................. 28

S-5 Top 10 Firms Presenting Claims (1975-2003) ................................................ 29

S-6 PBGC Trusteed Terminations by Fiscal Year

and Size of Claim (1975-2003) ....................................................................... 30

S-7 PBGC Claims by Fiscal Year and Size of Claim (1975-2003) ........................ 31

S-8 PBGC Trusteed Plans by Fiscal Year and Funded Ratio (1975-2003) ........... 32

S-9 PBGC Claims by Fiscal Year and Funded Ratio (1975-2003) ........................ 33

S-10 PBGC Trusteed Plans by Size of Claim and Funded Ratio (1975-2003) ....... 34

S-11 PBGC Claims by Size of Claim and Funded Ratio (1975-2003) .................... 35

S-12 Average Claim per Vested Participant by Plan Size (1975-2003) .................. 36

S-13 PBGC Trusteed Plans by Fiscal Year and Plan Size (1975-2003) ................. 37

S-14 PBGC Claims by Fiscal Year and Plan Size (1975-2003) .............................. 38

S-15 PBGC Trusteed Plans by Size of Claim and Plan Size (1975-2003) .............. 39

S-16 PBGC Claims by Size of Claim and Plan Size (1975-2003) ........................... 40

S-17 PBGC Trusteed Plans by Funded Ratio and Plan Size (1975-2003) ............. 41

S-18 PBGC Claims by Funded Ratio and Plan Size (1975-2003) .......................... 42

S-19 PBGC Claims by Industry (1975-2003) .......................................................... 43

Benefit Payments

S-20 PBGC Benefit Payments, Payees and Deferred Payees (1980-2003) ........... 44

S-21 PBGC Payees and Benefit Payments by Date of Plan Termination (2003) .... 45

S-22 PBGC Payees and Benefit Payments by Size of Trusteed Plan (2003) ......... 46

S-23 Total PBGC Payees and Average Benefit Payments

by Gender and Age (2003) ............................................................................. 47

S-24 PBGC Retired Payees and Average Benefit Payments

by Gender and Age (2003) ............................................................................. 48

S-25 PBGC Beneficiary Payees and Average Benefit Payments

by Gender and Age (2003) ............................................................................. 49

S-26 Total PBGC Payees and Benefit Payments

by Size of Monthly Payment (2003) ................................................................ 50

S-27 PBGC Retired Payees and Benefit Payments

by Size of Monthly Payment (2003) ................................................................ 51

S-28 PBGC Beneficiary Payees and Benefit Payments

by Size of Monthly Payment (2003) ................................................................ 52

S-29 PBGC Payees and Benefit Payments by Industry (2003) .............................. 53

Coverage

S-30 PBGC-Insured Plan Participants (1980-2003) ................................................ 54

S-31 PBGC-Insured Plans (1980-2003) .................................................................. 55

S-32 PBGC-Insured Plan Participants by Participant Status (1980-2001) .............. 56

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

Private-Sector Wage and Salary Workers (1980-2001) ................................. 57

S-34 PBGC-Insured Plans, Participants and Premiums by Industry (2002) ........... 58
PBGC Premiums

S-35 PBGC’s Historic Premium Rates .................................................................... 59

S-36 PBGC Premium Revenue (1980-2003) .......................................................... 60

S-37 PBGC Premium Revenue by Size of Plan and Type of Premium (2002) ....... 61

S-38 PBGC-Insured Plans and Participants by Total Premium Paid (2002) ........... 62

S-39 PBGC-Insured Plans and Participants

by Variable-Rate Premium Status (1992-2002) .............................................. 63

Funding Levels of Insured Plans

S-40 Funding of PBGC-Insured Plans (1980-2001) ................................................ 64

S-41 Funding of Underfunded PBGC-Insured Plans (1980-2001) .......................... 65

S-42 Funding of Overfunded PBGC-Insured Plans (1980-2001) ............................ 66

S-43 Concentration of Underfunding in PBGC-Insured Plans (1990-2001) ............ 67

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

by Funding Ratio (2001) ................................................................................. 68

S-45 Various Measures of Underfunding in PBGC-Insured Plans (1990-2003)...... 69

S-46 Funding of PBGC-Insured Plans by Industry (2001) ...................................... 70

State Data

S-47 Pension Funding Data for PBGC-Insured Plans

by Region and State (2001) ............................................................................ 71

S-48 PBGC Pension Data by Region and State ..................................................... 73

S-49 PBGC Maximum Guaranteed Benefits (1988-2004) ...................................... 75

APPENDIX M: MULTIEMPLOYER DATA TABLES

PBGC’S MULTIEMPLOYER PROGRAM ................................................................ 78

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-2003) ........ 79

M-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2003) .... 80

Benefit Payments and Financial Assistance

M-3 PBGC Payees and Benefit Payments (1980-2003) ........................................ 81

M-4 PBGC Financial Assistance to Insolvent Plans (1981-2003) .......................... 82

Coverage

M-5 PBGC-Insured Plan Participants (1980-2003) ................................................ 83

M-6 PBGC-Insured Plans (1980-2003) .................................................................. 84

M-7 PBGC-Insured Plan Participants by Participant Status (1980-2001) .............. 85

M-8 PBGC-Insured Plans and Participants by Industry (2002) ............................. 86

Funding Levels of Insured Plans

M-9 Funding of PBGC-Insured Plans (1980-2001) ................................................ 87

M-10 Funding of Underfunded PBGC-Insured Plans (1980-2001) .......................... 88

M-11 Funding of Overfunded PBGC-Insured Plans (1980-2001) ............................ 89

M-12 Concentration of Underfunding in PBGC-Insured Plans (1990-2001) ............ 90

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

by Funding Ratio (2001) ................................................................................. 91

M-14 Funding of PBGC-Insured Plans by Industry (2001) ...................................... 92

M-15 PBGC Maximum Guaranteed Benefits (1980-2004) ...................................... 93

M-16 PBGC’s Historic Premium Rates .................................................................... 94

DATA BOOK 2003 TABLE LISTING KEY .................................................................... 95

PAGE
PENSION INSURANCE DATA BOOK 2003 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.

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

the tables has been revised. Tables related to PBGC’s claims experience have been added

to provide more historical data on the number and size of claims by the year the plans

terminated, the funding levels in the plans at termination, and the size of the plans at

termination. Tables related to people receiving benefits from PBGC have also been

added to provide payment data separately for retired participants and beneficiaries of

deceased participants. A “table listing key” at the end of this book will assist those familiar with the table numbers in older editions of the Pension Insurance Data Book in finding

the relevant table(s) in this edition.

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

www.pbgc.gov/publications/databook.
2 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2003

PBGC DATA BOOK AT A GLANCE

Single-Employer Multiemployer Combined

Program Program Programs

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

Fiscal Year 2003:

Net Financial Position -$11,238 -$261 -$11,499

Total Assets $34,016 $1,000 $35,016

Total Liabilities $45,254 $1,261 $46,515

Premium Revenue $948 $25 $973

Number of Insured Plans 29,512 1,623 31,135

Number of Insured Participants 34.5 million 9.7 million 44.3 million

New Plans Trusteed or

Pending Trusteeship 155 n/a 155

Change in Gross Claims $6,554 n/a $6,554

Number of Payees* 476,947 389 477,336

Total Benefits Paid $2,488 $1 $2,489

Number of Plans Receiving

Financial Assistance n/a 24 24

Amount of Financial

Assistance Granted n/a $5 $5

Fiscal Years 1975-2003:

Plans Trusteed or

Pending Trusteeship 3,277 10 3,287

Amount of Claims $17,588 $31 $17,619

Number of Plans Receiving

Financial Assistance n/a 33 33

Total Amount of Financial

Assistance Granted n/a $167 $167

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

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

payment from PBGC during FY 2003.

PBGC DATA BOOK AT A GLANCE
PENSION INSURANCE DATA BOOK 2003 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 2003

Figure 1

Net Position of PBGC’s Single-Employer Program

Net Position of PBGC’s

Single-Employer Program (1980-2003)

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

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

• Since 2000, PBGC’s financial position has fallen to a deficit of $11.2 billion.

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

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

and declining stock prices.

Reference Table S-1 of the PBGC Pension Insurance Data Book 2003.

Source: PBGC Annual Reports (1980-2003).

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.

$12

$4

$8

-$4

$0

-$12

-$8

Billions

Fiscal Year

(Restored LTV Plans)

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003
PENSION INSURANCE DATA BOOK 2003 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 5

Figure 2

Concentration of PBGC Claims

Single-Employer Program

Reference Table S-4 of the PBGC Pension Insurance Data Book 2003.

Sources: PBGC Fiscal Year Closing File (9/30/2003) and PBGC Case Administration System.

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

Concentration of PBGC Claims (1975-2003)

Single-Employer Program

• Since 1975, 3,277 terminations of underfunded single-employer plans have resulted

in total claims of $17.6 billion.

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

$6.2 billion in 2003.

• The firms presenting the ten largest claims have accounted for more than sixty

percent of all claims against PBGC from 1975 to 2003.

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

$6,500

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Date of Plan Termination (Fiscal Year)

Millions

Top 10 Claims

All Other Claims

Total Claims

1975-2003

61% 39%

Pre-1985
6 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2003

Figure 3

PBGC Claims by Industry, 1975-2003

Single-Employer Program

PBGC Claims by Industry (1975-2003)

Single-Employer Program

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

accounted for over 70 percent of PBGC’s claims.

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

and Machinery industries.

Reference Table S-19 of the PBGC Pension Insurance Data Book 2003.

Sources: PBGC Fiscal Year Closing File (9/30/2003) and PBGC Case Administration System.

Air Transportation

16.7%

Primary Metals

53.5%

Fabricated Metals 4.0%

Machinery 4.3%

Other 

Manufacturing

11.6%

Other 

Non-Manufacturing

9.8%
PENSION INSURANCE DATA BOOK 2003 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 7

Figure 4

PBGC Claims by Funded Ratio at Termination, 1975-2003

Single-Employer Program

PBGC Claims by Funded Ratio (1975-2003)

Single-Employer Program

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

PBGC.

• More than 55 percent of pension claims came from plans that were less than

50 percent funded (using PBGC assumptions).

• Only $580 million of the $17.6 billion in total claims came from plans terminating

with funded ratios of 75 percent or higher.

Reference Table S-11 of the PBGC Pension Insurance Data Book 2003.

Sources: PBGC Fiscal Year Closing File (9/30/2003) and PBGC Case Administration System.

50% to 74%

Funded Ratio

41.5%

Less than 25%

Funded Ratio

20.2%

25% to 49%

Funded Ratio

35.0%

75% or Higher

Funded Ratio

3.3%
8 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2003

Figure 5

Participants and Beneficiaries Receiving PBGC Payments

Single-Employer Program

Reference Table S-20 of the PBGC Pension Insurance Data Book 2003.

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

Payment Reports.

Note: Payees are retired participants or their beneficiaries.

Participants and Beneficiaries Receiving

PBGC Payments (1980-2003)

Single-Employer Program

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

past twenty-four years.

• In 2003, PBGC made periodic payments to more than 457,000 payees and lump

sum payments to almost 22,000 participants.

• An additional 375,000 individuals are eligible for future PBGC benefit payments.

0

100

200

300

400

500

600

700

800

900

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Fiscal Year

Thousands

Deferred Status

Pay Status
PENSION INSURANCE DATA BOOK 2003 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 9

Figure 6

Participants and Beneficiaries Receiving PBGC Payments

by Gender and Age, 2003

Single-Employer Program

Participants and Beneficiaries Receiving

PBGC Payments by Gender and Age (2003)

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.

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

Reference Table S-23 of the PBGC Pension Insurance Data Book 2003.

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

and PBGC Benefit Payment Reports.

Note: Payees are retired participants or their beneficiaries.

0

20

40

60

80

100

Younger

Than 60

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

Age

Thousands

Female

Male
10 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2003

Figure 7

Total PBGC Benefit Payments

Single-Employer Program

PBGC Benefit Payments (1980-2003)

Single-Employer Program

• PBGC’s benefit payments rose steadily between 1980 and 2000, then began to

accelerate rapidly.

• In 2003, PBGC disbursed nearly $2.5 billion in monthly pension and lump sum

benefit payments to retired plan participants or their beneficiaries.

Reference Table S-20 of the PBGC Pension Insurance Data Book 2003.

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.

$0

$500

$1,000

$1,500

$2,000

$2,500

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Fiscal Year

Millions
PENSION INSURANCE DATA BOOK 2003 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 11

Figure 8

PBGC-Insured Plans

Single-Employer Program

PBGC-Insured Plans (1980-2003)

Single-Employer Program

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

substantially in the past eighteen years.

• In 2003, PBGC insured about 29,500 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-31 of the PBGC Pension Insurance Data Book 2003.

Source: PBGC Premium Filings, various years.

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

120,000

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

 5,000 Or More Participants

 1,000 - 4,999 Participants

 100 - 999 Participants

 Fewer Than 100 Participants

Size of Plan 
12 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2003

Figure 9

Participants in PBGC-Insured Plans

Single-Employer Program

Participants in PBGC-Insured Plans (1980-2003)

Single-Employer Program

• In 2003, PBGC provided pension insurance to more than 34 million participants in

single-employer plans.

• This represented a 25 percent increase over the total number of participants covered

in 1980.

Reference Table S-30 of the PBGC Pension Insurance Data Book 2003.

Source: PBGC Premium Filings, various years.

0

10

20

30

40

198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003

Millions

Fewer Than 100 Participants

100 - 999 Participants

1,000 - 4,999 Participants

5,000 Or More Participants

Size of Plan
PENSION INSURANCE DATA BOOK 2003 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 (1980-2001)

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 51 percent in 2001.

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

participants.

Reference Table S-32 of the PBGC Pension Insurance Data Book 2003.

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

plans with 100 or more participants.

0%

20%

40%

60%

80%

100%

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

Percent of Total 

Participants

Active Retired Separated Vested
14 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2003

Figure 11

PBGC-Insured Participants by Industry, 2002

Single-Employer Program

PBGC-Insured Participants by Industry (2002)

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-34 of the PBGC Pension Insurance Data Book 2003.

Source: PBGC Premium Filings.

Manufacturing

47.3%

Finance,

Insurance &

Real Estate

11.8%

Information

7.6%

Services

15.2%

Other 

Industries

18.2%

Major Manufacturing Groups:

6.2% Motor Vehicles

5.4% Chemical and

Allied Products

3.3% Food & Tobacco

2.6% Machinery

2.4% Primary Metals
PENSION INSURANCE DATA BOOK 2003 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 15

Figure 12

PBGC Premium Revenue

Single-Employer Program

PBGC Premium Revenue (1980-2003)

Single-Employer Program

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

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

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

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

exemption from paying the variable-rate premium.

• The increase in premium revenues in 2003 reflected deteriorating plan funding,

which caused an increase in variable-rate premiums.

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Fiscal Year

Millions

Variable-Rate

Flat-Rate

Reference Table S-36 of the PBGC Pension Insurance Data Book 2003.

Source: PBGC Annual Reports (1980-2003).
16 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2003

Figure 13

Distribution of PBGC-Insured Participants and Premiums

by Premiums Paid, 2002

Single-Employer Program

PBGC-Insured Participants and Premiums

by Premiums Paid (2002)

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-37 and S-38 of the PBGC Pension Insurance Data Book 2003.

Source: PBGC Premium Filings.

VariableRate

17%

Flat-Rate

83%

Flat-Rate

90%

Variable-Rate

10%

Insured Participants Total Premiums
PENSION INSURANCE DATA BOOK 2003 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 2003

Figure 14

Net Position of PBGC’s Multiemployer Program

Reference Table M-1 of the PBGC Pension Insurance Data Book 2003.

Source: PBGC Annual Reports (1980-2003).

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

Net Position of PBGC’s

Multiemployer Program (1980-2003)

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

• The program reported a deficit of $261 million in 2003.

$400

$100

$200

$300

-$100

$0

-$400

-$300

-$200

Millions

Fiscal Year

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003
PENSION INSURANCE DATA BOOK 2003 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 19

Figure 15

PBGC-Insured Plans

Multiemployer Program

Reference Table M-6 of the PBGC Pension Insurance Data Book 2003.

Source: PBGC Premium Filings, various years.

PBGC-Insured Plans (1980-2003)

Multiemployer Program

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

since 1982.

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

• This decline is primarily due to plan mergers.

0

500

1,000

1,500

2,000

2,500

3,000

198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003

 5,000 Or More Participants

 1,000 - 4,999 Participants

 Fewer Than 1,000 Participants

Size of Plan
20 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2003

Figure 16

Participants in PBGC-Insured Plans

Multiemployer Program

Reference Table M-5 of the PBGC Pension Insurance Data Book 2003.

Source: PBGC Premium Filings, various years.

Participants in PBGC-Insured Plans (1980-2003)

Multiemployer Program

• In 2003, PBGC provided pension insurance protection to more than 9.7 million

participants in multiemployer plans.

• This represents a 22 percent increase over the total number of participants covered

in 1980.

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

0

2

4

6

8

10

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Millions

 Fewer Than 1,000 Participants

1,000 - 4,999 Participants

 5,000 Or More Participants

Size of Plan
PENSION INSURANCE DATA BOOK 2003 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 21

Figure 17

PBGC-Insured Plan Participants by Participant Status

Multiemployer Program

Reference Table M-7 of the PBGC Pension Insurance Data Book 2003.

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

plans with 100 or more participants.

PBGC-Insured Participants

by Participant Status (1980-2001)

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 50 percent in 2001.

0%

20%

40%

60%

80%

100%

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

Percent of Total 

Participants

Active Retired Separated Vested
22 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2003

Figure 18

PBGC-Insured Participants by Industry, 2002

Multiemployer Program

Reference Table M-8 of the PBGC Pension Insurance Data Book 2003.

Source: PBGC Premium Filings.

PBGC-Insured Participants by Industry (2002)

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.

Construction

37.7%

Truck 

Transportation

13.8%

Services

13.9%

Manufacturing

13.5%

Major Construction Groups:

8.0% Electrical Contractors

5.9% Heavy Construction

5.6% General Contracting

4.5% Carpentry

3.9% Plumbing, Heating 

& Air Conditioning

Retail Trade

13.8%

Other

7.3%
PENSION INSURANCE DATA BOOK 2003 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 23

APPENDIX S

Single-Employer Data Tables
24 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

PBGC’s Single-Employer Program

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

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

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

In a typical single-employer defined benefit plan, benefits are based on a formula

that typically includes as inputs years of service and either a flat dollar amount or

the participants’ average compensation.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

terminating in 2004, the limit is $3,698.86 per month or $44,386.32 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 2003 SINGLE-EMPLOYER DATA TABLES 25

Table S-1

Net Financial Position of PBGC’s Single-Employer Program (1980-2003)

Source: PBGC Annual Reports (1980-2003).

*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.

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

Fiscal Year Assets Liabilities Net Position

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

1980 $430 $524 -$95

1981 467 656 -189

1982 773 1,106 -333

1983 1,085 1,608 -523

1984 1,063 1,525 -462

1985 1,155 2,480 -1,325

1986 1,740 3,766 -2,026

1987 2,163 3,712 -1,549

1988 2,422 3,965 -1,543

1989 3,059 4,183 -1,124

1990 2,797 4,710 -1,913

1991 5,422 7,925 -2,503

1992 6,381 9,118 -2,737

1993 8,267 11,164 -2,897

1994 8,281 9,521 -1,240

1995 10,371 10,686 -315

1996 12,043 11,174 869

1997 15,314 11,833 3,481

1998 17,631 12,619 5,012

1999 18,431 11,393 7,038

2000 20,830 11,126 9,704

2001 21,768 14,036 7,732

2002 25,430 29,068 -3,638

2003 34,016 45,254 -11,238

* *
26 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-2

PBGC Premium Revenue, Benefit Payments and Expenses (1980-2003)

Single-Employer Program

Source: PBGC Annual Reports (1980-2003).

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

Total Administrative & Premiums Minus

Fiscal Premium Benefit Investment Benefits Paid

Year Revenue Payments Expenses and Expenses

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

1980 $71 $37 $20 $14

1981 75 57 21 -3

1982 80 94 24 -38

1983 82 137 27 -82

1984 81 169 30 -118

1985 82 170 33 -121

1986 201 261 33 -93

1987 268 300 36 -68

1988 465 357 48 60

1989 603 353 45 205

1990 659 369 63 227

1991 741 514 71 156

1992 875 634 97 144

1993 890 720 107 63

1994 955 719 135 101

1995 838 761 138 -61

1996 1,146 790 150 206

1997 1,067 823 155 89

1998 966 847 158 -39

1999 902 901 161 -160

2000 807 902 167 -262

2001 821 1,042 184 -405

2002 787 1,537 225 -975

2003 948 2,488 290 -1,830
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 27

Table S-3

PBGC Terminations and Claims (1975-2003)

Single-Employer Program

Fiscal Standard Trusteed Gross Net

Year Terminations Terminations Assets Liabilities Claims Recoveries Claims

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

1975-1979 28,572 586 $145.2 $397.4 $252.2 $56.4 $195.8

1980-1984 29,236 621 513.6 1,257.3 743.7 157.8 585.8

1985 8,635 116 40.3 262.5 222.2 14.2 208.0

1986 6,829 132 277.2 1,163.3 886.2 81.0 805.1

1987 10,865 107 138.8 350.5 211.8 32.2 179.5

1988 10,790 99 109.3 379.0 269.7 21.1 248.6

1989 11,400 83 84.0 196.0 112.0 12.0 100.0

1990 11,800 101 108.0 215.8 107.7 7.6 100.2

1991 8,600 175 1,485.3 3,022.3 1,537.0 230.8 1,306.1

1992 6,670 157 250.7 822.2 571.6 157.7 413.9

1993 5,320 124 125.5 256.0 130.5 13.3 117.2

1994 3,950 135 304.5 799.6 495.1 34.9 460.2

1995 3,870 121 235.3 397.7 162.4 7.1 155.2

1996 3,809 96 256.7 425.1 168.4 31.2 137.2

1997 3,497 82 463.7 672.3 208.6 11.5 197.1

1998 2,475 62 172.3 247.9 75.6 5.7 69.9

1999 1,969 75 281.9 450.1 168.3 12.5 155.7

2000 1,882 71 260.2 362.9 102.7 15.2 87.6

2001 1,565 102 2,524.7 3,852.4 1,327.6 183.9 1,143.8

2002 1,214 154 4,557.6 8,176.1 3,618.5 103.5 3,515.0

2003 1,119 78 6,622.6 12,839.2 6,216.6 127.9 6,088.7

TOTAL 164,067 3,277 $18,957.5 $36,545.7 $17,588.2 $1,317.5 $16,270.7

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

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

in which the loss was incurred. For example, PBGC became responsible for 155 underfunded terminated plans during FY 2003, but only 78 of these plans had termination dates

during FY 2003. 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.
28 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-4

PBGC Claims (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

Annual claims for Top 10 firms are summations of all claims in that fiscal year associated with the Top 10 firms. See Table S-5 for a list of the Top 10 firms with the largest claim

values.

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

Fiscal Claims of Top 10 Firms and Other Claims and

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

1975-1979 $252,206,142 — — $252,206,142 100.0%

1980-1984 743,655,884 — — 743,655,884 100.0%

1985 222,153,048 — — 222,153,048 100.0%

1986 886,150,429 $495,235,029 55.9% 390,915,400 44.1%

1987 211,756,539 — — 211,756,539 100.0%

1988 269,682,641 — — 269,682,641 100.0%

1989 111,977,912 — — 111,977,912 100.0%

1990 107,746,293 — — 107,746,293 100.0%

1991 1,536,954,630 1,371,920,378 89.3% 165,034,252 10.7%

1992 571,585,826 21,892,625 3.8% 549,693,201 96.2%

1993 130,497,084 — — 130,497,084 100.0%

1994 495,085,457 290,787,636 58.7% 204,297,821 41.3%

1995 162,360,245 — — 162,360,245 100.0%

1996 168,446,078 — — 168,446,078 100.0%

1997 208,629,230 — — 208,629,230 100.0%

1998 75,586,950 — — 75,586,950 100.0%

1999 168,261,463 — — 168,261,463 100.0%

2000 102,731,628 — — 102,731,628 100.0%

2001 1,327,635,721 710,513,624 53.5% 617,122,097 46.5%

2002 3,618,509,794 2,206,518,657 61.0% 1,411,991,137 39.0%

2003 6,216,585,958 5,620,071,997 90.4% 596,513,961 9.6%

TOTAL (1975-2003) $17,588,198,953 $10,716,939,946 60.9% $6,871,259,007 39.1%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 29

Table S-5

Top 10 Firms Presenting Claims (1975-2003)

Single-Employer Program

Average

Number Fiscal Years Claim Per Percent

of of Plan Vested Vested of Total

Top 10 Firms Plans Terminations Claims Participants Participant Claims

(by firm) (1975-2003)

1. Bethlehem Steel 1 2003 $3,650,276,601 97,015 $37,626 20.8%

2. LTV Steel* 5 2002 1,849,498,808 78,732 23,491 10.5%

3. National Steel 7 2003 1,216,107,871 35,404 34,349 6.9%

4. Pan American Air 3 1991,1992 841,082,434 37,485 22,438 4.8%

5. US Airlines Pilots 1 2003 753,687,525 7,168 105,146 4.3%

6. Trans World Airlines 2 2001 710,513,624 34,189 20,782 4.0%

7. Eastern Air Lines 7 1991 552,730,569 51,187 10,798 3.1%

8. Wheeling Pitt Steel 7 1986 495,235,029 22,144 22,364 2.8%

9. Polaroid 1 2002 357,019,849 11,353 31,447 2.0%

10. Sharon Steel 5 1994 290,787,636 6,886 42,229 1.7%

Top 10 Total 39 10,716,939,946 381,563 28,087 60.9%

All Other Total 3,238 6,871,259,007 852,067 8,064 39.1%

TOTAL 3,277 $17,588,198,953 1,233,630 $14,257 100.0%

Sources: PBGC Fiscal Year Closing File (9/30/03), 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 1986 termination of a Republic Steel plan sponsored by LTV.
30 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-6

PBGC Trusteed Terminations by Fiscal Year and Size of Claim (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

FISCAL YEAR

Size of Claim 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 2000-2003 Total

Less than $1 million 545 537 451 532 302 187 2,554 77.9%

$1 to $9 million 36 66 66 137 118 152 575 17.5%

$10 to $99 million 5 18 20 17 16 49 125 3.8%

$100 to $999 million — — — 6 — 15 21 0.6%

$1 billion or more — — — — — 2 2 0.1%

TOTAL 586 621 537 692 436 405 3,277 100.0%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 31

Table S-7

PBGC Claims by Fiscal Year and Size of Claim (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

FISCAL YEAR

Size of Claim 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 2000-2003 Total

Less than $1 million $62,193,304 $79,647,495 $75,870,979 $125,584,815 $94,502,859 $57,757,851 $495,557,302 2.8%

$1 to $9 million 89,626,004 193,552,900 218,541,698 449,076,661 308,201,199 496,824,412 1,755,822,873 10.0%

$10 to $99 million 100,386,835 470,455,491 1,407,307,894 447,349,948 380,579,908 1,420,693,641 4,226,773,717 24.0%

$100 to $999 million — — — 1,819,857,866 — 4,128,263,472 5,948,121,338 33.8%

$1 billion or more — — — — — 5,161,923,725 5,161,923,725 29.3%

TOTAL $252,206,144 $743,655,886 $1,701,720,570 $2,841,869,290 $783,283,966 $11,265,463,101 $17,588,198,956 100.0%
32 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-8

PBGC Trusteed Plans by Fiscal Year and Funded Ratio (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

FISCAL YEAR

Funded Ratio 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 2000-2003 Total

Under 25% 163 221 169 189 119 75 936 28.6%

25% - 49% 149 134 112 154 102 94 745 22.7%

50% - 74% 127 134 130 180 131 145 847 25.8%

75% and over 147 132 126 169 84 91 749 22.9%

TOTAL 586 621 537 692 436 405 3,277 100.0%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 33

Table S-9

PBGC Claims by Fiscal Year and Funded Ratio (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

FISCAL YEAR

Funded Ratio 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 2000-2003 Total

Under 25% $170,657,342 $304,624,811 $876,068,121 $1,663,935,426 $103,955,129 $437,498,961 $3,556,739,791 20.2%

25% - 49% 54,478,604 308,867,598 676,479,113 327,015,187 184,733,952 4,602,781,424 6,154,355,878 35.0%

50% - 74% 21,092,605 119,301,166 142,119,453 767,019,739 338,695,130 5,902,147,350 7,290,375,443 41.5%

75% and over 5,977,592 10,862,310 7,053,883 83,898,938 155,899,755 323,035,366 586,727,845 3.3%

TOTAL $252,206,144 $743,655,886 $1,701,720,570 $2,841,869,290 $783,283,966 $11,265,463,101 $17,588,198,956 100.0%
34 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-10

PBGC Trusteed Plans by Size of Claim and Funded Ratio (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

SIZE OF CLAIM

Less Than $1 Billion

Funded Ratio $1 Million $1 - $9 Million $10 - $99 Million $100 - $999 Million or More Total

Under 25% 745 151 32 8 — 936

25% - 49% 522 183 35 4 1 745

50% - 74% 603 188 41 14 1 847

75% and over 684 53 12 — — 749

TOTAL 2,554 575 120 26 2 3,277
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 35

Table S-11

PBGC Claims by Size of Claim and Funded Ratio (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

SIZE OF CLAIM

Less Than $1 Billion

Funded Ratio $1 Million $1 - $9 Million $10 - $99 Million $100 - $999 Million or More Total

Under 25% $179,277,762 $457,901,180 $825,525,113 $2,094,035,735 — $3,556,739,791 20.2%

25% - 49% 125,642,631 612,811,523 946,198,616 819,426,506 $3,650,276,601 6,154,355,878 35.0%

50% - 74% 136,047,760 557,638,653 1,067,437,650 4,017,604,255 1,511,647,124 7,290,375,443 41.5%

75% and over 54,589,149 127,471,517 404,667,179 — — 586,727,845 3.3%

TOTAL $495,557,302 $1,755,822,873 $3,243,828,559 $6,931,066,496 $5,161,923,725 $17,588,198,956 100.0%
36 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-12

Average Claim per Vested Participant by Plan Size (1975-2003)

Single-Employer Program

Average Average

Number of Plan Vested Claim Per Claim Per

Participants Participants Plans Claims Participant Claims Participant

(2003 Dollars) (2003 Dollars)

Under 100 73,595 1,981 $357,413,059 2.0% $4,856 $523,617,911 2.5% $7,115

100-999 342,431 1,114 2,257,588,729 12.8% 6,593 3,142,659,992 14.9% 9,177

1,000-4,999 296,910 148 3,523,933,403 20.0% 11,869 4,651,737,842 22.1% 15,667

5,000-9,999 130,799 18 2,602,021,941 14.8% 19,893 3,176,275,906 15.1% 24,284

10,000 and over 389,895 16 8,847,241,821 50.3% 22,691 9,534,593,408 45.3% 24,454

TOTAL 1,233,630 3,277 $17,588,198,953 100.0% $14,257 $21,028,885,059 100.0% $17,046

Sources: PBGC Fiscal Year Closing File (9/30/03), 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 1975-2003.

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

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

Claims in 2003 dollars are calculated using Consumer Price Index - Urban Consumers.
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 37

Table S-13

PBGC Trusteed Plans by Fiscal Year and Plan Size (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

Number of FISCAL YEAR

Plan Participants 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 2000-2003 Total

Less than 25 193 175 143 137 89 50 787 24.0%

25-99 222 246 207 250 160 109 1,194 36.4%

100-999 159 179 166 276 152 182 1,114 34.0%

1,000-4,999 12 21 16 24 31 44 148 4.5%

5,000-9,999 — — 4 2 3 9 18 0.5%

10,000 and over — — 1 3 1 11 16 0.5%

TOTAL 586 621 537 692 436 405 3,277 100.0%
38 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-14

PBGC Claims by Fiscal Year and Plan Size (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

Number of Plan FISCAL YEAR

Participants 1975-1979 1980-1984 1985-1989 1990-1994 1995-1999 2000-2003 Total

Less than 25 $6,246,624 $8,110,188 $7,717,043 $13,754,709 $12,934,750 $11,028,690 $59,792,004 0.3%

25-99 20,752,445 38,841,279 42,398,888 63,403,528 61,374,946 70,849,971 297,621,057 1.7%

100-999 126,463,661 241,861,382 298,699,703 556,330,494 293,268,938 740,964,552 2,257,588,730 12.8%

1,000-4,999 98,743,414 454,843,037 369,959,778 750,449,649 284,275,909 1,565,661,616 3,523,933,403 20.0%

5,000-9,999 — — 738,503,990 212,729,642 102,443,025 1,548,345,284 2,602,021,941 14.8%

10,000 and over — — 244,441,168 1,245,201,267 28,986,398 7,328,612,988 8,847,241,821 50.3%

TOTAL $252,206,144 $743,655,886 $1,701,720,570 $2,841,869,290 $783,283,966 $11,265,463,101 $17,588,198,956 100.0%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 39

Table S-15

PBGC Trusteed Plans by Size of Claim and Plan Size (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

SIZE OF CLAIM

Number of Plan Less Than $1 Billion

Participants $1 Million $1 - $9 Million $10 - $99 Million $100 - $999 Million or More Total

Less than 25 784 3 — — — 787

25-99 1,147 47 — — — 1,194

100-999 609 464 41 — — 1,114

1,000-4,999 14 60 66 8 — 148

5,000-9,999 — 1 9 8 — 18

10,000 and over — — 4 10 2 16

TOTAL 2,554 575 120 26 2 3,277
40 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-16

PBGC Claims by Size of Claim and Plan Size (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

SIZE OF CLAIM

Number of Plan Less Than $1 Billion

Participants $1 Million $1 - $9 Million $10 - $99 Million $100 - $999 Million or More Total

Less than 25 $55,572,351 $4,219,654 — — — $59,792,004

25-99 219,496,171 78,124,886 — — — 297,621,057

100-999 212,960,380 1,373,261,606 $671,366,744 — — 2,257,588,730

1,000-4,999 7,528,400 293,795,893 1,930,661,457 $1,291,947,652 — 3,523,933,403

5,000-9,999 — 6,420,835 424,261,286 2,171,339,821 — 2,602,021,941

10,000 and over — — 217,539,072 3,467,779,023 $5,161,923,725 8,847,241,821

TOTAL $495,557,302 $1,755,822,873 $3,243,828,559 $6,931,066,496 $5,161,923,725 $17,588,198,956

Percent of Total 2.8% 10.0% 18.4% 39.4% 29.3% 100.0%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 41

Table S-17

PBGC Trusteed Plans by Funded Ratio and Plan Size (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

Number of Plan FUNDED RATIO

Participants Less Than 25% 25%-49% 50%-74% 75% or More Total

Less than 25 299 144 135 209 787

25-99 354 288 283 269 1,194

100-999 248 271 360 235 1,114

1,000-4,999 30 36 51 31 148

5,000-9,999 4 4 8 2 18

10,000 and over 1 2 10 3 16

TOTAL 936 745 847 749 3,277
42 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-18

PBGC Claims by Funded Ratio and Plan Size (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

Number of Plan FUNDED RATIO

Participants Less Than 25% 25%-49% 50%-74% 75% or More Total

Less than 25 $35,272,115 $13,050,766 $9,517,592 $1,951,531 $59,792,004

25-99 143,442,380 86,509,392 56,607,248 11,062,037 297,621,057

100-999 719,937,326 713,499,078 695,323,040 128,829,286 2,257,588,730

1,000-4,999 1,144,593,961 872,985,801 1,303,979,368 202,374,272 3,523,933,403

5,000-9,999 733,956,619 573,593,072 1,217,127,521 77,344,730 2,602,021,941

10,000 and over 779,537,388 3,894,717,769 4,007,820,673 165,165,990 8,847,241,821

TOTAL $3,556,739,791 $6,154,355,878 $7,290,375,443 $586,727,845 $17,588,198,956
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 43

Table S-19

PBGC Claims by Industry (1975-2003)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03) and PBGC Case Administration System.

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

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

Industry classifications for PBGC claims are based on the Standard Industrial Classification (SIC) system. Therefore the results in this table may not be directly comparable to other

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

Vested

Industry Total Claims Plans Participants

AGRICULTURE, MINING AND CONSTRUCTION $299,415,842 1.7% 173 25,993

MANUFACTURING 12,922,817,492 73.5% 1,965 779,510

Chemical and Allied Products 84,013,613 0.5% 33 8,386

Fabricated Metal Products 696,525,561 4.0% 398 70,339

Food and Tobacco Products 128,356,295 0.7% 137 25,500

Machinery and Computer Equipment 762,963,795 4.3% 240 74,491

Motor Vehicle Equipment 219,604,135 1.2% 50 24,265

Paper and Allied Products 118,843,072 0.7% 91 14,163

Primary Metals 9,414,745,719 53.5% 276 350,986

Rubber and Miscellaneous Plastics 230,735,365 1.3% 74 19,011

Other Manufacturing 1,267,029,937 7.2% 666 192,369

TRANSPORTATION AND PUBLIC UTILITIES 3,380,405,521 19.2% 196 188,051

Air Transportation 2,932,611,144 16.7% 28 139,342

Other Transportation and Utilities 447,794,377 2.5% 168 48,709

WHOLESALE TRADE 91,168,595 0.5% 211 26,611

RETAIL TRADE 304,093,308 1.7% 285 111,256

FINANCE, INSURANCE AND REAL ESTATE 174,534,292 1.0% 99 20,661

SERVICES 415,763,903 2.4% 348 81,548

TOTAL $17,588,198,953 100.0% 3,277 1,233,630
44 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-20

PBGC Benefit Payments, Payees and Deferred Payees (1980-2003)

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 recipients.

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 PAYMENTS

Average Median

Fiscal Payees Monthly Monthly Payees Average Payees Deferred

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

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

1980 $34 28 $124 $91 $3 2 $1,623 $37 30 25

1985 166 75 226 128 4 2 1,782 170 77 92

1990 356 110 262 184 13 6 2,437 369 116 85

1991 499 140 338 189 15 6 2,558 514 146 171

1992 617 150 359 232 17 6 3,078 634 156 170

1993 704 157 379 234 16 5 2,686 720 162 162

1994 699 170 359 238 20 7 2,818 719 176 163

1995 739 182 344 232 22 6 3,335 761 187 163

1996 770 199 328 225 20 7 2,757 790 206 182

1997 800 204 316 212 23 9 2,629 823 213 202

1998 826 208 313 208 21 9 2,198 847 216 213

1999 844 214 311 208 56 16 3,553 901 229 225

2000 831 226 309 206 71 19 3,726 902 243 226

2001 954 266 325 208 88 18 4,817 1,042 283 246

2002 1,458 343 383 242 79 21 3,757 1,537 362 326

2003 2,401 457 453 275 87 22 4,220 2,488 477 375
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 45

Table S-21

PBGC Payees and Benefit Payments by Date of Plan Termination (2003)

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.

Average Median

Fiscal Year of Monthly Deferred Deferred

Plan Termination Payees in 2003 Benefit Payments in 2003 Pension Pension Payees in 2003

(in millions)

Prior to 1980 10,575 2.2% $16.3 0.7% $119 $88 2,596

1980 to 1984 34,053 7.1% 95.5 3.8% 218 168 5,819

1985 to 1989 47,499 10.0% 181.4 7.3% 300 212 14,830

1990 5,803 1.2% 18.2 0.7% 242 172 4,283

1991 48,563 10.2% 268.4 10.8% 433 323 30,606

1992 15,433 3.2% 64.9 2.6% 331 216 8,208

1993 5,659 1.2% 18.7 0.8% 249 173 5,294

1994 12,914 2.7% 65.6 2.6% 347 246 6,913

1995 7,659 1.6% 30.8 1.2% 321 159 6,967

1996 10,187 2.1% 31.0 1.2% 227 112 8,353

1997 13,513 2.8% 50.3 2.0% 292 210 12,261

1998 6,673 1.4% 20.1 0.8% 269 150 6,767

1999 11,364 2.4% 34.0 1.4% 237 152 19,360

2000 11,667 2.4% 29.7 1.2% 210 104 9,625

2001 58,494 12.3% 440.6 17.7% 549 376 58,836

2002 96,355 20.2% 628.5 25.3% 539 408 95,723

2003 80,536 16.9% 494.2 19.9% 775 559 78,768

TOTAL 476,947 100.0% $2,488.2 100.0% $453 $275 375,209
46 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-22

PBGC Payees and Benefit Payments by Size of Trusteed Plan (2003)

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 Median

of Plan Monthly Pension Monthly Pension

Participants Payees Payments Payment Payment

(in millions)

Under 100 16,930 3.5% $47.2 1.9% $221 $131

100 - 499 52,330 11.0% 143.3 5.8% 231 148

500 - 999 42,868 9.0% 152.3 6.1% 303 182

1,000 - 4,999 100,044 21.0% 531.0 21.3% 419 241

5,000 - 9,999 40,596 8.5% 179.3 7.2% 401 226

10,000 - 24,999 73,739 15.5% 423.7 17.0% 471 347

25,000 or more 150,440 31.5% 1,011.4 40.6% 629 491

TOTAL 476,947 100.0% $2,488.2 100.0% $453 $275
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 47

Table S-23

Total PBGC Payees and Average Benefit Payments by Gender and Age (2003)

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.

Numbers in table include periodic payees only.

TOTAL PERIODIC PENSION PAYEES MALE FEMALE

Average Average Average

Monthly Monthly Monthly

Age Payees Pension Payees Pension Payees Pension

Younger than 60 49,368 100.0% $621 32,099 65.0% $779 17,269 35.0% $328

60 - 64 60,462 100.0% 554 42,384 70.1% 666 18,078 29.9% 292

65 - 69 80,183 100.0% 494 55,165 68.8% 608 25,018 31.2% 242

70 - 74 81,294 100.0% 454 52,955 65.1% 581 28,339 34.9% 217

75 - 79 78,294 100.0% 399 46,192 59.0% 538 32,102 41.0% 197

80 - 84 61,513 100.0% 353 32,487 52.8% 506 29,026 47.2% 183

85 and older 46,346 100.0% 295 21,734 46.9% 451 24,612 53.1% 158

TOTAL 457,460 100.0% $453 283,016 61.9% $596 174,444 38.1% $222
48 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-24

PBGC Retired Payees and Average Benefit Payments by Gender and Age (2003)

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.

Numbers in table include periodic payees only.

TOTAL RETIRED PAYEES MALE FEMALE

Average Average Average

Monthly Monthly Monthly

Age Payees Pension Payees Pension Payees Pension

Younger than 60 44,940 100.0% $654 31,645 70.4% $786 13,295 29.6% $349

60 - 64 55,248 100.0% 574 41,876 75.8% 671 13,372 24.2% 323

65 - 69 72,319 100.0% 511 54,565 75.5% 613 17,754 24.5% 273

70 - 74 71,847 100.0% 472 52,367 72.9% 585 19,480 27.1% 242

75 - 79 67,216 100.0% 416 45,637 67.9% 543 21,579 32.1% 217

80 - 84 50,114 100.0% 377 32,038 63.9% 511 18,076 36.1% 205

85 and older 37,357 100.0% 308 21,368 57.2% 457 15,989 42.8% 170

TOTAL 399,041 100.0% $495 279,496 70.0% $601 119,545 30.0% $248
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 49

Table S-25

PBGC Beneficiary Payees and Average Benefit Payments by Gender and Age (2003)

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.

Numbers in table include periodic payees only.

TOTAL BENEFICIARY PAYEES MALE FEMALE

Average Average Average

Monthly Monthly Monthly

Age Payees Pension Payees Pension Payees Pension

Younger than 60 4,428 100.0% $260 454 10.3% $272 3,974 89.7% $257

60 - 64 5,214 100.0% 207 508 9.7% 244 4,706 90.3% 202

65 - 69 7,864 100.0% 168 600 7.6% 174 7,264 92.4% 168

70 - 74 9,447 100.0% 162 588 6.2% 159 8,859 93.8% 163

75 - 79 11,078 100.0% 156 555 5.0% 146 10,523 95.0% 157

80 - 84 11,399 100.0% 144 449 3.9% 135 10,950 96.1% 145

85 and older 8,989 100.0% 132 366 4.1% 107 8,623 95.9% 134

TOTAL 58,419 100.0% $166 3,520 6.0% $178 54,899 94.0% $165
50 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-26

Total PBGC Payees and Benefit Payments by Size of Monthly Payment (2003)

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.

Numbers in table include periodic payees only.

Monthly Payment Total Payees Total Pension Payments

Less than $50 28,930 6.3% $11,338,700 0.5%

$50 - $99 65,982 14.4% 60,688,534 2.5%

$100 - $149 57,416 12.6% 86,823,545 3.6%

$150 - $199 34,487 7.5% 72,834,652 3.0%

$200 - $249 29,358 6.4% 79,780,524 3.3%

$250 - $299 23,492 5.1% 77,651,069 3.2%

$300 - $349 21,496 4.7% 84,119,457 3.5%

$350 - $399 18,293 4.0% 82,684,516 3.4%

$400 - $449 18,009 3.9% 92,379,647 3.8%

$450 - $499 15,849 3.5% 90,836,735 3.8%

$500 - $549 15,804 3.5% 99,827,574 4.2%

$550 - $599 14,763 3.2% 101,960,775 4.2%

$600 - $749 33,366 7.3% 267,858,699 11.2%

$750 - $999 30,031 6.6% 305,884,925 12.7%

$1,000 - $1,499 28,451 6.2% 399,823,520 16.7%

$1,500 - $1,999 11,842 2.6% 222,515,030 9.3%

$2,000 - $2,499 5,754 1.3% 134,286,558 5.6%

$2,500 or more 4,137 0.9% 129,557,390 5.4%

TOTAL 457,460 100.0% $2,400,851,850 100.0%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 51

Table S-27

PBGC Retired Payees and Benefit Payments by Size of Monthly Payment (2003)

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.

Numbers in table include periodic payees only.

Monthly Payment Retired Payees Total Pension Payments

Less than $50 24,104 6.0% $9,519,181 0.4%

$50 - $99 45,014 11.3% 41,337,331 1.8%

$100 - $149 44,404 11.1% 68,324,201 3.0%

$150 - $199 28,227 7.1% 59,792,484 2.6%

$200 - $249 25,255 6.3% 68,714,013 3.0%

$250 - $299 20,894 5.2% 69,090,696 3.0%

$300 - $349 19,727 4.9% 77,266,236 3.4%

$350 - $399 17,171 4.3% 77,760,347 3.4%

$400 - $449 17,232 4.3% 88,577,070 3.9%

$450 - $499 15,261 3.8% 87,653,485 3.8%

$500 - $549 15,325 3.8% 96,913,335 4.2%

$550 - $599 14,432 3.6% 99,904,219 4.4%

$600 - $749 32,720 8.2% 263,002,785 11.5%

$750 - $999 29,617 7.4% 301,872,871 13.2%

$1,000 - $1,499 28,093 7.0% 395,323,264 17.3%

$1,500 - $1,999 11,731 2.9% 220,546,742 9.6%

$2,000 - $2,499 5,722 1.4% 133,615,434 5.8%

$2,500 or more 4,112 1.0% 128,709,840 5.6%

TOTAL 399,041 100.0% $2,287,923,534 100.0%
52 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-28

PBGC Beneficiary Payees and Benefit Payments by Size of Monthly Payment (2003)

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.

Numbers in table include periodic payees only.

* Less than 0.05 of one percent.

Monthly Payment Beneficiary Payees Total Pension Payments

Less than $50 4,826 8.3% $1,819,519 1.6%

$50 - $99 20,968 35.9% 19,351,203 17.1%

$100 - $149 13,012 22.3% 18,499,344 16.4%

$150 - $199 6,260 10.7% 13,042,168 11.5%

$200 - $249 4,103 7.0% 11,066,511 9.8%

$250 - $299 2,598 4.4% 8,560,373 7.6%

$300 - $349 1,769 3.0% 6,853,221 6.1%

$350 - $399 1,122 1.9% 4,924,169 4.4%

$400 - $449 777 1.3% 3,802,577 3.4%

$450 - $499 588 1.0% 3,183,250 2.8%

$500 - $549 479 0.8% 2,914,239 2.6%

$550 - $599 331 0.6% 2,056,556 1.8%

$600 - $749 646 1.1% 4,855,914 4.3%

$750 - $999 414 0.7% 4,012,054 3.6%

$1,000 - $1,499 358 0.6% 4,500,256 4.0%

$1,500 - $1,999 111 0.2% 1,968,288 1.7%

$2,000 - $2,499 32 0.1% 671,124 0.6%

$2,500 or more 25 * 847,550 0.8%

TOTAL 58,419 100.0% $112,928,316 100.0%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 53

Table S-29

PBGC Payees and Benefit Payments by Industry (2003)

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 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.

* Less than 0.05 of one percent.

Mean Median

Monthly Monthly

Industry Payees Benefit Payments Pension Pension

AGRICULTURE, MINING AND CONSTRUCTION 8,230 1.7% $49,037,035 2.0% $487 $305

MANUFACTURING 331,307 69.5% 1,739,346,472 69.9% 475 297

Apparel and Textile Mill Products 26,652 5.6% 59,310,759 2.4% 176 96

Fabricated Metal Products 20,242 4.2% 69,841,313 2.8% 292 206

Food and Tobacco Products 7,327 1.5% 25,825,241 1.0% 206 148

Machinery and Computer Equipment 23,342 4.9% 105,039,681 4.2% 360 244

Motor Vehicle Equipment 7,125 1.5% 21,523,101 0.9% 235 181

Primary Metals 200,052 41.9% 1,286,337,306 51.7% 611 480

Rubber and Miscellaneous Plastics 5,929 1.2% 19,899,900 0.8% 264 208

Other Manufacturing 40,638 8.5% 151,569,171 6.1% 357 198

TRANSPORTATION AND PUBLIC UTILITIES 83,659 17.5% 553,680,438 22.3% 486 349

Air Transportation 72,999 15.3% 525,319,249 21.1% 534 395

Other Transportation 10,578 2.2% 28,156,733 1.1% 212 163

Public Utilities 82 * 204,456 * 192 142

INFORMATION 933 0.2% 3,633,789 0.1% 313 215

WHOLESALE TRADE 6,328 1.3% 18,034,286 0.7% 222 146

RETAIL TRADE 23,218 4.9% 49,620,307 2.0% 173 115

FINANCE, INSURANCE AND REAL ESTATE 3,070 0.6% 17,320,372 0.7% 410 227

SERVICES 20,202 4.2% 57,544,146 2.3% 218 115

Health Care 6,989 1.5% 22,720,174 0.9% 252 169

Other Services 13,213 2.8% 34,823,972 1.4% 204 95

TOTAL 476,947 100.0% $2,488,216,846 100.0% $453 $275
54 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-30

PBGC-Insured Plan Participants (1980-2003)

Single-Employer Program

Source: PBGC Premium Filings, various years.

2003 figures are estimates from PBGC internal calculations. 2002 estimates reported last year have been updated to reflect actual premium filings.

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

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

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

Year Participants Participants Participants Participants Participants Participants Participants Participants

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

1980 27,518 12,044 2,833 5,776 3,852 1,436 1,064 513

1985 29,809 12,724 3,164 6,579 4,032 1,585 1,164 561

1986 30,043 12,800 3,236 6,596 4,104 1,593 1,155 559

1987 31,200 13,522 3,168 6,728 4,434 1,644 1,166 538

1988 31,461 13,820 3,141 6,844 4,401 1,581 1,150 524

1989 31,574 14,253 3,356 6,881 3,984 1,492 1,108 500

1990 31,633 14,336 3,351 6,989 4,064 1,429 1,023 441

1991 31,851 14,759 3,433 6,945 3,968 1,415 946 385

1992 32,056 15,416 3,520 6,997 3,694 1,276 825 328

1993 32,271 15,895 3,617 7,000 3,552 1,176 758 273

1994 32,372 16,258 3,814 6,942 3,292 1,120 698 248

1995 32,634 16,934 3,771 6,908 3,136 1,062 625 198

1996 32,724 17,076 3,843 6,896 3,128 1,005 591 185

1997 33,214 18,046 3,787 6,767 3,008 919 527 160

1998 33,545 18,568 3,905 6,719 2,883 847 476 147

1999 33,804 19,591 3,869 6,355 2,662 776 422 130

2000 34,108 20,337 3,738 6,225 2,569 733 387 119

2001 34,342 21,100 3,661 6,045 2,408 673 346 110

2002 34,248 21,573 3,537 5,846 2,263 605 322 102

2003 34,520 22,180 3,569 5,665 2,141 573 297 95
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 55

Table S-31

PBGC-Insured Plans (1980-2003)

Single-Employer Program

Source: PBGC Premium Filings, various years.

2003 figures are estimates from PBGC internal calculations. 2002 estimates reported last year have been updated to reflect actual premium filings.

Insured Insured Insured Insured Insured Insured Insured

Total Plans with Plans with Plans with Plans with Plans with Plans with Plans with

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

Year Plans Participants Participants Participants Participants Participants Participants Participants

1980 95,439 349 365 2,858 7,439 8,512 19,069 56,847

1985 112,208 354 435 3,125 8,230 10,003 22,609 67,452

1986 111,944 379 447 3,158 8,186 9,859 22,442 67,473

1987 111,351 411 450 3,276 9,036 10,339 22,373 65,466

1988 108,279 412 446 3,314 8,799 9,965 22,028 63,315

1989 101,724 427 462 3,211 8,057 9,395 21,113 59,059

1990 91,899 458 477 3,400 8,085 8,976 19,464 51,039

1991 82,717 495 493 3,353 7,986 8,867 17,888 43,635

1992 71,589 505 504 3,367 7,402 7,991 15,410 36,410

1993 63,778 504 517 3,336 7,064 7,358 14,392 30,607

1994 57,010 524 553 3,361 6,682 6,941 13,100 25,849

1995 53,589 528 559 3,308 6,743 6,850 11,674 23,927

1996 48,748 531 556 3,280 6,217 6,225 10,931 21,008

1997 43,902 563 550 3,199 5,962 5,734 9,822 18,072

1998 41,462 570 565 3,139 5,693 5,255 8,788 17,452

1999 37,536 603 555 2,933 5,271 4,803 7,779 15,592

2000 35,373 621 531 2,875 5,056 4,536 7,150 14,604

2001 32,954 644 522 2,787 4,757 4,154 6,335 13,755

2002 31,229 632 505 2,671 4,461 3,742 5,875 13,343

2003 29,512 624 509 2,567 4,174 3,544 5,471 12,623
56 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-32

PBGC-Insured Plan Participants by Participant Status (1980-2001)

Single-Employer Program

Active Retired Separated Vested

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%

2000 51.9% 24.4% 23.7%

2001 51.4% 24.6% 24.1%

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only plans with 100 or more participants.

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

2001 figures are estimates from PBGC internal calculations. 2000 figures reported last year have been updated to reflect actual Form 5500 filings.
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 57

PERCENTAGE OF PRIVATE-SECTOR WAGE AND SALARY WORKERS

Private-Sector Single-Employer Multiemployer Total PBGC-Insured

Year Wage and Salary Workers Active Participants Active Participants Active Participants

(in thousands)

1980 78,349 27.3% 7.7% 35.0%

1985 88,293 24.4% 6.1% 30.5%

1986 90,267 23.7% 5.8% 29.5%

1987 91,559 23.9% 5.6% 29.5%

1988 93,012 23.9% 5.4% 29.3%

1989 94,448 23.4% 5.5% 28.9%

1990 94,772 22.7% 5.3% 28.0%

1991 94,959 22.3% 5.2% 27.5%

1992 96,577 21.3% 5.0% 26.3%

1993 97,749 20.4% 4.7% 25.2%

1994 101,077 19.6% 4.5% 24.1%

1995 102,162 18.5% 4.4% 22.9%

1996 104,313 17.3% 4.3% 21.7%

1997 106,955 17.0% 4.3% 21.3%

1998 108,340 16.8% 4.2% 21.0%

1999 110,131 16.5% 4.2% 20.6%

2000 112,443 15.8% 4.2% 19.9%

2001 113,448 15.5% 4.1% 19.7%

Sources: PBGC Pension Insurance Data Book 2003 Tables S-30, S-32, M-5 and M-7 and data on employed and unemployed wage and salary workers from Employment and

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

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

Table S-33

PBGC-Insured Active Participants

as a Percent of Private-Sector Wage and Salary Workers

(1980-2001)
58 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-34

PBGC-Insured Plans, Participants and Premiums by Industry (2002)

Single-Employer Program

Industry Insured Plans Insured Participants Premiums

(in thousands)

AGRICULTURE, MINING AND CONSTRUCTION 2,649 8.5% 741 2.2% $18,208,533 2.3%

MANUFACTURING 8,850 28.3% 16,189 47.3% 366,527,642 46.6%

Chemical and Allied Products 769 2.5% 1,832 5.4% 38,033,968 4.8%

Fabricated Metal Products 1,567 5.0% 707 2.1% 21,458,827 2.7%

Food and Tobacco Products 752 2.4% 1,136 3.3% 24,802,811 3.2%

Machinery and Computer Equipment 886 2.8% 900 2.6% 22,927,084 2.9%

Motor Vehicle Equipment 394 1.3% 2,133 6.2% 51,683,390 6.6%

Paper and Allied Products 388 1.2% 781 2.3% 16,958,520 2.2%

Primary Metals 467 1.5% 839 2.4% 24,867,141 3.2%

Rubber and Miscellaneous Plastics 442 1.4% 435 1.3% 11,489,443 1.5%

Other Manufacturing 3,185 10.2% 7,426 21.7% 154,306,458 19.6%

TRANSPORTATION AND PUBLIC UTILITIES 1,107 3.5% 2,467 7.2% 53,600,490 6.8%

Air Transportation 73 0.2% 751 2.2% 14,744,547 1.9%

Other Transportation 642 2.1% 603 1.8% 13,191,803 1.7%

Public Utilities 392 1.3% 1,113 3.2% 25,664,140 3.3%

INFORMATION 820 2.6% 2,589 7.6% 52,123,738 6.6%

WHOLESALE TRADE 2,373 7.6% 738 2.2% 19,451,866 2.5%

RETAIL TRADE 1,611 5.2% 2,016 5.9% 49,366,695 6.3%

FINANCE, INSURANCE AND REAL ESTATE 5,302 17.0% 4,044 11.8% 83,444,093 10.6%

SERVICES 7,333 23.5% 5,193 15.2% 135,664,815 17.2%

Health Care 1,864 6.0% 2,640 7.7% 66,622,194 8.5%

Other Services 5,469 17.5% 2,553 7.5% 69,042,621 8.8%

NON-PROFIT ORGANIZATIONS 1,184 3.8% 271 0.8% 8,612,126 1.1%

TOTAL 31,229 100.0% 34,248 100.0% $787,000,000 100.0%

Source: PBGC Premium Filings.

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

Industry classifications are now based on principal business activity codes used in the North American Industry Classification System. Therefore, the results in this table may not be

directly comparable with those in previous years.
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 59

Table S-35

PBGC’s Historic Premium Rates

Single-Employer Program

For Plan Years Variable-Rate

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 vested benefits

(Maximum of $34 per participant)

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

 (Maximum of $53 per participant)

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

(Maximum of $53 per participant plus 20% of uncapped

variable premium in excess of $53 per participant)

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

(Maximum of $53 per participant plus 60% of uncapped

variable premium in excess of $53 per participant)

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

(No maximum)

* Only vested liabilities are used when determining underfunding for variable-rate premium payment purposes. These vested liabilities have been calculated using a specified

percentage of the 30-year Treasury bond rate for the month preceding the month in which the plan year begins. The specified percentage has changed over time. It was 80 percent

for plan years beginning from January 1988 to June 1997; 85 percent for plan years beginning from July 1997 to December 2002; and 100 percent for plan years beginning from

January 2003 to December 2003. Starting in January 2004, it reverted to 85 percent of the 30-year Treasury bond rate. However, Congress will likely (retroactively) change this rate

to 85 percent of a high-grade corporate bond index for plan years beginning from January 2004 to December 2005. Raising the interest rate used to calculate vested liabilities, either

by increasing the specified percentage or by moving to a higher corporate bond interest rate base, has the effect of lowering calculated liabilities, thus reducing underfunding and

PBGC’s variable-rate premium revenues.
60 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-36

PBGC Premium Revenue (1980-2003)

Single-Employer Program

Source: PBGC Premium Filings.

Flat-Rate Variable-Rate Total

Year Premium Premium Premium

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

1980 $71.2 100.0% — — $71.2

1981 75.0 100.0% — — 75.0

1982 79.6 100.0% — — 79.6

1983 81.5 100.0% — — 81.5

1984 80.5 100.0% — — 80.5

1985 81.7 100.0% — — 81.7

1986 201.4 100.0% — — 201.4

1987 267.6 100.0% — — 267.6

1988 414.4 89.2% $50.0 10.8% 464.4

1989 503.2 83.4% 100.0 16.6% 603.2

1990 509.0 77.2% 150.0 22.8% 659.0

1991 541.0 73.0% 200.0 27.0% 741.0

1992 590.0 67.4% 285.0 32.6% 875.0

1993 605.0 68.0% 285.0 32.0% 890.0

1994 648.0 67.9% 307.0 32.1% 955.0

1995 587.0 70.0% 251.0 30.0% 838.0

1996 600.0 52.4% 546.0 47.6% 1,146.0

1997 646.0 60.5% 421.0 39.5% 1,067.0

1998 642.0 66.5% 324.0 33.5% 966.0

1999 611.0 67.7% 291.0 32.3% 902.0

2000 661.0 81.9% 146.0 18.1% 807.0

2001 674.0 82.1% 147.0 17.9% 821.0

2002 654.0 83.1% 133.0 16.9% 787.0

2003 642.0 67.7% 306.0 32.3% 948.0
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 61

Table S-37

PBGC Premium Revenue by Size of Plan and Type of Premium (2002)

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 percent.

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

Number of Plan Flat-Rate Variable-Rate Total

Participants Premium Premium Premium

Under 100 $7,942,904 1.2% $18,215,443 13.7% $26,158,348 3.3%

100 - 499 27,267,864 4.2% 25,552,035 19.2% 52,819,899 6.7%

500 - 999 25,492,056 3.9% 15,110,935 11.4% 40,602,991 5.2%

1,000 - 2,499 54,378,637 8.3% 23,981,390 18.0% 78,360,027 10.0%

2,500 - 4,999 57,130,531 8.7% 13,885,758 10.4% 71,016,289 9.0%

5,000 - 9,999 68,760,872 10.5% 16,254,042 12.2% 85,014,914 10.8%

10,000 and over 413,027,136 63.2% 20,000,396 15.0% 433,027,532 55.0%

TOTAL $654,000,000 100.0% $133,000,000 100.0% $787,000,000 100.0%

PERCENT OF TOTAL 83% 17% 100%
62 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-38

PBGC-Insured Plans and Participants by Total Premium Paid (2002)

Single-Employer Program

Percent Percent of Participants

of Variable-Rate Percent in Variable-Rate Percent

Total Premium Premium-Paying of All Premium-Paying of All

Per Participant Plans Plans Plans Participants Plans Participants

$19 (NO VARIABLE-RATE PREMIUM PAID) 20,090 — 64.3% 30,879,260 — 90.2%

TOTAL VARIABLE-RATE PREMIUM PAYERS 11,139 100.0% 35.7% 3,368,469 100.0% 9.8%

$19.01 - $28.99 1,108 9.9% 3.5% 602,569 17.9% 1.8%

$29.00 - $38.99 1,126 10.1% 3.6% 483,546 14.4% 1.4%

$39.00 - $48.99 1,024 9.2% 3.3% 439,460 13.0% 1.3%

$49.00 - $58.99 875 7.9% 2.8% 358,521 10.6% 1.0%

$59.00 - $68.99 776 7.0% 2.5% 453,108 13.5% 1.3%

$69.00 - $78.99 638 5.7% 2.0% 228,953 6.8% 0.7%

$79.00 - $88.99 576 5.2% 1.8% 156,553 4.6% 0.5%

$89.00 - $98.99 493 4.4% 1.6% 129,888 3.9% 0.4%

$99.00 - $108.99 342 3.1% 1.1% 58,774 1.7% 0.2%

$109.00 - $118.99 326 2.9% 1.0% 90,229 2.7% 0.3%

$119 or more 3,855 34.6% 12.3% 366,868 10.9% 1.1%

TOTAL ALL PLANS 31,229 — 100.0% 34,247,729 — 100.0%

Source: PBGC Premium Filings.

Due to rounding of individual items, percentages may not add up to 100 percent.
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 63

Table S-39

PBGC-Insured Plans and Participants

by Variable-Rate Premium Status (1992-2002)

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 year.

Participants In Participants In

Plans Paying Plans Paying Plans Paying Plans Paying Variable-Rate

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

of Year Premium Premium Only Premium Premium Only Interest Rate*

1992 30.8% 69.2% 27.4% 72.6% 6.16%

1993 36.4% 63.6% 24.9% 75.1% 5.95%

1994 43.1% 56.9% 34.2% 65.8% 5.00%

1995 38.5% 61.5% 23.8% 76.2% 6.30%

1996 46.8% 53.2% 32.1% 67.9% 4.85%

1997 37.0% 63.0% 19.4% 80.6% 5.24%

1998 35.6% 64.4% 16.6% 83.4% 5.09%

1999 35.1% 64.9% 13.2% 86.8% 4.30%

2000 28.0% 72.0% 7.4% 92.6% 5.40%

2001 33.5% 66.5% 8.0% 92.0% 4.67%

2002 35.7% 64.3% 9.8% 90.2% 5.48%
64 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-40

Funding of PBGC-Insured Plans (1980-2001)

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only plans with 100 or more participants.

Estimates for 2000 reported last year have been updated.

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

* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2001.

Beginning Funding PBGC

of Year Assets Liabilities* Ratio Underfunding Overfunding Rate

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

1980 $259,810 $211,817 123% $20,156 $67,894 8.50%

1985 500,673 308,617 162% 11,182 203,238 9.75%

1986 619,490 406,118 153% 14,719 228,091 8.50%

1987 644,239 463,255 139% 20,692 201,676 7.50%

1988 640,741 450,844 142% 22,341 212,238 8.25%

1989 696,146 517,226 135% 26,340 205,260 7.75%

1990 837,131 604,047 139% 35,689 268,773 7.25%

1991 848,251 687,896 123% 34,485 194,840 7.25%

1992 915,722 771,421 119% 47,528 191,829 6.25%

1993 951,972 844,803 113% 59,622 166,791 6.40%

1994 1,001,129 936,698 107% 75,569 140,000 5.65%

1995 1,032,503 887,730 116% 37,278 182,050 7.15%

1996 1,198,221 1,134,194 106% 83,071 147,098 5.30%

1997 1,368,188 1,192,222 115% 47,906 223,871 5.80%

1998 1,491,488 1,284,725 116% 49,242 256,005 5.40%

1999 1,692,755 1,455,469 116% 54,237 291,524 5.30%

2000 1,836,184 1,271,347 144% 6,566 571,403 7.00%

2001 1,706,854 1,352,860 126% 33,356 387,349 6.40%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 65

Table S-41

Funding of Underfunded PBGC-Insured Plans (1980-2001)

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only plans with 100 or more participants.

Estimates for 2000 reported last year have been updated.

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

* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2001.

Beginning Funding PBGC

of Year Assets Liabilities* Underfunding Ratio Rate

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

1980 $53,840 $73,996 $20,156 73% 8.50%

1985 28,722 39,904 11,182 72% 9.75%

1986 41,780 56,499 14,719 74% 8.50%

1987 62,942 83,634 20,692 75% 7.50%

1988 68,920 91,261 22,341 76% 8.25%

1989 99,682 126,022 26,340 79% 7.75%

1990 95,068 130,758 35,689 73% 7.25%

1991 147,301 181,786 34,485 81% 7.25%

1992 172,372 219,900 47,528 78% 6.25%

1993 215,695 275,317 59,622 78% 6.40%

1994 308,516 384,085 75,569 80% 5.65%

1995 218,493 255,771 37,278 85% 7.15%

1996 493,597 576,668 83,071 86% 5.30%

1997 353,823 401,729 47,906 88% 5.80%

1998 358,514 407,756 49,242 88% 5.40%

1999 413,446 467,683 54,237 88% 5.30%

2000 63,218 69,784 6,566 91% 7.00%

2001 277,543 310,899 33,356 89% 6.40%
66 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-42

Funding of Overfunded PBGC-Insured Plans (1980-2001)

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only plans with 100 or more participants.

Estimates for 2000 reported last year have been updated.

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

* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year.

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2001.

Beginning Funding PBGC

of Year Assets Liabilities* Overfunding Ratio Rate

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

1980 $205,970 $138,076 $67,894 149% 8.50%

1985 471,951 268,713 203,238 176% 9.75%

1986 577,710 349,619 228,091 165% 8.50%

1987 581,297 379,621 201,676 153% 7.50%

1988 571,821 359,583 212,238 159% 8.25%

1989 596,464 391,204 205,260 152% 7.75%

1990 742,063 473,289 268,773 157% 7.25%

1991 700,950 506,110 194,840 138% 7.25%

1992 743,350 551,520 191,829 135% 6.25%

1993 736,277 569,486 166,791 129% 6.40%

1994 692,613 552,613 140,000 125% 5.65%

1995 814,009 631,959 182,050 129% 7.15%

1996 704,624 557,526 147,098 126% 5.30%

1997 1,014,365 790,494 223,871 128% 5.80%

1998 1,132,974 876,969 256,005 129% 5.40%

1999 1,279,309 987,785 291,524 130% 5.30%

2000 1,772,966 1,201,563 571,403 148% 7.00%

2001 1,429,311 1,041,961 387,349 137% 6.40%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 67

Table S-43

Concentration of Underfunding in PBGC-Insured Plans (1990-2001)

Single-Employer Program

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only plans with 100 or more participants.

Estimates for 2000 reported last year have been updated.

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

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

The assumed mortality table was UP-84 for 1990-1992 and GAM-83 for 1993-2001.

Beginning Total 10 Plans With the Highest Next 40 Plans’ All Other Plans’

of Year Underfunding Underfunding Underfunding Underfunding

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

1990 $35,689 $14,119 39.6% $6,487 18.2% $15,083 42.3%

1991 34,485 14,067 40.8% 6,884 20.0% 13,534 39.2%

1992 47,528 21,610 45.5% 7,818 16.4% 18,100 38.1%

1993 59,622 25,894 43.4% 9,337 15.7% 24,392 40.9%

1994 75,569 28,658 37.9% 10,310 13.6% 36,601 48.4%

1995 37,278 6,535 17.5% 7,921 21.2% 22,822 61.2%

1996 83,071 13,850 16.7% 16,410 19.8% 52,810 63.6%

1997 47,906 7,751 16.2% 8,473 17.7% 31,682 66.1%

1998 49,242 14,432 29.3% 6,942 14.1% 27,868 56.6%

1999 54,237 11,500 21.2% 9,018 16.6% 33,719 62.2%

2000 6,566 1,631 24.8% 1,077 16.4% 3,858 58.8%

2001 33,356 11,845 35.5% 5,397 16.2% 16,113 48.3%
68 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-44

Plans, Participants and Funding of PBGC-Insured Plans by Funding Ratio (2001)

Single-Employer Program

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

Due to rounding of individual items, dollar totals may not add up to totals in other tables and percentages may not add up to 100 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 beginning of 2001.

** Less than 0.05 of one percent.

Funding Ratio Plans Participants Total Liabilities* Underfunding Overfunding

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

Under 40% 348 1.1% 29 0.1% $820 0.1% $664 2.0% — —

40% - 49% 283 0.9% 18 0.1% 369 ** 200 0.6% — —

50% - 59% 513 1.6% 53 0.2% 1,336 0.1% 579 1.7% — —

60% - 69% 967 2.9% 180 0.5% 4,929 0.4% 1,642 4.9% — —

70% - 79% 2,008 6.1% 1,026 3.0% 25,179 1.9% 6,002 18.0% — —

80% - 89% 3,464 10.5% 2,874 8.4% 118,340 8.7% 16,023 48.0% — —

90% - 99% 4,421 13.4% 4,876 14.2% 159,926 11.8% 8,246 24.7% — —

100% - 109% 4,369 13.3% 4,925 14.3% 164,515 12.2% — — $7,957 2.1%

110% - 119% 3,809 11.6% 5,505 16.0% 210,406 15.6% — — 31,817 8.2%

120% - 129% 2,959 9.0% 4,434 12.9% 192,699 14.2% — — 45,774 11.8%

130% - 139% 2,177 6.6% 2,616 7.6% 109,540 8.1% — — 38,095 9.8%

140% - 149% 1,589 4.8% 2,165 6.3% 106,107 7.8% — — 45,283 11.7%

150% and over 6,047 18.3% 5,640 16.4% 258,695 19.1% — — 218,422 56.4%

TOTAL 32,954 100.0% 34,342 100.0% $1,352,860 100.0% $33,356 100.0% $387,349 100.0%

UNDERFUNDED 12,004 36.4% 9,057 26.4% $310,899 23.0% $33,356 100.0% — —

OVERFUNDED 20,950 63.6% 25,285 73.6% $1,041,961 77.0% — — $387,349 100.0%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 69

Table S-45

Various Measures of Underfunding in PBGC-Insured Plans (1990-2003)

Single-Employer Program

Definitions:

(A) Underfunding calculated from Internal Revenue Service Form 5500 filings for single-employer plans. 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 beginning of the relevant year. The assumed mortality table was UP-84 for

1990-1992 and GAM-83 for 1993-2001.

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

(C) Data from filings made under Section 4010 of ERISA, which requires that companies annually provide PBGC with information on their underfunded plans if the firm’s aggregate

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

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

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

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

Beginning Form Variable- Section

of 5500 Rate 4010 Reasonably

Year Filings Premium Filings Possible

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

1990 $35.69 $41.28 — $8.00

1991 34.48 43.32 — 13.00

1992 47.53 53.66 — 12.36

1993 59.62 43.80 — 13.06

1994 75.57 65.67 — 18.23

1995 37.28 33.37 — 14.56

1996 83.07 82.23 $38.10 22.47

1997 47.91 51.57 28.70 20.73

1998 49.24 37.23 25.20 15.38

1999 54.24 28.86 34.90 17.50

2000 6.57 17.79 7.37 3.79

2001 33.36 18.72 19.46 9.54

2002 — 14.78 95.57 34.10

2003 — 34.00 273.37 83.92
70 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-46

Funding of PBGC-Insured Plans by Industry (2001)

Single-Employer Program

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

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

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

table may not be 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 beginning of 2001.

Average

Industry Funding Ratio Total Liabilities* Underfunding Overfunding

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

AGRICULTURE, MINING AND CONSTRUCTION 126% $24,483 1.8% $680 2.0% $7,188 1.9%

MANUFACTURING 121% 740,798 54.8% 21,511 64.5% 180,658 46.6%

Chemical and Allied Products 122% 79,890 5.9% 1,371 4.1% 18,763 4.8%

Computer and Electronic Products 139% 83,541 6.2% 528 1.6% 33,428 8.6%

Electrical Equipment 147% 58,654 4.3% 549 1.6% 28,555 7.4%

Fabricated Metal Products 112% 20,292 1.5% 1,202 3.6% 3,769 1.0%

Food and Tobacco Products 115% 40,154 3.0% 825 2.5% 7,036 1.8%

Machinery 106% 146,637 10.8% 9,112 27.3% 17,891 4.6%

Motor Vehicle Equipment 129% 23,091 1.7% 652 2.0% 7,513 1.9%

Paper Manufacturing 125% 24,992 1.8% 197 0.6% 6,408 1.7%

Petroleum and Coal Products 105% 44,728 3.3% 2,777 8.3% 5,224 1.3%

Primary Metals 110% 39,340 2.9% 1,675 5.0% 5,546 1.4%

Other Manufacturing 124% 179,479 13.3% 2,624 7.9% 46,525 12.0%

TRANSPORTATION AND PUBLIC UTILITIES 126% 142,627 10.5% 2,679 8.0% 39,695 10.2%

Air Transportation 105% 40,386 3.0% 1,137 3.4% 3,115 0.8%

Other Transportation 128% 15,966 1.2% 597 1.8% 5,126 1.3%

Public Utilities 135% 86,275 6.4% 945 2.8% 31,453 8.1%

INFORMATION 155% 124,074 9.2% 857 2.6% 69,255 17.9%

WHOLESALE TRADE 127% 18,926 1.4% 512 1.5% 5,619 1.5%

RETAIL TRADE 112% 23,014 1.7% 1,465 4.4% 4,222 1.1%

FINANCE, INSURANCE AND REAL ESTATE 135% 114,641 8.5% 1,098 3.3% 41,399 10.7%

SERVICES 120% 150,622 11.1% 4,246 12.7% 35,387 9.1%

Health Care 114% 50,637 3.7% 1,584 4.7% 8,935 2.3%

Other Services 124% 99,985 7.4% 2,663 8.0% 26,452 6.8%

NON-PROFIT ORGANIZATIONS 126% 13,676 1.0% 306 0.9% 3,927 1.0%

TOTAL 126% $1,352,860 100.0% $33,356 100.0% $387,349 100.0%
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 71

Table S-47

Pension Funding Data for PBGC-Insured Plans by Region and State (2001)

Single-Employer Program

OVERFUNDED UNDERFUNDED TOTAL

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

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

NEW ENGLAND $149,082 $104,682 $44,400 $12,636 $14,177 $1,541 $161,718 $118,859

Connecticut 100,090 68,314 31,776 6,423 7,161 739 106,513 75,475

Maine 2,510 1,783 727 278 297 18 2,788 2,079

Massachusetts 33,892 25,755 8,137 3,920 4,479 560 37,811 30,234

New Hampshire 1,857 1,541 316 1,139 1,244 105 2,996 2,785

Rhode Island 10,258 6,906 3,352 661 759 98 10,919 7,665

Vermont 475 384 91 216 237 21 691 621

MID-ATLANTIC 523,926 381,378 142,548 60,704 68,145 7,441 584,630 449,523

Delaware 22,666 18,322 4,344 926 1,045 119 23,592 19,367

District of Columbia 20,292 15,571 4,721 836 947 111 21,128 16,518

Maryland 37,619 28,831 8,789 3,115 3,424 308 40,735 32,255

New Jersey 125,133 86,760 38,373 13,283 14,896 1,613 138,417 101,657

New York 215,335 153,395 61,939 21,339 23,811 2,473 236,673 177,207

Pennsylvania 76,232 58,817 17,415 16,459 18,770 2,310 92,691 77,586

Virginia 25,578 18,810 6,768 3,634 4,007 373 29,212 22,817

West Virginia 1,070 872 198 1,111 1,244 133 2,181 2,117

SOUTHEAST 143,856 106,561 37,295 20,616 22,947 2,331 164,473 129,508

Alabama 4,347 3,301 1,046 891 1,014 123 5,238 4,315

Arkansas 1,596 1,077 519 177 203 26 1,773 1,280

Florida 11,834 8,188 3,646 4,339 4,763 424 16,173 12,951

Georgia 56,101 37,207 18,895 3,707 4,292 585 59,809 41,499

Kentucky 3,782 3,150 632 2,783 3,058 275 6,565 6,207

Louisiana 5,514 4,376 1,138 616 691 76 6,130 5,067

Mississippi 737 626 111 385 443 58 1,121 1,069

North Carolina 30,403 25,447 4,956 5,266 5,650 384 35,669 31,097

South Carolina 6,738 5,607 1,130 784 892 108 7,522 6,499

Tennessee 22,805 17,582 5,222 1,669 1,942 273 24,473 19,524

GREAT LAKES 337,788 255,193 82,595 137,104 153,657 16,553 474,891 408,850

Illinois 124,205 92,479 31,726 24,521 27,447 2,926 148,727 119,926

Indiana 15,318 11,150 4,168 5,915 6,819 904 21,233 17,969

Michigan 90,781 70,181 20,600 78,703 88,351 9,648 169,484 158,532

Minnesota 29,507 22,782 6,726 4,081 4,704 623 33,588 27,486

Ohio 56,265 41,774 14,491 20,209 22,043 1,833 76,474 63,817

Wisconsin 21,712 16,828 4,884 3,673 4,293 619 25,385 21,120
72 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-47 (continued)

Pension Funding Data for PBGC-Insured Plans by Region and State (2001)

Single-Employer Program

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

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

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

* Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beginning of 2001.

** Less than $500,000.

OVERFUNDED UNDERFUNDED TOTAL

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

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

MIDWEST $30,541 $23,371 $7,170 $11,729 $12,901 $1,172 $42,270 $36,272

Iowa 7,197 5,671 1,526 2,269 2,566 296 9,467 8,237

Kansas 6,287 4,550 1,737 1,046 1,125 79 7,333 5,674

Missouri 13,830 10,603 3,228 7,306 8,025 719 21,136 18,627

Nebraska 2,623 2,101 522 1,034 1,104 70 3,657 3,206

North Dakota 384 285 98 66 73 7 449 358

South Dakota 219 161 59 9 9 1 228 170

SOUTHWEST 107,606 75,877 31,729 15,202 17,157 1,955 122,808 93,034

Arizona 3,317 2,600 716 1,543 1,677 134 4,860 4,278

New Mexico 4,066 2,085 1,981 40 50 11 4,105 2,135

Oklahoma 7,022 5,340 1,682 1,122 1,309 187 8,145 6,649

Texas 93,201 65,851 27,350 12,497 14,121 1,624 105,698 79,972

ROCKY MOUNTAIN 26,525 17,651 8,874 5,649 6,234 585 32,175 23,886

Colorado 19,401 12,280 7,121 2,625 2,896 271 22,026 15,176

Idaho 912 676 236 1,832 1,926 94 2,744 2,602

Montana 391 320 71 267 288 21 658 608

Nevada 1,266 1,015 251 62 78 16 1,328 1,094

Utah 4,520 3,337 1,183 834 1,012 179 5,354 4,349

Wyoming 35 23 12 30 33 4 65 56

PACIFIC 108,645 76,245 32,400 13,108 14,717 1,609 121,752 90,962

Alaska 167 114 54 120 124 5 287 238

California 89,376 62,198 27,178 8,984 10,242 1,257 98,361 72,440

Hawaii 2,370 1,768 601 545 639 94 2,915 2,408

Oregon 4,830 4,027 803 1,247 1,328 82 6,077 5,355

Washington 11,901 8,138 3,763 2,212 2,384 172 14,113 10,522

U.S. TERRITORIES 1,137 875 262 678 817 139 1,815 1,692

American Samoa 1 1 ** 1 1 ** 2 2

Puerto Rico 1,132 870 261 662 798 136 1,794 1,668

Virgin Islands 4 3 1 14 18 4 18 21

FOREIGN COUNTRIES 204 128 76 118 147 29 322 275

TOTAL $1,429,311 $1,041,961 $387,349 $277,543 $310,899 $33,356 $1,706,854 $1,352,860
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 73

Table S-48

PBGC Pension Data by Region and State*

Single-Employer Program

CLAIMS COVERAGE BENEFITS PAID

REGION/STATE 1975-2003 2002 2003

Mean Monthly

Plans Claims Plans Participants Payees Payments Pension

NEW ENGLAND 393 $928,606,772 2,329 1,955,535 26,189 $116,174,612 $414

Connecticut 112 328,064,149 815 732,890 7,092 26,131,262 315

Maine 12 8,027,147 110 150,690 1,840 4,792,164 280

Massachusetts 194 522,469,387 1,052 739,751 12,544 66,992,367 509

New Hampshire 19 11,331,449 129 147,265 2,327 10,522,981 446

Rhode Island 46 38,663,768 147 113,018 1,540 3,850,449 216

Vermont 10 20,050,873 76 71,921 846 3,885,389 376

MID-ATLANTIC 1,103 9,039,550,402 10,023 7,664,642 153,399 844,994,700 512

Delaware 7 5,754,257 150 171,239 1,109 5,757,160 474

District of Columbia 14 14,112,012 249 51,372 273 1,078,095 321

Maryland 65 72,743,532 615 736,326 17,209 131,596,242 755

New Jersey 185 340,112,878 1,759 1,157,574 11,961 51,810,756 343

New York 437 2,836,136,327 4,406 2,301,446 29,961 145,539,562 414

Pennsylvania 309 4,491,836,442 2,043 1,739,786 77,200 458,943,906 547

Virginia 37 778,922,796 618 1,195,245 8,012 26,916,239 307

West Virginia 49 499,932,157 183 311,654 7,674 23,352,740 392

SOUTHEAST 267 504,010,357 3,508 6,404,331 91,803 399,047,686 371

Alabama 16 22,189,839 246 397,274 7,416 31,300,552 343

Arkansas 10 5,733,018 122 222,610 2,521 7,961,489 252

Florida 58 270,714,422 870 1,561,698 34,501 196,116,688 481

Georgia 49 69,707,146 574 1,003,459 14,343 57,434,986 335

Kentucky 21 21,831,890 299 547,965 3,564 12,475,225 299

Louisiana 23 13,685,269 245 544,539 2,393 8,963,523 313

Mississippi 7 8,797,701 124 184,938 2,367 5,932,513 223

North Carolina 34 23,997,336 478 934,964 10,256 34,679,249 316

South Carolina 12 6,413,740 181 469,194 5,551 18,408,047 282

Tennessee 37 60,939,996 369 537,690 8,891 25,775,414 251

GREAT LAKES 962 5,553,373,477 6,755 7,346,141 129,467 755,088,829 478

Illinois 212 655,116,977 1,946 1,763,759 24,812 156,840,211 525

Indiana 92 1,293,497,201 570 732,900 21,167 156,118,689 641

Michigan 251 316,858,713 1,245 1,325,387 17,849 63,952,840 300

Minnesota 38 175,018,509 527 712,354 6,910 43,960,551 500

Ohio 291 2,833,236,040 1,801 1,729,512 49,803 290,369,753 461

Wisconsin 78 279,646,038 666 1,082,229 8,926 43,846,785 385
74 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table S-48 (continued)

PBGC Pension Data by Region and State*

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/03), Employee Benefits Supplement to the April 1993 Current Population Survey, PBGC Case Administration System,

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 BENEFITS PAID

REGION/STATE 1975-2003 2002 2003

Mean Monthly

Plans Claims Plans Participants Payees Payments Pension

MIDWEST 123 $423,600,096 1,272 1,904,173 19,487 $98,023,911 $412

Iowa 38 110,756,314 369 386,999 6,231 20,154,188 255

Kansas 20 28,291,071 180 373,301 1,941 11,729,823 517

Missouri 59 277,078,773 475 821,945 10,223 61,703,459 498

Nebraska 4 7,344,915 164 208,912 852 3,456,800 347

North Dakota 2 129,022 43 58,220 97 321,559 283

South Dakota — — 41 54,796 143 658,082 393

SOUTHWEST 152 243,039,582 2,119 2,996,677 19,272 85,036,034 376

Arizona 22 9,456,428 512 472,619 4,354 23,106,021 452

New Mexico 7 10,551,391 122 147,265 935 4,457,712 398

Oklahoma 19 65,715,575 208 301,380 2,205 8,255,373 320

Texas 104 157,316,188 1,277 2,075,413 11,778 49,216,928 356

ROCKY MOUNTAIN 42 217,596,132 705 1,058,254 8,436 46,944,960 473

Colorado 16 200,438,495 319 383,574 3,987 26,273,807 544

Idaho 7 12,738,481 59 109,593 984 3,462,332 305

Montana 3 208,000 41 99,318 266 1,553,732 441

Nevada 8 932,162 120 198,637 1,820 10,762,806 501

Utah 7 2,771,589 139 184,938 1,205 4,044,689 348

Wyoming 1 507,404 27 82,194 174 847,594 428

PACIFIC 223 661,770,150 4,401 4,849,237 24,796 118,977,775 407

Alaska 4 1,174,517 33 54,796 173 1,228,629 460

California 166 382,818,145 3,533 3,486,176 18,659 91,153,774 410

Hawaii 17 19,791,055 227 119,868 1,369 6,104,973 347

Oregon 18 34,190,886 241 318,504 1,553 6,269,922 393

Washington 18 223,795,547 367 869,893 3,042 14,220,477 420

PUERTO RICO 12 16,651,985 107 67,588 2,729 17,093,448 307

U.S. TERRITORIES — — 10 1,151 136 1,320,196 374

FOREIGN COUNTRIES — — — — 1,234 5,514,695 348

TOTAL 3,277 $17,588,198,953 31,229 34,247,729 476,948 $2,488,216,846 $453
PENSION INSURANCE DATA BOOK 2003 SINGLE-EMPLOYER DATA TABLES 75

Table S-49

PBGC Maximum Guaranteed Benefits (1988-2004)

Single-Employer Program

Year of Plan Maximum Monthly Maximum Annual

Termination Guarantee Guarantee

1988 $1,909.09 $22,909.08

1989 2,028.41 24,340.92

1990 2,164.77 25,977.24

1991 2,250.00 27,000.00

1992 2,352.27 28,227.24

1993 2,437.50 29,250.00

1994 2,556.82 30,681.84

1995 2,573.86 30,886.32

1996 2,642.05 31,704.60

1997 2,761.36 33,136.32

1998 2,880.68 34,568.16

1999 3,051.14 36,613.68

2000 3,221.59 38,659.08

2001 3,392.05 40,704.60

2002 3,579.55 42,954.60

2003 3,664.77 43,977.24

2004 3,698.86 44,386.32

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

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 benefits.

In some instances, where a pension plan has adequate resources or PBGC recovers sufficient amounts, a participant may receive benefits in excess of the maximum guarantee.
APPENDIX M

Multiemployer Data Tables
78 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

PBGC’s Multiemployer Program

PBGC administers a separate guarantee program for multiemployer defined benefit

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

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

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

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

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

In most cases, plan trustees establish benefit levels but some plans set benefits in the

collective bargaining process. Multiemployer plans pay PBGC a yearly premium of

$2.60 per participant for benefit insurance coverage.

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

trigger the PBGC guarantee.1

 A terminated plan continues to pay full plan benefits so

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

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

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

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

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

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

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

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

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

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

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

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

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

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

benefits and administrative expenses. Few plans receiving financial assistance from PBGC

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

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

to be repaid.

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

in these plans.
PENSION INSURANCE DATA BOOK 2003 MULTIEMPLOYER DATA TABLES 79

Table M-1

Net Financial Position of PBGC’s Multiemployer Program (1980-2003)

Source: PBGC Annual Reports (1980-2003).

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

Fiscal Year Assets Liabilities Net Position

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

1980 $21 $30 -$9

1981 28 29 -1

1982 40 29 11

1983 52 46 6

1984 61 44 17

1985 78 52 27

1986 98 54 45

1987 114 45 68

1988 129 37 92

1989 161 37 123

1990 190 58 132

1991 238 75 163

1992 283 114 169

1993 407 131 276

1994 378 181 197

1995 477 285 192

1996 505 381 124

1997 596 377 219

1998 745 404 341

1999 692 493 199

2000 694 427 267

2001 807 691 116

2002 944 786 158

2003 1,000 1,261 -261
80 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table M-2

PBGC Premium Revenue, Benefit Payments and Expenses (1980-2003)

Multiemployer Program

Total Administrative & Premiums Minus

Fiscal Premium Benefit Investment Benefits Paid

Year Revenue Payments Expenses and Expenses

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

1980 $5 $4 $2 -$2

1981 12 4 2 5

1982 13 5 3 5

1983 13 4 3 6

1984 12 4 3 6

1985 14 4 4 7

1986 15 3 4 8

1987 17 3 3 10

1988 17 3 3 11

1989 20 3 3 15

1990 21 2 2 17

1991 23 2 * 21

1992 23 2 * 21

1993 23 2 * 21

1994 23 2 * 21

1995 22 2 * 20

1996 22 2 * 20

1997 23 1 * 22

1998 23 1 * 22

1999 23 1 * 22

2000 24 1 * 23

2001 24 1 * 23

2002 25 1 * 24

2003 25 1 * 24

Source: PBGC Annual Reports (1980-2003).

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

* Less than $500,000.
PENSION INSURANCE DATA BOOK 2003 MULTIEMPLOYER DATA TABLES 81

Table M-3

PBGC Payees and Benefit Payments (1980-2003)

Multiemployer Program

PERIODIC PENSION PAYMENTS

Average Median

Fiscal Year Payees in Year* Total Monthly Payment Monthly Payment

(in millions)

1980 4,100 $4 $77 $45

1985 3,100 4 91 45

1986 3,250 3 91 45

1987 2,800 3 92 45

1988 2,500 3 93 45

1989 2,310 3 95 45

1990 2,170 2 97 50

1991 1,990 2 98 51

1992 1,760 2 98 52

1993 1,590 2 99 53

1994 1,420 2 102 55

1995 1,300 2 102 55

1996 1,130 2 104 55

1997 1,000 1 102 55

1998 855 1 104 55

1999 738 1 106 62

2000 626 1 109 62

2001 510 1 112 77

2002 459 1 114 82

2003 389 1 117 90

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.

* These payees were in the 10 multiemployer plans PBGC trusteed prior to October 1980. The Multiemployer Pension Plan Amendments Act of 1980 (MPPAA)

changed PBGC’s responsibility from trusteeship of troubled plans to providing financial assistance (loans) to insolvent multiemployer plans.
82 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table M-4

PBGC Financial Assistance To Insolvent Plans (1981-2003)

Multiemployer Program

Plans Total Plans Plans

Receiving Amount of Receiving Amount of Receiving Amount of Repayments of

Year Financial Financial a Lump Sum Lump Sum Periodic Periodic Past Financial

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

(in thousands) (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 $165.0

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 3,175.5

1999 21 19,219.7 1 $14,150.0 20 5,069.7 —

2000 21 91,032.6 2 86,510.0 19 4,522.6 —

2001 22 4,526.3 1 50.0 22 4,476.3 —

2002 23 4,893.9 — — 23 4,893.9 —

2003 24 5,022.1 1 219.2 23 4,802.9 –

TOTAL(4) 33 $167,291.9 5 $100,929.2 29 $66,362.6 $3,340.5

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 Multiemployer Insurance Program.

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

(5)

 (3)
PENSION INSURANCE DATA BOOK 2003 MULTIEMPLOYER DATA TABLES 83

Table M-5

PBGC-Insured Plan Participants (1980-2003)

Multiemployer Program

Source: PBGC Premium Filings, various years.

2003 figures are estimates from PBGC internal calculations. 2002 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 with In Plans with

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

Year Participants Participants Participants Participants Participants Participants Participants Participants

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

1980 7,997 5,072 925 751 731 299 147 71

1985 8,209 5,376 857 761 729 283 136 66

1986 8,154 5,316 879 746 731 288 129 64

1987 8,256 5,443 908 718 709 293 124 61

1988 8,294 5,453 917 739 704 295 127 58

1989 8,426 5,557 918 767 702 302 124 56

1990 8,534 5,731 891 757 695 290 121 48

1991 8,710 5,996 874 731 665 285 110 47

1992 8,780 6,105 830 734 672 276 115 49

1993 8,657 5,990 869 711 657 270 111 49

1994 8,559 5,931 861 703 639 263 112 50

1995 8,632 5,986 855 709 661 264 112 45

1996 8,649 5,976 904 713 636 266 106 48

1997 8,740 6,058 906 718 641 263 110 44

1998 8,876 6,212 930 675 650 259 108 42

1999 8,991 6,323 935 666 663 260 104 39

2000 9,132 6,464 953 683 640 261 97 35

2001 9,423 6,776 927 733 617 240 96 33

2002 9,630 6,970 930 739 647 227 87 29

2003 9,740 7,142 908 712 649 226 76 27
84 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table M-6

PBGC-Insured Plans (1980-2003)

Multiemployer Program

Source: PBGC Premium Filings, various years.

2003 figures are estimates from PBGC internal calculations. 2002 estimates reported last year have been updated to reflect actual premium filings.

Insured Insured Insured Insured Insured Insured Insured

Total Plans with Plans with Plans with Plans with Plans with Plans with Plans with

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

Year Plans Participants Participants Participants Participants Participants Participants Participants

1980 2,244 120 131 211 452 420 404 506

1985 2,188 137 124 216 459 402 376 474

1986 2,153 135 127 213 461 405 362 450

1987 2,098 139 131 205 438 408 344 433

1988 2,081 137 133 213 436 409 351 402

1989 2,060 137 131 217 430 417 337 391

1990 1,983 140 127 214 428 402 332 340

1991 1,926 145 127 207 414 401 302 330

1992 1,936 150 121 210 418 386 310 341

1993 1,900 143 126 204 412 378 302 335

1994 1,880 141 125 202 403 369 302 338

1995 1,879 144 123 205 409 368 303 327

1996 1,876 143 132 206 400 373 287 335

1997 1,846 145 131 206 401 365 296 302

1998 1,817 147 136 193 400 357 290 294

1999 1,800 149 137 189 403 357 279 286

2000 1,744 152 138 197 388 357 258 254

2001 1,707 159 133 210 377 327 254 247

2002 1,671 163 133 212 397 316 233 217

2003 1,623 167 132 205 397 316 204 202
PENSION INSURANCE DATA BOOK 2003 MULTIEMPLOYER DATA TABLES 85

Table M-7

PBGC-Insured Plan Participants by Participant Status (1980-2001)

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only plans with 100 or more participants.

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

2001 figures are estimates from PBGC internal calculations. 2000 figures reported last year have been updated to reflect actual Form 5500 filings.

Active Retired Separated Vested

Year Participants Participants Participants

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%

2000 51.1% 30.1% 18.7%

2001 49.5% 29.6% 20.9%
86 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table M-8

PBGC-Insured Plans and Participants by Industry (2002)

Multiemployer Program

Industry Insured Plans Insured Participants

AGRICULTURE 10 0.6% 26,123 0.3%

MINING 6 0.4% 162,027 1.7%

CONSTRUCTION 925 55.4% 3,630,506 37.7%

General Contracting 87 5.2% 535,677 5.6%

Heavy Construction 84 5.0% 566,261 5.9%

Plumbing, Heating and Air Conditioning 170 10.2% 372,902 3.9%

Electrical Work 129 7.7% 767,117 8.0%

Masonry, Brick and Stonework 139 8.3% 192,794 2.0%

Carpentry 80 4.8% 433,119 4.5%

Roofing and Sheet Metal Work 56 3.4% 224,334 2.3%

Other Construction 180 10.8% 538,302 5.6%

MANUFACTURING 169 10.1% 1,300,572 13.5%

Food and Tobacco Products 34 2.0% 220,964 2.3%

Apparel and Textile Products 11 0.7% 305,510 3.2%

Paper and Allied Products 7 0.4% 87,534 0.9%

Printing and Publishing 27 1.6% 215,572 2.2%

Furniture and Fixtures 4 0.2% 16,639 0.2%

Machinery and Computer Equipment 4 0.2% 206,800 2.1%

Electrical and Electronic Equipment 8 0.5% 19,557 0.2%

Other Manufacturing 74 4.4% 227,996 2.4%

TRANSPORTATION AND PUBLIC UTILITIES 153 9.2% 1,527,884 15.9%

Trucking 69 4.1% 1,328,315 13.8%

Water Transportation 28 1.7% 60,061 0.6%

Other Transportation and Public Utilities 56 3.4% 139,508 1.4%

INFORMATION 30 1.8% 87,282 0.9%

WHOLESALE TRADE 51 3.1% 226,441 2.4%

RETAIL TRADE 93 5.6% 1,330,014 13.8%

SERVICES 234 14.0% 1,339,341 13.9%

Administrative Support 34 2.0% 179,151 1.9%

Health/Social Assistance 20 1.2% 363,728 3.8%

Accommodation/Food Service 43 2.6% 356,330 3.7%

Other Services 137 8.2% 440,132 4.6%

TOTAL 1,671 100.0% 9,630,190 100.0%

Source: PBGC Premium Filings.

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

Industry classifications are now based on principal business activity codes used in the North American Industry Classification System. Therefore, the results in this table may not be

directly comparable with those in previous years.
PENSION INSURANCE DATA BOOK 2003 MULTIEMPLOYER DATA TABLES 87

Table M-9

Funding of PBGC-Insured Plans (1980-2001)

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only plans with 100 or more participants.

Estimates for 2000 reported last year have been updated.

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

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

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2001.

Beginning Funding PBGC

of Year Assets Liabilities* Ratio Underfunding Overfunding Rate

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

1980 $40,363 $52,123 77% $17,887 $6,126 8.50%

1985 88,182 75,942 116% 6,432 18,672 9.75%

1986 107,259 93,436 115% 7,687 21,511 8.50%

1987 121,080 111,259 109% 10,079 19,900 7.50%

1988 126,963 109,882 116% 8,240 25,321 8.25%

1989 135,654 121,915 111% 8,635 22,374 7.75%

1990 166,348 156,149 107% 11,574 21,773 7.25%

1991 165,734 160,370 103% 13,068 18,432 7.25%

1992 184,670 187,829 98% 17,835 14,676 6.25%

1993 197,461 202,177 98% 19,864 15,148 6.40%

1994 206,625 225,982 91% 29,193 9,837 5.65%

1995 209,947 218,458 96% 22,726 14,216 7.15%

1996 238,571 270,551 88% 40,019 8,039 5.30%

1997 268,471 287,569 93% 32,549 13,452 5.80%

1998 304,158 331,017 92% 39,497 12,638 5.40%

1999 320,704 351,021 91% 44,379 14,063 5.30%

2000 356,659 339,741 105% 21,135 38,054 7.00%

2001 351,108 385,272 91% 48,412 14,249 6.40%
88 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table M-10

Funding of Underfunded PBGC-Insured Plans (1980-2001)

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only plans with 100 or more participants.

Estimates for 2000 reported last year have been updated.

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

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

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2001.

Beginning Funding PBGC

of Year Assets Liabilities* Underfunding Ratio Rate

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

1980 $24,819 $42,706 $17,887 58% 8.50%

1985 22,813 29,246 6,432 78% 9.75%

1986 27,035 34,723 7,687 78% 8.50%

1987 29,782 39,861 10,079 75% 7.50%

1988 29,802 38,042 8,240 78% 8.25%

1989 34,845 43,480 8,635 80% 7.75%

1990 56,512 68,086 11,574 83% 7.25%

1991 62,563 75,631 13,068 83% 7.25%

1992 93,790 111,625 17,835 84% 6.25%

1993 95,331 115,195 19,864 83% 6.40%

1994 128,718 157,911 29,193 82% 5.65%

1995 118,707 141,434 22,726 84% 7.15%

1996 168,347 208,366 40,019 81% 5.30%

1997 152,633 185,182 32,549 82% 5.80%

1998 180,084 219,582 39,497 82% 5.40%

1999 206,568 250,947 44,379 82% 5.30%

2000 110,729 131,864 21,135 84% 7.00%

2001 222,296 270,708 48,412 82% 6.40%
PENSION INSURANCE DATA BOOK 2003 MULTIEMPLOYER DATA TABLES 89

Table M-11

Funding of Overfunded PBGC-Insured Plans (1980-2001)

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only plans with 100 or more participants.

Estimates for 2000 reported last year have been updated.

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

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

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2001.

Beginning Funding PBGC

of Year Assets Liabilities* Overfunding Ratio Rate

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

1980 $15,543 $9,417 $6,126 165% 8.50%

1985 65,368 46,697 18,672 140% 9.75%

1986 80,223 58,713 21,511 137% 8.50%

1987 91,298 71,398 19,900 128% 7.50%

1988 97,161 71,840 25,321 135% 8.25%

1989 100,809 78,435 22,374 129% 7.75%

1990 109,836 88,062 21,773 125% 7.25%

1991 103,171 84,739 18,432 122% 7.25%

1992 90,880 76,204 14,676 119% 6.25%

1993 102,130 86,981 15,148 117% 6.40%

1994 77,907 68,070 9,837 114% 5.65%

1995 91,240 77,024 14,216 118% 7.15%

1996 70,224 62,185 8,039 113% 5.30%

1997 115,838 102,386 13,452 113% 5.80%

1998 124,073 111,435 12,638 111% 5.40%

1999 114,136 100,074 14,063 114% 5.30%

2000 245,930 207,877 38,054 118% 7.00%

2001 128,812 114,564 14,249 112% 6.40%
90 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table M-12

Concentration of Underfunding in PBGC-Insured Plans (1990-2001)

Multiemployer Program

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

The assumed mortality table was UP-84 for 1990-1992 and GAM-83 for 1993-2001.

Estimates for 2000 reported last year have been updated.

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

of Year Underfunding Underfunding Underfunding Underfunding

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

1990 $11,574 $6,760 58.4% $2,791 24.1% $2,023 17.5%

1991 13,068 7,906 60.5% 3,123 23.9% 2,038 15.6%

1992 17,835 9,500 53.3% 4,411 24.7% 3,923 22.0%

1993 19,864 10,348 52.1% 4,927 24.8% 4,590 23.1%

1994 29,193 13,575 46.5% 7,012 24.0% 8,606 29.5%

1995 22,726 11,340 49.9% 6,236 27.4% 5,150 22.7%

1996 40,019 16,157 40.4% 10,900 27.2% 12,962 32.4%

1997 32,549 14,666 45.1% 8,166 25.1% 9,717 29.9%

1998 39,497 17,532 44.4% 9,375 23.7% 12,590 31.9%

1999 44,379 19,244 43.4% 10,675 24.1% 14,459 32.6%

2000 21,135 11,493 54.4% 5,255 24.9% 4,387 20.8%

2001 48,412 20,032 41.4% 11,193 23.1% 17,187 35.5%
PENSION INSURANCE DATA BOOK 2003 MULTIEMPLOYER DATA TABLES 91

Table M-13

Plans, Participants and Funding of PBGC-Insured Plans by Funding Ratio (2001)

Multiemployer Program

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

* Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beginning of 2001.

Funding Ratio Plans Participants Total Liabilities* Underfunding Overfunding

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

Under 40% 15 0.9% 82 0.9% $2,103 0.5% $1,537 3.2% — —

40% - 49% 13 0.8% 16 0.2% 527 0.1% 287 0.6% — —

50% - 59% 33 1.9% 340 3.6% 12,956 3.4% 5,877 12.1% — —

60% - 69% 91 5.4% 815 8.7% 49,259 12.8% 16,189 33.4% — —

70% - 79% 207 12.1% 747 7.9% 42,454 11.0% 10,367 21.4% — —

80% - 89% 356 20.9% 1,956 20.8% 74,432 19.3% 10,791 22.3% — —

90% - 99% 350 20.5% 2,315 24.6% 88,977 23.1% 3,363 6.9% — —

100% - 109% 263 15.4% 1,494 15.9% 62,368 16.2% — — $2,435 17.1%

110% - 119% 167 9.8% 903 9.6% 30,254 7.9% — — 4,202 29.5%

120% - 129% 94 5.5% 268 2.8% 8,761 2.3% — — 2,068 14.5%

130% - 139% 45 2.6% 319 3.4% 8,603 2.2% — — 2,906 20.4%

140% - 149% 30 1.7% 79 0.8% 1,762 0.5% — — 749 5.3%

150% and over 43 2.5% 88 0.9% 2,816 0.7% — — 1,888 13.3%

TOTAL 1,707 100.0% 9,422 100.0% $385,272 100.0% $48,412 100.0% $14,249 100.0%

UNDERFUNDED 1,065 62.4% 6,271 66.6% $270,708 70.3% $48,412 100.0% — —

OVERFUNDED 642 37.6% 3,151 33.4% $114,564 29.7% — — $14,249 100.0%
92 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table M-14

Funding of PBGC-Insured Plans by Industry (2001)

Multiemployer Program

Average

Industry Funding Ratio Total Liabilities* Underfunding Overfunding

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

AGRICULTURE 120% $725 0.2% $29 0.1% $172 1.2%

MINING 96% 7,859 2.0% 361 0.7% 12 0.1%

CONSTRUCTION 91% 174,333 45.2% 20,591 42.5% 5,181 36.4%

General Contracting 89% 19,509 5.1% 2,396 5.0% 308 2.2%

Heavy Construction 98% 26,433 6.9% 1,822 3.8% 1,224 8.6%

Plumbing, Heating and Air Conditioning 88% 25,108 6.5% 3,736 7.7% 602 4.2%

Electrical Work 91% 26,962 7.0% 2,773 5.7% 267 1.9%

Masonry, Brick and Stonework 89% 6,405 1.7% 917 1.9% 195 1.4%

Carpentry 94% 24,156 6.3% 2,654 5.5% 1,130 7.9%

Roofing and Sheet Metal Work 80% 11,080 2.9% 2,872 5.9% 601 4.2%

Other Construction 93% 34,680 9.0% 3,420 7.1% 855 6.0%

MANUFACTURING 98% 32,316 8.4% 2,284 4.7% 1,751 12.3%

Food and Tobacco Products 97% 10,067 2.6% 557 1.2% 233 1.6%

Apparel and Textile Products 91% 1,383 0.4% 134 0.3% 10 0.1%

Paper and Allied Products 92% 1,913 0.5% 211 0.4% 53 0.4%

Printing and Publishing 92% 5,236 1.4% 514 1.1% 91 0.6%

Furniture and Fixtures 82% 189 ** 35 0.1% 1 **

Machinery and Computer Equipment 117% 6,130 1.6% 48 0.1% 1,060 7.4%

Electrical and Electronic Equipment 106% 410 0.1% 8 ** 33 0.2%

Other Manufacturing 93% 6,989 1.8% 777 1.6% 269 1.9%

TRANSPORTATION AND PUBLIC UTILITIES 83% 91,263 23.7% 17,370 35.9% 2,199 15.4%

Trucking 81% 80,546 20.9% 16,034 33.1% 1,121 7.9%

Water Transportation 104% 4,647 1.2% 778 1.6% 953 6.7%

Other Transportation and Public Utilities 93% 6,070 1.6% 558 1.2% 125 0.9%

INFORMATION 98% 6,053 1.6% 327 0.7% 184 1.3%

WHOLESALE TRADE 91% 3,184 0.8% 442 0.9% 155 1.1%

RETAIL TRADE 93% 30,005 7.8% 2,965 6.1% 956 6.7%

SERVICES 99% 39,534 10.3% 4,044 8.4% 3,637 25.5%

Administration 83% 6,900 1.8% 1,307 2.7% 163 1.1%

Health Care 121% 8,303 2.2% 171 0.4% 1,942 13.6%

Accommodation/Food Service 98% 5,510 1.4% 645 1.3% 538 3.8%

Other Services 95% 18,821 4.9% 1,921 4.0% 994 7.0%

TOTAL 91% $385,272 100.0% $48,412 100.0% $14,249 100.0%

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

Due to aggregation and rounding of individual items, totals may not add up to totals in other tables and percentages may not add up 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 beginning of 2001.

** Less than 0.05 of one percent.
PENSION INSURANCE DATA BOOK 2003 MULTIEMPLOYER DATA TABLES 93

Table M-15

PBGC Maximum Guaranteed Benefits (1980-2004)

Multiemployer Program

Date of Plan Maximum Monthly Maximum Annual

Insolvency Monthly Benefit Formula Guarantee Guarantee

(30 Years of Service)* (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 $5,850.00

 -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 $12,870.00

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) times years of service.

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, is less than $44 per year of

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 cap on applicable years of

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, 2000. The old, lower monthly

benefit guarantee continues to apply to participants in these plans.
94 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

Table M-16

PBGC’s Historic Premium Rates

Multiemployer Program

For Plan Years Premium Rate

Beginning (per participant)

September 2, 1974 - August 31, 1979 $0.50

September 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 $1.40

September 27, 1984 - September 26, 1986 $1.80

September 27, 1986 - September 26, 1988 $2.20

On or after September 27, 1988 $2.60
PENSION INSURANCE DATA BOOK 2003 MULTIEMPLOYER DATA TABLES 95

DATA BOOK 2003 TABLE LISTING KEY

2003 2002

Data Book TITLE OF TABLE Data Book

Table Table

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-2003) S-1

S-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2003) S-2

S-3 PBGC Terminations and Claims (1975-2003) S-10

S-4 PBGC Claims (1975-2003) S-11

S-5 Top 10 Firms Presenting Claims (1975-2003) S-12

S-6 PBGC Trusteed Terminations by Fiscal Year and Size of Claim (1975-2003) ——

S-7 PBGC Claims by Fiscal Year and Size of Claim (1975-2003) ——

S-8 PBGC Trusteed Plans by Fiscal Year and Funded Ratio (1975-2003) ——

S-9 PBGC Claims by Fiscal Year and Funded Ratio (1975-2003) ——

S-10 PBGC Trusteed Plans by Size of Claim and Funded Ratio (1975-2003) ——

S-11 PBGC Claims by Size of Claim and Funded Ratio (1975-2003) ——

S-12 Average Claim per Vested Participant by Plan Size (1975-2003) S-14

S-13 PBGC Trusteed Plans by Fiscal Year and Plan Size (1975-2003) ——

S-14 PBGC Claims by Fiscal Year and Plan Size (1975-2003) ——

S-15 PBGC Trusteed Plans by Size of Claim and Plan Size (1975-2003) ——

S-16 PBGC Claims by Size of Claim and Plan Size (1975-2003) ——

S-17 PBGC Trusteed Plans by Funded Ratio and Plan Size (1975-2003) ——

S-18 PBGC Claims by Funded Ratio and Plan Size (1975-2003) ——

S-19 PBGC Claims by Industry (1975-2003) S-15

S-20 PBGC Benefit Payments, Payees and Deferred Payees (1980-2003) S-3

S-21 PBGC Payees and Benefit Payments by Date of Plan Termination (2003) S-7

S-22 PBGC Payees and Benefit Payments by Size of Trusteed Plan (2003) S-8

S-23 Total PBGC Payees and Average Benefit Payments by Gender and Age (2003) S-5

S-24 PBGC Retired Payees and Average Benefit Payments by Gender and Age (2003) ——

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

by Gender and Age (2003)

S-26 Total PBGC Payees and Benefit Payments by Size of Monthly Payment (2003) S-6

S-27 PBGC Retired Payees and Benefit Payments by Size of Monthly Payment (2003) ——

S-28 PBGC Beneficiary Payees and Benefit Payments ——

by Size of Monthly Payment (2003)

S-29 PBGC Payees and Benefit Payments by Industry (2003) S-4

S-30 PBGC-Insured Plan Participants (1980-2003) S-16

S-31 PBGC-Insured Plans (1980-2003) S-17

S-32 PBGC-Insured Plan Participants by Participant Status (1980-2001) S-19A

S-33 PBGC-Insured Active Participants as a Percent of S-19B

Private-Sector Wage and Salary Workers (1980-2001)

S-34 PBGC-Insured Plans, Participants and Premiums by Industry (2002) S-18

S-35 PBGC’s Historic Premium Rates S-33

S-36 PBGC Premium Revenue (1980-2003) ——

S-37 PBGC Premium Revenue by Size of Plan and Type of Premium (2002) S-21

S-38 PBGC-Insured Plans and Participants by Total Premium Paid (2002) S-20

S-39 PBGC-Insured Plans and Participants by Variable-Rate Premium Status (1992-2002) S-22

S-40 Funding of PBGC-Insured Plans (1980-2001) S-23

TABLE LISTING KEY
96 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2003

DATA BOOK 2003 TABLE LISTING KEY, CONTINUED

2003 2002

Data Book TITLE OF TABLE Data Book

Table Table

S-41 Funding of Underfunded PBGC-Insured Plans (1980-2001) S-24

S-42 Funding of Overfunded PBGC-Insured Plans (1980-2001) S-25

S-43 Concentration of Underfunding in PBGC-Insured Plans (1990-2001) S-26

S-44 Plans, Participants and Funding of PBGC-Insured Plans by Funding Ratio (2001) S-27

S-45 Various Measures of Underfunding in PBGC-Insured Plans (1990-2003) S-28

S-46 Funding of PBGC-Insured Plans by Industry (2001) S-29

S-47 Pension Funding Data for PBGC-Insured Plans by Region and State (2001) S-30

S-48 PBGC Pension Data by Region and State S-31

S-49 PBGC Maximum Guaranteed Benefits (1988-2004) S-32

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-2003) M-1

M-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2003) M-2

M-3 PBGC Payees and Benefit Payments (1980-2003) M-3B

M-4 PBGC Financial Assistance to Insolvent Plans (1981-2003) M-3A

M-5 PBGC-Insured Plan Participants (1980-2003) M-4

M-6 PBGC-Insured Plans (1980-2003) M-5

M-7 PBGC-Insured Plan Participants by Participant Status (1980-2001) M-7

M-8 PBGC-Insured Plans and Participants by Industry (2002) M-6

M-9 Funding of PBGC-Insured Plans (1980-2001) M-8

M-10 Funding of Underfunded PBGC-Insured Plans (1980-2001) M-9

M-11 Funding of Overfunded PBGC-Insured Plans (1980-2001) M-10

M-12 Concentration of Underfunding in PBGC-Insured Plans (1990-2001) M-11

M-13 Plans, Participants and Funding of PBGC-Insured Plans by Funding Ratio (2001) M-12

M-14 Funding of PBGC-Insured Plans by Industry (2001) M-13

M-15 PBGC Maximum Guaranteed Benefits (1980-2004) M-14

M-16 PBGC’s Historic Premium Rates M-15

TABLE LISTING KEY