Pension Insurance

Data Book 2005

2005
The Pension Insurance Data Book 2005 was developed by the Policy, Research and

Analysis Department and produced by the Communications and Public Affairs

Department, Pension Benefit Guaranty Corporation.

NUMBER 10, SUMMER 2006
PAGE

Contents

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

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

Recent Trends in Defi ned Benefi t Pension Plans ..........................................................................3

Underfunding Measures in Table S-47 .......................................................................................... ..........................................................................................16

APPENDIX S: SINGLE-EMPLOYER DATA TABLES

PBGC’S SINGLE-EMPLOYER PROGRAM .............................................................. 27

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-2005) ...... 28

S-2 PBGC Premium Revenue, Benefi t Payments and Expenses (1980-2005) ...... 29

Claims

S-3 PBGC Terminations and Claims (1975-2005) ................................................. 30

S-4 PBGC Claims (1975-2005) ............................................................................. 31

S-5 Top 10 Firms Presenting Claims (1975-2005) ................................................. 32

S-6 PBGC Trusteed Terminations by Fiscal Year and 

 Size of Claim (1975-2005) ........................................................................... 33

S-7 PBGC Claims by Fiscal Year and Size of Claim (1975-2005) .......................... 34

S-8 PBGC Trusteed Plans by Fiscal Year and Funded Ratio (1975-2005) ............. 35

S-9 PBGC Claims by Fiscal Year and Funded Ratio (1975-2005) ......................... 36

S-10 PBGC Trusteed Plans by Size of Claim and Funded Ratio (1975-2005) ......... 37

S-11 PBGC Claims by Size of Claim and Funded Ratio (1975-2005) ..................... 38

S-12 Average Claim per Vested Participant by Plan Size (1975-2005) .................... 39

S-13 PBGC Trusteed Plans by Fiscal Year and Plan Size (1975-2005) ................... 40

S-14 PBGC Claims by Fiscal Year and Plan Size (1975-2005) ................................ 41

S-15 PBGC Trusteed Plans by Size of Claim and Plan Size (1975-2005) ............... 42

S-16 PBGC Claims by Size of Claim and Plan Size (1975-2005) ........................... 43

S-17 PBGC Trusteed Plans by Funded Ratio and Plan Size (1975-2005) ............... 44

S-18 PBGC Claims by Funded Ratio and Plan Size (1975-2005) ........................... 45

S-19 PBGC Claims by Industry (1975-2005) ........................................................... 46

Benefi t Payments

S-20 PBGC Benefi t Payments, Payees and Deferred Payees (1980-2005) ............. 47

S-21 PBGC Payees and Benefi t Payments by Date of Plan Termination (2005) ..... 48

S-22 PBGC Payees and Benefi t Payments by Size of Trusteed Plan (2005) ........... 49

S-23 Total PBGC Payees and Average Benefi t Payments 

 by Gender and Age (2005) ........................................................................... 50

S-24 PBGC Retired Payees and Average Benefi t Payments 

 by Gender and Age (2005) ........................................................................... 51

S-25 PBGC Benefi ciary Payees and Average Benefi t Payments

 by Gender and Age (2005) ........................................................................... 52

S-26 Total PBGC Payees and Benefi t Payments 

 by Size of Monthly Payment (2005) ............................................................. 53
PAGE

S-27 PBGC Retired Payees and Benefi t Payments 

 by Size of Monthly Payment (2005) ............................................................. 54

S-28 PBGC Benefi ciary Payees and Benefi t Payments

 by Size of Monthly Payment (2005) ............................................................. 55

S-29 PBGC Payees and Benefi t Payments by Industry (2005) ............................... 56

Coverage

S-30 PBGC-Insured Plan Participants (1980-2005) ................................................ 57

S-31 PBGC-Insured Plans (1980-2005) .................................................................. 58

S-32 PBGC-Insured Plan Participants by Participant Status (1980-2003) .............. 59

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

 Private-Sector Wage and Salary Workers (1980-2003) ................................ 60

S-34 PBGC-Insured Hybrid Plans by Plan Size (2001-2004) ................................... 61

S-35 PBGC-Insured Hybrid Plan Participants by Plan Size (2001-2004) ................. 62

S-36 PBGC-Insured Plans, Participants and Premiums by Industry (2004) ............ 63

PBGC Premiums

S-37 PBGC’s Historic Premium Rates ..................................................................... 64

S-38 PBGC Premium Revenue (1980-2005) ........................................................... 65

S-39 PBGC Premium Revenue by Size of Plan and Type of Premium (2004) ......... 66

S-40 PBGC-Insured Plans and Participants by Total Premium Paid (2004) ............ 67

S-41 PBGC-Insured Plans and Participants 

 by Variable-Rate Premium Status (1992-2004) ............................................ 68

Funding Levels of Insured Plans

S-42 Funding of PBGC-Insured Plans (1980-2003) ................................................. 69

S-43 Funding of Underfunded PBGC-Insured Plans (1980-2003) ........................... 70

S-44 Funding of Overfunded PBGC-Insured Plans (1980-2003) ............................. 71

S-45 Concentration of Underfunding in PBGC-Insured Plans (1990-2003) ............. 72

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

 by Funding Ratio (2003) .............................................................................. 73

S-47 Various Measures of Underfunding in PBGC-Insured Plans (1991-2005) ........74

S-48 Funding of PBGC-Insured Plans by Industry (2003) ....................................... 75

State Data

S-49 Pension Funding Data for PBGC-Insured Plans by Region and State (2003) ..76

S-50 PBGC Pension Data by Region and State ...................................................... 78

S-51 PBGC Maximum Guaranteed Benefi ts (1990-2006) ....................................... 80

APPENDIX M: MULTIEMPLOYER DATA TABLES

PBGC’S MULTIEMPLOYER PROGRAM ................................................................. 83

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-2005) .......... 84

M-2 PBGC Premium Revenue, Benefi t Payments and Expenses (1980-2005) ...... 85

Benefi t Payments and Financial Assistance

M-3 PBGC Payees and Benefi t Payments (1980-2005) ......................................... 86

M-4 PBGC Financial Assistance to Insolvent Plans (1981-2005) ........................... 87
Coverage

M-5 PBGC-Insured Plan Participants (1980-2005) ................................................ 88

M-6 PBGC-Insured Plans (1980-2005) .................................................................. 89

M-7 PBGC-Insured Plan Participants by Participant Status (1980-2003) .............. 90

M-8 PBGC-Insured Plans and Participants by Industry (2004) .............................. 91

Funding Levels of Insured Plans

M-9 Funding of PBGC-Insured Plans (1980-2003) ................................................. 92

M-10 Funding of Underfunded PBGC-Insured Plans (1980-2003) ........................... 93

M-11 Funding of Overfunded PBGC-Insured Plans (1980-2003) ............................. 94

M-12 Concentration of Underfunding in PBGC-Insured Plans (1990-2003) ............. 95

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

 by Funding Ratio (2003) .............................................................................. 96

M-14 Funding of PBGC-Insured Plans by Industry (2003) ....................................... 97

M-15 PBGC Maximum Guaranteed Benefi ts (1980-2006) ....................................... 98

M-16 PBGC’s Historic Premium Rates ..................................................................... 99

PAGE
PENSION INSURANCE DATA BOOK 2005 SOECTION VERVIEW 1 1

Overview

The Pension Benefi t Guaranty Corporation (PBGC) was established by the Employee Retirement Income Security Act of 1974 (ERISA) to ensure that participants 

in defi ned benefi t pension plans receive their pensions if their plans terminate without 

suffi cient assets to pay promised benefi ts. The PBGC administers separate insurance 

programs to protect participants in single-employer and multiemployer plans.

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

present detailed statistics on PBGC program operations and benefi t protections.

 This edition of the Pension Insurance Data Book contains two short articles. 

The fi rst is a brief description about recent trends in defi ned benefi t pension plans and 

includes most of the graphs that were presented under the heading “PBGC Data and 

Trends” in previous editions of the Pension Insurance Data Book. The second article discusses how underfunding is measured in defi ned benefi t pension plans. It also explains 

the assumptions underlying each of the fi ve underfunding measures presented in the 

expanded table S-47 and the group of plans to which each measure applies.

 A number of tables have undergone minor modifi cations. Table S-19 (“PBGC 

Claims by Industry”) now bases industry categories on the business codes associated with 

the North American Industry Classifi cation System. Previously, they were based on the 

Standard Industrial Classifi cation codes. This change had relatively little effect on PBGC 

claims from most industries. The participant coverage fi gures in table S-50 are now 

based on pension coverage and receipt data from the May 2003 Survey of Income and 

Program Participation interviews. Previously, the estimates were based on April 1993 

Current Population Survey data. This change increased or decreased estimated participant counts for several states by 100,000 participants or more. Tables S-37 and M-16 

refl ect the PBGC premium increases enacted with the passage of the Defi cit Reduction 

Act of 2005. 

 The Data Book is available on the PBGC’s Web site at:

 www.pbgc.gov/publications/databook.
2 RECENT TRENDS PENSION INSURANCE DATA BOOK 2005

PBGC DATA BOOK AT A GLANCE

Single-Employer Multiemployer Combined

Program Program Programs

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

Fiscal Year 2005: 

 Net Financial Position -$22,776 -$335 -$23,111

 Total Assets $56,470 $1,160 $57,630

 Total Liabilities $79,246 $1,495 $80,741

 Premium Revenue $1,451 $26 $1,477

 Number of Insured Plans 28,769 1,567 30,336

 Number of Insured Participants 34.2 million 9.9 million 44.1 million

 New Plans Trusteed or Pending 

 Trusteeship 120 n/a 120

 Change in Gross Claims $11,103 n/a $11,103 

 Number of Payees* 697,631 279 697,910 

 Total Benefi ts Paid $3,685 $1 $3,686

 Number of Plans Receiving 

 Financial Assistance n/a 29 29

 Amount of Financial 

 Assistance Granted n/a $14 $14 

Fiscal Years 1975-2005:

Plans Trusteed or Pending 

 Trusteeship 3,585 10 3,595 

 Amount of Claims $31,709 $31 $31,739 

 Number of Plans Receiving 

 Financial Assistance n/a 41 41

 Total Amount of Financial 

 Assistance Granted n/a $191 $191

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

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

from the PBGC during FY 2005.

Single-Employer Multiemployer Combined

Program Program Programs

 Net Financial Position -$22,776 -$335 -$23,111

 Total Assets $56,470 $1,160 $57,630

 Total Liabilities $79,246 $1,495 $80,741

 Premium Revenue $1,451 $26 $1,477

 Number of Insured Plans 28,769 1,567 30,336

 Number of Insured Participants 34.2 million 9.9 million 44.1 million

 Trusteeship 120 n/a 120

 Change in Gross Claims $11,103 n/a $11,103 

 Number of Payees* 697,631 279 697,910 

 Total Benefi ts Paid $3,685 $1 $3,686

 Financial Assistance n/a 29 29

 Assistance Granted n/a $14 $14 

 Trusteeship 3,585 10 3,595 

 Amount of Claims $31,709 $31 $31,739 

 Financial Assistance n/a 41 41

 Assistance Granted n/a $191 $191

Single-Employer Multiemployer Combined

Program Program Programs

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

 Net Financial Position -$22,776 -$335 -$23,111

 Total Assets $56,470 $1,160 $57,630

 Total Liabilities $79,246 $1,495 $80,741

 Premium Revenue $1,451 $26 $1,477

 Number of Insured Plans 28,769 1,567 30,336

 Number of Insured Participants 34.2 million 9.9 million 44.1 million

 Trusteeship 120 n/a 120

 Change in Gross Claims $11,103 n/a $11,103 

 Number of Payees* 697,631 279 697,910 

 Total Benefi ts Paid $3,685 $1 $3,686

 Financial Assistance n/a 29 29

 Assistance Granted n/a $14 $14 

 Trusteeship 3,585 10 3,595 

 Amount of Claims $31,709 $31 $31,739 

 Financial Assistance n/a 41 41

 Assistance Granted n/a $191 $191

Single-Employer Multiemployer Combined

Program Program Programs

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

 Net Financial Position -$22,776 -$335 -$23,111

 Total Assets $56,470 $1,160 $57,630

 Total Liabilities $79,246 $1,495 $80,741

 Premium Revenue $1,451 $26 $1,477

 Number of Insured Plans 28,769 1,567 30,336

 Number of Insured Participants 34.2 million 9.9 million 44.1 million

 Trusteeship 120 n/a 120

 Change in Gross Claims $11,103 n/a $11,103 

 Number of Payees* 697,631 279 697,910 

 Total Benefi ts Paid $3,685 $1 $3,686

 Financial Assistance n/a 29 29

 Assistance Granted n/a $14 $14 

 Trusteeship 3,585 10 3,595 

 Amount of Claims $31,709 $31 $31,739 

 Financial Assistance n/a 41 41

 Assistance Granted n/a $191 $191

PBGC DATA BOOK AT A GLANCE
PENSION INSURANCE DATA BOOK 2005 RECENT TRENDS 3

Recent Trends in Defi ned Benefi t Pension Plans

Summary

During the past decade, the net fi nancial position of the PBGC’s Single-Employer Plan 

Insurance Program shifted from defi cit to surplus and back to a record defi cit. This movement 

was largely the result of the pattern of claims the PBGC received over the period. During the 

economic boom of the late 1990s, the PBGC received only a moderate level of claims annually. However, since 2000, it has recorded a number of extraordinarily large claims. More 

than 80 percent of all claims against the PBGC have come since 2000. The largest claims 

were from plans in two distressed industries, airlines and steel, which together accounted for 

75 percent of the claims received over the FY2000-FY2005 period.

The record number of claims also brought to the PBGC a record number of plan 

participants owed benefi ts under the pension insurance program. In FY2000, the PBGC paid 

$900 million in benefi ts to 243,000 participants. In FY2005, it paid $3.7 billion in benefi ts 

to 698,000 participants. An additional 489,000 participants in the plans trusteed by the 

agency will receive benefi ts from the PBGC when they become eligible to retire in the future.

The number of plans insured by the PBGC continued to fall, extending the trend that 

began in the mid-1980s. PBGC now insures only about one-fourth as many single-employer 

plans as it did in 1985. Plans of all sizes are declining in number, not just the smaller plans 

as was the case in the late 1980s and throughout the 1990s. It is also noteworthy that 9 percent of ongoing PBGC-insured plans have been frozen so that workers in those plans no longer 

earn additional credits toward retirement benefi ts. 

RECENT TRENDS

Single-Employer Plans

The PBGC’s Claims and Net Financial Position 

The net fi nancial position of the PBGC’s single-employer program has been in 

defi cit for 25 of the agency’s 31 years of existence. (See fi gure 1.) The Corporation had 

a surplus only from 1996 to 2001, peaking at $9.7 billion at the end of FY2000. The 

program’s net fi nancial position declined rapidly after FY2000 and at the end of FY2005 

showed a defi cit of $22.8 billion with assets of $56.5 billion to cover $79.2 billion in 

benefi t liabilities. 
4 RECENT TRENDS PENSION INSURANCE DATA BOOK 2005

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Figure 1

Net Position of the PBGC’s Single-Employer Program

The PBGC’s net fi nancial position deteriorated primarily because of the large increase in claims received after FY2000. (See fi gure 2.)1 From FY1975 through FY1999, 

PBGC received claims totaling $6.3 billion. From FY2000 through FY2005, claims 

totaled more than $25 billion, a four-fold increase. Of the 10 companies with the largest 

PBGC claims, only one—Pan Am Airways—defaulted on its pension obligations before 

FY2001. (See table S-5.)2 The 33 trusteed plans from these 10 companies accounted for 

almost two-thirds of the $31.7 billion in total claims incurred by the PBGC during its 31 

years. The largest claims were concentrated in just two industries, airlines (38.1 percent 

of all claims) and steel (32.7 percent of all claims). (See fi gure 3.)3 Old-line companies 

in these industries face substantial competition from lower cost competitors that do not, 

as a rule, provide defi ned benefi t pension plans for their workers.

 

1

 The data in fi gure 2 are based on the date of plan termination, not the date the PBGC added the plan to its inventory of trusteed plans 

and plans pending trusteeship. Typically, about half the plans added to this inventory are added in the year they terminate, about a 

third are added in the year following termination, and 10 percent the second year after termination. A small number of plans terminated three or more years before they were added to the inventory.

2

 Table cites are to tables in the appendices of this edition of the Data Book. Table cites are to tables in the appendices of this edition of the Data Book. 2

3

 Claims from the plans of nonferrous primary metal companies are responsible for the other 2.6 percent of total claims shown for the 

primary metal companies in fi gure 3. The vast majority of these claims were also incurred after FY1999. 
PENSION INSURANCE DATA BOOK 2005 RECENT TRENDS 5

Figure 2

Concentration of PBGC Claims 

Single-Employer Program

Figure 3

PBGC Claims by Industry, 1975 - 2005

Single-Employer Program

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6 RECENT TRENDS PENSION INSURANCE DATA BOOK 2005

Typically, the plans trusteed by the PBGC are only about 50 percent funded on a 

termination basis. Very few of the claims against the agency (only 1.5 percent) come 

from plans that are at least 75 percent funded. (See fi gure 4.) Recent fi nancial deterioration of many current PBGC-insured plans is a cause for concern. Based on Form 5500 

data, aggregate underfunding of guaranteed benefi ts in PBGC-insured single-employer 

plans increased from about $7 billion in FY2000 to about $313 billion in FY2003. (See 

table S-42.) The average funded ratio of PBGC-insured single-employer plans fell from 

144 percent to a historical low of only 84 percent. This drop refl ects a 26 percent decline 

in plan assets and a 28 percent increase in plan liabilities. Over this same 3-year period, 

the number of underfunded plans increased from less than 20 percent of all insured plans 

to more than 70 percent. 

Payees

The recent increase in claims received by the PBGC resulted in a large increase in the 

number of people receiving benefi t payments from the Corporation. During FY2000, 

the PBGC paid $900 million in benefi ts to 243,000 participants and benefi ciaries in the 

plans it had trusteed. At that time, another 226,000 participants were in deferred payment status, generally because they were not yet old enough to receive benefi ts under the 

terms of their plan. From FY2001 through FY 2005, the PBGC trusteed an additional 

709 plans with 960,000 participants and benefi ciaries. By FY2005, the number of payees and deferred payees had increased to 698,000 and 489,000 respectively and benefi t 

payments from the agency had increased to $3.7 billion. (See fi gures 5 and 6.) 

Figure 4

PBGC Claims by Funded Ratio at Termination, 1975 - 2005

Single-Employer Program

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PENSION INSURANCE DATA BOOK 2005 RECENT TRENDS 7

Figure 5

Participants and Benefi ciaries Receiving PBGC Payments 

Single-Employer Program

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Figure 6

Total PBGC Benefi t Payments

Single-Employer Program

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8 RECENT TRENDS PENSION INSURANCE DATA BOOK 2005

Trends in Plans and Participants4

The declining number of single-employer plans insured by the PBGC continues a 

trend that began 20 years ago.5 In FY1985, the agency insured about 112,000 singleemployer plans. It now insures only one-fourth of that number. (See fi gure 7.) The 

decline has been primarily among small plans (fewer than 100 participants), whose 

numbers shrank 80 percent from 90,000 in FY1985 to 18,000 in FY2005. The number 

of larger-sized plans initially grew before declining as well, starting with the smaller of the 

medium-sized plans. Even the number of plans with 5,000 or more participants, which 

grew slowly until FY2001, has begun to decline. Financial distress in many plans suggests that this trend will continue into the foreseeable future.

Most of the insured plans that have disappeared since FY1985 underwent a standard 

termination or merged with another, continuing plan. In a standard termination, which 

is available only to fully funded plans, the plan pays participants the present value of their 

accrued benefi ts either by purchasing annuities from private-sector insurance companies 

or in lump-sum distributions. Standard terminations represented about 98 percent of 

all terminations during this period. The other two percent were distress or involuntary 

terminations of underfunded plans. Upon termination, these latter plans are trusteed 

and administered by the PBGC. 

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Figure 7

PBGC-Insured Plans

Single-Employer Program

4

 The PBGC insures benefi ts in about two-thirds of private-sector defi ned benefi t plans. It does not insure the plans of: individuals; pro- The PBGC insures benefits in about two-thirds of private-sector defined benefit plans. It does not insure the plans of: individuals; pro- 4

fessional service employers if they never had more than 25 workers; plans that primarily benefi t owners and highly paid management; 

or plans established outside the United States that primarily benefi t nonresident aliens. Church plans are not automatically covered by 

the single-employer program but may voluntarily elect such coverage.

5

 Although the number of insured plans is dropping, new plans continue to enter PBGC coverage. Recently, the PBGC has been insuring Although the number of insured plans is dropping, new plans continue to enter PBGC coverage. Recently, the PBGC has been insuring 5

several hundred new plans yearly. 
PENSION INSURANCE DATA BOOK 2005 RECENT TRENDS 9

Although the number of participants in single-employer plans generally has increased, the distribution of these participants among active workers, retirees, and separated vested participants has been shifting.6 (See fi gure 9.) In FY1985, 72 percent of (See figure 9.) In FY1985, 72 percent of 

those in single-employer plans were active participants (currently employed workers). 

By FY2005, less than half were active participants. The percentage who were retirees 

and benefi ciaries increased by almost 50 percent over this 20-year period. One reason is 

longer life expectancies. Another is that more workers are choosing a joint-and-survivor 

annuity when they retire rather than taking a single-life annuity, which has increased 

the number of surviving benefi ciaries. The fastest growing group, however, has been the 

separated vested participant group whose percentage of all participants has tripled in the 

past 20 years. This increase largely resulted from the legislated reduction in the maximum vesting period from 10 years to 5 years, which took effect in 1989 for most plans. 

Figure 8

Participants in PBGC-Insured Plans

Single-Employer Program

Despite the decline in the number of PBGC-insured plans over the past 20 years, 

the total number of participants whose benefi ts the PBGC insures has increased. Most 

participants with PBGC-insured benefi ts work for large companies. The growth of 

participants in these large plans exceeded the loss of participants in the smaller plans that 

terminated. (See fi gure 8.) However, several factors, including the recent terminations of 

several large plans in the steel, airline, and textile industries and the conversion of many 

large insured plans to hybrid plans that typically pay benefi ts with lump sum distributions, caused the number of PBGC-covered participants to fall by 300,000 during 

FY2004. 

6

 A separated vested participant is one who has worked long enough while covered by the plan to become vested (have a nonforfeitable A separated vested participant is one who has worked long enough while covered by the plan to become vested (have a nonforfeitable 6

right to earned benefi ts), but who stopped working in employment covered by the plan before he or she was eligible to retire. 

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10 RECENT TRENDS PENSION INSURANCE DATA BOOK 2005

Figure 9

PBGC-Insured Participants by Participant Status

Single-Employer Program

The recent decline in the number of covered single-employer participants could well 

continue into the future, driven by the potential for continued terminations of large 

plans, companies freezing their plans or closing them to new entrants, and conversions of 

large plans to a hybrid format. When a plan is closed to new entrants, participants who 

die, retire or separate from employment are not replaced by new participants and the 

plan’s size necessarily shrinks over time. Hybrid plans typically pay participants a lump 

sum upon termination of employment, ending the PBGC’s guarantee of their benefi ts. 

Consequently, this form of benefi t distribution portends fewer retired and terminated 

vested participants in hybrid plans in the future.7 If these departing workers are replaced, 

the hybrid plan’s size may remain stable. However, if the retirees and separated participants had remained plan participants, the plan’s size would have grown over time. 

A decline in the number of covered participants will affect the PBGC’s revenues. 

The PBGC’s primary source of funds to cover claims and pay administrative expenses 

is premium income. The PBGC’s single-employer premium has two components—a 

fl at-rate premium of $30 per participant per year and a variable-rate premium of $9 per 

$1,000 of plan underfunding.8 A plan can avoid paying the variable-rate premium if it 

7

 We have not yet seen a decline in the size of these plans. This is probably because most hybrid plans converted from traditional plans, We have not yet seen a decline in the size of these plans. This is probably because most hybrid plans converted from traditional plans, 7

often with grandfather provisions, and relatively few retirees and separated employees have had the opportunity to take their benefi ts in 

a lump sum. We expect these distributions to increase in the future. 

 8 The fl at-rate component for 2006 was increased to $30 per participant per year by the Defi cit Reduction Act of 2005. After 2006, The flat-rate component for 2006 was increased to $30 per participant per year by the Deficit Reduction Act of 2005. After 2006, 8

it will be indexed to increases in the national average wage index. The fl at-rate premium previously had been $19 per participant per 

year from 1991 through 2005. 

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PENSION INSURANCE DATA BOOK 2005 RECENT TRENDS 11

Figure 10

PBGC Premium Revenue

Single-Employer Program

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meets one of several exemptions. As seen in fi gure 10, the bulk of the PBGC’s premium 

income in most years has come from the fl at-rate premium, which recently provided 

about $650 million per year. A decline in covered participants would reduce revenue 

from this source. 

 Weaker plan funding in recent years has increased PBGC’s revenues from the variable-rate premium. Still, the most prominent variable-rate premium exemption has 

enabled many large underfunded plans to avoid paying a variable-rate premium.9 The 

extent of plans’ ability to avoid paying the variable-rate premium is shown in table S-47. 

Column E shows that the estimated total underfunding in PBGC-insured single-employer plans was more than $430 billion in each of the last two years. Yet, about 80 percent 

of this underfunding was not subject to the variable-rate premium as shown by column 

B.10 Figure 11 shows that while 55 percent of the PBGC’s premium revenues came from 

the variable-rate premium in FY2004, only 33 percent of participants were in plans paying the variable-rate premium. This implies that small plans are most likely to pay this 

component of the premium while large underfunded plans avoid it.

9

 This is the full-funding-limit exemption. Many large plans will meet this exemption if they are 90 percent funded on a current liabil- This is the full-funding-limit exemption. Many large plans will meet this exemption if they are 90 percent funded on a current liabil- 9

ity basis, even if they are less than 90 percent funded on the premium basis. 

10 See “Underfunding Measures in Table S-47” elsewhere in this Data Book Data Book for a discussion of how the various measures of underfund- for a discussion of how the various measures of underfunding in table S-47 are calculated.
12 RECENT TRENDS PENSION INSURANCE DATA BOOK 2005

Figure 11

Distribution of PBGC-Insured Participants and 

Premiums by Premiums Paid, 2004

Single-Employer Program

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Figure 12

Net Position of the PBGC’s Multiemployer Program

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PENSION INSURANCE DATA BOOK 2005 RECENT TRENDS 13

Multiemployer Plans

The PBGC’s Net Financial Position and Financial Assistance to Insolvent 

Plans

The net fi nancial position of the PBGC’s multiemployer insurance program showed 

a surplus from FY1982 to FY2002. (See fi gure 12.) Between FY2002 and FY2005, 

the program’s net fi nancial position fell from a surplus of $158 million to a defi cit of 

$335 million primarily due to an increase in expected future fi nancial assistance for 

plans reclassifi ed as probable losses.

The multiemployer program is structured differently than the single-employer program. Instead of PBGC trusteeship for terminated underfunded plans, with the agency 

taking responsibility for paying benefi ts to the plans’ participants, the multiemployer 

program provides fi nancial assistance in the form of loans to insolvent plans. The plans 

remain responsible for paying benefi ts to their retirees. In FY2005, this fi nancial assistance totaled $13.8 million to 29 insolvent multiemployer plans. Because several additional large multiemployer plans are approaching insolvency, the level of fi nancial assistance is expected to increase dramatically. This assistance covers only guaranteed benefi ts 

plus administrative expenses. Most loans are not expected to be repaid (only one plan 

has ever repaid loans made under the program).

Like single-employer plans, funding levels of multiemployer plans have deteriorated 

in recent years. In FY2000, 36 percent of insured multiemployer plans were underfunded with a total underfunding of $21.1 billion. Overall, PBGC-insured multiemployer 

plans were 105 percent funded on average in FY2000. The funding levels in these plans 

fell dramatically over the next three years. In FY2003, 97 percent of multiemployer 

plans were underfunded by an aggregate of $178 billion and the average funding level 

of all multiemployer plans was only 64 percent. (See table M-9.) Eighty percent of the 

plans were less than 80 percent funded and 30 percent were less than 60 percent funded. 

(See table M-13.) 

Trends in Plans and Participants

From a peak of 2,289 in FY1982, the number of PBGC-insured multiemployer 

plans has declined slowly to 1,567 in FY2005. (See fi gure 13.) While the number of 

single-employer plans declined primarily because of plan terminations, the number of 

multiemployer plans has declined due to plan mergers.
14 RECENT TRENDS PENSION INSURANCE DATA BOOK 2005

Figure 13

PBGC-Insured Plans 

Multiemployer Program

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Conversely, the number of participants in the multiemployer universe has increased 

during the last 20 years, from 8.2 million in FY1985 to 9.9 million in FY2005. (See 

fi gure 14.) Unlike in the single-employer universe, there has been no recent decline in 

the number of multiemployer participants. 

Figure 14

Participants in PBGC-Insured Plans 

Multiemployer Program

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PENSION INSURANCE DATA BOOK 2005 RECENT TRENDS 15

The shift in the distribution of participants in insured multiemployer plans mirrors the shift seen in single-employer plans. Active participants fell as a percentage of all 

insured-plan participants between FY1985 and FY2005 (from about 66 percent to less 

than 50 percent). (See fi gure 15.) The percentages that were retirees/benefi ciaries and 

separated vested participants both grew. Again, separated vested participants grew faster 

as a group over the period than did retirees and benefi ciaries.

Figure 15

PBGC-Insured Plan Participants by Participant Status

Multiemployer Program

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Conclusion

The defi ned benefi t pension system, as measured by the number of PBGC-insured 

plans, has been in decline for the past 20 years. This trend shows no sign of abating. In 

fact, the system has never been under greater stress. 

The PBGC’s defi cit is at an all-time high; plan funding levels are at an all-time low; 

and sponsors are freezing or closing their plans to new entrants as never before. In addition, the number of participants in insured single-employer plans may be poised for 

a substantial decline. Eliminating PBGC’s defi cits will require additional premiums. 

Bringing the majority of plans to full funding will require additional contributions from 

sponsors. These additional costs, while temporary, will impose a burden on plan sponsors that not all are willing to bear. Congress is also considering a number of changes 

that may reduce the stresses on the system, but these changes must balance solving the 

current problems and retaining incentives for companies to sponsor defi ned benefi t 

plans. 
16 UNDERFUNDING MEASURES PENSION INSURANCE DATA BOOK 2005

Underfunding Measures in Table S-47

Background

A defi ned benefi t pension plan’s funded status is measured by subtracting the value 

of the plan’s liabilities from the value of its assets. If its liabilities exceed its assets, the 

plan is underfunded. If the plan’s assets exceed its liabilities, the plan is said to be fully 

funded or overfunded. There are many ways to measure a plan’s liabilities and assets. 

A plan’s funded status can vary signifi cantly depending on the particular measurements 

used. This section describes the measures included in table S-47 of the Data Book. 

Assets

There are two commonly used measures of assets—fair market value of assets and the 

actuarial value of assets. The fair market value of assets is the value the plan could receive 

by liquidating its portfolio of assets (stocks, bonds, real estate, and other assets) on the 

valuation date.

The actuarial value uses a “smoothing” mechanism to level out the peaks and valleys 

that occur due to fl uctuations in market value. The maximum permitted smoothing 

period is generally fi ve years. Regardless of the method chosen, the actuarial value is constrained to be no more than 120 percent and no less than 80 percent of the fair market 

value of assets.

During periods of poor market performance, if a smoothed value is used to determine underfunding, a plan generally will appear to be better funded than it actually is.

Liabilities

Typically, defi ned benefi t pension plans pay benefi ts as a lifetime annuity to the 

worker and perhaps a surviving spouse or other surviving benefi ciary.1 In simplest terms, 

the liability is the present value of the lifetime stream of these future benefi ts. 

There are many ways to measure plan liabilities. The fi rst question is “which benefi ts”? Is the calculation intended to measure the value of benefi ts that have been accrued to date, projected benefi ts including amounts yet to be accrued, or something in 

between? Are all benefi ts being valued or only those that are “vested” (i.e., benefi ts that a 

worker has a legal right to regardless of whether he continues to work)?

Next, many assumptions are needed to account for possible future contingencies. 

1

 Cash balance defi ned benefi t pension plans usually describe monthly benefi ts as the annuity equivalent of a hypothetical account balance. However, most cash balance benefi ts are paid in a lump sum distribution rather than as an annuity. Some traditional defi ned 

benefi t plans also have a lump sum payment option. 
PENSION INSURANCE DATA BOOK 2005 UNDERFUNDING MEASURES 17

For example, an interest rate assumption is needed to discount future payments, a retirement age assumption is needed to estimate when benefi t payments will commence, 

and a mortality assumption is needed to predict how long benefi ts will be paid. Other 

assumptions may include a marital assumption (in situations where benefi ts continue to 

a survivor after the participant’s death) and a turnover assumption (when participants 

forfeit benefi ts if they terminate employment before vesting).

Measuring Liabilities on a Termination Basis

The liability measure most relevant to the PBGC refl ects assumptions appropriate for 

a terminating plan. Some of the assumptions used to determine a plan’s termination liability will necessarily differ from those used to value liabilities for an ongoing plan. For 

example, the ages at which participants in a terminating plan will fi rst receive benefi ts 

will generally be younger than those used for an ongoing plan because workers cannot increase their benefi ts by continuing to work after the plan terminates. Also, if the 

employer goes out of business, the expected subsidies for early retirement will be smaller 

because those participants who do not already qualify for these subsidies will no longer 

have the opportunity to qualify.

Other assumptions that have a signifi cant impact on a plan’s termination liability are 

the discount rate assumption and the mortality assumption. These two assumptions usually differ from the assumptions used to value an ongoing plan’s liability. The two greatest risks facing a pension plan that pays annuities are longevity risk—the risk that participants will live longer and, therefore, receive more lifetime benefi ts than assumed—and 

investment risk—the risk that plan assets will earn less than assumed and that the plan 

will run out of money before all benefi t obligations have been met. 

If the mortality and investment assumptions turn out to be optimistic relative to 

actual experience, the plan will experience a shortfall in assets. In an ongoing plan, the 

company is there to make up any shortfall. However, once the plan terminates and annuities are purchased to cover the plan’s liabilities, the company is no longer responsible 

for making up any shortfall in plan assets. Insurance companies that sell annuities are 

well aware of the longevity and investment risks and price the annuities they sell to account for these risks. As a rule, private-sector insurance companies use more conservative 

mortality and interest assumptions when pricing annuities than do ongoing plans, making termination liabilities larger than the liability measures for an ongoing plan. A plan’s 

funded status on a termination basis will usually show the plan to be less well funded 

than on an ongoing basis. 

Because the PBGC pays benefi ts to only participants of terminated underfunded 

plans, it uses termination assumptions as a measure of its potential exposure. The inter-
18 UNDERFUNDING MEASURES PENSION INSURANCE DATA BOOK 2005

est assumptions the PBGC uses to value the termination liabilities of the plans it insures 

are derived from a periodic survey of market prices of group annuities. The PBGC uses 

its mortality assumptions to solve for the discount rates (which it refers to as interest 

factors) that would yield the average prices reported on the two most recent surveys. It 

is not important that these interest factors differ from the interest rates ongoing plans 

use to value their ongoing liabilities. One would expect them to be lower because they 

account for all components of the annuity price except mortality. What matters is that, 

when the PBGC assumptions are used to value the future stream of benefi ts promised by 

a plan, the resulting liability measure closely matches the price a private-sector insurance 

company would charge to annuitize that same benefi t stream.

Table S-47

Table S-47 presents an historical summary of aggregate underfunding in single-employer plans insured by the PBGC. The table shows underfunding measured on fi ve 

different bases:

A. Form 5500 Filings

B. Variable-Rate Premiums (VRP)

C. Section 4010 Filings

D. Reasonably Possible 

E. Total in PBGC-Insured Plans

Each of these measures represents a termination-type measure and is useful in analyzing the overall health of the pension system. However, the measures differ in both the 

number of plans included and how the underfunding amount is determined. Three measures (B, C, and D) represent subsets of the universe of underfunded plans insured by 

the PBGC. There is signifi cant overlap among these subsets. The other two measures (A 

and E) represent the total universe of insured plans. 

The following table highlights the key differences between the measures in 

table S-47.

Each of the fi ve measures included in table S-47 is described in more detail in the 

following sections:
PENSION INSURANCE DATA BOOK 2005 UNDERFUNDING MEASURES 19

Column A—Form 5500 Filings

Plan sponsors are required to fi le a report annually with the federal government 

(the Form 5500) to provide certain information about the plan, including its funded 

status. While several measures of assets and liabilities are reported on this form, 

the measure shown in table S-47 is based on the plan’s reported “current liability.” 

Current liability is the present value of benefi ts accrued to date. For plans with more 

than 100 participants, it is one of the components used to determine both the minimum 

funding requirement and the maximum deductible limit.

When calculating the plan’s current liability, the actuary must use a specifi ed mortality table and select a discount rate from a range surrounding a specifi ed rate. This rate is a 

four-year weighted average of a specifi ed index.2 The other assumptions used to calculate 

the current liability are generally the actuary’s best estimates of future plan experience 

Table 1. Key Differences Between Underfunded Measures Included in Table S-47

(A)

Form 5500 

Filings

(B)

Variable-Rate 

Premium 

(VRP)

(C)

Section 4010 

Filings

(D)

Reasonably 

Possible 

(E)

Total in 

PBGCInsured 

Plans

Plans 

refl ected All Plans that owed a VRP

Plans required 

to report 

under 4010

Plans with 

fi nancially 

troubled 

sponsors

All

Benefi ts 

refl ected

Vested 

(as proxy for 

guaranteed)

Vested 

(as proxy for 

guaranteed)

Vested 

(as proxy for 

guaranteed)

Vested 

(as proxy for 

guaranteed)

Total

Assets Market Actuarial Market Market Market

Liability

Estimated 

terminationtype liability

Modifi ed 

current liability

Termination 

liability

Terminationtype liability 

(partially 

estimated)

Terminationtype liability 

(partially 

estimated)

Retirement 

age

Actuary’s 

selected 

assumptions

Actuary’s 

selected 

assumptions

PBGC 

assumptions

Part PBGC 

assumptions, 

part actuary’s 

assumptions

Part PBGC 

assumptions, 

part actuary’s 

assumptions
20 UNDERFUNDING MEASURES PENSION INSURANCE DATA BOOK 2005

and are based on the assumption that the plan will be an ongoing entity. 

Vested current liabilities reported on line 2 of the Schedule B of Form 5500 are used 

as a proxy for guaranteed benefi ts. Termination liabilities are estimated by adjusting 

these vested current liabilities to refl ect the mortality assumption and interest factors used 

by the PBGC to value termination liabilities. No adjustment is made to refl ect differences between the actuary’s retirement age assumption and the PBGC’s assumption. The 

asset component of the underfunding is the market value of assets. The underfunding 

amount reported in column A of table S-47 is the aggregate underfunding in all underfunded plans.3

One advantage of this measure is that it provides asset and liability data for all 

PBGC-insured plans. A major disadvantage is that these data are over two years old by 

the time they become available to the PBGC and other government agencies. The lack 

of timeliness can be a problem, especially during periods when there are large changes in 

interest rates, annuity prices, or investment returns.

Column B—Variable-Rate Premiums

Plans are required to pay the PBGC an annual variable-rate premium (VRP) of $9 

per $1,000 of underfunding, unless they meet one of several exemptions. Most plans 

qualify for an exemption.

Underfunding for VRP purposes occurs when a modifi ed current liability measure 

exceeds the actuarial value of plan assets. This is the only underfunding measure in table 

S-47 that is based on the actuarial value of assets instead of fair market value. The modifi ed current liability differs from actual current liability (1) because only vested benefi ts 

are refl ected and (2) the discount rate is based on current market conditions rather than a 

four-year weighted average.4 

Plans that are fully funded by this measure and plans that meet any of the VRP 

exemptions do not pay a VRP. Therefore, the underfunding reported in column (B) of 

table S-47 does not represent total underfunding among PBGC-insured plans but rather 

the underfunding for those plans that actually owed a VRP for the designated year. The 

underfunding amount reported in column (B) of table S-47 is calculated by multiplying 

the VRP premium by 111.11 ($1,000/$9). 

2

 Until 2004, the index was the 30-year Treasury rate. For 2004 and 2005, it was a composite index of high-grade corporate bond Until 2004, the index was the 30-year Treasury rate. For 2004 and 2005, it was a composite index of high-grade corporate bond 2

rates. As of January 1, 2006, it returned to the 30-year Treasury rate. Legislation is pending in Congress that would extend the 

corporate bond rate for 2006. 

3

 This underfunding measure is also used in tables S-42 through S-46, S-48, and S-49.

4

 For example, in 2006 the VRP rate is 85 percent of the 30-year Treasury rate for the month preceding the beginning of the plan year For example, in 2006 the VRP rate is 85 percent of the 30-year Treasury rate for the month preceding the beginning of the plan year 4

for which premiums are being paid. 
PENSION INSURANCE DATA BOOK 2005 UNDERFUNDING MEASURES 21

Note—Before 1997, there was a cap on the variable-rate premium a plan would have 

to pay. Thus, for 1996 and earlier years, the underfunding reported in table S-47 underestimates the total underfunding in the plans actually paying the variable-rate premium.

Column C—Section 4010 Filings

Column (C) of table S-47 shows the underfunding for vested benefi ts in the plans of 

those sponsors required to fi le certain fi nancial and actuarial information with the PBGC 

under the provisions of Section 4010 of ERISA. Companies are required to report termination liability and other information if the aggregate underfunding, on a VRP-basis, 

of all their PBGC-insured underfunded plans exceeds $50 million; if the PBGC has liens 

against the sponsor for unpaid contributions of $1 million or more; or if the sponsor has 

received funding waivers for $1 million or more. Because of the size of these thresholds, 

Section 4010 fi lings are usually required only from large companies.

Underfunding in the “4010” column is determined by subtracting the market value 

of plan assets from the vested portion of the plans’ reported 4010 liabilities.5

The advantages of these data are that the reported 4010 liabilities are calculated using 

the PBGC’s termination assumptions including its interest factors, its expected retirement age assumptions, and its mortality assumptions; they are reasonably current; and 

they are available for the plans with the largest amount of underfunding. The disadvantage is that these data are not available for all underfunded plans insured by the PBGC.

Column D—Reasonably Possible 

The accounting rules the PBGC follows require the agency to disclose its exposure to 

contingent losses in its fi nancial statements. This exposure is divided into three categories according to the perceived likelihood that the PBGC will receive a claim from 

a particular plan. Those plans that are determined to be likely to terminate in a future 

year are designated as “Probables,” and the estimated loss is included as a liability in the 

PBGC’s fi nancial statements. The next category of exposure, “Reasonably Possible,” 

includes plans that have fi nancially troubled sponsors. The PBGC has not determined 

that these plans are likely to terminate. The exposure from Reasonably Possible plans 

is disclosed in the footnotes to the PBGC’s fi nancial statements and is the measure of 

underfunding reported in column (D) of table S-47. Exposure from the third category 

5

 The PBGC calculates the vested portion of total 4010 liabilities by applying the ratio of vested current liabilities from the Schedule B of The PBGC calculates the vested portion of total 4010 liabilities by applying the ratio of vested current liabilities from the Schedule B of 5

the Form 5500 to that form’s total current liabilities. 
22 UNDERFUNDING MEASURES PENSION INSURANCE DATA BOOK 2005

of plans, whose losses are classifi ed as “Remote,” are not disclosed on the fi nancial statements. The Remote exposure is the underfunding in plans sponsored by fi nancially 

healthy companies.

A primary criterion for classifying a plan as Reasonably Possible is that the plan 

sponsor’s bond rating is below investment grade, although other criteria are used in conjunction with, or in place of, the sponsor’s bond rating. 

Data for this calculation are obtained from several sources including fi lings and 

submissions with the government (including Section 4010 fi lings and PBGC premium 

fi lings) and corporate annual reports. To the extent the data do not refl ect PBGC termination assumptions or the value of vested benefi ts, they are adjusted accordingly. Underfunding is determined by subtracting the market value of the plan’s assets from these 

termination-adjusted liabilities.

The Reasonably Possible underfunding is the underfunding for only a subset of all 

PBGC-insured plans. However, it is the underfunding in the plans of sponsors that are 

currently experiencing fi nancial diffi culties. 

Column E—Total in PBGC-Insured Plans

Unlike the other underfunding measures, the liabilities used in calculating this measure are not restricted to PBGC-guaranteed liabilities. Liabilities for this measure represent all benefi ts, whether guaranteed by the PBGC or not. 

This estimate of underfunding is largely based on termination liabilities and market 

value of assets as reported in the Section 4010 fi lings of those companies required by 

ERISA to make such reports. Data for plans not included in the Section 4010 fi lings are 

based on other fi lings and submissions with the government and from corporate annual 

reports for the prior fi scal year. 

The measure has the advantages that the underlying liability measure is based largely 

on the 4010 data which are calculated using the PBGC’s termination assumptions and it 

is a measure of the underfunding in all single-employer plans insured by the PBGC. 

Conclusion

Underfunding in defi ned benefi t pension plans is an easy concept to grasp in a general sense, but it can be bewildering because there are so many different ways to measure 

it. Each measure is designed for a particular purpose. Using the wrong measure can lead 

to confusion and, perhaps, inappropriate action. 
PENSION INSURANCE DATA BOOK 2005 UNDERFUNDING MEASURES 23

From the PBGC’s perspective, the appropriate liability measure is termination liability. That is what the agency insures. Likewise, the appropriate asset measure is the market value of assets. Once the PBGC trustees a plan, the sponsor is no longer responsible 

for funding that plan and measures associated with ongoing plans are no longer relevant. 

The PBGC needs to know the termination-funded status of ongoing plans because it 

needs to be able to evaluate the exposure it faces from these plans should they terminate. 

The funded status of a plan measured on an ongoing basis tends to overstate the funded 

status on a termination basis and provides a misleading perspective of the adequacy of the 

current level of plan assets to cover benefi ts accrued to date.

Most of the underfunding measures in table S-47 are based on liabilities that are either measured on a termination basis or have been converted to an estimated termination 

basis. Two of the measures represent the entire universe of PBGC-insured single-employer plans. The others represent overlapping subsets of underfunded PBGC-insured plans. 

The population of plans included in each subset will vary from year to year, depending 

on which plans meet the criteria for inclusion under that measure. The important points 

to note about these subsets are that none are intended to measure all underfunding and 

they are not mutually exclusive measures. Total underfunding in PBGC-insured plans 

cannot be estimated by adding the underfunding of these three measures. 
24 UNDERFUNDING MEASURES PENSION INSURANCE DATA BOOK 2005
APPENDIX S

Single-Employer Data Tables
26 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 27

PBGC’s Single-Employer Program

Under its single-employer program, PBGC insures the pension benefi ts of participants in most private sector, single-employer, defi ned benefi t 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 

defi ned benefi t plan is a pension plan other than an individual account plan. In a typical single-employer defi ned benefi t plan, benefi ts are based on a formula that typically 

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

average compensation.

An insured plan pays PBGC a yearly premium of $30 per participant for pension 

benefi t 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 insuffi cient assets to pay all promised benefi ts, PBGC will 

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

individual pension plan, subject to certain guarantee limits. The vast majority of the 

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

plan. Benefi ts for some participants may be cut back if 1) their benefi ts exceed PBGC’s 

maximum guarantee limit, 2) a benefi t increase occurred within fi ve years of the plan’s 

termination, or 3) a part of their benefi t is a supplemental benefi t. While relatively few 

participants have their benefi ts reduced by any of these guarantee limits, some of those 

who do will experience substantial benefi t cuts. PBGC will pay some nonguaranteed 

benefi ts when the plan has suffi cient assets to do so or when there are recoveries from 

employers.

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

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

terminating in 2006, the limit is $3,971.59 per month or $47,659.08 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 benefi t 

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

as a joint-and-survivor annuity.
28 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-1

Net Financial Position of PBGC’s Single-Employer Program (1980-2005)

Fiscal Year Assets

 (in millions)

Liabilities

(in millions)

Net Position

(in millions)

1980 $430 $524 -$95

1985 1,155 2,480 -1,325

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

2004 38,993 62,298 -23,305

2005 56,470 79,246 -22,776

Source: PBGC Annual Reports (1980-2005). 

Due to rounding of individual items, numbers may not add exactly across columns. 
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 29

Table S-2

PBGC Premium Revenue, Benefi t Payments and Expenses (1980-2005) 

Single-Employer Program

Fiscal 

Year

Total

Premium

Revenue

(in millions)

Benefi t

Payments

(in millions)

Administrative &

Investment

Expenses

(in millions)

Premiums Minus

Benefi ts Paid

and Expenses

(in millions)

1980 $71 $37 $20 $14

1985 82 170 33 -121

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

2004 1,458 3,006 288 -1,836

2005 1,451 3,685 342 -2,576

Source: PBGC Annual Reports (1980 - 2005)

Due to aggregation and rounding of individual items, fi gures may not add up to totals in other tables.
30 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-3

PBGC Terminations and Claims (1975-2005)

Single-Employer Program

Fiscal 

Year

 Standard

Terminations

 Trusteed

Terminations Assets

(in millions)

Liabilities

(in millions)

Gross

Claims

(in millions)

Recoveries

(in millions)

Net

Claims

(in millions)

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

1980 - 1984 29,236 621 513.8 1,257.3 743.5 157.8 585.7

1985 - 1989 48,519 537 651.1 2,351.4 1,700.3 159.2 1,541.0

1990 11,800 102 108.0 215.9 107.9 7.6 100.3

1991 8,600 175 1,485.4 3,022.2 1,536.8 230.8 1,306.0

1992 6,670 157 250.7 822.2 571.5 157.7 413.9

1993 5,320 124 125.9 256.3 130.4 13.3 117.1

1994 3,950 135 304.5 799.6 495.1 35.1 460.0

1995 3,870 121 235.3 397.5 162.1 7.1 155.0

1996 3,809 96 256.7 425.1 168.5 32.1 136.4

1997 3,497 82 463.8 671.6 207.8 11.8 196.0

1998 2,475 64 173.7 249.4 75.7 6.2 69.5

1999 1,969 76 282.1 450.5 168.4 13.1 155.3

2000 1,882 72 267.4 367.5 100.1 15.3 84.8

2001 1,565 113 2,528.6 3,684.4 1,155.9 184.3 971.5

2002 1,214 177 4,504.3 8,100.1 3,595.8 277.3 3,318.5

2003 1,119 155 6,993.9 13,481.5 6,487.6 152.5 6,335.1

2004 1,189 132 2,998.8 6,248.0 3,249.2 318.0 2,931.2

2005 1,266 60 10,077.0 20,876.7 10,799.7 170.7 10,629.0

TOTAL 166,522 3,585 $32,366.0 $64,074.5 $31,708.5 $2,006.4 $29,702.1

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

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

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

in which the loss was incurred. For example

during FY 2005. The rest had termination dates in earlier fi scal years and are allocated to those years.

Values are subject to change as PBGC completes reviews, establishes termination dates and determines recoveries.
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 31

Table S-4

PBGC Claims (1975-2005)

Single-Employer Program

Fiscal 

Year Total Claims

Claims of Top 10 Firms and

Percent of Total Annual Claims

Other Claims and 

Percent of Total Annual Claims

1975 - 1979 $252,203,229 --- --- $252,203,229 100.0%

1980 - 1984 743,533,493 --- --- 743,533,493 100.0%

1985 - 1989 1,700,270,437 --- --- 1,700,270,437 100.0%

1990 107,882,930 --- --- 107,882,930 100.0%

1991 1,536,783,631 $819,189,809 53.3% 717,593,822 46.7%

1992 571,542,121 21,892,625 3.8% 549,649,496 96.2%

1993 130,418,965 --- --- 130,418,965 100.0%

1994 495,085,456 --- --- 495,085,056 100.0%

1995 162,127,459 --- --- 162,127,459 100.0%

1996 168,472,688 --- --- 168,472,688 100.0%

1997 207,825,769 --- --- 207,825,769 100.0%

1998 75,709,325 --- --- 75,709,325 100.0%

1999 168,416,512 --- --- 168,416,512 100.0%

2000 100,126,574 --- --- 100,126,574 100.0%

2001 1,155,867,769 668,377,105 57.8% 487,490,664 42.2%

2002 3,595,752,574 1,905,090,177 53.0% 1,690,662,397 47.0%

2003 6,487,592,637 5,542,250,600 85.4% 945,342,037 14.6%

2004 3,249,189,378 1,309,810,157 40.3% 1,939,379,221 59.7%

2005 10,799,714,492 9,795,756,388 90.7% 1,003,958,104 9.3%

TOTAL (1975-2005) $31,708,515,039 $20,062,366,861 63.3% $11,646,148,178 36.7%

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System. 

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

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

Values are subject to change as PBGC completes reviews and establishes termination dates. 
32 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-5

Top 10 Firms Presenting Claims (1975-2005)

Single-Employer Program

Top 10 Firms

Number 

of 

Plans

Fiscal Year(s)

of Plan

Termination(s) Claims

(by fi rm)

Vested 

Participants

Average

Claim Per

Vested 

Participant

Percent

of Total 

Claims

(1975-2005)

 1. United Airlines 4 2005 $7,093,803,951 122,541 $57,889 22.7%

 2. Bethlehem Steel 1 2003 3,654,380,116 97,015 37,668 11.5%

 3. US Airways 4 2003, 2005 2,861,901,511 58,823 48,653 9.0%

 4. LTV Steel* 6 2002, 2003, 2004 1,959,679,993 80,961 24,205 6.2%

 5. National Steel 7 2003 1,161,019,567 35,404 32,793 3.7%

 6. Pan American Air 3 1991, 1992 841,082,434 37,485 22,438 2.7%

 7. Weirton Steel 1 2004 690,181,783 9,196 75,052 2.2%

 8. Trans World Airlines 2 2001 668,377,105 34,257 19,511 2.1%

 9. Kemper Insurance 2 2005 566,128,387 12,221 46,324 1.8%

10. Kaiser Aluminum 3 2004 565,812,015 17,591 32,165 1.8%

 Top 10 Total 33 $20,062,366,861 505,494 $39,689 63.3%

 All Other Total 3,552 11,646,148,178 1,178,762 9,880 36.7%

 TOTAL 3,585 $31,708,515,039 1,684,256 $18,826 100.0%

Sources: PBGC Fiscal Year Closing File (9/30/05), PBGC Case Administration System and PBGC Participant System (PRISM). 

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

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

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

* Does not include 1986 termination of a Republic Steel plan sponsored by LTV. 
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 33

Table S-6

PBGC Trusteed Terminations by Fiscal Year and Size of Claim (1975-2005)

Single-Employer Program

SIZE OF CLAIM

Fiscal Year Less than $1 Million $1-$9 Million $10-$99 Million $100-$999 Million $1 Billion or More Total

1975 - 1979 545 36 5 --- --- 586

1980 - 1984 537 66 18 --- --- 621

1985 - 1989 451 65 16 5 --- 537

1990 - 1994 533 137 17 6 --- 693

1995 - 1999 305 118 16 --- --- 439

2000 - 2005 312 263 100 28 6 709

TOTAL 2,683 685 172 39 6 3,585

Percent of Total 74.8% 19.1% 4.8% 1.1% 0.2% 100.0%

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System. 

Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates.
34 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

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

Table S-7

PBGC Claims by Fiscal Year and Size of Claim (1975-2005)

Single-Employer Program

SIZE OF CLAIM

Fiscal Year Less than $1 Million $1-$9 Million $10-$99 Million $100-$999 Million $1 Billion or More Total

1975 - 1979 $62,190,390 $89,626,004 $100,386,835 --- --- $252,203,229 0.8%

1980 - 1984 79,609,153 193,468,849 470,455,491 --- --- 743,533,493 2.3%

1985 - 1989 75,747,200 216,134,291 425,443,788 $982,945,158 --- 1,700,270,437 5.4%

1990 - 1994 125,432,678 449,072,210 447,349,948 1,819,857,866 --- 2,841,712,702 9.0%

1995 - 1999 94,208,771 307,763,075 380,579,908 --- --- 782,551,754 2.5%

2000 - 2005 102,700,760 882,156,024 3,052,034,731 9,031,370,879 $12,319,981,030 25,388,243,424 80.1%

TOTAL $539,888,952 $2,138,220,453 $4,879,250,701 $11,834,173,903 $12,319,981,030 $31,708,515,039 100.0%

Percent of Total 1.7% 6.7% 15.4% 37.3% 38.9% 100.0%
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 35

Table S-8

PBGC Trusteed Plans by Fiscal Year and Funded Ratio (1975-2005)

Single-Employer Program

FUNDED RATIO

Fiscal Year Under 25% 25%-49% 50%-74% 75% or More Total

1975 - 1979 163 149 127 147 586

1980 - 1984 221 134 134 132 621

1985 - 1989 169 112 129 127 537

1990 - 1994 191 153 180 169 693

1995 - 1999 117 102 135 85 439

2000 - 2005 115 211 256 127 709

TOTAL 976 861 961 787 3,585

Percent of Total 27.2% 24.0% 26.8% 22.0% 100.0%

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

 
36 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

 

Table S-9

PBGC Claims by Fiscal Year and Funded Ratio (1975-2005)

Single-Employer Program

FUNDED RATIO

Fiscal Year Under 25% 25%-49% 50%-74% 75% or More Total

1975 - 1979 $170,654,427 $54,478,604 $21,092,605 $5,977,592 $252,203,229

1980 - 1984 304,502,419 308,867,598 119,301,166 10,862,310 743,533,493

1985 - 1989 874,619,566 676,479,113 142,113,163 7,058,594 1,700,270,437

1990 - 1994 1,664,059,812 326,486,171 767,207,491 83,959,229 2,841,712,702

1995 - 1999 102,349,520 184,647,151 339,229,313 156,325,769 782,551,754

2000 - 2005 875,408,646 15,100,893,047 9,196,766,859 215,174,871 25,388,243,424

TOTAL $3,991,594,391 $16,651,851,684 $10,585,710,597 $479,358,366 $31,708,515,039

Percent of Total 12.6% 52.5% 33.4% 1.5% 100.0%
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 37

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

 

 

Table S-10

PBGC Trusteed Plans by Size of Claim and Funded Ratio (1975-2005)

Single-Employer Program

SIZE OF CLAIM

Funded Ratio

Less than 

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

$1 Billion 

or More Total

Less than 25% 762 170 35 9 --- 976

25% - 49% 564 222 57 14 4 861

50% - 74% 639 235 69 16 2 961

75% or more 718 59 10 --- --- 787

TOTAL 2,683 686 171 39 6 3,585
38 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

Table S-11

PBGC Claims by Size of Claim and Funded Ratio (1975-2005)

Single-Employer Program

SIZE OF CLAIM

Funded Ratio

Less than 

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

$1 Billion 

or More Total

Less than 25% $181,834,811 $508,860,629 $977,186,884 $2,323,712,067 --- $3,991,594,391 12.6%

25% - 49% 144,747,463 764,603,205 1,640,712,905 4,707,743,775 $9,394,044,336 16,651,851,684 52.5%

50% - 74% 150,145,380 711,888,152 1,995,022,309 4,802,718,062 2,925,936,694 10,585,710,597 33.4%

75% or more 63,161,297 153,949,518 262,247,551 --- --- 479,358,366 1.5%

TOTAL $539,888,952 $2,139,301,505 $4,875,169,649 $11,834,173,903 $12,319,981,030 $31,708,515,039 100.0%
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 39

Sources: PBGC Fiscal Year Closing File (9/30/05), PBGC Case Administration System and Bureau of Labor Statistics.

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

Claims calculations represent aggregated and average counts of plans, claims, and participants over the period 1975-2005.

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

Claims in 2005 dollars are calculated using Consumer Price Index - Urban Consumers. 

Table S-12

Average Claim per Vested Participant by Plan Size (1975-2005)

Single-Employer Program

Number of Plan 

Participants

 Vested

Participants Plans Claims

Average

Claim Per

Participant Claims

(2005 Dollars)

Average

Claim Per

Participant

(2005 Dollars)

Less than 100 78,065 2,096 $419,781,159 1.3% $5,377 $623,069,890 1.7% $7,981

100 - 999 386,917 1,254 2,915,924,065 9.2% 7,536 4,009,161,015 11.0% 10,362

1,000 - 4,999 368,612 180 4,813,657,319 15.2% 13,059 6,242,372,257 17.1% 16,935

5,000 - 9,999 200,931 27 4,223,182,974 13.3% 21,018 5,026,358,895 13.8% 25,015

10,000 or more 649,731 28 19,355,969,522 61.0% 29,760 20,591,160,998 56.4% 31,692

TOTAL 1,684,256 3,585 $31,708,515,039 100.0% $18,826 $36,492,123,055 100.0% $21,667
40 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

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

Table S-13

PBGC Trusteed Plans by Fiscal Year and Plan Size (1975-2005)

Single-Employer Program

NUMBER OF PLAN PARTICIPANTS

Fiscal Year Less than 25 25 - 99 100 - 999 1,000 - 4,999 5,000 - 9,999 10,000 or More Total

1975 - 1979 193 222 159 12 --- --- 586 16.3%

1980 - 1984 175 246 179 21 --- --- 621 17.3%

1985 - 1989 143 207 166 16 4 1 537 15.0%

1990 - 1994 137 251 276 24 2 3 693 19.3%

1995 - 1999 90 163 151 31 3 1 439 12.4%

2000 - 2005 96 173 323 76 18 23 709 19.8%

TOTAL 834 1,262 1,254 180 27 28 3,585 100.0%

Percent of Total 23.3% 35.2% 35.0% 5.0% 0.8% 0.8% 100.0%
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 41

Table S-14

PBGC Claims by Fiscal Year and Plan Size (1975-2005)

Single-Employer Program

NUMBER OF PLAN PARTICIPANTS

Fiscal Year Less than 25 25 - 99 100 - 999 1,000 - 4,999 5,000 - 9,999 10,000 or More Total

1975 - 1979 $6,429,261 $21,730,566 $125,299,989 $98,743,414 --- --- $252,203,229 0.8%

1980 - 1984 8,109,537 38,835,257 241,745,661 454,843,037 --- --- 743,533,493 2.3%

1985 - 1989 7,707,566 42,391,519 297,290,845 369,935,349 $738,503,990 $244,441,168 1,700,270,437 5.4%

1990 - 1994 13,727,016 63,274,635 556,330,494 750,449,649 212,729,642 1,245,201,267 2,841,712,703 9.0%

1995 - 1999 12,944,683 62,031,152 291,870,587 284,275,909 102,443,025 28,986,398 782,551,754 2.5%

2000 - 2005 18,907,392 123,692,576 1,403,386,489 2,855,409,961 3,169,506,316 17,817,340,689 25,388,243,424 80.1%

TOTAL $67,825,455 $351,955,705 $2,915,924,065 $4,813,657,319 $4,223,182,974 $19,335,969,522 $31,708,515,039 100.0%

Percent of Total 0.2% 1.1% 9.2% 15.2% 13.3% 61.0% 100.0%

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

Due to rounding of individual items, percentages may not add up to 100%. 
42 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

 

Table S-15

PBGC Trusteed Plans by Size of Claim and Plan Size (1975-2005)

Single-Employer Program

SIZE OF CLAIM

Number of Plan

Participants

Less than 

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

$1 Billion 

or More Total

Less than 25 832 2 --- --- --- 834

25 - 99 1,191 71 --- --- --- 1,262

100 - 999 645 548 61 --- --- 1,254

1,000 - 4,999 15 64 93 8 --- 180

5,000 - 9,999 --- 1 12 14 --- 27

10,000 or more --- --- 5 17 6 28

TOTAL 2,683 686 171 39 6 3,585
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 43

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

 

Table S-16

PBGC Claims by Size of Claim and Plan Size (1975-2005)

Single-Employer Program

SIZE OF CLAIM

Number of Plan

Participants

Less than 

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

$1 Billion 

or More Total

Less than 25 $64,723,803 $3,101,652 --- --- --- $67,825,455

25 - 99 237,983,656 113,972,049 --- --- --- 351,955,705

100 - 999 229,705,480 1,702,002,313 $984,216,272 --- --- 2,915,924,065

1,000 - 4,999 7,476,014 313,804,656 3,082,442,719 $1,409,933,930 --- 4,813,657,319

5,000 - 9,999 --- 6,420,835 585,192,364 3,631,569,775 --- 4,223,182,974

10,000 or more --- --- 223,318,294 6,792,670,199 $12,319,981,030 19,335,969,522

TOTAL $539,888,952 $2,139,301,505 $4,875,169,649 $11,834,173,903 $12,319,981,030 $31,708,515,039

Percent of Total 1.7% 6.7% 15.4% 37.3% 38.9% 100.0%
44 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

Table S-17

PBGC Trusteed Plans by Funded Ratio and Plan Size (1975-2005)

Single-Employer Program

FUNDED RATIO

Number of Plan

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

Less than 25 309 160 145 220 834

25 - 99 369 314 303 276 1,262

100 - 999 258 324 419 253 1,254

1,000 - 4,999 35 42 71 32 180

5,000 - 9,999 4 10 10 3 27

10,000 or more 1 11 13 3 28

TOTAL 976 861 961 787 3,585
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 45

Table S-18

PBGC Claims by Funded Ratio and Plan Size (1975-2005)

Single-Employer Program

FUNDED RATIO

Number of Plan

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

Less than 25 $35,752,311 $18,246,767 $11,591,826 $2,234,549 $67,825,455

25 - 99 156,199,397 110,939,028 72,502,996 12,314,284 351,955,705

100 - 999 745,166,380 1,051,304,878 987,016,078 132,436,729 2,915,924,065

1,000 - 4,999 1,540,982,295 1,207,390,261 1,930,801,862 134,482,901 4,813,657,319

5,000 - 9,999 733,956,619 1,938,208,584 1,450,386,626 100,631,144 4,223,182,974

10,000 or more 779,537,388 12,325,762,166 6,133,411,208 97,258,760 19,335,969,522

TOTAL $3,991,594,391 $16,651,851,684 $10,585,710,597 $479,358,366 $31,708,515,039

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

Claim values and distributions are subject to change as PBGC completes reviews.
46 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-19

PBGC Claims by Industry (1975-2005)

Single-Employer Program

Industry Total Claims Plans

Vested 

Participants

AGRICULTURE, MINING AND CONSTRUCTION $544,205,348 1.7% 201 40,279

MANUFACTURING 16,357,230,724 51.6% 2,241 997,029

 Apparel and Textile Mill Products 954,277,194 3.0% 175 161,155

 Fabricated Metal Products 1,047,818,861 3.3% 513 96,970

 Food and Tobacco Products 241,622,837 0.8% 160 39,129

 Machinery Manufacturing 1,201,574,812 3.8% 246 97,462

 Primary Metals 11,187,231,855 35.3% 308 407,040

 Rubber and Miscellaneous Plastics 349,618,461 1.1% 95 25,932

 Other Manufacturing 1,375,086,704 4.3% 744 169,341

TRANSPORTATION AND PUBLIC UTILITIES 12,681,425,244 40.0% 158 362,085

 Air Transportation 12,089,121,468 38.1% 34 310,051

 Other Transportation and Utilities 592,303,776 1.9% 124 52,034

INFORMATION 27,981,883 0.1% 43 5,618

WHOLESALE TRADE 391,170,782 1.2% 229 41,809

RETAIL TRADE 382,156,748 1.2% 266 111,289

FINANCE, INSURANCE AND REAL ESTATE 790,763,824 2.5% 99 32,474

SERVICES 533,580,485 1.7% 348 93,673

TOTAL $31,708,515,039 100.0% 3,585 1,684,256

Sources: PBGC Fiscal Year Closing File (9/30/05) and PBGC Case Administration System.

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

Industry classifi cations for PBGC claims are now based on the principal business activity codes used in the North American Industry Classifi cation System.Changes from last year’s 

table are due to new claims and the use of the new industrial classifi cation system. 
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 47

Table S-20

PBGC Benefi t Payments, Payees and Deferred Payees (1980-2005)

Single-Employer Program

Fiscal

 Year

PERIODIC PENSION PAYMENTS LUMP SUM PAYMENTS ALL PAYMENTS

Total

(in millions)

Payees

in Year

(in thousands)

Average

Monthly

Payment

Median

Monthly

Payment Total

(in millions)

Payees

in Year

(in thousands)

Average

Payment Total

(in millions)

Payees

in Year

(in thousands)

Deferred

Payees

(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 1,459 343 383 242 79 21 3,757 1,537 362 326

2003 2,401 457 453 275 87 22 4,220 2,488 477 375

2004 2,918 517 475 281 88 21 4,229 3,006 533 424

2005 3,607 683 487 286 78 17 4,633 3,685 698 489

Sources: PBGC Participant System (PRISM), fi scal 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 fi scal year.
48 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-21

PBGC Payees and Benefi t Payments by Date of Plan Termination (2005)

Single-Employer Program

Fiscal Year of 

Plan Termination Payees in 2005 Benefi t Payments in 2005

(in millions)

Average

Monthly

Pension

Median 

Monthly

Pension

Deferred

Payees in 2005

Prior to 1980 9,336 1.3% $13.8 0.4% $114 $88 1,648

1980 to 1984 31,913 4.6% 86.6 2.4% 216 167 4,797

1985 to 1989 45,686 6.5% 169.7 4.6% 297 209 11,805

1990 5,842 0.8% 17.6 0.5% 238 168 3,272

1991 51,059 7.3% 270.8 7.3% 419 314 25,065

1992 15,416 2.2% 63.2 1.7% 325 211 6,963

1993 5,647 0.8% 17.5 0.5% 246 170 4,535

1994 12,312 1.8% 52.4 1.4% 338 232 5,784

1995 7,520 1.1% 29.4 0.8% 313 155 6,022

1996 10,381 1.5% 30.0 0.8% 226 114 7,049

1997 13,243 1.9% 47.4 1.3% 286 205 10,555

1998 4,766 0.7% 15.4 0.4% 266 152 5,504

1999 6,738 1.0% 19.8 0.5% 234 151 17,098

2000 12,128 1.7% 30.5 0.8% 211 110 5,630

2001 48,778 7.0% 313.1 8.5% 525 342 37,077

2002 107,126 15.4% 704.3 19.1% 536 407 68,758

2003 105,458 15.1% 978.4 26.6% 754 548 72,692

2004 56,844 8.1% 327.4 8.9% 541 277 95,994

2005 147,438 21.1% 497.7 13.5% 751 493 98,598

TOTAL 697,631 100.0% $3,684.9 100.0% $487 $286 488,846

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

Due to rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not add up to 100%. 
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 49

Table S-22

PBGC Payees and Benefi t Payments by Size of Trusteed Plan (2005)

Single-Employer Program

Number 

of Plan

Participants Payees Payments

(in millions)

Average

Monthly

Pension Payment

Median 

Monthly

Pension Payment

Less than 100 18,001 2.6% $51.3 1.4% $231 $137

100 - 499 64,865 9.3% 201.7 5.5% 268 164

500 - 999 48,024 6.9% 197.7 5.4% 327 196

1,000 - 4,999 128,739 18.5% 672.5 18.2% 434 250

5,000 - 9,999 81,643 11.7% 454.0 12.3% 587 293

10,000 - 24,999 126,564 18.1% 873.4 23.7% 533 335

25,000 or more 229,795 32.9% 1,234.4 33.5% 623 493

TOTAL 697,631 100.0% $3,684.9 100.0% $487 $286

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

Due to aggregation and rounding of individual items, totals may not equal those in other tables. 
50 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

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

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

Numbers in table include periodic payees only.

Table S-23

Total PBGC Payees and Average Benefi t Payments by Gender and Age (2005)

Single-Employer Program

TOTAL PERIODIC PAYEES MALE FEMALE

Age Payees

Average

Monthly

Pension Payees

Average

Monthly

Pension Payees

Average

Monthly

Pension

Younger than 60 78,199 100.0% $641 50,251 64.3% $787 27,948 35.7% $374

60 - 64 95,470 100.0% 598 65,023 68.1% 719 30,447 31.9% 333

65 - 69 117,742 100.0% 540 79,788 67.8% 664 37,954 32.2% 274

70 - 74 116,975 100.0% 505 75,832 64.8% 648 41,143 35.2% 237

75 - 79 111,240 100.0% 434 65,905 59.2% 588 45,335 40.8% 207

80 - 84 90,868 100.0% 371 47,952 52.8% 529 42,916 47.2% 191

85 and older 72,722 100.0% 306 33,781 46.5% 467 38,941 53.5% 164

TOTAL 683,216 100.0% $487 418,532 61.3% $641 264,684 38.7% $245
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 51

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

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

Numbers in table include periodic payees only.

Table S-24

PBGC Retired Payees and Average Benefi t Payments by Gender and Age (2005)

Single-Employer Program

TOTAL RETIRED PAYEES MALE FEMALE

Age Payees

Average

Monthly

Pension Payees

Average

Monthly

Pension Payees

Average

Monthly

Pension

Younger than 60 70,487 100.0% $677 49,606 70.4% $794 20,881 29.6% $394

60 - 64 87,329 100.0% 630 64,375 73.7% 724 22,954 26.3% 362

65 - 69 105,670 100.0% 576 78,779 74.6% 669 26,891 25.4% 299

70 - 74 101,385 100.0% 551 74,732 73.7% 654 26,653 26.3% 259

75 - 79 92,931 100.0% 484 64,959 69.9% 593 27,972 30.1% 226

80 - 84 72,511 100.0% 420 47,055 64.9% 534 25,456 35.1% 206

85 and older 56,749 100.0% 350 33,199 58.5% 473 23,550 41.5% 174

TOTAL 587,062 100.0% $535 412,705 70.3% $647 174,357 29.7% $270
52 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

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

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

Numbers in table include periodic payees only.

Table S-25

PBGC Benefi ciary Payees and Average Benefi t Payments by Gender and Age (2005)

Single-Employer Program

TOTAL BENEFICIARY PAYEES MALE FEMALE

Age Payees

Average

Monthly

Pension Payees

Average

Monthly

Pension Payees

Average

Monthly

Pension

Younger than 60 7,712 100.0% $314 645 8.4% $286 7,067 91.6% $317

60 - 64 8,141 100.0% 246 648 8.0% 263 7,493 92.0% 244

65 - 69 12,072 100.0% 217 1,009 8.4% 240 11,063 91.6% 215

70 - 74 15,590 100.0% 201 1,100 7.1% 263 14,490 92.9% 196

75 - 79 18,309 100.0% 177 946 5.2% 206 17,363 94.8% 175

80 - 84 18,357 100.0% 172 897 4.9% 225 17,460 95.1% 169

85 and older 15,973 100.0% 149 582 3.6% 123 15,391 96.4% 150

TOTAL 96,154 100.0% $197 5,827 6.1% $233 90,327 93.9% $195
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 53

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

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

Numbers in table include periodic payees only.

Table S-26

Total PBGC Payees and Benefi t Payments by Size of Monthly Payment (2005)

Single-Employer Program

Monthly Payment Total Payees Total Pension Payments

Less than $50 40,560 5.9% $14,417,634 0.4%

$50 - $99 98,693 14.4% 84,717,819 2.3%

$100 - $149 80,508 11.8% 109,582,175 3.0%

$150 - $199 52,067 7.6% 99,534,057 2.8%

$200 - $249 44,116 6.5% 108,752,144 3.0%

$250 - $299 34,888 5.1% 105,499,999 2.9%

$300 - $349 31,764 4.6% 113,865,673 3.2%

$350 - $399 26,038 3.8% 108,157,769 3.0%

$400 - $449 25,148 3.7% 118,489,216 3.3%

$450 - $499 21,992 3.2% 116,063,070 3.2%

$500 - $549 21,914 3.2% 128,409,630 3.6%

$550 - $599 20,365 3.0% 130,455,622 3.6%

$600 - $749 47,568 7.0% 354,468,712 9.8%

$750 - $999 45,873 6.7% 438,529,503 12.2%

$1,000 - $1,499 52,307 7.7% 697,275,433 19.3%

$1,500 - $1,999 22,052 3.2% 404,128,519 11.2%

$2,000 - $2,499 9,329 1.4% 210,543,808 5.8%

$2,500 or more 8,034 1.2% 263,929,582 7.3%

TOTAL 683,216 100.0% $3,606,820,366 100.0%
54 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

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

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

Numbers in table include periodic payees only.

Table S-27

PBGC Retired Payees and Benefi t Payments by Size of Monthly Payment (2005)

Single-Employer Program

Monthly Payment Retired Payees Total Pension Payments

Less than $50 33,661 5.7% $12,083,372 0.4%

$50 - $99 65,975 11.2% 55,813,790 1.6%

$100 - $149 62,878 10.7% 86,529,948 2.5%

$150 - $199 41,759 7.1% 80,148,154 2.4%

$200 - $249 36,441 6.2% 89,894,070 2.6%

$250 - $299 29,503 5.0% 89,352,847 2.6%

$300 - $349 28,157 4.8% 101,004,357 3.0%

$350 - $399 23,603 4.0% 98,180,391 2.9%

$400 - $449 23,324 4.0% 109,983,602 3.2%

$450 - $499 20,603 3.5% 108,796,896 3.2%

$500 - $549 20,704 3.5% 121,458,960 3.6%

$550 - $599 19,487 3.3% 124,914,616 3.7%

$600 - $749 46,097 7.9% 344,107,511 10.1%

$750 - $999 44,811 7.6% 428,951,812 12.6%

$1,000 - $1,499 51,250 8.7% 684,404,347 20.1%

$1,500 - $1,999 21,691 3.7% 397,917,426 11.7%

$2,000 - $2,499 9,203 1.6% 207,759,879 6.1%

$2,500 or more 7,915 1.3% 260,210,879 7.6%

TOTAL 587,062 100.0% $3,401,512,858 100.0%
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 55

Table S-28

PBGC Benefi ciary Payees and Benefi t Payments by Size of Monthly Payment (2005)

Single-Employer Program

Monthly Payment Benefi ciary Payees Total Pension Payments

Less than $50 6,899 7.2% $2,334,262 1.1%

$50 - $99 32,718 34.0% 28,904,029 14.1%

$100 - $149 17,630 18.3% 23,052,227 11.2%

$150 - $199 10,308 10.7% 19,385,903 9.4%

$200 - $249 7,675 8.0% 18,858,074 9.2%

$250 - $299 5,385 5.6% 16,147,152 7.9%

$300 - $349 3,607 3.8% 12,861,316 6.3%

$350 - $399 2,435 2.5% 9,977,378 4.9%

$400 - $449 1,824 1.9% 8,505,614 4.1%

$450 - $499 1,389 1.4% 7,266,174 3.5%

$500 - $549 1,210 1.3% 6,950,670 3.4%

$550 - $599 878 0.9% 5,541,006 2.7%

$600 - $749 1,471 1.5% 10,361,201 5.0%

$750 - $999 1,062 1.1% 9,577,691 4.7%

$1,000 - $1,499 1,057 1.1% 12,871,086 6.3%

$1,500 - $1,999 361 0.4% 6,211,093 3.0%

$2,000 - $2,499 126 0.1% 2,783,929 1.4%

$2,500 or more 119 0.1% 3,718,703 1.8%

TOTAL 96,154 100.0% $205,307,508 100.0%

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

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

Numbers in table include periodic payees only. 
56 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-29

PBGC Payees and Benefi t Payments by Industry (2005)

Single-Employer Program

Industry Payees Benefi t Payments

Mean

Monthly

Pension

Median

Monthly

Pension

AGRICULTURE, MINING AND CONSTRUCTION 16,185 2.3% $76,941,496 2.1% $484 $292

MANUFACTURING 501,101 71.8% 2,435,819,356 66.1% 487 288

 Apparel and Textile Mill Products 58,485 8.4% 115,244,525 3.1% 194 101

 Fabricated Metal Products 37,659 5.4% 114,655,657 3.1% 312 218

 Food and Tobacco Products 13,695 2.0% 29,615,804 0.8% 211 165

 Machinery and Computer Equipment 53,479 7.7% 216,821,191 5.9% 389 224

 Motor Vehicle Equipment 12,138 1.7% 30,155,124 0.8% 255 186

 Primary Metals 269,301 38.6% 1,758,355,038 47.7% 654 503

 Rubber and Miscellaneous Plastics 9,891 1.4% 26,038,848 0.7% 279 212

 Other Manufacturing 46,453 6.7% 144,933,169 3.9% 285 175

TRANSPORTATION AND PUBLIC UTILITIES 107,608 15.4% 973,262,097 26.4% 611 389

 Air Transportation 93,751 13.4% 925,318,004 25.1% 649 422

 Other Transportation 13,857 2.0% 47,944,095 1.3% 352 169

 Public Utilities 66 * 99,320 * 160 144

INFORMATION 2,346 0.3% 5,186,425 0.1% 217 139

WHOLESALE TRADE 12,122 1.7% 40,251,968 1.1% 332 194

RETAIL TRADE 28,832 4.1% 53,676,946 1.5% 192 124

FINANCE, INSURANCE AND REAL ESTATE 11,567 1.7% 51,012,796 1.4% 598 356

SERVICES 17,535 2.5% 48,209,582 1.3% 257 143

 Health Care 8,484 1.2% 25,658,826 0.7% 270 181

 Other Services 9,051 1.3% 22,550,755 0.6% 243 109

NON-PROFIT ORGANIZATIONS 335 * 575,111 * 163 88

TOTAL 697,631 100.0% $3,684,935,777 100.0% $487 $286

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

Due to aggregation and roun

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

*Less than 0.05 of one percent. 
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 57

Table S-30

PBGC-Insured Plan Participants (1980-2005)

Single-Employer Program

Year

 Total

Insured

Participants

(in thousands)

In Plans with

10,000+

Participants

(in thousands)

In Plans with

5,000 - 9,999

Participants

(in thousands)

In Plans with

1,000 - 4,999

Participants

(in thousands)

In Plans with

250 - 999

Participants

(in thousands)

In Plans with

100 - 249

Participants

(in thousands)

In Plans with

25 - 99

Participants

(in thousands)

In Plans with

<25

Participants

(in thousands)

1980 27,518 12,044 2,833 5,779 3,852 1,436 1,064 513

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

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 34,407 21,947 3,609 5,682 2,164 593 310 100

2004 34,523 22,378 3,603 5,491 2,083 565 304 100

2005 34,221 22,297 3,611 5,380 2,007 541 291 95

Source: PBGC Premium Filings, various years.

2005 fi gures are estimates from PBGC internal calculations. 2004 estimates reported last year have been updated to refl ect actual premium fi lings.

Due to rounding of individual items, numbers may not add exactly across columns. 
58 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-31

PBGC-Insured Plans (1980-2005)

Single-Employer Program

Year

Total

Insured

Plans

Insured 

Plans with 

10,000+

Participants

Insured 

Plans with 

5,000 - 9,999

Participants

Insured 

Plans with

1,000 - 4,999

Participants

Insured 

Plans with

250 - 999

Participants

Insured 

Plans with

100 - 249

Participants

Insured 

Plans with

25 - 99

Participants

Insured 

Plans with

<25

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

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 30,611 621 514 2,569 4,238 3,662 5,705 13,302

2004 30,148 627 510 2,478 4,083 3,483 5,616 13,351

2005 28,769 618 510 2,407 3,915 3,322 5,369 12,628

Source: PBGC Premium Filings, various years.

2005 fi gures are estimates from PBGC internal calculations. 2004 estimates reported last year have been updated to refl ect actual premium fi lings. 
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 59

Source: Internal Revenue Service Form 5500

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

2003 fi gures are estimates from PBGC internal calculations. 2002 fi gures reported last year have been updated to reflect actual Form 5500 fi lings. 

Table S-32

PBGC-Insured Plan Participants by Participant Status (1980-2003)

Single-Employer Program

 Year

 Active

Participants

Retired

Participants

Separated Vested

Participants

1980 77.6% 16.0% 6.4%

1985 72.2% 18.7% 9.1%

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 51.3% 24.6% 24.1%

2002 49.8% 25.2% 25.0%

2003 48.5% 25.7% 25.9%
60 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Sources: PBGC Pension Insurance Data Book 2005 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 

(1980-2003)

 Year

Private-Sector 

Wage and Salary Workers

(in thousands)

PERCENTAGE OF PRIVATE-SECTOR WAGE AND SALARY WORKERS

Single-Employer

Active Participants

Multiemployer

Active Participants

Total PBGC-Insured

Active Participants

1980 78,349 27.3% 7.7% 35.0%

1985 88,293 24.4% 6.1% 30.5%

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 113,458 15.5% 4.2% 19.8%

2002 113,711 15.0% 4.1% 19.1%

2003 114,924 14.5% 4.0% 18.5%
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 61

Table S-34

PBGC-Insured Hybrid Plans by Plan Size (2001-2004)

Single-Employer Program

Beginning

of Year

TOTAL INSURED PLANS

INSURED PLANS WITH

5,000 OR MORE PARTICIPANTS

INSURED PLANS WITH 

1,000 - 4,999 PARTICIPANTS

INSURED PLANS WITH

LESS THAN 1,000 PARTICIPANTS

Total

Plans

Hybrid

Plans

Percent

Hybrid

Total

Plans

Hybrid

Plans

Percent

Hybrid

Total

Plans

Hybrid

Plans

Percent

Hybrid

Total

Plans

Hybrid

Plans

Percent

Hybrid

2001 32,954 1,227 3.7% 1,166 256 22.0% 2,787 290 10.4% 29,001 681 2.3%

2002 31,229 1,308 4.2% 1,137 263 23.1% 2,671 310 11.6% 27,421 735 2.7%

2003 30,611 1,541 5.0% 1,135 303 26.7% 2,569 326 12.7% 26,907 912 3.4%

2004 30,148 1,794 6.0% 1,137 346 30.5% 2,478 333 13.4% 26,533 1,115 4.2%

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

Hybrid plans incorporate elements of both defi ned benefit and defined contribution plans but are treated as defi ned benefi t plans. They often 

 express benefi ts in terms of an account balance. The two most common types of hybrid plans are Cash Balance Plans and Pension Equity Plans.

2004 fi gures are estimates from PBGC internal calculations. 2003 fi gures reported last year have been updated to reflect actual Form 5500 fi lings.
62 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-35

PBGC-Insured Hybrid Plan Participants by Plan Size (2001-2004)

Single-Employer Program

Beginning

of Year

TOTAL INSURED PLANS

INSURED PLANS WITH 

5,000 OR MORE PARTICIPANTS

INSURED PLANS WITH

1,000 - 4,999 PARTICIPANTS

INSURED PLANS WITH

LESS THAN 1,000 PARTICIPANTS 

Total

Participants

(in thousands)

Participants

in Hybrid

Plans

(in thousands)

% in

Hybrid

Plans

Total

Participants

(in thousands)

Participants

in Hybrid

Plans

(in thousands)

% in

Hybrid

Plans

Total

Participants

(in thousands)

Participants

in Hybrid

Plans

(in thousands)

% in

Hybrid

Plans

Total

Participants

(in thousands)

Participants

in Hybrid

Plans

(in thousands)

% in

Hybrid

Plans

2001 34,342 7,034 20.5% 24,761 6,180 25.0% 6,045 698 11.5% 3,536 156 4.4%

2002 34,248 7,915 23.1% 25,110 6,999 27.9% 5,846 763 13.1% 3,292 153 4.6%

2003 34,407 8,475 24.6% 25,556 7,530 29.5% 5,682 789 13.9% 3,168 156 4.9%

2004 34,523 10,019 29.0% 25,981 9,016 34.7% 5,491 827 15.1% 3,051 176 5.8%

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

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

 express benefi ts in terms of an account balance. The two most common types of hybrid plans are Cash Balance Plans and Pension Equity Plans.

Because most hybrid plans converted from traditional defi ned benefi t plans, not all participants will receive benefi ts based on the hybrid plan design.

2004 fi gures are estimates from PBGC internal calculations. 2003 fi gures reported last year have been updated to refl ect actual Form 5500 fi lings.
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 63

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 indicated subtotals.

Industry classifi cations are based on principal business activity codes used in the North American Industry Classification System. 

Table S-36

PBGC-Insured Plans, Participants and Premiums by Industry (2004)

Single-Employer Program

Industry Insured Plans Insured Participants

(in thousands)

Premiums

AGRICULTURE, MINING AND CONSTRUCTION 2,509 8.3% 708 2.1% $31,484,563 2.2%

MANUFACTURING 8,381 27.8% 16,323 47.3% 658,660,634 45.2%

 Chemical and Allied Products 742 2.5% 1,957 5.7% 80,311,074 5.5%

 Fabricated Metal Products 1,463 4.9% 744 2.2% 31,018,140 2.1%

 Food and Tobacco Products 756 2.5% 1,183 3.4% 46,365,870 3.2%

 Machinery and Computer Equipment 793 2.6% 937 2.7% 47,757,604 3.3%

 Motor Vehicle Equipment 387 1.3% 2,051 5.9% 67,358,231 4.6%

 Paper Manufacturing 315 1.0% 763 2.2% 34,388,411 2.4%

 Primary Metals 515 1.7% 790 2.3% 52,063,028 3.6%

 Rubber and Miscellaneous Plastics 421 1.4% 393 1.1% 29,525,287 2.0%

 Other Manufacturing 2,989 9.9% 7,505 21.7% 269,809,989 18.5%

TRANSPORTATION AND PUBLIC UTILITIES 1,086 3.6% 2,554 7.4% 234,855,442 16.1%

 Air Transportation 71 0.2% 790 2.3% 150,915,030 10.4%

 Other Transportation 610 2.0% 648 1.9% 22,896,117 1.6%

 Public Utilities 405 1.3% 1,116 3.2% 61,044,295 4.2%

INFORMATION 787 2.6% 2,617 7.6% 82,109,460 5.6%

WHOLESALE TRADE 2,230 7.4% 722 2.1% 24,737,193 1.7%

RETAIL TRADE 1,548 5.1% 2,027 5.9% 61,740,297 4.2%

FINANCE, INSURANCE AND REAL ESTATE 5,257 17.4% 4,376 12.7% 123,360,311 8.5%

SERVICES 7,206 23.9% 4,925 14.3% 225,665,355 15.5%

 Health Care 1,874 6.2% 2,710 7.8% 124,053,708 8.5%

 Other Services 5,332 17.7% 2,215 6.4% 101,611,647 7.0%

NON-PROFIT ORGANIZATIONS 1,144 3.8% 271 0.8% 15,386,745 1.1%

TOTAL 30,148 100.0% 34,523 100.0% $1,458,000,000 100.0%
64 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-37

PBGC’s Historic Premium Rates

Single-Employer Program

 For Plan Years

Beginning

Flat-Rate

Premium

(per participant)

Variable-Rate

Premium*

Premium Rate for

Certain Terminated Plans

(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 benefi ts

(Maximum of $34 per participant) ---

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

(Maximum of $53 per participant) ---

July 1, 1994 - June 30, 1995 19.00

$9 per $1,000 of unfunded vested benefi ts 

 (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 benefi ts 

 (Maximum of $53 per participant plus 

 60% of uncapped variable premium 

in excess of $53 per participant)

---

July 1, 1996 - December 31, 2005 19.00 $9 per $1,000 of unfunded vested benefi ts 

(No maximum) ---

On or after January 1, 2006 30.00** $9 per $1,000 of unfunded vested benefi ts 

(No maximum) ---

January 1, 2006 - December 31, 2010 --- --- $1,250 per year for 3 years***

* Only vested liabilities are used when determining underfunding for variable-rate premium payment purposes. These vested liabilities generally have been calculated using a specifi ed percentage of the 30-

year Treasury bond rate for the month preceding the month in which the plan year begins. The specifi ed 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. From January 2004 through December 

2005, the vested liabilities were calculated using an interest rate equal to 85 percent of the Composite Corporate Bond Rate, as reported by the U.S. Department of the Treasury. Starting in January 2006, 

vested liabilities were again calculated using 85 percent of the 30-year Treasury bond rate.

** This amount will be adjusted annually after 2006 based on changes in the national average wage index (as defi ned in section 209(k)(1) of the Social Security Act). However, the premium rate will not 

decline even if the national average wage index declines. The adjusted premium rate will be rounded to the nearest multiple of $1. 

*** Applies to underfunded plans that undergo distress or involuntary terminations during the indicated period. Does not apply to underfunded plans terminated while the sponsor is in bankruptcy proceedings 

if the bankruptcy fi ling date was before October 18, 2005. 
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 65

Table S-38

PBGC Premium Revenue (1980-2005)

Single-Employer Program

Year

Flat-Rate

Premium

(in millions)

Variable-Rate

Premium

(in millions)

Total

Premium

(in millions)

1980 $71.2 100.0% --- --- $71.2

1985 81.7 100.0% --- --- 81.7

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 647.0 68.2% 301.0 31.8% 948.0

2004 654.0 44.9% 804.0 55.1% 1,458.0

2005 664.0 45.8% 787.0 54.2% 1,451.0

Source: PBGC Premium Filings.
66 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-39

PBGC Premium Revenue by Size of Plan and Type of Premium (2004)

Single-Employer Program

Number of Plan

Participants

 Flat-Rate

 Premium

Variable-Rate

Premium

Total

Premium

Less than 100 $7,604,729 1.2% $23,944,861 3.0% $31,549,590 2.2%

100 - 499 26,017,684 4.0% 52,935,951 6.6% 78,953,635 5.4%

500 - 999 23,405,265 3.6% 44,534,581 5.5% 67,939,846 4.7%

1,000 - 2,499 49,758,329 7.6% 84,201,931 10.5% 133,960,261 9.2%

2,500 - 4,999 53,348,441 8.2% 71,384,872 8.9% 124,733,313 8.6%

5,000 - 9,999 69,803,257 10.7% 95,812,990 11.9% 165,616,247 11.4%

10,000 or more 424,062,294 64.8% 431,184,813 53.6% 855,247,107 58.7%

TOTAL $654,000,000 100.0% $804,000,000 100.0% $1,458,000,000 100.0%

PERCENT OF TOTAL 45% 55% 100%

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 of Total” represents proportions of Flat-Rate and Variable-Rate Premiums, respectively, of Total Premiums.
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 67

Table S-40

PBGC-Insured Plans and Participants by Total Premium Paid (2004)

Single-Employer Program

Total Premium

Per Participant Plans

Percent 

of Variable-Rate 

Premium-Paying

Plans

Percent 

of All

Plans Participants

Percent of 

Participants

in Variable-Rate

Premium-Paying 

Plans

Percent 

of All

Participants

$19 (NO VARIABLE-RATE PREMIUM PAID) 15,062 --- 50.0% 23,096,471 --- 66.9%

TOTAL VARIABLE-RATE PREMIUM PAYERS 15,086 100.0% 50.0% 11,426,599 100.0% 33.1%

 $19.01 - $28.99 825 5.5% 2.7% 609,249 5.3% 1.8%

 $29.00 - $38.99 976 6.5% 3.2% 718,946 6.3% 2.1%

 $39.00 - $48.99 1,122 7.4% 3.7% 1,020,439 8.9% 3.0%

 $49.00 - $58.99 1,098 7.3% 3.6% 1,009,112 8.8% 2.9%

 $59.00 - $68.99 1,047 6.9% 3.5% 1,190,384 10.4% 3.4%

 $69.00 - $78.99 963 6.4% 3.2% 871,418 7.6% 2.5%

 $79.00 - $88.99 911 6.0% 3.0% 941,660 8.2% 2.7%

 $89.00 - $98.99 817 5.4% 2.7% 785,815 6.9% 2.3%

 $99.00 - $108.99 661 4.4% 2.2% 585,670 5.1% 1.7%

 $109.00 - $118.99 587 3.9% 1.9% 578,318 5.1% 1.7%

 $119.00 - $168.99 1,951 12.9% 6.5% 1,560,047 13.7% 4.5%

 $169.00 - $218.99 1,087 7.2% 3.6% 561,688 4.9% 1.6%

 $219.00 - $268.99 648 4.3% 2.1% 629,027 5.5% 1.8%

 $269.00 - $318.99 429 2.8% 1.4% 155,459 1.4% 0.5%

 $319 or more 1,964 13.0% 6.5% 209,367 1.8% 0.6%

 TOTAL ALL PLANS 30,148 --- 100.0% 34,523,070 --- 100.0%

Source: PBGC Premium Filings.

Due to rounding of individual items, percentages may not add up to 100%. 
68 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Source: PBGC Premium Filings. 

* Interest rates for valuing vested benefi ts for PBGC Variable-Rate Premium for plans with premium payment years beginning in January of the respective year. 

 

Table S-41

PBGC-Insured Plans and Participants by Variable-Rate Premium Status (1992-2004)

Single-Employer Program

Beginning

of Year

Plans Paying

Variable-Rate

Premium

Plans Paying 

Flat-Rate 

Premium Only

Participants in

Plans Paying 

Variable-Rate

Premium

Participants in

Plans Paying

Flat-Rate

Premium Only

Variable-Rate

Premium

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%

2003 45.1% 54.9% 17.2% 82.8% 4.92%

2004 50.0% 50.0% 33.1% 66.9% 4.94%
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 69

Table S-42

Funding of PBGC-Insured Plans (1980-2003)

Single-Employer Program

Beginning

of Year Assets

(in millions)

Liabilities*

(in millions)

Funding

Ratio Underfunding

(in millions)

Overfunding

(in millions)

PBGC 

Rate

1980 $259,810 $212,072 123% $20,156 $67,894 8.50%

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

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 1,714,534 1,374,416 125% 38,564 378,682 6.40%

2002 1,444,777 1,435,558 101% 142,573 151,793 5.70%

2003 1,359,901 1,624,499 84% 312,634 48,036 5.00%

Source: Internal Revenue Service Form 5500

Estimates for 2002 reported last year have been updated. 

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

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

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2003. 
70 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

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 2002 reported last year have been updated. 

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

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

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2003. 

Table S-43

Funding of Underfunded PBGC-Insured Plans (1980-2003)

Single-Employer Program

Beginning

of Year Assets

(in millions)

Liabilities*

(in millions)

Underfunding

(in millions)

Funding 

Ratio

PBGC 

Rate

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

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

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 308,514 347,078 38,564 89% 6.40%

2002 778,351 920,925 142,573 85% 5.70%

2003 1,074,626 1,387,260 312,634 77% 5.00%
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 71

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 2002 reported last year have been updated.

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

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

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2003. 

Table S-44

Funding of Overfunded PBGC-Insured Plans (1980-2003)

Single-Employer Program

Beginning

of Year

Assets

(in millions)

Liabilities*

(in millions)

Overfunding

(in millions)

Funding 

Ratio

PBGC 

Rate

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

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

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 1,132,674 876,969 256,005 129% 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 1,406,020 1,027,338 378,682 137% 6.40%

2002 666,426 514,633 151,793 129% 5.70%

2003 285,275 237,239 48,036 120% 5.00%
72 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

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 2002 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%. 

Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, refl ects 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 1993-2003. 

Table S-45

Concentration of Underfunding in PBGC-Insured Plans (1990-2003)

Single-Employer Program

Beginning

of Year

Total

Underfunding

(in millions)

10 Plans With the Highest

Underfunding

(in millions)

Next 40 Plans’

Underfunding

(in millions)

All Other Plans’

Underfunding

(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 38,564 12,776 33.1% 7,254 18.8% 18,534 48.1%

2002 142,573 33,691 23.6% 25,933 18.2% 82,949 58.2%

2003 312,634 35,121 11.2% 60,912 19.5% 216,602 69.3%
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 73

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%.

*Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, refl ects the cost to purchase an annuity at the beginning of 2003. 

 

Table S-46

Plans, Participants and Funding of PBGC-Insured Plans by Funding Ratio (2003)

Single-Employer Program

Funding Ratio Plans Participants

(in thousands)

Total Liabilities*

(in millions)

Underfunding

(in millions)

Overfunding

(in millions)

Less than 40% 812 2.7% 67 0.2% $1,938 0.1% $1,328 0.4% --- ---

 40% - 49% 1,198 3.9% 497 1.4% 21,161 1.3% 11,471 3.7% --- ---

 50% - 59% 3,099 10.1% 2,935 8.5% 104,905 6.5% 45,210 14.5% --- ---

 60% - 69% 5,173 16.9% 6,759 19.6% 259,290 16.0% 88,874 28.4% --- ---

 70% - 79% 4,992 16.3% 8,273 24.0% 380,778 23.4% 95,283 30.5% --- ---

 80% - 89% 4,206 13.7% 7,357 21.4% 361,976 22.3% 57,268 18.3% --- ---

 90% - 99% 2,753 9.0% 4,241 12.3% 257,213 15.8% 13,201 4.2% --- ---

100% - 109% 3,850 12.6% 2,132 6.2% 109,487 6.7% --- --- $6,153 12.8%

110% - 119% 1,103 3.6% 959 2.8% 58,347 3.6% --- --- 9,208 19.2%

120% - 129% 643 2.1% 393 1.1% 24,075 1.5% --- --- 6,206 12.9%

130% - 139% 459 1.5% 357 1.0% 22,595 1.4% --- --- 7,843 16.3%

140% - 149% 283 0.9% 55 0.2% 2,841 0.2% --- --- 1,223 2.5%

150% or more 2,040 6.7% 383 1.1% 19,895 1.2% --- --- 17,402 36.2%

TOTAL 30,611 100.0% 34,407 100.0% $1,625,499 100.0% $312,634 100.0% $48,036 100.0%

UNDERFUNDED 22,233 72.6% 30,129 87.6% $1,387,260 85.4% $312,634 100.0% --- ---

OVERFUNDED 8,378 27.4% 4,279 12.4% $237,239 14.6% --- --- $48,306 100.0%
74 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Defi nitions: 

(A) Underfunding calculated from Internal Revenue Service Form 5500 Series Filings for single-employer plans. Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality 

 table, refl ects 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 1993-2005. Vested liabilities are used as a 

 proxy for PBGC-guaranteed benefi ts.

(B) Underfunding data from PBGC premium fi lings used to calculate the Variable-Rate Premium. Underfunding is based on vested benefi ts. Numbers reported last year have been revised.

(C) Data from fi lings made under Section 4010 of ERISA, which requires that companies annually provide PBGC with information on their underfunded plans if the fi rm’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. Underfunding is based on an estimate of vested 

 benefi ts.

(D) Underfunding for plan sponsors with less than investment-grade bond ratings. Underfunding is based on estimated vested benefi ts.

(E) Estimated total liabilities are based on all plan liabilities, whether vested or not. 

Only (A) and (E) represent the universe of PBGC-insured plans. Plans included in the column (B), (C) and (D) totals may vary from year to year. 

 

Table S-47

Various Measures of Underfunding in PBGC-Insured Plans (1991-2005)

Single-Employer Program

Beginning

of Year

(A)

Form

5500

Filings

(in billions)

(B)

VariableRate

Premium

(in billions)

(C)

Section

4010

Filings

(in billions)

(D)

Reasonably

Possible

(in billions)

(E)

Total in

PBGC-Insured

Plans

(in billions)

1991 $34.48 $22.22 --- $13.00 $55.0

1992 47.53 31.67 --- 12.36 74.0

1993 59.62 31.67 --- 13.06 84.2

1994 75.57 34.11 --- 18.23 109.3

1995 37.28 27.89 --- 14.56 61.7

1996 83.07 60.67 $38.10 22.47 94.5

1997 47.91 46.78 28.70 20.73 99.6

1998 49.24 36.00 25.20 15.38 87.8

1999 54.24 32.33 34.90 17.50 104.7

2000 6.57 16.22 7.37 3.79 22.8

2001 38.56 16.33 19.46 9.54 39.4

2002 142.57 14.78 95.57 34.10 163.9

2003 312.63 33.44 273.37 83.92 419.7

2004 --- 89.33 283.34 95.67 452.1

2005 --- 87.44 289.64 108.04 431.8
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 75

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

Due to rounding of individual items, percentages may not add up to subtotals within categories. 

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

* Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, refl ects the cost to purchase an annuity at the beginning of 2003.

Table S-48

Funding of PBGC-Insured Plans by Industry (2003)

Single-Employer Program

Industry

Average

Funding Ratio Total Liabilities*

 (in millions)

Underfunding

(in millions)

Overfunding

(in millions)

AGRICULTURE, MINING AND CONSTRUCTION 79% $23,104 1.4% $5,371 1.7% $491 1.0%

MANUFACTURING 84% 872,500 53.7% 159,235 50.9% 19,624 40.9%

 Chemical and Allied Products 80% 96,415 5.9% 19,873 6.4% 733 1.5%

 Computer and Electronic Products 95% 99,543 6.1% 12,959 4.1% 8,098 16.9%

 Electrical Equipment 94% 68,908 4.2% 7,461 2.4% 3,105 6.5%

 Fabricated Metal Products 75% 24,094 1.5% 6,188 2.0% 227 0.5%

 Food and Tobacco Products 81% 46,062 2.8% 9,312 3.0% 384 0.8%

 Machinery Manufacturing 81% 42,455 2.6% 8,723 2.8% 552 1.1%

 Motor Vehicle Equipment 85% 174,999 10.8% 25,954 8.3% 31 0.1%

 Paper Manufacturing 81% 30,333 1.9% 6,660 2.1% 949 2.0%

 Petroleum and Coal Products 78% 34,657 2.1% 8,064 2.6% 444 0.9%

 Primary Metals 76% 35,975 2.2% 9,639 3.1% 835 1.7%

 Other Manufacturing 82% 219,059 13.5% 44,402 14.2% 4,266 8.9%

TRANSPORTATION AND PUBLIC UTILITIES 77% 178,449 11.0% 44,904 14.4% 4,080 8.5%

 Air Transportation 60% 59,151 3.6% 23,582 7.5% 38 0.1%

 Other Transportation 82% 19,862 1.2% 4,085 1.3% 583 1.2%

 Public Utilities 86% 99,436 6.1% 17,237 5.5% 3,459 7.2%

INFORMATION 97% 141,702 8.7% 17,676 5.7% 13,313 27.7%

WHOLESALE TRADE 81% 22,896 1.4% 4,728 1.5% 472 1.0%

RETAIL TRADE 71% 32,459 2.0% 9,645 3.1% 371 0.8%

FINANCE, INSURANCE AND REAL ESTATE 87% 153,771 9.5% 26,208 8.4% 5,771 12.0%

SERVICES 79% 182,929 11.3% 41,688 13.3% 3,462 7.2%

 Health Care 74% 66,403 4.1% 17,809 5.7% 417 0.9%

 Other Services 82% 116,526 7.2% 23,879 7.6% 3,044 6.3%

NON-PROFIT ORGANIZATIONS 84% 16,689 1.0% 3,180 1.0% 451 0.9%

TOTAL 84% $1,624,499 100.0% $312,634 100.0% $48,036 100.0%
76 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-49

Pension Funding Data for PBGC-Insured Plans by Region and State (2003)

Single-Employer Program

REGION/STATE

OVERFUNDED UNDERFUNDED TOTAL

Assets

(in millions)

Liabilities*

(in millions)

Overfunding

(in millions)

Assets

(in millions)

Liabilities*

(in millions)

Underfunding

(in millions)

Assets

(in millions)

Liabilities*

(in millions)

NEW ENGLAND $47,994 $43,705 $4,289 $82,718 $107,800 $25,083 $130,712 $151,505

 Connecticut 42,049 38,380 3,669 46,084 60,973 14,889 88,133 99,353

 Maine 97 58 40 1,397 1,852 455 1,494 1,910

 Massachusetts 5,015 4,496 519 25,530 33,521 7,991 30,545 38,017

 New Hampshire 57 48 9 1,429 1,934 504 1,487 1,981

 Rhode Island 756 706 50 7,742 8,765 1,022 8,498 9,471

 Vermont 20 16 3 535 756 222 554 773

MID-ATLANTIC 111,151 86,873 24,278 338,202 430,521 92,319 449,354 517,395

 Delaware 470 397 74 15,589 18,961 3,372 16,059 19,358

 District of Columbia 3,547 2,114 1,433 10,993 13,635 2,642 14,539 15,749

 Maryland 1,438 1,111 326 26,898 34,569 7,670 28,336 35,680

 New Jersey 60,748 49,149 11,599 64,460 82,014 17,554 125,208 131,163

 New York 11,488 9,438 2,050 118,941 148,892 29,952 130,429 158,330

 Pennsylvania 25,610 18,010 7,601 77,405 99,474 22,068 103,016 117,483

 Virginia 7,812 6,623 1,189 22,532 30,618 8,085 30,344 37,241

 West Virginia 38 32 6 1,384 2,359 975 1,422 2,391

SOUTHEAST 35,471 30,327 5,145 92,129 124,671 32,541 127,601 154,997

 Alabama 292 222 70 3,620 4,671 1,050 3,912 4,839

 Arkansas 71 64 7 1,481 1,869 388 1,552 1,932

 Florida 3,639 2,431 1,208 8,853 11,845 2,992 12,493 14,277

 Georgia 25,057 21,727 3,330 22,296 32,269 9,973 47,353 53,995

 Kentucky 425 372 53 5,511 8,013 2,502 5,936 8,384

 Louisiana 197 161 36 4,664 6,360 1,696 4,860 6,521

 Mississippi 216 196 20 802 1,063 260 1,018 1,259

 North Carolina 2,286 2,035 252 27,758 35,873 8,115 30,045 37,907

 South Carolina 770 700 70 5,115 6,760 1,645 5,886 7,461

 Tennessee 2,518 2,420 98 12,029 15,949 3,920 14,547 18,368

GREAT LAKES 34,509 28,878 5,631 364,687 466,960 102,273 399,196 495,838

 Illinois 11,991 9,758 2,233 100,024 133,271 33,247 112,015 143,029

Indiana 528 398 131 12,300 16,262 3,962 12,828 16,659

 Michigan 4,177 3,737 440 164,808 196,417 31,609 168,985 200,154

 Minnesota 6,283 5,576 707 24,781 34,632 9,852 31,064 40,208

 Ohio 10,097 8,368 1,730 45,122 63,250 18,128 55,219 71,617

 Wisconsin 1,432 1,043 390 17,653 23,127 5,475 19,085 24,170
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 77

Table S-49 (continued)

Pension Funding Data for PBGC-Insured Plans by Region and State (2003)

Single-Employer Program

REGION/STATE

OVERFUNDED UNDERFUNDED TOTAL

Assets

(in millions)

Liabilities*

(in millions)

Overfunding

(in millions)

Assets

(in millions)

Liabilities*

(in millions)

Underfunding

(in millions)

Assets

(in millions)

Liabilities*

(in millions)

MIDWEST $3,202 $2,718 $484 $30,458 $41,570 $11,111 $33,661 $44,288

 Iowa 821 755 66 5,124 7,256 2,132 5,945 8,011

 Kansas 640 553 86 5,873 8,035 2,161 6,513 8,588

 Missouri 1,598 1,298 300 14,467 19,797 5,330 16,065 21,095

 Nebraska 74 45 29 4,513 5,898 1,385 4,587 5,943

 North Dakota 63 61 3 329 418 88 393 479

 South Dakota 6 6 1 152 166 14 158 171

SOUTHWEST 23,351 19,558 3,793 66,916 89,728 22,812 90,267 109,286

 Arizona 123 81 41 3,536 4,691 1,155 3,659 4,772

 New Mexico 2,651 2,523 129 556 760 204 3,208 3,283

 Oklahoma 1,146 1,053 93 5,275 7,341 2,066 6,421 8,394

 Texas 19,430 15,901 3,530 57,549 76,937 19,387 76,980 92,838

ROCKY MOUNTAIN 1,125 1,007 117 20,018 25,079 5,061 21,143 26,087

 Colorado 586 535 51 12,650 15,191 2,541 13,236 15,726

 Idaho 359 332 27 1,917 3,036 1,119 2,276 3,368

 Montana 14 11 3 311 477 166 325 488

 Nevada 80 66 15 1,111 1,421 310 1,191 1,487

 Utah 82 61 21 3,980 4,888 908 4,062 4,949

 Wyoming 4 2 1 49 66 17 53 69

PACIFIC 27,948 23,696 4,252 78,006 98,605 20,599 105,954 122,301

 Alaska 3 2 1 240 325 86 242 327

 California 18,815 17,554 1,261 48,457 62,672 14,216 67,272 80,227

 Hawaii 81 61 20 2,037 2,758 721 2,118 2,819

 Oregon 457 418 39 4,629 6,314 1,686 5,085 6,732

 Washington 8,592 5,660 2,932 22,644 26,535 3,891 31,237 32,196

U.S. TERRITORIES 508 464 44 1,270 2,043 773 1,778 2,507

 Puerto Rico 508 463 44 1,244 1,993 749 1,751 2,456

 Virgin Islands --- --- --- 24 47 23 24 47

 Other 1 1 ** 2 2 1 3 3

FOREIGN COUNTRIES 16 13 3 222 283 62 238 296

TOTAL $285,275 $237,239 $48,036 $1,074,626 $1,387,260 $312,634 $1,359,901 $1,624,499

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

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

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

*Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, refl ects the cost to purchase an annuity at the beginning of 2003.

**Less than $500,000. 
78 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table S-50

PBGC Pension Data by Region and State*

Single-Employer Program

REGION/STATE

CLAIMS 

1975-2005

COVERAGE

2004

BENEFITS PAID 

2005

Plans Claims Plans Participants Payees Payments

Mean Monthly

Pension

NEW ENGLAND 408 $988,520,439 2,238 1,842,763 34,790 $168,987,616 $435

 Connecticut 114 343,052,395 813 508,448 8,617 32,284,067 332

 Maine 13 10,361,887 97 152,376 2,258 7,485,064 302

 Massachusetts 202 564,965,827 1,009 838,433 16,596 98,184,394 530

 New Hampshire 24 23,127,777 121 196,651 3,572 17,857,493 447

 Rhode Island 45 38,817,990 132 91,456 2,059 5,959,881 272

 Vermont 10 8,194,563 66 55,399 1,688 7,216,717 382

MID-ATLANTIC 1,181 12,448,114,055 9,492 7,700,308 204,769 1,204,374,349 545

 Delaware 7 4,633,792 131 140,167 1,507 8,131,129 498

 District of Columbia 14 11,598,078 251 84,094 385 1,348,065 362

 Maryland 66 74,619,618 565 734,505 22,468 188,824,476 729

 New Jersey 193 326,972,890 1,662 1,195,669 15,184 61,506,365 368

 New York 471 3,182,871,842 4,148 2,420,191 39,487 188,689,205 435

 Pennsylvania 331 4,666,561,095 1,948 2,048,873 98,030 585,424,721 541

 Virginia 46 2,943,906,785 621 891,038 12,403 45,404,209 377

 West Virginia 53 1,236,949,956 166 185,771 15,305 125,046,179 893

SOUTHEAST 326 1,684,606,130 3,481 6,900,578 157,051 639,399,929 392

 Alabama 17 23,824,817 257 419,416 11,693 41,739,406 316

 Arkansas 12 10,380,547 123 167,111 3,791 10,932,661 256

 Florida 70 345,004,774 867 2,083,152 47,978 266,908,731 507

 Georgia 60 503,504,690 521 750,789 21,014 76,464,865 354

 Kentucky 24 100,622,878 299 621,561 6,399 24,425,522 359

 Louisiana 24 71,048,814 250 497,608 5,866 24,789,463 418

 Mississippi 9 19,164,575 122 236,495 4,215 12,446,803 274

 North Carolina 48 355,931,513 488 1,164,170 30,046 97,246,955 356

 South Carolina 17 65,953,970 191 403,146 9,641 32,667,997 323

 Tennessee 45 189,169,551 363 557,130 16,408 51,777,526 312

GREAT LAKES 1,072 13,864,862,745 6,399 7,327,036 189,421 1,141,819,394 581

 Illinois 248 8,549,707,017 1,818 1,761,403 36,877 241,287,845 662

Indiana 103 1,294,853,362 535 875,106 29,985 226,371,029 466

 Michigan 280 456,494,142 1,185 1,502,735 30,294 158,478,330 543

 Minnesota 42 188,920,063 503 692,324 10,163 61,824,018 532

 Ohio 318 3,091,806,799 1,698 1,648,947 70,520 404,656,052 385

 Wisconsin 81 283,081,362 660 846,521 11,582 49,202,120 543
PENSION INSURANCE DATA BOOK 2005 SINGLE-EMPLOYER DATA TABLES 79

Table S-50 (continued)

PBGC Pension Data by Region and State*

Single-Employer Program

REGION/STATE

CLAIMS 

1975-2005

COVERAGE

2004

BENEFITS PAID 

2005

Plans Claims Plans Participants Payees Payments

Mean Monthly

Pension

MIDWEST 133 $421,469,501 1,190 1,814,755 26,368 $127,577,236 $421

 Iowa 39 95,411,234 362 431,933 7,564 21,899,330 252

 Kansas 24 42,732,317 161 261,110 2,872 16,212,368 496

 Missouri 64 275,868,760 432 728,286 14,347 83,641,038 504

 Nebraska 4 7,328,458 154 258,996 1,251 4,463,197 339

 North Dakota 2 128,733 44 70,628 124 408,115 286

 South Dakota --- --- 37 63,802 210 953,278 420

SOUTHWEST 162 818,065,220 2,036 2,967,173 29,575 131,942,513 404

 Arizona 23 9,446,595 479 550,044 6,812 36,310,503 492

 New Mexico 7 10,452,536 126 89,779 1,337 6,045,221 408

 Oklahoma 22 379,469,944 192 437,306 3,507 14,430,432 367

 Texas 110 418,696,145 1,239 1,890,044 17,919 75,156,357 378

ROCKY MOUNTAIN 44 226,232,194 719 1,196,414 12,628 68,011,997 481

 Colorado 17 200,549,023 329 487,942 5,343 31,672,587 522

 Idaho 7 12,709,939 57 143,938 1,759 7,904,708 421

 Montana 3 207,534 41 119,235 425 2,077,524 460

 Nevada 8 693,000 139 191,141 2,785 16,568,831 542

 Utah 8 11,981,810 129 205,042 2,065 8,387,109 346

 Wyoming 1 90,887 24 49,116 251 1,401,238 477

PACIFIC 245 1,239,510,230 4,473 4,702,419 38,051 184,344,104 458

 Alaska 4 1,171,886 27 87,411 231 1,207,921 462

California 185 952,783,581 3,696 3,261,194 26,096 124,777,769 443

 Hawaii 19 20,614,310 215 120,979 1,979 8,261,788 386

 Oregon 18 34,114,277 216 514,862 2,182 10,035,667 410

 Washington 19 230,826,176 319 717,973 7,563 40,060,959 541

PUERTO RICO 13 16,930,166 99 69,306 2,964 10,036,642 291

U.S. TERRITORIES --- --- 18 2,318 164 664,988 382

FOREIGN COUNTRIES 1 204,359 3 --- 1,850 7,776,919 374

TOTAL 3,585 $31,708,515,039 204,359 $31,708,515,039 30,148 34,523,070 697,631 $3,684,935,777 7,776,919 $3,684,935,777

7,776,919 $487

Sources: PBGC Fiscal Year Closing File (9/30/05), Pension Plan Coverage Topic Module (May 2003) to the 2001 Survey of Income and Program Participation (SIPP), PBGC Case 

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

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

*Claims and plan coverage data by state of plan administration; benefi ts and participant coverage data by state of payee residence. SIPP used to estimate participant coverage 

data. 
80 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

The Employee Retirement Income Securi

contribution and benefi t base. 

The maximum guarantee applies to workers who r

earlier retirement or electing survivor’s benefi ts. 

In  ts in excess of the maximum guarantee. 

Table S-51

PBGC Maximum Guaranteed Benefi ts (1990-2006)

Single-Employer Program

Year of Plan

Termination

Maximum Monthly

Guarantee

Maximum Annual

Guarantee

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

2005 3,801.14 45,613.68

2006 3,971.59 47,659.08
APPENDIX M

Multiemployer Data Tables
82 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005
PENSION INSURANCE DATA BOOK 2005 MULTIEMPLOYER DATA TABLES 83

PBGC’s Multiemployer Program

PBGC administers a separate guarantee program for multiemployer defi ned benefi t 

pension plans. Multiemployer 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 defi ned benefi t plans use a “unit benefi t” 

formula that multiplies a participant’s years of service times a fi xed dollar amount (such 

as $15 times the participant’s years of service) to set the monthly benefi t. In most cases, 

plan trustees establish benefi t levels but some plans set benefi ts in the collective bargaining process. Multiemployer plans pay PBGC a yearly premium of $8.00 per participant 

for benefi t 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 benefi ts so A terminated plan continues to pay full plan benefits so 

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

full plan benefi ts is allowed to reduce or suspend payment of that portion of the benefi t 

that exceeds the PBGC guarantee level. The current PBGC monthly benefi t guarantee 

level for multiemployer plans is 100 percent of the fi rst $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 benefi t guarantee formula are not indexed. 

If a plan becomes insolvent despite benefi t cutbacks, PBGC will provide fi nancial 

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

benefi ts and administrative expenses. Few plans receiving fi nancial assistance from 

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

expected to be repaid.

 1 PBGC trusteed 10 multiemployer plans prior to October 1980 and continues to pay monthly benefi ts to 

participants in these plans.
84 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Source: PBGC Annual Reports (1980-2005). 

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

Table M-1

Net Financial Position of PBGC’s Multiemployer Program (1980-2005)

Fiscal Year Assets

(in millions)

Liabilities

(in millions)

Net Position

(in millions)

1980 $21 $30 -$9

1985 78 52 27

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

2004 1,070 1,306 -236

2005 1,160 1,495 -335
PENSION INSURANCE DATA BOOK 2005 MULTIEMPLOYER DATA TABLES 85

Table M-2

PBGC Premium Revenue, Benefi t Payments and Expenses (1980-2005)

Multiemployer Program

Fiscal Year

 Total 

Premium

Revenue

(in millions)

Benefi t

Payments

(in millions)

Administrative &

Investment

Expenses

(in millions)

Premiums Minus

Benefi ts Paid

and Expenses

(in millions)

1980 $5 $4 $2 -$2

1985 14 4 4 7

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

2004 27 1 * 26

2005 26 1 * 25

Source: PBGC Annual Reports (1980-2005).

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. 
86 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Sources: PBGC Participant System (PRISM), fi scal 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 multiem

responsibility from trusteeship of troubled plans to providing fi nancial assistance (loans) to insolvent multiemployer plans. 

Table M-3

PBGC Payees and Benefi t Payments (1980-2005)

Multiemployer Program

Fiscal Year Payees in Year*

PERIODIC PENSION PAYMENTS

Total

(in millions)

Average

Monthly Payment

Median

Monthly Payment

1980 4,100 $4 $77 $45

1985 3,100 4 91 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 463 1 114 82

2003 389 1 117 90

2004 324 1 135 115

2005 279 1 120 102
PENSION INSURANCE DATA BOOK 2005 MULTIEMPLOYER DATA TABLES 87

Table M-4

PBGC Financial Assistance to Insolvent Plans (1981-2005)

Multiemployer Program

Year

Plans

Receiving

Financial

Assistance (1)

Total

Amount of

Financial

Assistance

(in thousands)

Plans

Receiving

a Lump Sum

Payment (2)

Amount of 

Lump Sum

Payment

(in thousands)

Plans

Receiving

Periodic

Payments (1)

Amount of 

Periodic

Payments

(in thousands)

Repayments of

Past Financial

Assistance

(in thousands)

1981 1 $311.3 --- --- 1 $311.3 ---

1985 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 86,513.6 19 4,519.0 ---

2001 22 4,526.3 1 (3) 53.4 22 4,472.9 ---

2002 23 4,839.9 --- --- 23 4,893.9 ---

2003 24 5,022.1 1 230.9 23 4,791.2 ---

2004 27 10,120.8 --- 27 10,120.8 ---

2005 29 13,757.7 1 (3) 535.0 28 13,222.7 ---

TOTAL (4) 41 $191,170.4 6 $101,483.0 37 $89,687.4 $3,340.5 (5)

Sources: PBGC Annual Reports and internal calculations. (1) A number of plans received fi nancial assistance in more than one year.

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

(3) These plans received periodic payments before receiving lump sum payments.

(4) Total for plan columns represents the total number of multiemployer plans that ever received the stated type of fi nancial assistance from PBGC’s Multiemployer Insurance Program.

(5) Only one plan has repaid any of its past fi nancial assistance. That plan repaid only the principal amount of the loans it received. 
88 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Source: PBGC Premium Filings, various years.

2005 fi gures are estimates from PBGC internal calculations. 2004 estimates reported last year have been updated to refl ect actual premium fi lings. 

 

Table M-5

PBGC-Insured Plan Participants (1980-2005)

Multiemployer Program

Year

 Total

Insured

Participants

(in thousands)

In Plans with

10,000+

Participants

(in thousands)

In Plans with

5,000 - 9,999

Participants

(in thousands)

In Plans with

2,500 - 4,999

Participants

(in thousands)

In Plans with

1,000 - 2,499

Participants

(in thousands)

In Plans with

500 - 999

Participants

(in thousands)

In Plans with

250 - 499

Participants

(in thousands)

In Plans with

<250

Participants

(in thousands)

1980 7,997 5,072 925 751 731 299 147 71

1985 8,209 5,376 857 761 729 283 136 66

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 9,699 7,127 885 715 642 228 75 27

2004 9,829 7,248 897 723 643 217 74 26

2005 9,888 7,286 938 709 631 225 74 25
PENSION INSURANCE DATA BOOK 2005 MULTIEMPLOYER DATA TABLES 89

Source: PBGC Premium Filings, various years.

2005 fi gures are estimates from PBGC internal calculations. 2004 estimates reported last year have been updated to refl ect actual premium fi lings. 

Table M-6

PBGC-Insured Plans (1980-2005)

Multiemployer Program

Year

 Total

Insured

Plans

Insured 

Plans with

10,000+

Participants

Insured 

Plans with

5,000 - 9,999

Participants

Insured 

Plans with

2,500 - 4,999

Participants

Insured 

Plans with

1,000 - 2,499

Participants

Insured 

Plans with

500 - 999

Participants

Insured 

Plans with

250 - 499

Participants

Insured 

Plans with

<250

Participants

1980 2,244 120 131 211 452 420 404 506

1985 2,188 137 124 216 459 402 376 474

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 1,612 166 129 206 391 321 202 197

2004 1,586 166 129 208 393 305 198 187

2005 1,567 164 134 204 381 310 195 179
90 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Source: Internal Revenue Service Form 55

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

2003 fi gures are estimates from PBGC internal calculations. 2002 fi gures reported last year have been updated to refl ect actual Form 5500 fi lings. 

Table M-7

PBGC-Insured Plan Participants by Participant Status (1980-2003)

Multiemployer Program

Year

 Active

Participants

Retired 

Participants

Separated Vested 

Participants

1980 75.9% 17.7% 6.5%

1985 66.1% 22.6% 11.4%

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%

2002 48.1% 29.7% 22.2%

2003 47.0% 30.1% 22.8%
PENSION INSURANCE DATA BOOK 2005 MULTIEMPLOYER DATA TABLES 91

Table M-8

PBGC-Insured Plans and Participants by Industry (2004)

Multiemployer Program

Industry Insured Plans Insured Participants

AGRICULTURE 11 0.7% 34,746 0.4%

MINING 7 0.4% 159,154 1.6%

CONSTRUCTION 840 53.0% 3,599,167 36.6%

 Building Construction 103 6.5% 728,378 7.4%

 Heavy Construction 65 4.1% 486,667 5.0%

 Plumbing, Heating and Air Conditioning 164 10.3% 396,536 4.0%

 Electrical Work 125 7.9% 769,302 7.8%

 Building Finishing Contractors 63 4.0% 246,843 2.5%

 Foundation, Structure and Exterior Work 166 10.5% 495,330 5.0%

 Other Construction 154 9.7% 476,111 4.8%

MANUFACTURING 168 10.6% 1,463,913 14.9%

 Food and Tobacco Products 40 2.5% 237,478 2.4%

 Apparel and Textile Products 12 0.8% 381,259 3.9%

 Paper and Allied Products 5 0.3% 85,158 0.9%

 Printing and Publishing 21 1.3% 194,421 2.0%

 Machinery and Computer Equipment 6 0.4% 220,025 2.2%

 Electrical and Electronic Equipment 8 0.5% 66,479 0.7%

 Other Manufacturing 76 4.8% 279,093 2.8%

TRANSPORTATION AND PUBLIC UTILITIES 150 9.5% 1,554,878 15.8%

 Trucking 83 5.2% 1,398,552 14.2%

 Water Transportation 29 1.8% 75,731 0.8%

 Other Transportation and Public Utilities 38 2.4% 80,595 0.8%

INFORMATION 38 2.4% 196,417 2.0%

WHOLESALE TRADE 31 2.0% 68,288 0.7%

RETAIL TRADE 93 5.9% 1,307,289 13.3%

SERVICES 248 15.6% 1,445,404 14.7%

 Administration 44 2.8% 286,253 2.9%

 Health/Social Assistance 16 1.0% 359,276 3.7%

 Accommodation/Food Service 39 2.5% 354,108 3.6%

 Other Services 149 9.4% 445,767 4.5%

TOTAL 1,586 100.0% 9,829,256 100.0%

Source: PBGC Premium Filings.

Due to aggregation and rounding of individual 

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

 
92 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table M-9

Funding of PBGC-Insured Plans (1980-2003) 

Multiemployer Program

Beginning

of Year Assets

(in millions)

Liabilities*

(in millions)

Funding

Ratio Underfunding

(in millions)

Overfunding

(in millions)

PBGC 

Rate

1980 $40,363 $52,123 77% $17,887 $6,126 8.50%

1985 88,182 75,942 116% 6,432 18,672 9.75%

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%

2002 330,104 429,329 77% 102,469 3,245 5.70%

2003 307,378 484,037 64% 177,621 962 5.00%

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 2002 reported last year have been updated. 

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

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

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2003. 
PENSION INSURANCE DATA BOOK 2005 MULTIEMPLOYER DATA TABLES 93

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 2002 reported last year have been updated. 

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

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

 The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2003. 

Table M-10

Funding of Underfunded PBGC-Insured Plans (1980-2003)

Multiemployer Program

Beginning

of Year Assets

(in millions)

Liabilities*

(in millions)

Underfunding

(in millions)

Funding

Ratio

PBGC 

Rate

1980 $24,819 $42,706 $17,887 58% 8.50%

1985 22,813 29,246 6,432 78% 9.75%

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%

2002 295,338 397,807 102,469 74% 5.70%

2003 302,584 480,205 177,621 63% 5.00%
94 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

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 2002 reported last year have been updated. 

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

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

 The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2003. 

Table M-11

Funding of Overfunded PBGC-Insured Plans (1980-2003) 

Multiemployer Program

Beginning

of Year Assets

(in millions)

Liabilities*

(in millions)

Overfunding

(in millions)

Funding

Ratio

PBGC 

Rate

1980 $15,543 $9,417 $6,126 165% 8.50%

1985 65,368 46,697 18,672 140% 9.75%

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%

2002 34,766 31,522 3,245 110% 5.70%

2003 4,794 3,831 962 125% 5.00%
PENSION INSURANCE DATA BOOK 2005 MULTIEMPLOYER DATA TABLES 95

Table M-12

Concentration of Underfunding in PBGC-Insured Plans (1990-2003)

Multiemployer Program

Beginning

of Year

Total

Underfunding

(in millions)

10 Plans With the Highest

Underfunding

(in millions)

Next 40 Plans’

Underfunding

(in millions)

All Other Plans’

Underfunding

(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%

2002 102,469 34,276 33.5% 24,641 24.0% 43,552 42.5%

2003 177,621 57,902 32.6% 40,476 22.8% 79,243 44.6%

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 2002 reported last year have been updated. 

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

Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, refl ects 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 1993-2003. 
96 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

Table M-13

Plans, Participants and Funding of PBGC-Insured Plans by Funding Ratio (2003)

Multiemployer Program

Funding Ratio Plans Participants

(in thousands)

Total Liabilities*

(in millions)

Underfunding

(in millions)

Overfunding

(in millions)

Less than 40% 41 2.5% 296 3.1% $11,366 2.3% $7,436 4.2% --- ---

 40% - 49% 111 6.9% 1,061 10.9% 79,177 16.4% 44,368 25.0% --- ---

 50% - 59% 319 19.8% 1,879 19.4% 93,012 19.2% 40,969 23.1% --- ---

 60% - 69% 451 28.0% 2,899 29.9% 153,414 31.7% 53,171 29.9% --- ---

 70% - 79% 356 22.1% 2,196 22.6% 100,445 20.8% 25,789 14.5% --- ---

 80% - 89% 198 12.3% 882 9.1% 29,720 6.1% 4,878 2.7% --- ---

 90% - 99% 85 5.3% 372 3.8% 13,071 2.7% 1,010 0.6% --- ---

100% - 109% 18 1.1% 35 0.4% 1,576 0.3% --- --- $38 4.0%

110% - 119% 10 0.6% 9 0.1% 226 ** --- --- 36 3.7%

120% - 129% 12 0.7% 32 0.3% 1,745 0.4% --- --- 444 46.2%

130% - 139% 2 0.1% 1 ** 11 ** --- --- 3 0.3%

140% - 149% 3 0.2% 1 ** 20 ** --- --- 9 0.9%

150% or more 6 0.4% 35 0.4% 253 0.1% --- --- 431 44.8%

TOTAL 1,612 100.0% 9,699 100.0% $484,037 100.0% $177,621 100.0% $962 100.0%

UNDERFUNDED 1,561 96.8% 9,585 98.8% $480,205 99.2% $177,621 100.0% --- ---

OVERFUNDED 51 3.2% 113 1.2% $3,831 0.8% --- --- $962 100.0%

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

Due to aggregation and rounding of individual items, numbers may not add to totals and percentages may not add up to 100%.

*Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, refl ects the cost to purchase an annuity at the beginning of 2003.

** Less than 0.05 of one percent. 
PENSION INSURANCE DATA BOOK 2005 MULTIEMPLOYER DATA TABLES 97

Table M-14

Funding of PBGC-Insured Plans by Industry (2003)

Multiemployer Program

Industry

Average

Funding 

Ratio Total Liabilities*

(in millions)

Underfunding

(in millions)

Overfunding

(in millions)

AGRICULTURE 95% $774 0.2% $55 ** $14 1.5%

MINING 64% 9,543 2.0% 3,452 1.9% --- ---

CONSTRUCTION 64% 219,764 45.4% 79,479 44.7% 184 19.1%

 Building Construction 59% 42,732 8.8% 17,338 9.8% 6 0.6%

 Heavy Construction 66% 34,972 7.2% 11,774 6.6% 7 0.8%

 Plumbing, Heating and Air Conditioning 62% 32,264 6.7% 12,148 6.8% 1 0.1%

 Electrical Work 63% 35,336 7.3% 13,036 7.3% *** **

 Building Finishing Contractors 64% 14,172 2.9% 5,161 2.9% --- ---

 Foundation, Structure and Exterior Work 66% 25,079 5.2% 8,622 4.9% 165 17.1%

 Other Construction 68% 35,208 7.3% 11,400 6.4% 4 0.5%

MANUFACTURING 68% 39,234 8.1% 12,648 7.1% 74 7.7%

 Food and Tobacco Products 66% 11,574 2.4% 3,907 2.2% 19 2.0%

 Apparel and Textile Products 61% 2,576 0.5% 992 0.6% --- ---

 Paper and Allied Products 65% 2,637 0.5% 942 0.5% 11 1.2%

 Printing and Publishing 64% 6,203 1.3% 2,250 1.3% --- ---

 Furniture and Fixtures 58% 224 ** 95 0.1% --- ---

 Machinery and Computer Equipment 81% 7,636 1.6% 1,489 0.8% 35 3.6%

 Electrical and Electronic Equipment 77% 553 0.1% 130 0.1% 3 0.4%

 Other Manufacturing 64% 7,831 1.6% 2,843 1.6% 5 0.5%

TRANSPORTATION AND PUBLIC UTILITIES 58% 114,325 23.6% 48,382 27.2% 447 46.5%

 Trucking 56% 103,079 21.3% 45,270 25.5% 1 0.1%

 Water Transportation 82% 4,405 0.9% 1,229 0.7% 439 45.7%

 Other Transportation and Public Utilities 73% 6,842 1.4% 1,882 1.1% 7 0.7%

INFORMATION 66% 10,558 2.2% 3,623 2.0% 16 1.6%

WHOLESALE TRADE 70% 2,299 0.5% 698 0.4% 1 0.1%

RETAIL TRADE 65% 38,257 7.9% 13,596 7.7% 216 22.5%

SERVICES 68% 49,283 10.2% 15,688 8.8% 11 1.1%

 Administration 63% 9,480 2.0% 3,477 2.0% 2 0.2%

 Health Care 81% 10,637 2.2% 2,054 1.2% 2 0.2%

 Accommodation/Food Service 65% 7,046 1.5% 2,471 1.4% --- ---

 Other Services 65% 22,120 4.6% 7,687 4.3% 7 0.7%

TOTAL 64% $484,037 100.0% $177,621 100.0% $962 100.0%

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%. 

*Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, refl ects the cost to purchase an annuity at the beginning of 2003.

** Less than 0.05 of one percent.

*** Less than $500,000. 
98 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2005

* The formula presumes that the workers’ monthly benefi ts are calculated by multiplying the monthly benefi t accrual rate (a plan-specifi ed dollar amount) times years of service. 

If the monthly benefi t accrual rate prior to December 22, 2000, was less than $20 per year of service or if the accrual rate after December 21, 2000, is less than $44 per year of 

service then the maximum benefi t 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 increased guarantee does not apply to multiemployer plans that received fi nancial aid from PBGC between December 22, 1999, and December 21, 2000. The original, lower 

monthly benefi t guarantee continues to apply to participants in these plans. 

Table M-15

PBGC Maximum Guaranteed Benefi ts (1980-2006)

Multiemployer Program

Date of Plan 

Insolvency Monthly Benefi t Formula

Maximum Monthly

Guarantee

(30 Years of Service)*

Maximum Annual

Guarantee

(30 Years of Service)*

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

by the sum of:

 (1) 100% of the fi rst $5 of the monthly

 benefi t accrual rate

 -plus-

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

 benefi t accrual rate

$487.50 $5,850.00

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

by the sum of:

 (1) 100% of the fi rst $11 of the monthly

 benefi t accrual rate

-plus-

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

 benefi t accrual rate

$1,072.50 $12,870.00
PENSION INSURANCE DATA BOOK 2005 MULTIEMPLOYER DATA TABLES 99

Table M-16

PBGC’s Historic Premium Rates

Multiemployer Program

For Plan Years

Beginning Premium Rate

(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 

September 27, 1988 - December 31, 2005 $2.60 

On or after January 1, 2006 $8.00*

* This amount will be adjusted annually after 2006 by changes in the national average wage index (as defi ned in section 209(k)(1) of the Social Security Act). However, the premium 

rate will not decline even if the national average wage index declines. The adjusted premium rate will be rounded to the nearest multiple of $1.