The Pension Insurance Data Book 2006 was developed by the Policy, Research and

Analysis Department and produced by the Communications and Public Affairs

Department, Pension Benefit Guaranty Corporation.

NUMBER 11, FALL 2007
Page

Contents

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

PBGC Data Book At A Glance .................................................................................2

Hard-Frozen Defined Benefit Plans .........................................................................................3

PBGC’s Guarantee Limits—An Update................................................................................14

PBGC Data and Trends

Single-Employer Program:

Figure 1 Net Position of PBGC’s Single-Employer Program (1980-2006) ....................... 28

Figure 2 Concentration of PBGC Claims (1975-2006) .................................................... 29

Figure 3 PBGC Claims by Industry (1975-2006) ............................................................. 30

Figure 4 PBGC Claims by Funded Ratio (1975-2006) .................................................... 31

Figure 5 Participants and Beneficiaries Receiving PBGC Payments (1980-2006) .......... 32

Figure 6 Participants and Beneficiaries Receiving PBGC Payments

 by Gender and Age (2006) ........................................................................... 33

Figure 7 PBGC Benefit Payments (1980-2006) ............................................................... 34

Figure 8 PBGC-Insured Plans (1980-2006)...................................................................... 35

Figure 9 Participants in PBGC-Insured Plans (1980-2006).............................................. 36

Figure 10 PBGC-Insured Participants by Participant Status (1980-2004).......................... 37

Figure 11 PBGC-Insured Participants by Industry (2005) .................................................. 38

Figure 12 PBGC Premium Revenue (1980-2006).............................................................. 39

Figure 13 PBGC-Insured Participants and Premiums by Premiums Paid (2005)............... 40

Multiemployer Program:

Figure 14 Net Position of PBGC’s Multiemployer Program (1980-2006) ........................... 42

Figure 15 PBGC-Insured Plans (1980-2006)...................................................................... 43

Figure 16 Participants in PBGC-Insured Plans (1980-2006).............................................. 44

Figure 17 PBGC-Insured Participants by Participant Status (1980-2004) ......................... 45

Figure 18 PBGC-Insured Participants by Industry (2005) ................................................. 46

APPENDIX S: SINGLE-EMPLOYER DATA TABLES

PBGC’s Single-Employer Program...............................................................48

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-2006) .........50

S-2 PBGC Premium Revenue, Benefit Payments, and Expenses (1980-2006)........51

Claims

S-3 PBGC Terminations and Claims (1975-2006) .....................................................52

S-4 PBGC Claims (1975-2006)..................................................................................53

S-5 Top 10 Firms Presenting Claims (1975-2006).....................................................54

S-6 PBGC Trusteed Terminations by Fiscal Year and Size of Claim (1975-2006).....55

S-7 PBGC Claims by Fiscal Year and Size of Claim (1975-2006) .............................56
Page

S-8 PBGC Trusteed Plans by Fiscal Year and Funded Ratio (1975-2006)................57

S-9 PBGC Claims by Fiscal Year and Funded Ratio (1975-2006).............................58

S-10 PBGC Trusteed Plans by Size of Claim and Funded Ratio (1975-2006) ............59

S-11 PBGC Claims by Size of Claim and Funded Ratio (1975-2006) .........................60

S-12 Average Claim per Vested Participant by Plan Size (1975-2006) .......................61

S-13 PBGC Trusteed Plans by Fiscal Year and Plan Size (1975-2006) ......................62

S-14 PBGC Claims by Fiscal Year and Plan Size (1975-2006) ...................................63

S-15 PBGC Trusteed Plans by Size of Claim and Plan Size (1975-2006)...................64

S-16 PBGC Claims by Size of Claim and Plan Size (1975-2006)................................65

S-17 PBGC Trusteed Plans by Funded Ratio and Plan Size (1975-2006) ..................66

S-18 PBGC Claims by Funded Ratio and Plan Size (1975-2006) ...............................67

S-19 PBGC Claims by Industry (1975-2006) ...............................................................68

Benefit Payments

S-20 PBGC Benefit Payments, Payees, and Deferred Payees (1980-2006)...............69

S-21 PBGC Payees and Benefit Payments by Date of Plan Termination (2006).........70

S-22 PBGC Payees and Benefit Payments by Size of Trusteed Plan (2006)..............71

S-23 Total PBGC Payees and Average Benefit Payments 

 by Gender and Age (2006) ...............................................................................72

S-24 PBGC Retired Payees and Average Benefit Payments 

 by Gender and Age (2006) ...............................................................................73

S-25 PBGC Beneficiary Payees and Average Benefit Payments

 by Gender and Age (2006) ...............................................................................74

S-26 Total PBGC Payees and Benefit Payments 

 by Size of Monthly Payment (2006)..................................................................75

S-27 PBGC Retired Payees and Benefit Payments 

 by Size of Monthly Payment (2006)..................................................................76

S-28 PBGC Beneficiary Payees and Benefit Payments

 by Size of Monthly Payment (2006)..................................................................77

S-29 PBGC Payees and Benefit Payments by Industry (2006) ..................................78

Coverage

S-30 PBGC-Insured Plan Participants (1980-2006).....................................................79

S-31 PBGC-Insured Plans (1980-2006).......................................................................80

S-32 PBGC-Insured Plan Participants by Participant Status (1980-2004)...................81

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

 Private-Sector Wage and Salary Workers (1980-2004) ...................................82

S-34 PBGC-Insured Hybrid Plans by Plan Size (2001-2005) ......................................83

S-35 PBGC-Insured Hybrid Plan Participants by Plan Size (2001-2005) ....................84

S-36 PBGC-Insured Plans, Participants, and Premiums by Industry (2005) ...............85

PBGC Premiums

S-37 PBGC’s Historic Premium Rates .........................................................................86

S-38 PBGC Premium Revenue (1980-2006)...............................................................87
S-39 PBGC Premium Revenue by Size of Plan and Type of Premium (2005)............88

S-40 PBGC-Insured Plans and Participants by Total Premium Paid (2005)................89

S-41 PBGC-Insured Plans and Participants 

 by Variable-Rate Premium Status (1992-2005)................................................90

Funding Levels of Insured Plans

S-42 Funding of PBGC-Insured Plans (1980-2004).....................................................91

S-43 Funding of Underfunded PBGC-Insured Plans (1980-2004)...............................92

S-44 Funding of Overfunded PBGC-Insured Plans (1980-2004).................................93

S-45 Concentration of Underfunding in PBGC-Insured Plans (1990-2004).................94

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

 by Funding Ratio (2004)...................................................................................95

S-47 Various Measures of Underfunding in PBGC-Insured Plans (1991-2006) ..........96

S-48 Funding of PBGC-Insured Plans by Industry (2004) ...........................................97

State Data

S-49 Pension Funding Data for PBGC-Insured Plans by Region and State (2004) ....98

S-50 PBGC Pension Data by Region and State ..........................................................100

S-51 PBGC Maximum Guaranteed Benefits (1990-2007) ...........................................102

APPENDIX M: MULTIEMPLOYER DATA TABLES

PBGC’s Multiemployer Program..........................................................................104

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-2006) .............105

M-2 PBGC Premium Revenue, Benefit Payments, and Expenses (1980-2006)........106

Benefit Payments and Financial Assistance

M-3 PBGC Payees and Benefit Payments (1980-2006).............................................107

M-4 PBGC Financial Assistance to Insolvent Plans (1981-2006)...............................108

Coverage

M-5 PBGC-Insured Plan Participants (1980-2006).....................................................109

M-6 PBGC-Insured Plans (1980-2006).......................................................................110

M-7 PBGC-Insured Plan Participants by Participant Status (1980-2004)...................111

M-8 PBGC-Insured Plans and Participants by Industry (2005) ..................................112

Funding Levels of Insured Plans

M-9 Funding of PBGC-Insured Plans (1980-2004).....................................................113

M-10 Funding of Underfunded PBGC-Insured Plans (1980-2004)...............................114

M-11 Funding of Overfunded PBGC-Insured Plans (1980-2004).................................115

M-12 Concentration of Underfunding in PBGC-Insured Plans (1990-2004).................116

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

 by Funding Ratio (2004)...................................................................................117

M-14 Funding of PBGC-Insured Plans by Industry (2004) ...........................................118

M-15 PBGC Maximum Guaranteed Benefits (1980-2007) ...........................................119

M-16 PBGC’s Historic Premium Rates .........................................................................120

Page
Pension Insurance Data Book 2006 Overview 1

Overview

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

defined benefit pension plans receive their pensions if their plans terminate without sufficient assets to pay promised benefits. PBGC administers separate insurance programs 

to protect participants in single-employer and multiemployer plans.

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

detailed statistics on PBGC program operations and benefit protections.

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

article is an update of PBGC’s December 2005 study on frozen plans. The second is an 

update of a 1999 PBGC study on the effects of PBGC’s benefit limitation provisions on 

the benefits of participants in the plans PBGC trustees. PBGC made no changes in the 

accompanying data tables other than updating the data included. 

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

www.pbgc.gov/publications/databook.
2 PBGC Data Book At A Glance Pension Insurance Data Book 2006

PBGC Data Book At A Glance

Single-Employer

Program

(Dollars in millions)

Multiemployer

Program

(Dollars in millions)

Combined

Programs

(Dollars in millions)

Fiscal Year 2006:

Net Financial Position -$18,142 -$739 -$18,881

 Total Assets $59,972 $1,166 $61,138

 Total Liabilities $78,114 $1,905 $80,019

Premium Revenue $1,442 $58 $1,500

Number of Insured Plans 28,784 1,544 30,328

Number of Insured Participants 34.0 million 9.9 million 44.0 million

New Plans Trusteed or Pending 

 Trusteeship 94 n/a 94

Change in Gross Claims $918 n/a $918

Number of Payees* 622,353 238 622,591

Total Benefits Paid $4,082 ** $4,083

Number of Plans Receiving 

 Financial Assistance n/a 33 33

Amount of Financial Assistance Granted n/a $70 $70

Fiscal Years 1975-2006:

Plans Trusteed or Pending Trusteeship 3,673 10 3,683

Amount of Claims $32,627 $31 $32,658

Number of Plans Receiving 

 Financial Assistance n/a 45 45

Total Amount of Financial Assistance Granted n/a $261 $261

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

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

 PBGC during FY 2006.

**Less than $500,000.

Due to rounding of individual items, numbers may not add exactly across columns.
Pension Insurance Data Book 2006 Hard-Frozen Plans 3

Hard-Frozen Defined Benefit Plans

Findings for 2003, 2004, and Preliminary Findings for 20051

Summary

Preliminary data derived from filings of the Form 5500 (Annual Return/Report of 

Employee Benefit Plan, the report pension and welfare plans submit to the federal government annually) indicate that about 14 percent of the single-employer defined benefit 

plans insured by PBGC were hard-frozen at the end of the 2005 plan year, a 50 percent 

increase over the 9.5 percent of plans that were hard-frozen at the end of the 2003 plan 

year. (In a hard-frozen plan, all benefit accruals cease.) However, most hard-frozen plans 

were small plans, and only 6 percent of all participants in PBGC-insured plans were in 

hard-frozen plans. The overall increase in hard-frozen plans does not tell the entire story, 

however, as there is extensive freeze-related activity, both “freezing” and “thawing,” from 

year to year. (A thawed plan is one reported to be hard-frozen in one year but not in the 

following year.) 

Background

In 2002, a new frozen plan question was added to the Form 5500, the report pension 

plans are required to file annually with the IRS, the Department of Labor, and PBGC. 

This new question asks if the plan is frozen under a “hard freeze” definition. The value 

of the frozen-plan question is somewhat limited because not all plan freezes are hard 

freezes. A hard freeze occurs only when all benefit accruals cease. A plan that is closed to 

new entrants but allows those already in the plan to continue to accrue benefits (a “closed 

plan”) does not meet this definition. Neither does a plan that freezes benefit accruals 

for some, but not all, participants (a “partial freeze”). A plan that freezes service accruals 

for all active participants but allows benefits to increase with the growth in participants’ 

wages (a “soft freeze”) would also not be picked up by the new question. News reports 

on plans that are being closed to new entrants or frozen for only certain classes of workers 

suggest that these other types of freezes are relatively common. However, at the moment, no data are available that can be used to determine how common they actually are. 

Because these lesser frozen plans cannot be identified from the Form 5500 data base, they 

are assumed to be unfrozen plans for purposes of this study. 

1 This chapter summarizes the results of a larger study that can be found on PBGC’s Web site at www.pbgc.gov/media/key-resourcesfor-the-press/content/page13695.html.
4 Hard-Frozen Plans Pension Insurance Data Book 2006

It generally takes about two years from the beginning of the relevant plan year for 

Form 5500 data to reach PBGC. Thus, the data for 2004 are the most recent that are 

available for all insured plans. Data for 2005 are currently available for about 90 percent 

of the single-employer plans PBGC insured that year. As a result of this lag in the data, 

recently announced hard freezes, such as those announced by IBM, Unisys, and Citigroup, are not included in these data.

Results

Plan Size

Overall, the proportion of PBGC-insured plans that were hard-frozen increased from 

9.5 percent at the end of the 2003 plan year to 12.1 percent at the end of the 2004 plan 

year and to a preliminary 14.1 percent at the end of the 2005 plan year. However, as 

shown in table 1, the percentage of plans that were hard-frozen tended to decline with 

the size of the plan. In 2003, plans with fewer than 100 participants, which accounted 

for almost two-thirds of all the single-employer plans insured by PBGC, were the most 

likely to be hard-frozen. In 2004 and 2005, plans with 100-999 participants were the 

most likely to be hard-frozen. Preliminary 2005 data indicate about one of six plans in 

this size stratum, which accounted for 25 percent of the single-employer plans insured by 

PBGC, were hard-frozen at the end of the plan year. At the other extreme, only about 

4 percent of plans with 5,000 or more participants were hard-frozen in 2005, according 

to the preliminary results. These large plans accounted for less than 4 percent of insured 

plans. 

Table 1. Percentage of PBGC-Insured Single-Employer 

Plans That Had a Hard Freeze in Place, 

by Plan Size, 2003-2005 

Plan Size

Percent Frozen Percent Change in Percentage

2003 2004 2005 2003-4 2004-5 2003-5

Less than 100 10.3 12.6 14.2 22.9 12.6 38.4

100 - 999 9.7 13.2 16.7 35.7 26.4 71.5

1,000 - 4,999 6.0 8.4 10.7 40.3 27.5 78.9

5,000 - 9,999 2.3 3.7 5.2 58.3 40.4 122.3

10,000 or more 1.8 2.0 2.9 12.4 42.3 60.0

Total 9.5 12.1 14.1 26.8 16.8 48.1
Pension Insurance Data Book 2006 Hard-Frozen Plans 5

Participants in Hard-Frozen Plans

Because most hard-frozen plans were small plans, the percentage of participants affected by hard freezes was relatively small, growing from 2.5 percent at the end of 2003 

to a preliminary 6.1 percent at the end of 2005. Generally, the smaller the plan size, 

the greater the percentage of participants who were in frozen plans, as shown in table 

2. More than 18 percent of participants in plans with fewer than 100 participants were 

in hard-frozen plans at the end of the 2005 plan year compared with only 4 percent of 

participants in plans with 10,000 or more participants.

The percentage of participants in frozen plans increased for all plan sizes. Except for 

the largest size group, the growth in the percentage of participants in frozen plans for 

each size stratum paralleled the growth in the percentage of plans that were hard-frozen. 

Because the largest size group is open-ended, freezing one or two very large plans can 

have a large impact on the percent of participants who are in hard-frozen plans. That is 

what happened in 2005 when, at the end of the year, Sears froze its two large plans for 

Sears and K-Mart employees. These two plans had almost 400,000 participants between 

them. At the end of the same year, Lucent Technologies hard-froze a plan that had an 

additional 125,000 participants. These three plans accounted for most of the growth in 

the number of participants in hard-frozen plans for 2005. 

Table 2. Percentage of All Participants in Hard-Frozen 

PBGC-Insured Single-Employer Plans, 

by Plan Size, 2003-2005 

Plan Size

Percent in Frozen Plans Percent Change in Percentage

2003 2004 2005 2003-4 2004-5 2003-5

Less than 100 12.6 15.9 18.3 25.7 14.9 44.5

100 – 999 9.3 12.6 15.8 36.3 24.8 70.2

1,000 - 4,999 5.7 8.0 10.6 40.5 31.5 84.7

5,000 - 9,999 2.5 4.0 5.6 61.3 39.6 125.2

10,000 or more 0.7 1.1 4.0 48.7 264.2 441.6

Total 2.5 3.5 6.1 41.3 77.1 150.2

Type of Single-Employer Plan

The plans PBGC insures may base benefits on a percentage of the participant’s compensation, on a flat-dollar amount per year of service, or on a hybrid formula. During 
6 Hard-Frozen Plans Pension Insurance Data Book 2006

the period under study, there was much uncertainty about whether cash balance plans, 

the primary type of hybrid plan, met all the conditions to be considered a “qualified” 

plan.2 Because of this uncertainty, many defined benefit plans reported to be candidates 

for freezing by their sponsors were hybrid plans. However, as Table 3 shows, in all three 

years hybrid plans were the least likely of the three plan types to have been hard-frozen. 

The percentage of hybrid plans that were hard-frozen in each of the three years was only 

about 60 percent of the percentage of either pay-based or flat-dollar plans that had been 

hard-frozen. 

Table 3. PBGC-Insured Single-Employer Plans That 

Were Hard-Frozen, By Plan Type, 2003-2005

Type of Plan

2003 2004 2005

Percent 

HardFrozenPercent of 

All Plans

Percent 

HardFrozenPercent of 

All Plans

Percent 

HardFrozen

Percent 

of All 

Plans

Pay-Based 8.9 81.1 11.6 81.2 13.5 81.2

Flat-Dollar 9.7 14.8 11.5 14.5 13.7 14.3

Hybrid 5.5 5.7 6.7 6.5 8.0 7.6

Not Reported 25.2 3.2 31.0 3.1 35.0 3.1

Total 9.5 100.0 12.1 100.0 14.1 100.0

Note: The individual components of “Percent of All Plans” add to more than 100 percent primarily because a 

number of hybrid plans also reported being either a pay-based plan or a flat-dollar plan. This resulted in some 

double-counting. 

Funding Level of Frozen Plans

While funding levels of all PBGC-insured plans generally improved between 2003 

and 2005, hard-frozen plans continued to be more poorly funded than plans that had 

not been frozen. (See table 4.) In 2003 nearly half the hard-frozen plans were less than 

80 percent funded on a current liability basis compared with one-third of the unfrozen 

2 Title VII of the Pension Protection Act of 2006 (P.L. 109-280) clarified the qualification status of cash balance plans and other plans 

using hypothetical accounts that were created on or after June 29, 2005. The status of plans created earlier than this date was not 

resolved by this legislation. 
Pension Insurance Data Book 2006 Hard-Frozen Plans 7

plans.3 In 2004, these percentages had fallen to a third and a sixth, respectively, and they 

fell slightly more in 2005. Unfrozen plans were nearly twice as likely to be fully funded 

as hard-frozen plans in all three years. 

Table 4. Current Liability Funded Ratios of HardFrozen and Unfrozen Plans, 2003-2005 

Funded Ratio

2003 2004 2005

Frozen

Plans

Unfrozen 

Plans

Frozen 

Plans

Unfrozen 

Plans

Frozen 

Plans

Unfrozen 

Plans

Less than 60 % 14.9 8.2 8.5 4.5 7.5 4.0

60 – 79 % 32.5 25.8 24.1 13.1 22.6 12.2

80 – 99 % 25.4 25.9 33.6 29.1 35.7 28.8

100 % or better 17.1 30.1 25.0 43.3 22.8 44.8

Missing * 10.1 10.1 8.9 10.0 11.4 10.3

Total 100.0 100.0 100.0 100.0 100.0 100.0

Percent of All 

Plans 9.5 90.5 12.1 87.9 14.1 85.9

Note: Percents may not add to 100 percent because of rounding. 

* The “Missing” plans did not provide sufficient information for their funded ratios to be calculated.

Sponsors of Multiple Plans

Companies sponsoring two or more plans represent about 6 percent of all companies 

sponsoring PBGC-insured single-employer plans,4 and they sponsor about 15 percent of 

all single-employer plans insured by PBGC. These companies were more likely to have 

frozen a plan than companies sponsoring only one plan (19 percent versus 12 percent in 

2004). However, companies sponsoring multiple plans froze a smaller percentage of the 

plans they sponsored than did companies sponsoring only one plan (10 percent versus 12 

percent in 2004). Of the companies sponsoring multiple plans, only about 25 percent of 

those that froze any of their plans had frozen all their plans. 

3 This funded ratio divides the “current value of assets,” a market-based value, by current liabilities calculated using the actuary-selected 

interest rate from within the allowable corridor. 

4 This figure is based on plans sponsored by companies with unique employer identification numbers (EINs). Some companies, especially 

controlled groups, have several different EINs. In this section, each unique EIN is assumed to represent a separate company. 
8 Hard-Frozen Plans Pension Insurance Data Book 2006

Industry

The percentage of plans that were hard-frozen increased over the 2003-2005 period 

for each major industry group (see table 5). The Retail Trade and Manufacturing sectors 

had the greatest percentage of plans that were hard-frozen at the end of the 2005 plan 

year. Within the Manufacturing sector, nearly 25 percent of insured plans in the Fabricated Metal Products and Rubber and Plastics industries were hard-frozen at that time, 

the largest proportion of any industry. The greatest percentage increase in the proportion of plans that were hard-frozen occurred in the Motor Vehicle manufacturing sector. 

While the percent of plans in this industry that were hard-frozen more than doubled over 

the two-year period, the total percentage of Motor Vehicle plans that were hard-frozen 

was among the lowest for all industries in 2003 and remained among the lowest in 2005. 

Collective Bargaining Status

Collectively bargained plans were less likely than non-bargained plans to be hardfrozen in any year under study. In 2003, only 7.4 percent of collectively bargained plans 

were hard-frozen compared with 9.8 percent of non-bargained plans. By 2005, an additional 4.5 percent of the plans in each group had been hard-frozen. 

Decision to Terminate

According to the Form 5500, in 2003 sponsors had made a decision to terminate 

more than 20 percent of the hard-frozen plans and almost 7 percent of the unfrozen 

plans. Both these percentages declined slightly in 2004 (to 19 percent and 6 percent, 

respectively) and then returned to the 2003 levels in 2005. Sponsors that hard-froze 

their plans during 2004 and 2005 were no more likely to have decided to terminate these 

plans than were sponsors who hard-froze their plans before 2004. 
Pension Insurance Data Book 2006 Hard-Frozen Plans 9

Table 5. Percentage of PBGC-Insured Single-Employer 

Plans That Had a Hard Freeze in Place, 

by Industry, 2003-2005

Industry 2003 2004 2005

Agriculture, Mining & 

Construction 10.2 13.3 14.1

Manufacturing 11.5 14.9 17.9

 Chemicals and 

 Allied Products

 

7.6 9.8 13.2

 Fabricated Metal Products 16.2 19.3 24.3

 Motor Vehicles 4.6 9.6 11.1

 Primary Metals 13.1 14.7 18.0

 Rubber and Plastics 12.9 19.0 23.4

 Petroleum 5.8 10.0 9.8

 Other Manufacturing 11.0 14.6 17.1

Transportation and Utilities 7.3 9.9 10.5

 Air Transportation 11.6 11.6 17.2

 Other Transportation 9.6 13.3 14.1

 Utilities 2.8 4.4 4.0

Wholesale Trade 11.8 13.3 15.3

Retail Trade 12.6 15.6 16.2

Finance, Insurance, and 

Real Estate 5.7

 

 7.0 8.9

Services 8.9 11.5 13.9

Total 9.5 12.1 14.1

Dynamics of the Change in the Percent of Hard-Frozen Plans

The universe of insured plans is not static. Each year new plans are created and existing plans terminate or merge with other plans. Some existing plans change the conditions under which they operate. In non-bargained plans, sponsors can make changes 

unilaterally. In bargained plans, the changes must be agreed to by the employees’ unions, 

unless the sponsor is in bankruptcy and the bankruptcy court changes the terms of the 

bargaining agreement.
10 Hard-Frozen Plans Pension Insurance Data Book 2006

Tables 1 through 5 are based on the number of plans that were reported as hardfrozen at the end of 2003, 2004, and 2005. Each year a number of new plans were 

reported to be hard-frozen and a number that were reported to be hard-frozen at the end 

of the previous year were “thawed.” Many thawed plans were plans that terminated or 

otherwise failed to file a Form 5500 using the same employer identification number or 

plan number as in the previous year. However, other thawed plans remained active but 

changed their reported status to indicate they were no longer frozen. The analysis that 

follows looks exclusively at changes in the number of frozen plans between 2003 and 

2004 because those are the only years for which Form 5500 hard-frozen plan data are 

available for essentially all insured single-employer plans. 

Plan Size

Table 6 shows the dynamics of the increase, by plan size, in the number of frozen 

plans during the 2004 plan year. The table shows that more than 600 of the 2,900 plans 

that reported being hard-frozen at the end of 2003 did not report being frozen at the 

end of the 2004 plan year (they had “thawed”). More than twice as many plans, almost 

1,300, that were not reported to be hard-frozen at the end of the 2003 plan year were reported to be hard-frozen at the end of the 2004 plan year. (A few plans moved from one 

size category to another during 2004. The net change is shown for each size category.) 

Thus, there was much more “freeze activity” going on than the end of plan year numbers 

might suggest.

Table 6. Change in the Number of Hard-Frozen PBGCInsured Single-Employer Plans, by Plan Size, 2003-2004 

Plan Size

Number 

Frozen At 

the End of 

2003

Plan Size 

Change for 

2004 (Net)

Thawed 

During 

2004

Frozen 

During 

2004

Number 

Frozen At 

the End of 

2004

Less than 100 2,065 52 559 882 2,440

100 – 999 696 -39 46 316 927

1,000 - 4,999 141 -11 7 72 195

5,000 - 9,999 12 0 0 7 19

10,000 or more 11 -2 1 4 12

Total 2,925 0 613 1,281 3,593
Pension Insurance Data Book 2006 Hard-Frozen Plans 11

Thawed Plans

Of the plans that reported being frozen in 2003, 613 were not reported as frozen in 

2004. Of these, 477 (more than 75 percent) did not file a 2004 Form 5500. Although 

only 274 of these 477 plans indicated on their 2003 Form 5500 that it was the final 

filing, all are treated as if they had terminated. In reality, some may have merged with 

another plan, others may have failed to file their 2004 Form 5500, and some may have 

filed under another employer identification number that could not be matched to the 

2003 number. 

The remaining 136 thawed plans filed Form 5500s in both 2003 and 2004. Of 

these, 52 indicated that the 2004 Form 5500 would be their final filing. Most of these 

52 plans reported having no participants in 2004. Nine additional plans indicated on 

their 2004 filings that their sponsors had made the decision to terminate the plan. Upon 

examining a sample of the remaining 75 plans,5 40 percent were found to be hard-frozen 

even though the freeze was not reported in the 2004 feature codes. Twenty-four percent 

had a partial or soft freeze but were not hard-frozen. The remaining 36 percent were not 

frozen during the 2003 or 2004 plan years, although one plan was hard-frozen effective 

January 1, 1999, and then unfrozen effective January 1, 2001, with benefit credits given 

for the two years the freeze had been in effect. These last two groups of thawed plans, 

representing 60 percent of the sampled plans, apparently erroneously reported being 

frozen in 2003 and corrected the error on their 2004 filings. (Their 2003 frozen-plan 

feature code indicators were not adjusted based on these findings.)

Newly Frozen Plans

The Form 5500 data indicate that 1,281 plans were newly hard-frozen during 2004. 

This was more than 4 percent of all the single-employer plans PBGC insured that year. 

These newly hard-frozen plans were 36 percent of the 3,593 plans that were hard-frozen 

at the end of the 2004 plan year. Most of these newly hard-frozen plans—1,147—were 

plans for which 2003 and 2004 Form 5500 data are available. The remaining 134 newly 

reported hard-frozen plans did not have matching 2003 Form 5500s. 

The distribution of these newly hard-frozen plans by plan size is virtually identical 

to the distribution of plans that were hard-frozen before 2004. (See table 7.) The newly 

hard-frozen plans were slightly more likely to be small plans and slightly less likely to 

be plans with 100-999 participants than were plans that were hard-frozen before 2004. 

However, on average, these newly hard-frozen plans were better funded on a current liability basis than were plans that had been frozen in earlier years. 

5 The plan descriptions in the attachments to the Form 5500 Schedule Bs were examined for the 25 largest of the remaining 75 plans.
12 Hard-Frozen Plans Pension Insurance Data Book 2006

Table 7. Number and Percent of PBGC-Insured SingleEmployer Plans That Were Hard-Frozen During and 

Before the 2004 Plan Year, by Plan Size 

Plan Size

Hard-Frozen 

During 2004 Percent

Hard-Frozen 

Before 2004 Percent

Less than 100 882 68.9 1,558 67.4

100 – 999 316 24.7 611 26.4

1,000 – 4,999 72 5.6 123 5.3

5,000 – 9,999 7 0.5 12 0.5

10,000 or more 4 0.3 8 0.3

Total 1,281 100.0 2,312 100.0

Note: Percents may not add to 100 percent because of rounding.

Conclusions

This analysis of the Form 5500 data indicates that the percentage of PBGC-insured 

plans that were hard-frozen increased from 9.5 percent at the end of 2003 to 12.1 percent at the end of 2004, and it apparently continued to increase to an estimated 14.1 

percent at the end of the 2005 plan year. The vast majority of hard-frozen plans were 

small plans. Preliminary 2005 data indicate that only 6.1 percent of participants whose 

benefits PBGC insures were in hard-frozen plans. Press reports indicate several very large 

employers hard-froze their plans during 2006 and 2007, so the percentage of insured 

plans that are hard-frozen and the percentage of participants who are in such plans 

should continue to increase in later data. 

The desire to restructure benefits to better align them with benefits being offered by 

competitors is often the primary rationale sponsors give for freezing their defined benefit 

plan and replacing it with an (enhanced) defined contribution plan. Other rationales are 

a desire to have more predictable and less volatile accounting and contribution requirements, a desire to avoid administrative complexities caused by changes in pension law 

and accounting standards, and a desire to reduce long-term compensation costs.

Whether any of these recent freeze decisions will be reversed remains to be seen. 

Most analysts believe that once a company has taken and survived the employee morale 

hit that comes from freezing a plan, it has little incentive to unfreeze the plan. The evidence shows that few hard-frozen plans have been unfrozen. 
Pension Insurance Data Book 2006 Hard-Frozen Plans 13

From PBGC’s perspective or from a company’s financial perspective, the freezing of 

benefit accruals has little short-term impact. Plans continue to pay premiums to PBGC 

based on the number of participants in the plan even though the companies’ workers (the 

active participants) are no longer accruing benefits. Companies with frozen plans still 

must make minimum required contributions to the plan and follow all other requirements under federal pension law. However, because the companies’ workers are not 

accruing new benefits that have to be funded, over time sponsors may find it somewhat 

easier to fully fund their underfunded frozen plans.

From a longer-term perspective, freezing plans could have a significant effect on the 

defined benefit system. The data indicate that sponsors are more likely to have made a 

decision to terminate frozen plans than unfrozen plans. This, combined with the closing 

of the frozen plans to new entrants, suggests that the total number of insured participants 

will continue the recently observed downward trend. PBGC’s flat-rate premium income 

could decline if the rate of participant decline exceeds the increase in the average national 

wage, which is used to index PBGC’s flat premium rate. In any event, PBGC’s flat-rate 

premium revenue likely will be lower than it would have been had these plans not been 

frozen or closed to new entrants. If the funding levels of the frozen plans improve as a result of the freeze or closing them to new entrants, PBGC’s variable-rate premium income 

could also be reduced, making it more difficult for PBGC to recover from its current 

negative net financial position. At the same time, if plan funding levels improve, PBGC’s 

anticipated future claims should also be smaller. 
14 PBGC’s Guarantee Limits Pension Insurance Data Book 2006

PBGC’s Guarantee Limits—An Update

The 1999 edition of the Pension Benefit Guaranty Corporation’s (PBGC) Pension Insurance Data Book contained an article describing the statutory and regulatory limitations 

on PBGC’s guarantees and the effects of these limitations on the benefits PBGC paid 

to participants in certain single-employer plans it trusteed. This article is a preliminary 

summary of an update to the 1999 study.1 It reports on how the three benefit limitation 

provisions applied by PBGC impacted benefits of participants in an expanded sample 

of 125 trusteed plans sponsored by 55 controlled groups. A controlled group is defined 

as a single company or a group of affiliated companies under a common control. In the 

remainder of this article, we refer to these controlled groups as companies. These plans 

were trusteed by PBGC from 1990 to 2005.

The plans in the expanded study were more likely than those in the earlier study to 

have participants whose benefits were reduced by one or more of the three benefit limitation provisions.2

 We found: 

•	 In both studies the vast majority of participants in these trusteed plans 

received 100 percent of the benefits they earned under their plan; 

•	 16 percent of participants had benefits reduced by one or more of the 

limitation provisions in the current study compared to less than 6 percent in 

the 1999 study; 

•	 on average, this study found that benefits were reduced by 28 percent for 

those affected compared with an average reduction of only 16 percent in the 

earlier study; and

•	 more than 80 percent of the plans in this study and more than 75 percent in 

the 1999 study had at least one participant whose benefits were reduced by 

one or more of the limitation provisions. 

1 The 1999 study is in the Pension Insurance Data Book 1999, which may be found at www.pbgc.gov/docs/1999databook.pdf. 

When it becomes available, the complete updated study will be found at www.pbgc.gov/media/key-resources-for-the-press/content/

page13695.html. 2 The Pension Protection Act of 2006 (PPA) contained several provisions that affected the guarantee limitations. The plans in this study 

all terminated before 2006 and were not affected by the PPA provisions. The PPA modifications are these: (1) if the plan sponsor 

entered bankruptcy after September 16, 2006, and was in bankruptcy when the plan terminated, PBGC’s guarantees will generally 

be determined as of the date the plan sponsor began bankruptcy proceedings, rather than as of the date of plan termination; (2) the 

date the sponsor entered bankruptcy will also determine how PBGC will allocate plan assets and employer recoveries; (3) if the plan 

was sponsored by a commercial airline and the sponsor elected funding relief under PPA and the plan terminates within 10 years of the 

election, PBGC’s guarantees are determined as of the first day the funding relief applied to the plan; and (4) if, after July 26, 2005, 

benefits were increased as a result of an event, such as a facility shutdown, that triggered an “unpredictable contingent event benefit,” 

the benefit increase would be treated as if it were the result of a plan amendment and would be subject to the “Phase-In” limitation. 
Pension Insurance Data Book 2006 PBGC’s Guarantee Limits 15

The change in both the number of participants whose benefits were reduced by these 

limitation provisions and the size of the reductions between our 1999 and 2007 studies is 

not unexpected. The impacts of these limitations depend critically on the characteristics 

of both the plans being trusteed (do they provide temporary supplemental benefits, do 

they regularly increase benefits through plan amendments, do they provide generously 

subsidized early retirement benefits) and the participants in the plans (are they highly 

paid). The updated study included several recently trusteed large plans from the steel 

and airline industries. These industries are heavily unionized and their plans are relatively generous. These characteristics make them more likely to be subject to the guarantee 

limitations than the average defined benefit plan. 

PBGC’s Benefit Limitations

PBGC pays participants the benefits they accrued under the terms of their plan, 

subject to certain constraints set by Title IV of the Employee Retirement Income Security Act of 1974, as amended (ERISA) and by PBGC’s implementing regulations. When 

PBGC takes control of a terminated underfunded plan, it takes over responsibility for 

the plan’s assets and the payment of benefits to plan participants and their beneficiaries. 

PBGC determines, on a participant-by-participant basis, the level of benefits to which 

each participant or beneficiary is entitled under ERISA.

 Three limitation provisions constrain the level of PBGC’s guaranteed benefits—the 

“Accrued-at-Normal” limitation, the “Maximum Insurance” limitation, and the “PhaseIn” limitation. 

The “Accrued-at-Normal” Limitation

The accrued-at-normal limitation constrains the benefits PBGC will guarantee to 

a monthly amount that is no larger than the monthly benefit provided as a straight life 

annuity available at the plan’s normal retirement age. The portion of any combined 

early retirement benefit and supplemental benefit that exceeds the normal retirement age 

straight life annuity is eliminated by this provision.3 For example, suppose, under the 

terms of the plan, a participant is entitled to a straight life annuity of $1,000 per month 

at the plan’s normal retirement age of 65. Suppose further that, if he retires at age 60, he 

is entitled to an early retirement benefit of $750 per month and a temporary supplemental benefit of $400 per month between the ages of 60 and 62. His total benefit under 

the plan from age 60 to age 62 would be $1,150 per month. The accrued-at-normal 

3 Plans in certain industries, such as steel and automotive manufacturing, often pay early retirees a supplemental benefit until they 

become eligible for Social Security benefits. 
16 PBGC’s Guarantee Limits Pension Insurance Data Book 2006

limitation will reduce the supplemental benefit by $150. In this case, PBGC would pay 

the participant a benefit of $1,000 per month from age 60 to age 62, instead of $1,150. 

At age 62, PBGC would stop paying the reduced supplemental benefit in accordance 

with the plan’s terms. From that point forward, the participant would be paid a monthly 

benefit of $750, the same amount he would have received from the plan at that age if the 

plan had not terminated. 

The “Maximum Insurance” Limitation

The maximum insurance limitation puts a dollar cap on the benefits PBGC may 

guarantee. The amount of the maximum guaranteed benefit depends on the calendar 

year in which the underfunded plan terminates.4 The maximum benefit guarantee is adjusted yearly but is fixed for any plan once that plan terminates.5

 For a plan terminating 

in 2007, the maximum benefit guarantee is $4,125.00 per month, or $49,500 per year, 

for a straight-life annuity that PBGC begins paying at age 65. The guarantee is actuarially reduced for those who begin receiving benefits from PBGC at younger ages or who 

receive a benefit that includes a survivor benefit, and it is actuarially increased for those 

who first receive benefits from PBGC at older ages. The participants whose benefits are 

affected by the maximum insurance limitation tend to be those with high salaries, those 

whose plans provide very generous benefits, and those whose plans provide subsidized or 

unreduced early retirement benefits at a relatively young age.6

The “Phase-In” Limitation

The phase-in limitation restricts the proportion of recent plan benefit improvements 

provided through a plan amendment that PBGC will guarantee.7 Although any type of 

plan can be amended to improve benefits, collectively bargained plans often regularly 

increase benefits in this manner, making them more likely than nonbargained plans to 

be subject to the phase-in limitation. PBGC will fully cover benefit improvements made 

more than five years prior to the date of the plan’s termination. It will not cover any 

benefit increase implemented through a plan amendment that was made within one year 

of the date of the plan termination. For benefit improvements that became effective (or 

4 PPA modified this provision. If the sponsor entered bankruptcy after September 16, 2006, and the plan terminated while the sponsor 

was in bankruptcy, the maximum benefit guarantee will depend on the calendar year the sponsor entered bankruptcy. 

5 The maximum guaranteed amount is adjusted annually based on changes in the Social Security “Old-law” contribution and benefit 

base. The “Old-law” base is the base that would have been effective without enactment of the 1977 amendments to the Social Security 

Act.

6 An example of this latter type of benefit is a “30 and out” provision that allows a participant to retire at any age with unreduced benefits once he or she has completed 30 years of service with the plan’s sponsor.

7 PPA applied this limitation to payments for “unpredictable contingent event benefits,” such as shutdown benefits, that are triggered 

by a specific event. The bankruptcy provision of PPA also comes into play for the phase-in provision. If the plan terminates while the 

employer is in bankruptcy, the date the employer filed for bankruptcy, if after September 16, 2006, will be treated as the termination 

date for purposes of applying the phase-in limitation provision.
Pension Insurance Data Book 2006 PBGC’s Guarantee Limits 17

that the sponsor adopted, if later) more than one year but less than five years prior to the 

plan’s termination, PBGC will guarantee the larger of 20 percent of the benefit increase 

or $20 per month of the increase for each full year the increase was in effect.8 

Benefits Exceeding PBGC’s Guarantees

Some participants in PBGC-trusteed plans receive benefits that exceed the PBGC 

guarantee level. This can occur if the plan has sufficient assets to fund benefits above 

the guarantee or if PBGC recovers, or is deemed to recover, additional funds from the 

plan sponsor through bankruptcy proceedings. Recoveries are shared with participants 

according to a specified formula, and the participants’ share is used to fund benefits that 

exceed PBGC’s guarantee.9 

Methodology

To determine the impact of the limitation provisions on the benefits of the participants in the 125 trusteed plans in this study, we calculated the present value of the reduction in benefit payments caused by each limitation. PBGC’s internal valuation records 

describe which guarantee limitations apply to each participant’s benefit. We calculated 

the estimated present value of the vested plan benefits the participants would have received over their lifetimes without any reductions and then estimated the present value of 

their lifetime benefits after PBGC applied each individual limitation.10 From the difference in these calculations, we determined the number and percentage of participants 

whose benefits were reduced by each limitation and the average percentage reduction in 

benefits. The average percentage reductions reported in tables 3 and 5 of this study were 

calculated by dividing the aggregate present value of benefit reductions by the aggregate 

present value of vested benefits the affected participants would have received if their benefits had not been reduced. 

These limitations can affect the different types of participants—active workers, retirees, and separated vested workers (workers who earned a nonforfeitable right to a pension 

benefit but left the plan sponsor’s employ without commencing a pension benefit)—in 

different ways. For this reason, the effects of each limitation are reported for each type 

of participant. (See tables 2 and 3.) Because the impact of each limitation also depends heavily on the characteristics of the trusteed plan, the effects are also reported by 

8 A less generous phase-in provision is applicable for substantial owners of companies that sponsored PBGC-trusteed plans. The substantial owner provision was modified by PPA so that it now applies to fewer owners and is less onerous when it does apply. This type of 

phase-in is rarely applicable to participants in large plans.

9 PPA changed this provision so that the date the sponsor entered bankruptcy proceedings will be used to determine how PBGC will 

allocate any available plan assets and employer recoveries to retirees and retirement-eligible participants (and how much, if any, of their 

nonguaranteed benefits will be funded).

10The lifetime benefits estimated after the limitations were applied include any nonguaranteed benefits that were funded by plan assets or 

recoveries. 
18 PBGC’s Guarantee Limits Pension Insurance Data Book 2006

the industry of the plan sponsor. (See tables 4 and 5.) The rationale behind reporting 

results by industry is that plans in specific industries are likely to have similar provisions, 

especially if there is one union that represents the majority of workers in a particular occupation. We note that the distribution of participants by industry in the sample differs 

from that of the plans PBGC has trusteed. The percentages of participants from the steel 

industry and retail sector in the study are comparable to their percentages for all trusteed plans, while the percentage of airline participants in the sample is more than twice 

the comparable percentage in all trusteed plans. Participants from all other sectors are 

under-represented in the sample of participants. The results of this study have not been 

weighted to adjust for distributional differences between the sample and full population 

of trusteed plans.

The 125 plans in the sample contained 525,700 participants at their dates of plan 

termination—206,600 retirees, 171,600 separated vested workers, and 147,500 active 

vested workers. Beneficiaries of deceased workers were not included in the study. 

Results

Most of the plans in the sample had at least one participant whose benefit was 

reduced by one of the limitation provisions. However, when PBGC takes over a pension plan, the overwhelming majority of participants receive 100 percent of their vested 

accrued benefit. In this sample of 125 plans, only 16 percent of participants had their 

vested accrued benefits reduced by any of the benefit limitation provisions. The other 

84 percent received 100 percent of the vested benefits they had earned under their plans. 

Those whose benefits were reduced received, on average, 72 percent of the vested benefits 

they had earned under their plans.

Plans

The benefit limitation provisions reduced the benefits of at least one participant in 

more than 80 percent of the plans in the sample. (See table 1.) The maximum insurance limitation reduced benefits of participants in 60 percent of the 125 plans, while the 

accrued-at-normal and phase-in limitations reduced benefits in almost half the plans. In 

most plans where any benefits were reduced, however, the benefits of only a small percentage of participants were affected. For example, the maximum insurance limitation 

reduced the benefits of fewer than 5 percent of plan participants in 54 of the 75 plans it 

impacted.
Pension Insurance Data Book 2006 PBGC’s Guarantee Limits 19

Table 1. Number of Plans with Benefits Reduced by 

One or More Benefit Limitation

Provision, By Limitation Provision

Total Plans

Number With Benefits Reduced By:

At Least One 

Limitation

AccruedAt-Normal 

Limitation

Maximum 

Insurance 

Limitation

Phase-In 

Limitation

125 104 55 75 61

Participant Status

Participants who were active in their plan at the time of plan termination were most 

likely to face reductions in their benefits. (See table 2.) Almost 30 percent of the active 

participants had their vested benefits reduced compared with 16 percent of retirees and 

only 4 percent of separated vested participants. In all, more than twice as many participants had their benefits reduced by the phase-in provision as by either of the other two 

limitation provisions. Only 2 percent of all participants had their benefits reduced by 

more than one of the limitation provisions.

Table 2. Participants with Benefits Reduced by One or

More Benefit Limitation Provision, By

Participant Status and Limitation Provision

Status

Number of 

Participants

Percent 

Receiving 

100% of 

Vested 

Accrued 

Benefit

Percent Affected By:

At Least 

One 

Limitation

AccruedAt-Normal 

Limitation

Maximum 

Insurance 

Limitation

Phase-In 

Limitation

Retired 206,600 84% 16% 5% 6% 10% 

Separated 171,600 96% 4% * * 4%

Active 147,500 71% 29% 1% 9% 21%

Total 525,700 84% 16% 2% 5% 11%

* Less than 0.5 percent.
20 PBGC’s Guarantee Limits Pension Insurance Data Book 2006

The 16 percent of participants whose benefits were reduced had their benefits reduced, on average, by 28 percent (measured in present value terms).11 This average 

covers a wide range of benefit reductions. Some participants who had accrued very high 

benefits saw the lifetime value of their benefits reduced by more than 50 percent by these 

limitation provisions. However, for about 25 percent of those affected, the provisions 

reduced benefits by less than 10 percent. Table 3 shows the average percentage reduction 

in the lifetime value of benefits caused by each of the benefit limitation provisions for 

the affected participants. The maximum insurance limitation was responsible, on average, for the greatest reductions in benefits. This provision resulted in an average benefit 

reduction of 33 percent for those participants it affected. The average reduction from 

this limitation provision was even greater—more than 40 percent—for affected participants who were active when the plan terminated. The relatively large 15 percent reduction from the phase-in limitation suggests that many of those affected by this provision 

received very generous benefit improvements shortly before their plans terminated. 

Table 3. Average Benefit Reduction for Participants 

Whose Benefits Were Reduced by One or More Benefit 

Limitation Provision, By Participant Status and 

Limitation Provision

Status

Number of 

Participants

Percent 

With 

Reduced 

Benefits

Average Percent Reduction From:

All 

Limitations

AccruedAt-Normal 

Limitation

Maximum 

Insurance 

Limitation

Phase-In 

Limitation

Retired 206,600 16% 22% 10% 21% 15% 

Separated 171,600 4% 19% 19% 26% 21%

Active 147,500 29% 34% 12% 43% 14%

Total 525,700 16% 28% 10% 33% 15%

The average percentage of full benefits received by participants affected by the 

accrued-at-normal limitation increased from 83 percent in the 1999 study to 90 percent 

in this study. The decline in the impact of this limitation was caused, we believe, by a 

decline of average monthly supplemental benefits relative to average monthly early retirement benefits. The average monthly supplemental benefit in most steel plans, the plans 

whose participants are most affected by the accrued-at-normal provision, has remained 

constant for many years while the average monthly early and normal retirement benefits 

have increased. Thus, over time the supplemental benefit has become responsible for a 

11The benefit reductions, if spread across all participants in the sample, would average only 4 percent per participant. 
Pension Insurance Data Book 2006 PBGC’s Guarantee Limits 21

smaller share of the average affected participant’s total early retirement benefit, and this is 

reflected in the smaller percentage reduction in benefits caused by the accrued-at-normal 

limitation provision. 

The average percentage of full benefits received by participants affected by the maximum insurance limitation fell from 83 percent in the 1999 study to 67 percent in this 

study. The decrease is due to the large number of participants in airline and steel plans in 

this study. Pilots were especially affected by this provision. Almost 60 percent had their 

benefits reduced by the maximum insurance limitation. Their high average incomes 

provided very generous benefits that were often two to three times the maximum insurance limitation, putting them at risk of large benefit reductions. Retired pilots in some 

plans got a measure of relief because of the way plan assets and recoveries are allocated 

across participants. However, the vested accrued benefits of active pilots were usually cut 

back to the PBGC guarantee level for their expected retirement age. Many steel plans 

also had provisions that provided participants with large benefits at relatively young ages. 

Because PBGC’s guarantee is actuarially reduced for participants drawing benefits before 

age 65, young retirees with large benefits are likely to have those benefits reduced by the 

maximum insurance limitation. 

The average percentage reduction from the phase-in limitation increased from 2 percent in the 1999 study to 15 percent in the 2007 study. Most of this increase occurred 

because several airline and steel plans granted very large benefit increases (as high as a 50 

percent increase) within three years of the plans’ terminations. Large percentages of these 

recent benefit increases were eliminated by the phase-in limitation. 

Industry

Participants in airline and steel plans were much more likely to have their benefits 

reduced by the three guarantee limitations—more than 20 percent had their benefits 

reduced—than were participants from other industries, where only 5 percent experienced 

benefit reductions. (See table 4.) 
22 PBGC’s Guarantee Limits Pension Insurance Data Book 2006

Table 4. Participants with Benefits Reduced by One or 

More Benefit Limitation Provision, 

By Industry and Limitation Provision

Industry

Number of Percent Affected By:

Plans Participants

At Least One 

Limitation

AccruedAt-Normal 

Limitation

Maximum 

Insurance 

Limitation

Phase-In 

Limitation

Airline 17 228,400 22% * 8% 14% 

Steel 54 122,500 21% 7% 6% 15%

Other 

Manufacturing 40 115,000 6% 2% * 4%

Retail 4 30,700 * 0% * *

Other 10 29,100 5% 1% 1% 5%

Total 125 525,700 16% 2% 5% 11%

* Less than 0.5 percent.

The three limitation provisions affected participants from different industries in 

different ways. Seven percent of participants in steel industry plans had their benefits 

reduced by the accrued-at-normal limitation compared with almost none in airline plans, 

only two percent in other manufacturing sector plans, and one percent from plans from 

all other industries. Supplemental benefits are commonly found in steel plans and plans 

of some other manufacturing sectors but are rarely found in plans outside the manufacturing sector.12 

Even though steel and airline plans tend to have generous benefits, only 8 percent of 

the participants in the airline plans (mostly pilots) and six percent in the steel plans had 

their benefits reduced by the maximum insurance limitation. Few participants in other 

industries lost benefits because of this limitation. 

The phase-in limitation reduced the benefits of about one out of seven participants in 

steel and airline plans but less than one out of 20 in other industries. On the other hand, 

about 60 percent of the trusteed steel plans in the sample, a third of the airline plans, and 

almost half the plans in other industries had participants whose benefits were reduced by 

the phase-in limitation.13

12The participants in the “Other” category whose benefits were reduced by the accrued-at-normal limitation were all participants in the 

same plan. 

13Shutdown benefits are common in steel industry plans. However, the phase-in limitation did not reduce any shutdown benefits for 

participants in this study because all shutdown benefits in the plans in the sample were triggered before the date such benefits became 

subject to the phase-in limitation (July 26, 2005). 
Pension Insurance Data Book 2006 PBGC’s Guarantee Limits 23

Among participants who had their benefits reduced by one or more of the limitation 

provisions, those in airline plans had the largest average percentage loss of vested benefits 

(a 30 percent reduction). (See table 5.) The average percentage reduction for affected 

participants from plans in other industries was about 25 percent except in the non-steel 

manufacturing plans where it was only 13 percent. The average reductions conceal a 

wide variation in the reductions experienced by individual participants. Some had very 

modest reductions while others lost a substantial proportion of their earned benefits. For 

example, the benefits of a few participants in airline pilot plans were reduced by more 

than 75 percent by the maximum insurance limitation.

 Across all industries, the maximum insurance limitation was responsible for the largest percentage reduction in benefits. As noted earlier, almost 60 percent of all pilots in 

the sample had their benefits reduced by this limitation provision. Given their very high 

average levels of vested benefits, many experienced very substantial benefit reductions. 

On average, the maximum insurance limitation reduced affected pilots’ benefits by 38 

percent, compared to an average reduction for other affected airline plan participants of 

23 percent. This provision also had the largest impact on benefits of affected participants 

in other industries. While few plans provide benefits as high as pilots’ plans, many upper 

level management participants receive generous benefits from their plans. In addition, 

many plans provide heavily subsidized early retirement benefits.14 The maximum guarantee at young retirement ages is fairly modest (for example, in 2007 it is $1,856.25 per 

month at age 55). A 55-year-old retiree receiving a plan-provided benefit of $2,000 per 

month whose plan was trusteed by PBGC in 2007 would have his benefit reduced by 

almost $150 per month by the maximum insurance limitation. While not a large percentage reduction, it demonstrated how younger retirees with benefits substantially below 

the $4,125 limit that applies at age 65 can have their benefits affected by the maximum 

insurance limitation provision. 

14Plans with a “30 and out” provision can provide full benefits as early as age 47 or 48.
24 PBGC’s Guarantee Limits Pension Insurance Data Book 2006

Table 5. Average Benefit Reduction for Participants 

Whose Benefits Were Reduced by One or More 

Benefit Limitation Provision, By Industry and 

Limitation Provision 

Industry

Number of 

Participants

Percent 

With 

Reduced 

Benefits

Average Percent Reduction From:

Any 

Limitations

AccruedAt-Normal 

Limitation

Maximum 

Insurance 

Limitation

PhaseIn Limitation

Airline 228,400 22% 30% 6% 36% 15% 

Steel 122,500 21% 26% 10% 22% 16%

Other

 Manufacturing 115,000 6% 13% 13% 16% 6%

Retail 30,700 * 24% 0% 29% 13%

Other 29,100 5% 26% 24% 26% 26%

Total 525,700 16% 28% 10% 33% 15%

* Less than 0.5 percent.

Conclusions

The major finding of this study is that most participants in this sample of plans trusteed by PBGC, 84 percent, receive all the vested benefits they had accrued under their 

plans. However, many of the 16 percent of participants whose benefits were reduced by 

one or more of the limitation provisions experienced substantial benefit reductions. The 

average benefit reduction for those affected was a 28 percent reduction. The maximum 

insurance limitation, which places a dollar limit on PBGC’s guarantee, continued to be 

the limitation that caused the largest benefit reductions for affected participants. That 

said, the phase-in limitation, which limits the amount of recent benefit increases PBGC 

will guarantee, affected the greatest number of participants. 

Whether a participant’s benefit is reduced depends heavily on the characteristics of 

the plan and the individual participant. Not all plans provide supplemental benefits for 

those who retire before the plan’s normal retirement age and not all will either increase 

benefits through plan amendments or provide contingent event benefits. Only those 

plans that do will have participants whose benefits could be reduced by the accrued-atnormal and phase-in limitations, respectively. Relatively few participants have benefits 

sufficiently high to be reduced by the maximum insurance limitation. However, those 

with very high benefits can face substantial reductions in their benefits because of this 
Pension Insurance Data Book 2006 PBGC’s Guarantee Limits 25

latter provision. 

The sample of plans in the study is heavily weighted toward large trusteed plans, 

especially airline and steel plans that have accounted for almost 75 percent of all claims 

against the PBGC. The sample consequently under-represents small trusteed plans. 

However, the 525,700 participants in the sample are more than 30 percent of all participants in plans ever trusteed by PBGC. This makes us confident that our results provide 

reasonable estimates of the percent of participants historically impacted by these three 

benefit limitation provisions. Due to changes in the law and changes in the composition 

of plans that present the highest likelihood of claims in the future, these results may not 

be representative of the benefit reductions that will be experienced in future terminations.
26 PBGC’s Guarantee Limits Pension Insurance Data Book 2006
PBGC Data

And Trends

Single-Employer Program
28 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2006

Net Position of PBGC’s

Single-Employer Program (1980-2006)

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

1996.

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

2000.

•	 PBGC’s financial position then fell to a deficit of $23.3 billion in 2004 and 

has recovered slightly since then.

•	 The rapid decline from 2000 to 2004 resulted from several very large losses 

(primarily from steel and airline industry plans), lower interest rates that 

raised the value of PBGC’s liabilities and declining stock prices. 

 

 

-$24

-$20

-$16

-$12

-$8

-$4

$0

$4

$8

$12

1980198119821983198419811986198719881989199019911992199319941995199619971998

1999

2000200120022003200420052006

(Restored LTV Plans)

Fiscal Year

Billions

Figure 1

Reference Table S-1 of the PBGC Pension Insurance Data Book 2006. 

Source: PBGC Annual Reports (1980-2006). 

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

 

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

their pension obligations of $1.8 billion to LTV Corporation.
Pension Insurance Data Book 2006 PBGC Data and Trends: Single-Employer Program 29

Date of Plan Termination (Fiscal Year)

Millions

Figure 2

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

$11,000

$12,000

Top 10 Claims

All Other Claims

19901991199219931994199519961997199819992000200120022003200420052006

Pre-1985

1985-1989

63%

37%

Total Claims

1975 - 2006

Concentration of PBGC Claims (1975-2006)

Single-Employer Program

•	 Since 1975, 3,673 terminations of underfunded single-employer plans have 

resulted in total claims of $32.6 billion.

•	 Total annual claims have varied widely, ranging from a low of $28.6 million 

in 1984 to a high of more than $11.4 billion in 2005.

•	 The firms presenting the ten largest claims have accounted for 63 percent of 

all claims against PBGC from 1975 to 2006.

Reference Table S-4 of the PBGC Pension Insurance Data Book 2006. 

 

Sources: PBGC Fiscal Year Closing File (9/30/2006) and PBGC Case Administration System. 

 

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

 
30 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2006

Figure 3

Air Transportation

38.1%

Primary Metals

35.5%

Other

Non-Manufacturing

9.7%

Other

Manufacturing

9.7%

Fabricated Metal Products

3.5%

Machinery 3.5%

PBGC Claims by Industry (1975-2006)

Single-Employer Program

•	 Terminations by firms in the Primary Metals and Air Transportation 

industries have accounted for almost 75 percent of PBGC’s claims.

•	 An additional 7 percent of claims have come from sponsors in the Fabricated 

Metals and Machinery industries.

Reference Table S-19 of the PBGC Pension Insurance Data Book 2006. 

 

Sources: PBGC Fiscal Year Closing File (9/30/2006) and PBGC Case Administration System. 

 
Pension Insurance Data Book 2006 PBGC Data and Trends: Single-Employer Program 31

PBGC Claims by Funded Ratio (1975-2006)

Single-Employer Program

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

PBGC.

•	 Two-thirds of pension claims came from plans that were less than 50 percent 

funded (using PBGC assumptions).

•	 Only $484 million of the $32.6 billion in total claims came from plans 

terminating with funded ratios of 75 percent or higher.

Reference Table S-11 of the PBGC Pension Insurance Data Book 2006. 

 

Sources: PBGC Fiscal Year Closing File (9/30/2006) and PBGC Case Administration System. 

 

Figure 4

25% to 49%

Funded Ratio

53.8%

50% to 74%

Funded Ratio

31.5%

Less than 25%

Funded Ratio

13.2%

75% or Higher

Funded Ratio

1.5%
32 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2006

Fiscal Year

Thousands

Figure 5

Participants and Beneficiaries Receiving

 PBGC Payments (1980-2006)

Single-Employer Program

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

over the past twenty-five years.

•	 In 2006, PBGC made periodic payments to more than 611,000 payees and 

lump sum payments to 13,000 participants.

•	 An additional 520,000 individuals are eligible for future PBGC benefit 

payments.

Reference Table S-20 of the PBGC Pension Insurance Data Book 2006.

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

Reports and PBGC Benefit Payment Reports. 

Note: Payees are retired participants or their beneficiaries. 

0

250

500

750

1,000

1,250

Deferred Status

In Pay Status

198019811982198319841981198619871988198919901991199219931994199519961997199819992000200120022003200420052006
Pension Insurance Data Book 2006 PBGC Data and Trends: Single-Employer Program 33

Age

Thousands

Figure 6

0

25

50

75

100

125

Female

Male

85 or 

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

Younger

Than 60

Participants and Beneficiaries Receiving

 PBGC Payments by Gender and Age (2006)

Single-Employer Program

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

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

Reference Table S-23 of the PBGC Pension Insurance Data Book 2006. 

 

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

 

Note: Payees are retired participants or their beneficiaries. 

 
34 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2006

Fiscal Year

Millions

Figure 7

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

198019811982198319841981198619871988198919901991199219931994199519961997199819992000200120022003200420052006

PBGC Benefit Payments (1980-2006) 

Single-Employer Program

•	 PBGC’s important role in the private pension system is 

illustrated by the continuing increase in payments over its history. 

•	 In 2006, PBGC disbursed more than $4 billion in monthly 

pension and lump sum benefit payments to retired plan participants or their 

beneficiaries. 

Reference Table S-20 of the PBGC Pension Insurance Data Book 2006. 

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

 

Note: Payment figures include periodic payments and lump sum payments made in each year. 

 
Pension Insurance Data Book 2006 PBGC Data and Trends: Single-Employer Program 35

Fiscal Year

Figure 8

0

5,000 or more participants

1,000 - 4,999 participants

100 - 999 participants

Fewer than 100 participants

198019811982198319841981198619871988198919901991199219931994199519961997199819992000200120022003200420052006

Size of Plan

20,000

40,000

60,000

80,000

100,000

120,000

PBGC-Insured Plans (1980-2006)

Single-Employer Program

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

substantially in the past twenty-one years.

•	 In 2006, PBGC insured about 28,800 single-employer defined benefit plans, 

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

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

plans.

Reference Table S-31 of the PBGC Pension Insurance Data Book 2006. 

 

Source: PBGC Premium Filings, various years. 
36 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2006

Fiscal Year

Millions

Figure 9

0

10

20

30

40 Fewer than 100 participants 

 100 - 999 participants 

 1,000 - 4,999 participants

 5,000 or more participants 

198019811982198319841981198619871988198919901991199219931994199519961997199819992000200120022003200420052006

Size of Plan

Participants in PBGC-Insured Plans (1980-2006) 

Single-Employer Program 

•	 In 2006, PBGC provided pension insurance protection to more than 34 

million participants in single-employer plans.

•	 The total number of participants declined slightly in 2005 and 2006. 

Reference Table S-30 of the PBGC Pension Insurance Data Book 2006. 

 

Source: PBGC Premium Filings, various years.
Pension Insurance Data Book 2006 PBGC Data and Trends: Single-Employer Program 37

Percent of Total Participants

Figure 10

0%

20%

40%

60%

80%

100%

Separated Vested Retired Active 

1980198119821983198419811986198719881989199019911992199319941995199619971998199920002001200220032004

PBGC-Insured Participants by Participant Status 

(1980-2004)

Single-Employer Program

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

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

1980 to 47 percent in 2004.

•	 The greatest participant growth since 1980 has occurred among separated 

vested participants.

Reference Table S-32 of the PBGC Pension Insurance Data Book 2006. 

 

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.
38 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2006

Figure 11

Manufacturing

46.8%

Other

Industries

17.9%

Services

15.9%

Information

7.3% Finance,

Insurance &

Real Estate

12.0%

PBGC-Insured Participants by Industry (2005)

Single-Employer Program

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

half of all covered single-employer participants are in plans sponsored 

by manufacturing firms.

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

by firms in the Services and Finance, Insurance and Real Estate Sectors.

Reference Table S-36 of the PBGC Pension Insurance Data Book 2006. 

Source: PBGC Premium Filings. 
Pension Insurance Data Book 2006 PBGC Data and Trends: Single-Employer Program 39

Fiscal Year

Millions

Figure 12

0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

Variable-Rate

Flat-Rate

19801981

1982198319841981198619871988

198919901991

1992

1993199419951996

1997199819992000

200120022003200420052006

PBGC Premium Revenue (1980-2006)

Single-Employer Program

•	 The increase in premium revenues beginning in 1986 reflected increases in 

the flat-rate premium, the addition of the variable-rate premium based on 

plan underfunding levels after 1987, and the phasing-out of the cap on the 

variable-rate premium.

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

improved plan funding and an increase in the number of underfunded plans 

qualifying for exemption from paying the variable-rate premium.

•	 The increase in premium revenues since 2002 reflected deteriorating plan 

funding, which caused an increase in variable-rate premiums. 

•	 The increase in the flat-rate premium for 2006 reflected an increase 

in the rate from $19 to $30 per participant effective for 2006. 

 

Reference Table S-38 of the PBGC Pension Insurance Data Book 2006. 

 

Source: PBGC Annual Reports (1980-2006). 
40 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2006

Figure 13

Variable-Rate

32%

Flat-Rate

Only

68%

Variable-Rate

54%

Flat-Rate

46%

Insured Participants Total Premiums

PBGC-Insured Participants and Premiums 

by Premiums Paid (2005) 

Single-Employer Program 

•	 The PBGC variable-rate premium is based on the level of a 

plan’s unfunded liabilities. 

•	 Less than one-third of participants are in plans paying the variable-rate 

premium. 

Reference Tables S-39 and S-40 of the PBGC Pension Insurance Data Book 2006. 

Source: PBGC Premium Filings. 
PBGC Data

And Trends

Multiemployer Program
42 PBGC Data and Trends: Multiemployer Program Pension Insurance Data Book 2006

Fiscal Year

Millions

Figure 14

-$800

-$600

-$400

-$200

$0

$200

$400

198019811982198319841981198619871988198919901991199219931994199519961997199819992000200120022003200420052006

Net Position of PBGC’s 

Multiemployer Program (1980-2006)

 

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

•	 The program reported a deficit of $739 million in 2006. 

Reference Table M-1 of the PBGC Pension Insurance Data Book 2006. 

 

Source: PBGC Annual Reports (1980-2006). 

 

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

 
Pension Insurance Data Book 2006 PBGC Data and Trends: Multiemployer Program 43

Figure 15

0

750

1,500

2,250

3,000

5,000 or more Participants

1,000 - 4,999 Participants

Fewer than 1,000 Participants

198019811982198319841981198619871988198919901991199219931994199519961997199819992000200120022003200420052006

Size of Plan

Fiscal Year

PBGC-Insured Plans (1980-2006) 

Multiemployer Program

 

•	 The total number of multiemployer plans insured by PBGC has 

declined slowly since 1982.

•	 This decline primarily reflects the loss of plans with fewer than 

1,000 participants. 

•	 This decline is primarily due to plan mergers. 

Reference Table M-6 of the PBGC Pension Insurance Data Book 2006. 

Source: PBGC Premium Filings, various years. 
44 PBGC Data and Trends: Multiemployer Program Pension Insurance Data Book 2006

Fiscal Year

Millions

Figure 16

0.0

2.5

5.0

7.5

10.0 Fewer than 1,000 Participants

 1,000 - 4,999 Participants

 5,000 or more Participants

198019811982198319841981198619871988198919901991199219931994199519961997199819992000200120022003200420052006

Size of Plan

Participants in PBGC-Insured Plans (1980-2006) 

Multiemployer Program

•	 In 2006, PBGC provided pension insurance protection to more 

than 9.9 million participants in multiemployer plans.

•	 This represents a 24 percent increase over the total number of 

participants covered in 1980.

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

participants. 

Reference Table M-5 of the PBGC Pension Insurance Data Book 2006. 

 

Source: PBGC Premium Filings, various years. 
Pension Insurance Data Book 2006 PBGC Data and Trends: Multiemployer Program 45

Figure 17

0%

20%

40%

60%

80%

100%

Separated Vested Retired Active 

1980198119821983198419811986198719881989199019911992199319941995199619971998199920002001200220032004

Percent of Total Participants

PBGC-Insured Participants by Participant Status 

(1980-2004) 

Multiemployer Program

•	 Although the total number of multiemployer plan participants that 

PBGC covers has grown, the percentage of these participants that 

are active workers fell from 76 percent in 1980 to 46 percent in 2004.

Reference Table M-7 of the PBGC Pension Insurance Data Book 2006. 

 

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. 

 
46 PBGC Data and Trends: Multiemployer Program Pension Insurance Data Book 2006

Figure 18

Construction

35.9%

Other

6.5%

Services

14.3%

Retail Trade

13.7%

Manufacturing

15.6% Truck

Transportation

14.0%

Major Construction Groups:

7.8% Electrical Work

5.2% Building Construction

5.2% Heavy Construction

4.7% Finishing Contractors

PBGC-Insured Participants by Industry (2005)

Multiemployer Program

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

trades account for over one-third of all covered multiemployer plan 

participants.

Reference Table M-8 of the PBGC Pension Insurance Data Book 2006. 

 

Source: PBGC Premium Filings. 
Appendix S

Single-Employer Data Tables
48 Single-Employer Data Tables Pension Insurance Data Book 2006

PBGC’s Single-Employer Program

Under its single-employer program, PBGC insures the pension benefits of participants in most private-sector, single-employer, defined benefit pension plans. A singleemployer plan is a plan that was not established pursuant to a collective bargaining agreement between the plan’s participants and two or more unrelated employers. A defined 

benefit plan is a pension plan other than an individual account plan. In a typical singleemployer defined benefit plan, benefits are based on a formula that typically includes as 

inputs years of service and either a flat-dollar amount or the participant’s average compensation.

An insured plan must pay PBGC a yearly premium of $31 per participant for pension benefit insurance coverage in 2007. This per-participant premium rate is adjusted 

yearly based on changes in the national average wage index, rounded to the nearest whole 

dollar. Plans that are underfunded (based on a specified measure) must pay PBGC an 

additional premium of $9 per $1,000 of underfunding. This rate is not indexed. Some 

terminating plans have to pay a termination premium of $1,250 per participant per year 

for three years if they undergo a distress or PBGC-initiated plan termination on or after 

January 1, 2006.

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

usually become statutory trustee of the plan and become responsible for paying benefits 

to the plan’s participants and their beneficiaries. PBGC pays benefits according to the 

provisions of each individual pension plan, subject to legal limits. The vast majority of 

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

their plan. Benefits for some participants may be reduced if 1) their benefits exceed PBGC’s maximum guarantee limit, 2) a benefit increase occurred (or a benefit became payable due to a plant shutdown or similar event) within five years of the plan’s termination, 

or 3) a part of their benefit is a supplemental benefit. Additional guarantee restrictions 

apply if the plan’s termination date occurred while the employer was in a bankruptcy proceeding that began on or after September 16, 2006, or if the plan is a commercial passenger airline plan or airline catering plan that elected the 17-year funding relief under the 

Pension Protection Act of 2006. In addition to paying guaranteed benefits, PBGC pays 

nonguaranteed benefits to the extent plan assets or recoveries from employers are available and allocated to nonguaranteed benefits under statutory allocation rules.
Pension Insurance Data Book 2006 Single-Employer Data Tables 49

PBGC does not index benefit payments (i.e., once payments start, they are not 

increased). However, the maximum guarantee limit is indexed to reflect the increase in 

national wages. For plans with a termination date in 2007, the limit is $4,125.00 per 

month or $49,500.00 per year for a single-life annuity beginning at age 65. If the plan’s 

termination date occurred while the employer was in a bankruptcy proceeding that began 

on or after September 16, 2006, the applicable limit is the limit that applied during the 

year in which the employer filed for bankruptcy. The limit on the maximum guarantee 

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

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

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

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

is paid as a joint-and-survivor annuity.
50 Single-Employer Data Tables Pension Insurance Data Book 2006 Table S-1

Net Financial Position of PBGC’s SingleEmployer Program 

Fiscal Year Assets

 (in millions)

Liabilities

(in millions)

1980 $430 $524 1985 1,155 2,480 1990 2,797 4,710 1991 5,422 7,925 1992 6,381 9,118 1993 8,267 11,164 1994 8,281 9,521 1995 10,371 10,686 1996 12,043 11,174 1997 15,314 11,833 1998 17,631 12,619 1999 18,431 11,393 2000 20,830 11,126 2001 21,768 14,036 2002 25,430 29,068 2003 34,016 45,254 2004 38,993 62,298 2005 56,470 79,246 2006 59,972 78,114 

Source: PBGC Annual Reports (1980-2006).Due to rounding of individual items, numbers may not add exactly across columns. 
Pension Insurance Data Book 2006 51 Single-Employer Data Tables Table S-2 PBGC Premium Revenue, Benefit Payments, and 

Expenses 

SingleEmployer Program

Fiscal 

Year

Total

Premium

Revenue

(in millions)

Benefit

Payments

(in millions)

Administrativ

Investmen

Expenses

(in millions)

1980 $71 $37 $20 1985 82 170 33 1990 659 369 63 1991 741 514 71 1992 875 634 97 1993 890 720 107 1994 955 719 135 1995 838 761 138 1996 1,146 790 150 1997 1,067 823 155 1998 966 847 158 1999 902 901 161 2000 807 902 167 2001 821 1,042 184 2002 787 1,537 225 2003 948 2,488 290 2004 1,458 3,006 288 2005 1,451 3,685 342 2006 1,442 4,082 405 

Source: PBGC Annual Reports (1980-2006).Due to aggregation and rounding of individual items, figures may not add up to totals in other tables.
52 Single-Employer Data Tables Pension Insurance Data Book 2006 Table S-3 PBGC 

Terminations and Claims (1975-2006)

SingleEmployer Program

Fiscal 

Year

 Standard

Terminations

 Trusteed

Terminations Assets

(in millions)

Liabilities

(in millions)

Gross

Claims

(in millions)

1975-1979 28,572 586 $145.2 $397.4 $252.2 1980-1984 29,236 621 513.8 1,257.3 743.5 

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

1990-1994 36,340 693 2,274.5 5,116.3 2,841.7 

1995 3,870 121 235.3 397.5 162.1 

1996 3,809 96 256.7 425.1 168.4 

1997 3,497 82 463.8 671.6 207.8 

1998 2,475 65 175.1 250.9 75.8 

1999 1,969 76 282.1 450.7 168.6 

2000 1,882 72 266.4 367.0 100.6 

2001 1,565 117 2,536.1 3,687.1 1,151.0 

2002 1,214 178 4,505.0 8,242.8 3,737.8 

2003 1,119 156 6,922.2 13,307.3 6,385.0 

2004 1,189 145 2,802.2 5,967.0 3,164.7 

2005 1,266 97 10,136.6 21,591.7 11,455.1 

2006 1,248 31 366.2 678.1 311.9 

TOTAL 167,770 3,673 $32,532.2 $65,159.0 $32,626.8 

Sources: PBGC Fiscal Year Closing File (9/30/06) and PBGC Case Administration System.Due to rounding of individual items, numbers may not add exactly across columns.Trusteed terminations include plans pending trusteeship.Claims figures shown in this table are calculated on a plan basis and identified with fiscal year of plan termination for each plan.The annual numbers of trusteed terminations shown in this table may differ from those reported elsewhere as they reflect the fiscal year of plan termination rather than the fiscal year in w

for 94 underfunded terminated plans during FY 2006, but only 31 of these plans had termination dates during FY 2006. The rest had termination dates in earlier fiscal years and are a

Values are subject to change as PBGC completes reviews, establishes termination dates and determines recoveries.
Pension Insurance Data Book 2006 53 Single-Employer Data Tables

Table S-4

PBGC Claims (1975-2006)

SingleEmployer Program

Fiscal 

Year Total Claims

Claims of Top 10 Firms and

Percent of Total Annual Claims

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

1980-1984 743,533,493 --- --- 1985-1989 1,700,270,437 --- --- 1990 107,882,930 --- --- 1991 1,536,783,631 $819,189,809 53.3% 1992 571,542,121 21,892,625 3.8% 1993 130,418,965 --- --- 1994 495,085,056 --- --- 1995 162,127,459 --- --- 1996 168,381,627 --- --- 1997 207,825,769 --- --- 1998 75,802,919 --- --- 1999 168,647,557 --- --- 2000 100,649,574 --- --- 2001 1,150,980,888 668,377,105 58.1% 2002 3,737,836,975 2,081,361,846 55.7% 2003 6,385,017,787 5,486,008,837 85.9% 2004 3,164,742,091 1,344,008,021 42.5% 2005 11,455,097,854 10,188,508,627 88.9% 2006 311,949,907 --- --- TOTAL (1975-2006) $32,626,780,271 $20,609,346,871 63.2% 

Sources: PBGC Fiscal Year Closing File (9/30/06) and PBGC Case Administration System.Due to rounding of individual items, percentages may not add up to 100%.Annual claims for Top 10 firms are summations of all claims in that fiscal year associated with the Top 10 firms. See Table S-5 for a list of the Top 10 firms with thValues are subject to change as PBGC completes reviews and establishes termination dates.
54 Single-Employer Data Tables Pension Insurance Data Book 2006 Table S-5

Top 10 Firms Presenting Claims (1975-2006)

SingleEmployer Program

Top 10 Firms

Number 

of 

Plans

Fiscal Year(s)

of Plan

Terminations(s) Claims

(by firm)

Vested 

Participants

 1. United Airlines 4 2005 $7,484,348,482 122,541  2. Bethlehem Steel 1 2003 3,654,380,116 97,015  3. US Airways 4 2003, 2005 2,690,222,805 59,778  4. LTV Steel* 6 2002, 2003, 2004 2,136,698,831 83,879  5. National Steel 7 2003 1,275,628,286 35,580  6. Pan American Air 3 1991, 1992 841,082,434 37,485  7. Weirton Steel 1 2004 690,181,783 9,196  8. Trans World Airlines 2 2001 668,377,106 34,257  9. Kaiser Aluminum 3 2004 600,009,879 17,591 10. Kemper Insurance 2 2005 568,417,151 12,221  Top 10 Total 33 $20,609,346,871 509,543  All Other Total 3,640 12,017,433,400 1,194,479  TOTAL 3,673 $32,626,780,271 1,704,022 

Sources: PBGC Fiscal Year Closing File (9/30/06), 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 firm basis and include all plans of each firm.Values and distributions are subject to change as PBGC completes its reviews and establishes termination dates.* Does not include 1986 termination of a Republic Steel plan sponsored by LTV. 
Pension Insurance Data Book 2006 55 Single-Employer Data Tables Table S-6 PBGC 

Trusteed 

Terminations by Fiscal Year and Size of Clai

SingleEmployer Program

Size of Claim

Fiscal Year Less than $1 Million $1-$9 Million $10-$99 Million $100-$999 Million 

1975-1979 545 36 5 --- 1980-1984 537 66 18 --- 1985-1989 451 66 15 5 1990-1994 533 137 17 6 1995-1999 306 118 16 --- 2000-2004 322 237 86 21 2005-2006 34 55 28 7 TOTAL 2,728 715 185 39 Percent of Total 74.3% 19.5% 5.0% 1.1% 

Sources: PBGC Fiscal Year Closing File (9/30/06) 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%.
56 Single-Employer Data Tables Pension Insurance Data Book 2006 Sources: PBGC Fiscal Year Closing File (9/30/06) 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 (197

SingleEmployer Program

Size of Claim

Fiscal Year Less than $1 Million $1-$9 Million $10-$99 Million $100-$999 Million $1 B

1975-1979 $62,190,390 $89,626,004 $100,386,835 --- 1980-1984 79,609,153 193,468,849 470,455,491 --- 1985-1989 75,747,199 217,215,343 424,362,735 $982,945,158 1990-1994 125,432,678 449,072,210 447,349,948 1,819,857,866 1995-1999 94,442,350 307,763,075 380,579,908 --- 2000-2004 104,541,737 789,339,125 2,528,480,365 5,768,480,453 $52005-2006 15,440,641 187,087,255 840,720,136 3,239,451,248 7TOTAL $557,404,148 $2,233,571,860 $5,192,335,418 $11,810,734,725 $12Percent of Total 1.7% 6.8% 15.9% 36.2% 
Pension Insurance Data Book 2006 57 Single-Employer Data Tables Table S-8 PBGC 

Trusteed Plans by Fiscal Year and Funded Ratio (

SingleEmployer Program

Fu

n

ded Ratio

Fiscal Year

Under 25% 25%-49% 50%-74% 75% o

1975-1979 163 149 127 1980-1984 221 134 134 1985-1989 169 112 129 1990-1994 190 153 180 1995-1999 118 101 137 2000-2004 111 183 237 2005-2006 26 50 46 TOTAL 998 882 990 8Percent of Total 27.2% 24.0% 26.8% 22.

Sources: PBGC Fiscal Year Closing File (9/30/06) and PBGC Case Administration System.Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates.
58

Single-Employer DataTables

PensionInsurance Data Book 2006

Sources: PBGC Fiscal Year Closing File (9/30/06) 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 (197

Single-Employer Program

Funded Ratio

Fiscal Year Under 25% 25%-49% 50%-74% 75

1975-1979 $170,654,427 $54,478,604 $21,092,605 $

1980-1984 304,502,419 308,867,598 119,301,166 1985-1989 874,619,566 676,479,113 142,113,163 1990-1994 1,664,059,813 326,486,171 767,207,491 81995-1999 103,140,396 184,382,061 339,875,431 152000-2004 743,489,077 7,220,473,055 6,361,865,819 22005-2006 445,124,663 8,785,392,356 2,529,286,552 TOTAL $4,305,590,362 $17,556,558,958 $10,280,742,226 $48Percent of Total 13.2% 53.8% 31.5% 
Pension

Insurance Data Book 2006 59 Single-Employer Data Tables Sources: PBGC Fiscal Year Closing File (9/30/06) 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 

Single-Employer Program

Size of Claim

Funded Ratio

Less than 

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

Less than 25% 774 179 35 10 25%-49% 568 228 68 14 50%-74% 651 250 72 15 75% or more 735 58 10 --- 

TOTAL 2,728 715 185 39 
60

Single-Employer DataTables

PensionInsurance Data Book 2006

Sources: PBGC Fiscal Year Closing File (9/30/06) 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 (19

Single-Employer Program

Size of Claim

Funded Ratio

Less than 

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

$1 

or 

Less than 25% $187,840,939 $530,406,216 $1,004,511,625 $2,582,831,582 25%-49% 148,991,649 783,977,708 1,862,115,308 4,976,885,426 $9,750%-74% 155,282,216 762,759,404 2,063,537,635 4,251,017,718 3,075% or more 65,289,344 156,428,531 262,170,850 --- 

TOTAL $557,404,148 $2,233,571,860 $5,192,335,418 $11,810,734,725 $12,8
Pension Insurance Data Book 2006 61 Single-Employer Data Tables Sources: PBGC Fiscal Year Closing File (9/30/06), 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 1975-2006. The number of vested participants and claims values are calculated as of date of plan termination. Claims in 2006 dollars are calculated using Consumer Price Index - Urban Consumers. Due to rounding of individual items, percentages may not add up to 100%. Table S-12

Average Claim per Vested Participant by Plan Size (19

SingleEmployer Program

Number of Plan 

Participants

 Vested

Participants Plans Claims

Average

Claim Per

Participant 

Less than 100 80,117 2,145 $451,031,293 1.4% $5,630 100-999 397,951 1,285 3,118,836,232 9.6% 7,837 1,000-4,999 382,791 189 5,153,892,092 15.8% 13,464 5,000-9,999 202,171 27 4,186,830,568 12.8% 20,709 10,000 or more 640,992 27 19,716,190,086 60.4% 30,759 

TOTAL 1,704,022 3,673 $32,626,780,271 100.0% $19,147 $
62 Single-Employer Data Tables Pension Insurance Data Book 2006 Sources: PBGC Fiscal Year Closing File (9/30/06) 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 (19

SingleEmployer Program

Number of Plan Participants

Fiscal Year Less than 25 25-99 100-999 1,000-4,999 5,000-9,999 

1975-1979 193 222 159 12 --- 1980-1984 175 246 179 21 --- 1985-1989 143 207 166 16 4 1980-1994 137 251 276 24 2 1995-1999 90 164 151 31 3 2000-2004 98 175 299 67 16 2005-2006 13 31 55 18 2 TOTAL 849 1,296 1,285 189 27 Percent of Total 23.1% 35.3% 35.0% 5.1% 0.7% 
Pension Insurance Data Book 2006 63 Single-Employer Data Tables Table S-14 PBGC Claims by Fiscal Year and Plan Size (1975-2

SingleEmployer Program Number of Plan Participants Fiscal Year Less than 25 25-99 100-999 1,000-4,999 5,000-9,999 10,

1975-1979 $6,429,261 $21,730,566 $125,299,989 $98,743,414 --- 

1980-1984 8,109,537 38,835,257 241,745,661 454,843,037 --- 1985-1989 7,707,566 42,391,519 297,290,845 369,935,349 $738,503,990 $1990-1994 13,727,016 63,274,635 556,330,494 750,449,649 212,729,642 1,1995-1999 12,953,586 62,255,827 291,870,587 284,275,909 102,443,025 2000-2004 18,586,473 114,937,135 1,251,342,631 2,490,573,353 2,795,721,398 7,2005-2006 4,112,790 35,980,125 354,956,025 705,071,381 337,432,512 10,TOTAL $71,626,228 $379,405,064 $3,118,836,232 $5,153,892,092 $4,186,830,568 $19,Percent of Total 0.2% 1.2% 9.6% 15.8% 12.8% 

Sources: PBGC Fiscal Year Closing File (9/30/06) 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%.
64

Single-Employer DataTables

PensionInsurance Data Book 2006

Sources: PBGC Fiscal Year Closing File (9/30/06) 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 (1

Single-Employer Program

Size of Claim

Number of Plan

Participants

Less than 

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

Less than 25 846 3 --- --- 25-99 1,216 80 --- --- 100-999 650 568 67 --- 1,000-4,999 16 63 102 8 5,000-9,999 --- 1 11 15 10,000 or more --- --- 5 16 TOTAL 2,728 715 185 39 
Pension Insurance Data Book 2006 65 Single-Employer Data Tables Sources: PBGC Fiscal Year Closing File (9/30/06) and PBGC Case Administration System. Claim values and distributions are subject to change as PBGC completes reviews. Due to rounding of individual items, number may not add to totals and percentages may not add up to 100%Table S-16 PBGC Claims by Size of Claim and Plan Size (1975

SingleEmployer Program

Size of Claim

Number of Plan

Participants

Less than 

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

Less than 25 $67,518,587 $4,107,642 --- --- 25-99 249,015,162 130,389,903 --- --- 100-999 232,956,395 1,788,627,325 $1,097,252,513 --- 1,000-4,999 7,914,005 304,026,156 3,377,745,971 $1,464,205,959 5,000-9,999 --- 6,420,835 491,057,896 3,689,351,837 10,000 or more --- --- 226,279,039 6,657,176,928 TOTAL $557,404,148 $2,233,571,860 $5,192,335,418 $11,810,734,725 Percent of Total 1.7% 6.8% 15.9% 36.2% 
66

Single-Employer DataTables

PensionInsurance Data Book 2006

Sources: PBGC Fiscal Year Closing File (9/30/06) 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 (1

Single-Employer Program

Funded Ratio

Number of Plan

Participants Less Than 25% 25%-49% 50%-74% 75

Less than 25 316 157 150 

25-99 378 327 309 100-999 262 330 436 

1,000-4,999 36 49 72 5,000-9,999 5 8 11 

10,000 or more 1 11 12 

TOTAL 998 882 990 
Pension Insurance Data Book 2006 67 Single-Employer Data Tables Table S-18 PBGC Claims by Funded Ratio and Plan Size (1975

SingleEmployer Program Fu

n

ded Ratio

Number of Plan

Participants Less Than 25% 25%-49% 50%-74% 75

Less than 25 $38,572,622 $17,673,756 $12,823,226 25-99 163,700,337 126,608,710 76,511,559 100-999 736,253,683 1,183,930,502 1,060,919,498 1,000-4,999 1,594,694,193 1,536,006,031 1,889,989,977 5,000-9,999 992,832,138 1,705,161,399 1,388,282,589 10,000 or more 779,537,389 12,987,178,560 5,852,215,378 TOTAL $4,305,590,362 $17,556,558,958 $10,280,742,226 $

Sources: PBGC Fiscal Year Closing File (9/30/06) and PBGC Case Administration System.Claim values and distributions are subject to change as PBGC completes reviews.
68 Single-Employer Data Tables Pension Insurance Data Book 2006 Table S-19 PBGC Claims by Industry (1975-2006) SingleEmployer Program Industry Total Claims 

AGRICULTURE, MINING AND CONSTRUCTION $560,143,854 1.7% 

MANUFACTURING 17,038,273,054 52.2% 

Apparel and Textile Mill Products 1,074,467,060 3.3% Fabricated Metal Products 1,155,325,903 3.5% Food and Tobacco Products 252,820,332 0.8% Machinery Manufacturing 1,145,692,120 3.5% Primary Metals 11,574,679,156 35.5% Rubber and Miscellaneous Plastics 349,953,959 1.1% Other Manufacturing 1,485,334,525 4.6% 

TRANSPORTATION AND PUBLIC UTILITIES 12,794,873,292 39.2% 

Air Transportation 12,429,017,951 38.1% Other Transportation and Utilities 365,855,341 1.1% 

INFORMATION 50,601,510 0.2% WHOLESALE TRADE 394,363,610 1.2% RETAIL TRADE 425,855,365 1.3% FINANCE, INSURANCE AND REAL ESTATE 790,915,344 2.4% SERVICES 571,754,241 1.8% TOTAL $32,626,780,271 100.0% 

Sources: PBGC Fiscal Year Closing File (9/30/06) and PBGC Case Administration System. Values and distributions are subject to change as PBGC completes reviews. Industry classifications for PBGC claims are now based on the principal business activity codes used in the North American Industry Classification System.
Pension Insurance Data Book 2006 69 Single-Employer Data Tables Table S-20 PBGC Benefit Payments, Payees, and Deferred Payees (1

SingleEmployer Program Fiscal Year PERIO

DIC PENSION PAYMENTS LUMP S

UM 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 

1980 $34 28 $124 $91 $3 2 $1,623 

1985 166 75 226 128 4 2 1,782 1990 356 110 262 184 13 6 2,437 1991 499 140 338 189 15 6 2,558 1992 617 150 359 232 17 6 3,078 1993 704 157 379 234 16 5 2,686 1994 699 170 359 238 20 7 2,818 1995 739 182 344 232 22 6 3,335 1996 770 199 328 225 20 7 2,757 1997 800 204 316 212 23 9 2,629 1998 826 208 313 208 21 9 2,198 1999 844 214 311 208 56 16 3,553 2000 831 226 309 206 71 19 3,726 2001 954 266 325 208 88 18 4,817 2002 1,458 343 383 242 79 21 3,757 2003 2,401 457 453 275 87 22 4,220 2004 2,918 517 475 281 88 21 4,229 2005 3,607 683 487 286 78 17 4,633 2006 4,011 612 531 296 71 13 5,145 

Sources: PBGC Participant System (PRISM), fiscal year calculations, PBGC Management Reports and PBGC Benefit Payment Reports.Lump sum payments include cash-outs of pensions with de minimis present values and backpayments to current pensioners.Since some payees received both pensions and lump sum payments, total number of payees may be less than the sum of pensioners and lump sum recipients.Excludes participants in plans that are in probable termination status as of end of fiscal year.
70 Single-Employer Data Tables Pension Insurance Data Book 2006 Table S-21 PBGC Payees and Benefit Payments by Date of Plan 

Termi

SingleEmployer Program

Fiscal Year of 

Plan Termination Payees in 2006 Benefit Payments in 2006

(in millions)

Average

Monthly

Pension

Prior to 1980 8,479 1.4% $12.2 0.3% $120 1980 to 1984 29,863 4.8% 81.1 2.0% 224 1985 to 1989 43,712 7.0% 163.1 4.0% 301 1990 5,742 0.9% 17.5 0.4% 236 1991 50,056 8.0% 264.2 6.5% 440 1992 14,642 2.4% 60.8 1.5% 372 1993 5,594 0.9% 17.4 0.4% 244 1994 11,953 1.9% 50.2 1.2% 333 1995 7,417 1.2% 29.5 0.7% 315 1996 10,024 1.6% 28.9 0.7% 210 1997 13,020 2.1% 46.5 1.1% 286 1998 4,488 0.7% 14.7 0.4% 263 1999 7,033 1.1% 20.7 0.5% 235 2000 10,910 1.8% 29.7 0.7% 217 2001 46,814 7.5% 304.6 7.5% 516 2002 100,906 16.2% 675.1 16.5% 524 2003 104,214 16.7% 968.6 23.7% 764 2004 56,929 9.1% 346.4 8.5% 392 2005 88,932 14.3% 948.2 23.2% 924 2006 1,625 0.3% 2.9 0.1% 831 TOTAL 622,353 100.0% $4,082.2 100.0% $531 

Sources: PBGC Participant System (PRISM), fiscal year calculations and PBGC Management Reports.Due to rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not add up to 100%.
Pension Insurance Data Book 2006 71 Single-Employer Data Tables Table S-22 PBGC Payees and Benefit Payments by Size of 

Trusteed 

SingleEmployer Program

Number 

of Plan

Participants Payees Payments

(in millions)

Less than 100 17,949 2.9% $52.7 1.3% 100 - 499 65,114 10.5% 217.3 5.3% 500 - 999 46,800 7.5% 185.3 4.5% 1,000 - 4,999 126,399 20.3% 695.3 17.0% 5,000 - 9,999 69,469 11.2% 396.6 9.7% 10,000 - 24,999 115,782 18.6% 930.5 22.8% 25,000 or more 180,840 29.1% 1,604.4 39.3% TOTAL 622,353 100.0% $4,082.2 100.0% 

Sources: PBGC Participant System (PRISM), fiscal year calculations and PBGC Management Reports.Due to aggregation and rounding of individual items, totals may not equal those in other tables and percentages may not add up to 100%.
72 Single-Employer Data Tables Pension Insurance Data Book 2006 Sources: PBGC Participant System (PRISM), fiscal year calculations and PBGC Management Reports. Due to rounding of individual items, totals may not add up exactly to totals in other tables. Numbers in table include periodic payees only. Table S-23

Total PBGC Payees and 

Average Benefit Payments by Gender 

SingleEmployer Program

TOTAL PERIO

DIC PAYEES MALE 

Age Payees

Average

Monthly

Pension

Payees

Average

Monthly

Pension

Younger than 60 67,255 100.0% $644 40,376 60.0% $756 

60 - 64 92,853 100.0% 687 60,542 65.2% 795 

65 - 69 109,410 100.0% 598 73,587 67.3% 727 

70 - 74 103,501 100.0% 553 66,962 64.7% 710 

75 - 79 95,764 100.0% 469 57,184 59.7% 636 

80 - 84 77,416 100.0% 387 41,310 53.4% 552 

85 and older 65,489 100.0% 307 30,015 45.8% 474 

TOTAL 611,688 100.0% $531 369,976 60.5% $684 
Pension Insurance Data Book 2006 73 Single-Employer Data Tables Sources: PBGC Participant System (PRISM), fiscal year calculations and PBGC Management Reports. Due to rounding of individual items, totals may not add up exactly to totals in other tables. Numbers in table include periodic payees only. Table S-24 PBGC Retired Payees and 

Average Benefit Payments by Gende

SingleEmployer Program

TOTAL RETIRE

D PAYEES MALE 

Age Payees

Average

Monthly

Pension

Payees

Average

Monthly

Pension

Younger than 60 60,007 100.0% $677 39,689 66.1% $764 

60 - 64 85,059 100.0% 721 59,907 70.4% 800 

65 - 69 97,683 100.0% 640 72,560 74.3% 733 

70 - 74 87,465 100.0% 613 65,591 75.0% 718 

75 - 79 76,322 100.0% 540 56,094 73.5% 644 

80 - 84 57,522 100.0% 459 40,382 70.2% 559 

85 and older 45,850 100.0% 370 29,341 64.0% 482 

TOTAL 509,908 100.0% $593 363,564 71.3% $691 
74 Single-Employer Data Tables Pension Insurance Data Book 2006 Sources: PBGC Participant System (PRISM), fiscal year calculations and PBGC Management Reports. Due to rounding of individual items, totals may not add up exactly to totals in other tables. Numbers in table include periodic payees only. Table S-25 PBGC Beneficiary Payees and 

Average Benefit Payments by Gen

SingleEmployer Program

TOTAL BENEFICIARY PAYEES MALE 

Age Payees

Average

Monthly

Pension Payees

Average

Monthly

Pension 

Younger than 60 7,248 100.0% $369 687 9.5% $321 

60 - 64 7,794 100.0% 307 635 8.1% 285 65 - 69 11,727 100.0% 256 1,027 8.8% 311 70 - 74 16,036 100.0% 226 1,371 8.5% 343 75 - 79 19,442 100.0% 190 1,090 5.6% 249 80 - 84 19,894 100.0% 179 928 4.7% 229 85 and older 19,639 100.0% 160 674 3.4% 154 TOTAL 101,780 100.0% $217 6,412 6.3% $278 
Pension Insurance Data Book 2006 75 Single-Employer Data Tables Sources: PBGC Participant System (PRISM), fiscal year calculations and PBGC Management Reports. Due to aggregation and rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not add up to 100%. Numbers in table include periodic payees only. Table S-26

Total PBGC Payees and Benefit Payments by Size of Monthly 

SingleEmployer Program

Monthly Payment Total Payees 

Less than $50 38,317 6.3% $$50 - $99 86,921 14.2% $100 - $149 69,269 11.3% 1$150 - $199 45,235 7.4% $200 - $249 38,270 6.3% 1$250 - $299 30,096 4.9% 1$300 - $349 27,486 4.5% 1$350 - $399 22,257 3.6% 1$400 - $449 21,600 3.5% 1$450 - $499 18,825 3.1% 1$500 - $549 18,798 3.1% 1$550 - $599 17,351 2.8% 1$600 - $749 41,140 6.7% 3$750 - $999 41,904 6.9% 4$1,000 - $1,499 49,321 8.1% 7$1,500 - $1,999 23,474 3.8% 5$2,000 - $2,499 10,417 1.7% 2$2,500 or more 11,007 1.8% 4TOTAL 611,688 100.0% $4,0
76 Single-Employer Data Tables Pension Insurance Data Book 2006 Sources: PBGC Participant System (PRISM), fiscal year calculations and PBGC Management Reports. Due to aggregation and rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not add up to 100%. Numbers in table include periodic payees only. Table S-27 PBGC Retired Payees and Benefit Payments by Size of Monthl

SingleEmployer Program Monthly Payment Retired Payees 

Less than $50 31,799 6.2% $1$50 - $99 53,747 10.5% 4$100 - $149 47,920 9.4% 7$150 - $199 35,726 7.0% 7$200 - $249 31,030 6.1% 8$250 - $299 24,744 4.9% 8$300 - $349 23,686 4.6% 9$350 - $399 19,686 3.9% 9$400 - $449 19,639 3.9% 10$450 - $499 17,261 3.4% 10$500 - $549 17,439 3.4% 11$550 - $599 16,201 3.2% 11$600 - $749 39,098 7.7% 32$750 - $999 40,300 7.9% 43$1,000 - $1,499 47,754 9.4% 74$1,500 - $1,999 22,936 4.5% 49$2,000 - $2,499 10,191 2.0% 28$2,500 or more 10,751 2.1% 45TOTAL 509,908 100.0% $3,74
Pension Insurance Data Book 2006 77 Single-Employer Data Tables Table S-28 PBGC Beneficiary Payees and Benefit Payments by Size of Mont

SingleEmployer Program Monthly Payment Beneficiary Payees 

Less than $50 6,518 6.4% $2

$50 - $99 33,174 32.6% 32$100 - $149 21,349 21.0% 31$150 - $199 9,509 9.3% 20$200 - $249 7,240 7.1% 19$250 - $299 5,352 5.3% 18$300 - $349 3,800 3.7% 15$350 - $399 2,571 2.5% 11$400 - $449 1,961 1.9% 10$450 - $499 1,564 1.5% 9$500 - $549 1,359 1.3% 8$550 - $599 1,150 1.1% 8$600 - $749 2,042 2.0% 16$750 - $999 1,604 1.6% 16$1,000 - $1,499 1,567 1.5% 22$1,500 - $1,999 538 0.5% 10$2,000 - $2,499 226 0.2% 5$2,500 or more 256 0.3% 9TOTAL 101,780 100.0% $269

Sources: PBGC Participant System (PRISM), fiscal year calculations and PBGC Management Reports. Due to aggregation and rounding of individual items, totals may not add up exactly to totals in other tables and percentages may not add up to 100%. Numbers in table include periodic payees only.
78 Single-Employer Data Tables Pension Insurance Data Book 2006 Table S-29 PBGC Payees and Benefit Payments by Industry (2

SingleEmployer Program Industry Payees Benefit Payments 

AGRICULTURE, MINING AND CONSTRUCTION 13,124 2.1% $79,707,674 MANUFACTURING 420,178 67.5% 2,433,604,262 

Apparel and Textile Mill Products 59,507 9.6% 130,588,980 Fabricated Metal Products 32,466 5.2% 131,442,796 Food and Tobacco Products 11,102 1.8% 28,994,780 Machinery and Computer Equipment 40,868 6.6% 200,963,010 Motor Vehicle Equipment 10,133 1.6% 30,885,063 Primary Metals 216,208 34.7% 1,727,108,679 Rubber and Miscellaneous Plastics 7,933 1.3% 27,892,254 Other Manufacturing 41,961 6.7% 155,728,700 

TRANSPORTATION AND PUBLIC UTILITIES 127,577 20.5% 1,339,444,232 

Air Transportation 116,441 18.7% 1,289,423,056 Other Transportation and Utilities 11,082 1.8% 49,903,316 Public Utilities 54 * 117,859 

INFORMATION 1,903 0.3% 5,302,718 WHOLESALE TRADE 10,181 1.6% 42,083,035 RETAIL TRADE 23,761 3.8% 57,274,886 FINANCE, INSURANCE AND REAL ESTATE 10,415 1.7% 75,496,108 SERVICES 14,982 2.4% 48,715,371 

Health Care 7,650 1.2% 26,160,820 Other Services 7,332 1.2% 22,554,551 

NON-PROFIT ORGANIZATIONS 232 * 565,514 TOTAL 622,353 100.0% $4,082,193,800 1

Sources: PBGC Participant System (PRISM), fiscal year calculations and PBGC Management Reports. Due to aggregation and rounding of individual items, totals may not add up to totals in other tables and percentages may not add up to indicated subtotals. Industry classifications are based on principal business activity codes used in the North American Industry Classification System. *Less than 0.05 of one percent.
Pension Insurance Data Book 2006 79 Single-Employer Data Tables Table S-30 PBGC-Insured Plan Participants (1980-2006

SingleEmployer 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 w

100 - 24

Participan

(in thousands

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

1985 29,809 12,724 3,164 6,579 4,032 1,585 1990 31,633 14,336 3,351 6,989 4,064 1,429 1991 31,851 14,759 3,433 6,945 3,968 1,415 1992 32,056 15,416 3,520 6,997 3,694 1,276 1993 32,271 15,895 3,617 7,000 3,552 1,176 1994 32,372 16,258 3,814 6,942 3,292 1,120 1995 32,634 16,934 3,771 6,908 3,136 1,062 1996 32,724 17,076 3,843 6,896 3,128 1,005 1997 33,214 18,046 3,787 6,767 3,008 919 1998 33,545 18,568 3,905 6,719 2,883 847 1999 33,804 19,591 3,869 6,355 2,662 776 2000 34,108 20,337 3,738 6,225 2,569 733 2001 34,342 21,100 3,661 6,045 2,408 673 2002 34,248 21,573 3,537 5,846 2,263 605 2003 34,407 21,947 3,609 5,682 2,164 593 2004 34,523 22,378 3,603 5,491 2,083 565 2005 34,232 22,293 3,607 5,373 2,013 550 2006 34,042 22,253 3,695 5,203 1,978 529 

Source: PBGC Premium Filings. 2006 figures are estimates from PBGC internal calculations. 2005 estimates reported last year have been updated to reflect actual premium filings. Due to rounding of individual items, numbers may not add exactly across columns.
80 Single-Employer Data Tables Pension Insurance Data Book 2006 Table S-31 PBGC-Insured Plans (1980-2006) SingleEmployer 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 Insure

Plans w

 100 - 2

Participa

1980 95,439 349 365 2,858 7,439 8,512 1985 112,208 354 435 3,125 8,230 10,003 1990 91,899 458 477 3,400 8,085 8,976 1991 82,717 495 493 3,353 7,986 8,867 1992 71,589 505 504 3,367 7,402 7,991 1993 63,778 504 517 3,336 7,064 7,358 1994 57,010 524 553 3,361 6,682 6,941 1995 53,589 528 559 3,308 6,743 6,850 1996 48,748 531 556 3,280 6,217 6,225 1997 43,902 563 550 3,199 5,962 5,734 1998 41,462 570 565 3,139 5,693 5,255 1999 37,536 603 555 2,933 5,271 4,803 2000 35,373 621 531 2,875 5,056 4,536 2001 32,954 644 522 2,787 4,757 4,154 2002 31,229 632 505 2,671 4,461 3,742 2003 30,611 621 514 2,569 4,238 3,662 2004 30,148 627 510 2,478 4,083 3,483 2005 29,605 618 509 2,404 3,935 3,379 2006 28,784 597 524 2,340 3,858 3,266 

Source: PBGC Premium Filings. 2006 figures are estimates from PBGC internal calculations. 2005 estimates reported last year have been updated to reflect actual premium filings.
Pension Insurance Data Book 2006 81 Single-Employer Data Tables 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 partic

Due to rounding of individual items, rows may not add up to 100%. 2004 figures are estimates from PBGC internal calculations. 2003 figures reported last year have been updated to reflect actual Form 5500 filings. Table S-32 PBGC-Insured Plan Participants by Participant Status (

SingleEmployer Program Year Active Participants Retired Participants 

1980 77.6% 16.0% 1985 72.2% 18.7% 1990 68.1% 19.4% 1991 66.4% 20.1% 1992 64.2% 20.9% 1993 61.9% 21.6% 1994 61.2% 21.3% 1995 57.8% 22.9% 1996 55.3% 23.0% 1997 54.7% 23.7% 1998 54.2% 23.8% 1999 53.7% 23.9% 2000 51.9% 24.4% 2001 51.3% 24.6% 2002 49.8% 25.2% 2003 48.6% 25.4% 2004 47.2% 26.1% 
82 Single-Employer Data Tables Pension Insurance Data Book 2006 Sources: PBGC Pension Insurance Data Book 2006 Tables S-30, S-32, M-5 and M-7 and data on employed and unemployed wage and salary workers from Emp

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 (

 Year

Private-Sector 

Wage and Salary Workers

(in thousands)

PERCENTAGE OF PRIVATE-SECTOR WAG

Single-Employer

Active Participants

Multiem

Active Pa

1980 78,349 27.3% 7.1985 88,293 24.4% 6.1990 94,772 22.7% 5.1991 94,959 22.3% 5.1992 96,577 21.3% 5.1993 97,749 20.4% 4.1994 101,077 19.6% 4.1995 102,162 18.5% 4.1996 104,313 17.3% 4.1997 106,955 17.0% 4.1998 108,340 16.8% 4.1999 110,131 16.5% 4.2000 112,443 15.8% 4.2001 113,458 15.5% 4.2002 113,711 15.0% 4.2003 114,924 14.5% 4.2004 115,672 14.1% 3.
Pension Insurance Data Book 2006 83 Single-Employer Data Tables Table S-34 PBGC-Insured Hybrid Plans by Plan Size (2001-2

SingleEmployer Program Beginning of Year TOTAL INS

URE

D PLANS

INS

URE

D PLANS WITH

5,000 OR MORE PARTICIPANTS

INS

URE

D PLANS WITH 

1,000 - 4,999 PARTICIPANTS

Total

Plans

Hybrid

Plans

Percent

Hybrid

Total

Plans

Hybrid

Plans

Percent

Hybrid

Total

Plans

Hybrid

Plans

Perce

Hybr

2001 32,954 1,227 3.7% 1,166 256 22.0% 2,787 290 10.4% 2002 31,229 1,308 4.2% 1,137 263 23.1% 2,671 310 11.6% 2003 30,611 1,541 5.0% 1,135 303 26.7% 2,569 326 12.7% 2004 30,148 1,756 5.8% 1,137 342 30.1% 2,478 338 13.6% 2005 29,605 1,947 6.6% 1,127 340 30.2% 2,404 333 13.9% 

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans.Hybrid plans incorporate elements of both defined benefit and defined contribution plans but are treated as defined benefit plans. They often express benefits in te

hybrid plans are Cash Balance Plans and Pension Equity Plans.

2005 figures are estimates from PBGC internal calculations. 2004 figures reported last year have been updated to reflect actual Form 5500 filings.
84 Single-Employer Data Tables Pension Insurance Data Book 2006 Table S-35 PBGC-Insured Hybrid Plan Participants by Plan Size (2

SingleEmployer Program Beginning of Year TOTAL INSURED PLANS INSURED PLANS WITH 5,000 OR MORE PARTICIPANTS INSURED PLANS WITH 1,000 - 4,999 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) 

H

P

2001 34,342 7,034 20.5% 24,761 6,180 25.0% 6,045 698 12002 34,248 7,915 23.1% 25,110 6,999 27.9% 5,846 763 12003 34,407 8,475 24.6% 25,556 7,530 29.5% 5,682 789 12004 34,523 9,993 28.9% 25,981 8,979 34.6% 5,491 837 12005 34,232 10,338 30.2% 25,900 9,328 36.0% 5,373 827 1

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Hybrid plans incorporate elements of both defined benefit and defined contribution plans but are treated as defined benefit plans. They often express benefits in te

hybrid plans are Cash Balance Plans and Pension Equity Plans. Because most hybrid plans converted from traditional defined benefit plans, not all participants will receive benefits based on the hybrid plan design. 2005 figures are estimates from PBGC internal calculations. 2004 figures reported last year have been updated to reflect actual Form 5500 filings.
Pension Insurance Data Book 2006 85 Single-Employer Data Tables 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 classifications 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 Ind

SingleEmployer Program Industry Insured Plans Insured Parti

(in thousand

AGRICULTURE, MINING AND CONSTRUCTION 2,465 8.3% 652 

MANUFACTURING 7,978 26.9% 16,023 

Chemical and Allied Products 689 2.3% 1,863 Fabricated Metal Products 1,387 4.7% 706 Food and Tobacco Products 734 2.5% 1,265 Machinery and Computer Equipment 727 2.5% 863 Motor Vehicle Equipment 356 1.2% 2,121 Paper Manufacturing 301 1.0% 720 Primary Metals 470 1.6% 605 Rubber and Miscellaneous Plastics 412 1.4% 391 Other Manufacturing 2,902 9.8% 7,489 

TRANSPORTATION AND PUBLIC UTILITIES 1,074 3.6% 2,496 

Air Transportation 69 0.2% 750 Other Transportation 594 2.0% 631 Public Utilities 411 1.4% 1,116 

INFORMATION 742 2.5% 2,495 WHOLESALE TRADE 2,123 7.2% 727 RETAIL TRADE 1,524 5.1% 2,025 FINANCE, INSURANCE AND REAL ESTATE 5,300 17.9% 4,119 SERVICES 7,354 24.8% 5,457 

Health Care 1,988 6.7% 2,818 Other Services 5,366 18.1% 2,639 

NON-PROFIT ORGANIZATIONS 1,045 3.5% 236 TOTAL 29,605 100.0% 34,232 
86 Single-Employer Data Tables Pension Insurance Data Book 2006 Table S-37 PBGC’s Historic Premium Rates SingleEmployer Program For Plan Years Beginning Flat - Rate Premium (per participant) Variable - Rate Premium* 

September 2, 1974 - December 31, 1977 $1.00 --- January 1, 1978 - December 31, 1985 2.60 --- January 1, 1986 - December 31, 1987 8.50 --- January 1, 1988 - December 31, 1990 16.00 $6 per $1,000 of unfunded vested benefits (Maximum of $34 per participant) January 1, 1991 - December 31, 2005 19.00 $9 per $1,000 of unfunded vested benefits (Maximum of $53 per participant from January 1, 1991 - June 30, 1994. Maximum of $53 per participant plus 20% of uncapped variable premium in excess of $53 per participant from July 1, 1994 - June 30, 1995. Maximum of $53 per participant plus 60% of uncapped variable premium in excess of $53 per participant from July 1, 1995 - June 30, 1996. No maximum after June 30, 1996.) January 1, 2006 - December 31, 2006 30.00*** $9 per $1,000 of unfunded vested benefits (No maximum) January 1, 2007 - December 31, 2007 31.00 $9 per $1,000 of unfunded vested benefits (No maximum) 

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

the plan year begins. The specified percentage has changed over time. It was 80 percent for plan years beginning from January 1988 to June 1997; 85 percent for plan years beginning from July January 2003 to December 2003. From January 2004 through December 2006, the vested liabilities were calculated using an interest rate equal to 85 percent of the Composite Corporate Bond RIRS mortality table triggered a change in the percentage of the Composite Corporate Bond Rate that plans had to use in 2007 from 85 percent to 100 percent. ** Applies to underfunded plans that undergo distress or involuntary terminations. Does not apply to underfunded plans terminated while the sponsor is in bankruptcy proceedings if the bankruptcy filin

*** This amount will be adjusted annually after 2006 based on changes in the national average wage index (as defined in section 209(k)(1) of the Social Security Act). However, the premium rate will n

premium rate will be rounded to the nearest multiple of $1. 
Pension Insurance Data Book 2006 87 Single-Employer Data Tables

Table S-38

PBGC Premium Revenue (1980-2006)

SingleEmployer Program

Year

Flat - Rate

Premium

(in millions)

Variable - Rat

Premium

(in millions)

1980 $71.2 100.0% --- 1985 81.7 100.0% --- 1990 509.0 77.2% $150.0 1991 541.0 73.0% 200.0 1992 590.0 67.4% 285.0 1993 605.0 68.0% 285.0 1994 648.0 67.9% 307.0 1995 587.0 70.0% 251.0 1996 600.0 52.4% 546.0 1997 646.0 60.5% 421.0 1998 642.0 66.5% 324.0 1999 611.0 67.7% 291.0 2000 661.0 81.9% 146.0 2001 674.0 82.1% 147.0 2002 654.0 83.1% 133.0 2003 647.0 68.2% 301.0 2004 654.0 44.9% 804.0 2005 664.0 45.8% 787.0 2006 892.0 61.9% 550.0 

Source: PBGC Premium Filings.Premium data include penalties and interest.
88

Single-Employer DataTables

PensionInsurance Data Book 2006

Table S-39

PBGC Premium Revenue by Size of Plan and Type of Prem

Single-Employer Program

Number of Plan

Participants

Flat - Rate

Premium

Variable - Rate

Premium

Less than 100 $7,703,148 1.2% $23,534,077 3.0% 

100 - 499 25,802,774 3.9% 51,378,294 6.5% 500 - 999 23,574,192 3.6% 44,018,902 5.6% 1,000 - 2,499 49,000,032 7.4% 79,660,854 10.1% 2,500 - 4,999 52,641,258 7.9% 72,150,055 9.2% 5,000 - 9,999 72,305,418 10.9% 92,832,503 11.8% 10,000 or more 432,973,177 65.2% 423,425,314 53.8% TOTAL $664,000,000 100.0% $787,000,000 100.0% PERCENT OF TOTAL 46% 54% 

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 2006 89 Single-Employer Data Tables Table S-40 PBGC-Insured Plans and Participants by 

Total Premium 

SingleEmployer Program

Total Premium

Per Participant Plans

Percent 

of Variable-Rate 

Premium-Paying

Plans

Percent of 

All

Plans Participa

$19 (NO VARIABLE-RATE PREMIUM PAID) 15,309 --- 51.7% 23,111,0TOTAL VARIABLE-RATE PREMIUM PAYERS 14,296 100.0% 48.3% 11,121,0

$19.01 - $28.99 804 5.6% 2.7% 561,9$29.00 - $38.99 880 6.2% 3.0% 736,4$39.00 - $48.99 1,008 7.1% 3.4% 1,011,2$49.00 - $58.99 1,040 7.3% 3.5% 1,051,9$59.00 - $68.99 933 6.5% 3.2% 1,017,9$69.00 - $78.99 906 6.3% 3.1% 945,5$79.00 - $88.99 835 5.8% 2.8% 736,2$89.00 - $98.99 774 5.4% 2.6% 776,9$99.00 - $108.99 630 4.4% 2.1% 664,4$109.00 - $118.99 560 3.9% 1.9% 506,1$119.00 - $168.99 1,889 13.2% 6.4% 1,522,5$169.00 - $218.99 1,052 7.4% 3.6% 701,0$219.00 - $268.99 627 4.4% 2.1% 392,1$269.00 - $318.99 409 2.9% 1.4% 259,0$319 or more 1,949 13.6% 6.6% 237,2

TOTAL ALL PLANS 29,605 --- 100.0% 34,232,0

Source: PBGC Premium Filings.Due to rounding of individual items, percentages may not add up to 100%.
90 Single-Employer Data Tables Pension Insurance Data Book 2006 Source: PBGC Premium Filings. * Interest rates for valuing vested benefits for PBGC Variable-Rate Premium for plans with premium payment years beginning in January of the respective year. Table S-41 PBGC-Insured Plans and Participants by Variable-Rate Premium 

SingleEmployer Program Beginning of Year Plans Paying Variable-Rate Premium Plans Paying Flat-Rate Premium Only Participants in Plans Paying Variable-Rate Premium Pa

Pl

Pre

1992 30.8% 69.2% 27.4% 

1993 36.4% 63.6% 24.9% 1994 43.1% 56.9% 34.2% 

1995 38.5% 61.5% 23.8% 

1996 46.8% 53.2% 32.1% 1997 37.0% 63.0% 19.4% 

1998 35.6% 64.4% 16.6% 1999 35.1% 64.9% 13.2% 

2000 28.0% 72.0% 7.4% 

2001 33.5% 66.5% 8.0% 2002 35.7% 64.3% 9.8% 

2003 45.1% 54.9% 17.2% 2004 50.0% 50.0% 33.1% 

2005 48.3% 51.7% 32.5% 
Pension Insurance Data Book 2006 91 Single-Employer Data Tables Table S-42 Funding of PBGC-Insured Plans (1980-2004

SingleEmployer Program Beginning of Year Assets (in millions) Liabilities* (in millions) Funding Ratio

Underfunding

(in millions)

1980 $259,810 $212,072 123% $20,156 1985 500,673 308,617 162% 11,182 1990 837,131 604,047 139% 35,689 1991 848,251 687,896 123% 34,485 1992 915,722 771,421 119% 47,528 1993 951,972 844,803 113% 59,622 1994 1,001,129 936,698 107% 75,569 1995 1,032,503 887,730 116% 37,278 1996 1,198,221 1,134,194 106% 83,071 1997 1,368,188 1,192,222 115% 47,906 1998 1,491,488 1,284,725 116% 49,242 1999 1,692,755 1,455,469 116% 54,237 2000 1,836,184 1,271,347 144% 6,566 2001 1,714,534 1,374,416 125% 38,564 2002 1,444,777 1,435,558 101% 142,573 2003 1,372,490 1,620,607 85% 298,996 2004 1,590,491 1,861,009 85% 321,724 

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 particEstimates for 2003 reported last year have been updated.Due to rounding of individual items, numbers may not add up across columns.* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of th

1980-1992 and GAM-83 for 1993-2004.
92 Single-Employer Data Tables Pension Insurance Data Book 2006 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 partic

Estimates for 2003 reported last year have been updated. Due to rounding of individual items, numbers may not add up across columns. * Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of th

1980-1992 and GAM-83 for 1993-2004. Table S-43 Funding of Underfunded PBGC-Insured Plans (198

SingleEmployer Program Beginning of Year Assets (in millions) Liabilities* (in millions)

Underfunding

(in millions)

F

1980 $53,840 $73,996 $20,156 1985 28,722 39,904 11,182 

1990 95,068 130,758 35,689 

1991 147,301 181,786 34,485 1992 172,372 219,900 47,528 

1993 215,695 275,317 59,622 1994 308,516 384,085 75,569 

1995 218,493 255,771 37,278 

1996 493,597 576,668 83,071 1997 353,823 401,729 47,906 

1998 358,514 407,756 49,242 

1999 413,446 467,683 54,237 2000 63,218 69,784 6,566 

2001 308,514 347,078 38,564 2002 778,351 920,925 142,573 

2003 1,069,966 1,368,962 298,996 

2004 1,228,814 1,550,537 321,724 
Pension Insurance Data Book 2006 93 Single-Employer Data Tables 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 partic

Estimates for 2003 reported last year have been updated. Due to rounding of individual items, numbers may not add up across columns. * Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of th

1980-1992 and GAM-83 for 1993-2004. Table S-44 Funding of Overfunded PBGC-Insured Plans (1980

SingleEmployer Program Beginning of Year Assets (in millions) Liabilities* (in millions)

Underfunding

(in millions)

F

1980 $205,970 $138,076 $67,894 1985 471,951 268,713 203,238 1990 742,063 473,289 268,773 1991 700,950 506,110 194,840 1992 743,350 551,520 191,829 1993 736,277 569,486 166,791 1994 692,613 552,613 140,000 1995 814,009 631,959 182,050 1996 704,624 557,526 147,098 1997 1,014,365 790,494 223,871 1998 1,132,974 876,969 256,005 1999 1,279,309 987,785 291,524 2000 1,772,966 1,201,563 571,403 2001 1,406,020 1,027,338 378,682 2002 666,426 514,633 151,793 2003 302,524 251,645 50,879 2004 361,677 310,471 51,206 
94 Single-Employer Data Tables Pension Insurance Data Book 2006 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 partic

Estimates for 2003 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, reflects the cost to purchase an annuity at the beginning of the 

1980-1992 and GAM-83 for 1993-2004. Table S-45 Concentration of Underfunding in PBGC-Insured Plans 

SingleEmployer Program Beginning of Year Total

Underfunding

(in millions)

10 Plans With the Highest

Underfunding

(in millions)

Next 40 Plans’

Underfunding

(in millions)

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

1991 34,485 14,067 40.8% 6,884 20.0% 1992 47,528 21,610 45.5% 7,818 16.4% 1993 59,622 25,894 43.4% 9,337 15.7% 1994 75,569 28,658 37.9% 10,310 13.6% 1995 37,278 6,535 17.5% 7,921 21.2% 1996 83,071 13,850 16.7% 16,410 19.8% 1997 47,906 7,751 16.2% 8,473 17.7% 1998 49,242 14,432 29.3% 6,942 14.1% 1999 54,237 11,500 21.2% 9,018 16.6% 2000 6,566 1,631 24.8% 1,077 16.4% 2001 38,564 12,776 33.1% 7,254 18.8% 2002 142,573 33,691 23.6% 25,933 18.2% 2003 298,996 34,922 11.7% 59,169 19.8% 2004 321,724 34,899 10.8% 62,190 19.3% 
Pension Insurance Data Book 2006 95 Single-Employer Data Tables 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, reflects the cost to purchase an annuity at the beginning of 20

**Less than 0.05 of one percent. Table S-46 Plans, Participants, and Funding of PBGC-Insured Plans by Fu

SingleEmployer Program Funding Ratio Plans Participants (in thousands) Total Liabilities* (in millions)

Und

(i

Less than 40% 846 2.8% 108 0.3% $5,184 0.3% $3,593 40% - 49% 1,077 3.6% 390 1.1% 17,843 1.0% 9,728 50% - 59% 3,148 10.4% 2,068 6.0% 92,298 5.0% 40,744 60% - 69% 5,513 18.3% 5,428 15.7% 225,177 12.1% 77,760 70% - 79% 5,426 18.0% 8,222 23.8% 423,649 22.8% 105,227 80% - 89% 3,924 13.0% 7,551 21.9% 467,399 25.1% 66,836 90% - 99% 2,363 7.8% 5,605 16.2% 318,987 17.1% 17,835 100% - 109% 4,489 14.9% 3,241 9.4% 199,603 10.7% --- 110% - 119% 656 2.2% 855 2.5% 49,560 2.7% --- 120% - 129% 387 1.3% 422 1.2% 26,013 1.4% --- 130% - 139% 310 1.0% 300 0.9% 19,071 1.0% --- 140% - 149% 202 0.7% 31 0.1% 881 ** --- 

150% or more 1,807 6.0% 302 0.9% 15,344 0.8% --- TOTAL 30,148 100.0% 34,523 100.0% $1,861,009 100.0% $321,724 UNDERFUNDED 22,297 74.0% 29,373 85.1% $1,550,537 83.3% $321,724 OVERFUNDED 7,851 26.0% 5,150 14.9% $310,471 16.7% --- 
96 Single-Employer Data Tables Pension Insurance Data Book 2006 Definitions: (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 

at the beginning of the relevant year. The assumed mortality table was UP-84 for1991-1992 and GAM-83 for 1993-2004. Vested liabilities are used as a proxy for PBGC-guaranteed 

 (B) Underfunding data from PBGC premium filings used to calculate the Variable-Rate Premium. Underfunding is based on vested benefits. (C) Data from filings made under Section 4010 of ERISA, which requires that companies annually provide PBGC with information on their underfunded plans if the firm’s aggregate und

missed contributions exceeding $1 million or an outstanding funding waiver of more than $1 million. Underfunding is based on an estimate of vested benefits. (D) Underfunding for plan sponsors with less than investment-grade bond ratings. Underfunding is based on an estimate of vested benefits. (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. Firms and plans included in the column (B), (C) and (D) totals may differ from year to year. See “Underfunding Measures in Table S-47” in the Pension Insurance Data Book 2005, pp 16-23, for a further explanation of these measures. The Form 5500 Filings value for 2003 has been updated. Table S-47 Various Measures of Underfunding in PBGC-Insured Plan

SingleEmployer Program Beginning of Year (A) Form 5500 Filings (in billions) (B) Variable- Rate Premium (in billions) (C) Section 4010 Filings (in billions)

Re

P

1991 $34.48 $22.22 --- 1992 47.53 31.67 --- 1993 59.62 31.67 --- 1994 75.57 34.11 --- 1995 37.28 27.89 --- 1996 83.07 60.67 $38.10 1997 47.91 46.78 28.70 1998 49.24 36.00 25.20 1999 54.24 32.33 34.90 2000 6.57 16.22 7.37 

2001 38.56 16.33 19.46 

2002 142.57 14.78 95.57 2003 299.00 33.44 273.37 2004 321.72 89.33 283.34 2005 --- 87.44 289.64 2006 --- 61.11 212.50 
Pension Insurance Data Book 2006 97 Single-Employer Data Tables 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 classifications are based on principal business activity codes used in the North American Industry Classification System. * Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beginning of 2004.

Table S-48

Funding of PBGC-Insured Plans by Industry (20

SingleEmployer Program

Industry

Average

Funding Ratio Total Liabilities*

(in millions)

Un

AGRICULTURE, MINING AND CONSTRUCTION 82% $25,873 1.4% $5,374 MANUFACTURING 86% 976,019 52.4% 155,131 

Chemical and Allied Products 84% 111,851 6.0% 19,926 Computer and Electronic Products 86% 108,655 5.8% 16,014 Electrical Equipment 95% 79,699 4.3% 8,058 Fabricated Metal Products 78% 27,506 1.5% 6,319 Food and Tobacco Products 85% 53,986 2.9% 8,844 Machinery Manufacturing 87% 48,763 2.6% 8,655 Motor Vehicle Equipment 89% 190,781 10.3% 22,080 Paper Manufacturing 88% 33,010 1.8% 6,552 Petroleum and Coal Products 82% 39,748 2.1% 7,460 Primary Metals 75% 38,474 2.1% 9,738 Other Manufacturing 84% 243,545 13.1% 41,486 

TRANSPORTATION AND PUBLIC UTILITIES 79% 202,947 10.9% 48,820 

Air Transportation 59% 65,631 3.5% 26,972 Other Transportation 91% 23,827 1.3% 4,029 Public Utilities 88% 113,490 6.1% 17,819 

INFORMATION 97% 163,822 8.8% 20,328 WHOLESALE TRADE 84% 27,209 1.5% 5,058 RETAIL TRADE 76% 37,085 2.0% 9,425 FINANCE, INSURANCE AND REAL ESTATE 90% 183,929 9.9% 24,804 SERVICES 80% 223,915 12.0% 48,724 

Health Care 74% 83,659 4.5% 22,160 Other Services 84% 140,256 7.5% 26,563 

NON-PROFIT ORGANIZATIONS 83% 20,209 1.1% 4,061 TOTAL 85% $1,861,009 100.0% $321,724 
98 Single-Employer Data Tables Pension Insurance Data Book 2006 Table S-49 Pension Funding Data for PBGC-Insured Plans by Region a

SingleEmployer Program REGION/STATE OVERF

U

N

DED

U

N

DERF

U

N

DED 

Assets

(in millions)

Liabilities*

(in millions)

Overfunding

(in millions)

Assets

(in millions)

Liabilities*

(in millions)

U

NEW ENGLAND $54,216 $49,027 $5,188 $92,971 $115,893 

Connecticut 49,211 44,623 4,587 49,439 60,948 Maine 70 35 35 1,884 2,464 Massachusetts 3,919 3,547 372 32,373 41,477 New Hampshire 16 10 7 1,816 2,368 Rhode Island 973 792 182 6,812 7,738 Vermont 26 20 6 647 897 

MID-ATLANTIC 93,351 79,952 13,399 379,485 471,460 

Delaware 1,637 1,474 164 17,574 21,150 District of Columbia 4,384 2,819 1,565 10,431 12,933 Maryland 1,738 1,214 524 31,847 40,403 New Jersey 45,646 40,070 5,576 93,500 114,924 New York 21,684 19,210 2,473 132,245 161,153 Pennsylvania 9,902 8,293 1,609 66,698 86,177 Virginia 8,316 6,836 1,480 26,224 33,303 West Virginia 44 36 8 965 1,417 

SOUTHEAST 50,405 42,516 7,889 105,263 143,016 

Alabama 690 601 89 4,033 5,050 Arkansas 51 43 8 1,801 2,134 Florida 4,363 2,918 1,446 10,590 14,189 Georgia 32,442 26,887 5,555 23,552 35,039 Kentucky 316 223 93 5,056 6,819 Louisiana 315 218 97 3,031 4,385 Mississippi 174 169 5 961 1,327 North Carolina 7,771 7,439 332 32,465 41,810 South Carolina 1,119 1,017 102 3,407 4,738 Tennessee 3,164 3,003 161 20,368 27,525 

GREAT LAKES 72,026 62,661 9,365 393,571 492,716 

Illinois 28,327 24,672 3,655 103,054 132,282 Indiana 584 442 141 16,168 20,481 Michigan 21,123 20,186 937 169,748 198,717 Minnesota 9,754 8,651 1,103 28,747 38,797 Ohio 10,356 7,333 3,023 54,175 74,780 Wisconsin 1,882 1,376 506 21,679 27,660 
Pension Insurance Data Book 2006 99 Single-Employer Data Tables Table S-49 (continued) Pension Funding Data for PBGC-Insured Plans by Region a

SingleEmployer Program REGION/STATE OVERF

U

N

DED

U

N

DERF

U

N

DED 

Assets

(in millions)

Liabilities*

(in millions)

Overfunding

(in millions)

Assets

(in millions)

Liabilities*

(in millions)

Un

MIDWEST $7,452 $6,753 $699 $34,460 $45,870 

Iowa 3,152 3,022 130 6,288 8,625 Kansas 813 699 114 7,096 9,513 

Missouri 3,248 2,866 382 15,043 19,929 

Nebraska 159 99 60 5,468 7,094 North Dakota 78 67 12 385 497 

South Dakota 2 1 1 179 212 

SOUTHWEST 42,099 30,965 11,134 113,106 144,887 

Arizona 241 154 87 5,132 6,583 

New Mexico 3,128 2,948 180 757 953 

Oklahoma 1,271 1,214 57 5,862 7,967 Texas 37,460 26,650 10,810 101,355 129,384 

ROCKY MOUNTAIN 1,159 781 378 24,720 30,268 

Colorado 334 280 54 14,318 17,251 Idaho 650 392 259 1,530 2,273 

Montana 4 2 2 381 574 

Nevada 56 22 34 1,214 1,495 Utah 109 82 26 7,218 8,603 

Wyoming 6 3 2 59 71 

PACIFIC 39,971 36,889 3,083 83,388 103,777 

Alaska 2 1 2 275 395 California 23,181 21,283 1,898 60,326 75,433 Hawaii 92 55 37 2,370 3,146 

Oregon 568 504 65 5,907 7,626 Washington 16,127 15,046 1,081 14,510 17,177 

U.S. TERRITORIES 978 911 67 1,683 2,452 

Puerto Rico 976 909 67 1,644 2,389 

Virgin Islands 1 1 ** 37 60 Other 1 1 ** 2 3 

FOREIGN COUNTRIES 19 16 4 167 198 TOTAL $361,677 $310,471 $51,206 $1,228,814 $1,550,537 $

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, reflects the cost to purchase an annuity at the beginning of 2004.**Less than $500,000.
100 Single-Employer Data Tables Pension Insurance Data Book 2006

Table S-50

PBGC Pension Data by Region and State*

SingleEmployer Program

REGION/STATE

CLAIMS 

1975-2006

COVERAGE

2005

Plans Claims Plans Participants Payees 

NEW ENGLAND 414 $961,745,925 2,155 1,817,086 29,002 

Connecticut 115 339,608,195 785 504,152 7,081 Maine 13 9,781,410 99 151,088 2,018 Massachusetts 204 528,083,138 958 831,350 13,815 New Hampshire 25 34,769,380 120 194,990 3,028 Rhode Island 47 41,309,238 126 90,683 1,659 Vermont 10 8,194,563 67 54,931 1,401 

MID-ATLANTIC 1,205 12,396,749,578 9,247 7,593,005 170,370 

Delaware 8 4,878,368 130 138,983 1,273 District of Columbia 15 12,606,511 242 83,384 335 Maryland 69 86,663,529 566 728,300 18,141 New Jersey 196 330,487,687 1,682 1,185,568 12,923 New York 481 3,303,673,171 3,978 2,399,744 32,999 Pennsylvania 337 4,668,703,939 1,874 2,031,563 80,524 Virginia 47 2,753,225,929 626 883,510 11,957 West Virginia 53 1,236,685,805 149 184,201 12,218 

SOUTHEAST 336 1,823,770,263 3,380 6,804,417 147,182 

Alabama 17 23,807,269 248 415,872 12,116 Arkansas 12 9,578,594 127 165,700 3,377 Florida 77 369,603,170 866 2,065,553 41,860 Georgia 61 601,098,985 511 744,446 19,217 Kentucky 24 99,638,280 275 616,310 5,254 Louisiana 25 75,296,341 227 493,403 4,747 Mississippi 11 21,097,449 116 234,496 3,892 North Carolina 47 373,760,939 480 1,154,334 29,134 South Carolina 17 64,941,570 182 399,740 14,022 Tennessee 45 184,947,667 348 552,423 13,563 

GREAT LAKES 1,108 14,730,626,229 6,166 7,224,934 160,090 

Illinois 254 8,945,225,727 1,745 1,746,522 33,912 Indiana 105 1,406,771,939 495 867,713 24,614 Michigan 295 598,758,451 1,129 1,490,039 25,220 Minnesota 44 192,710,240 500 686,475 8,558 Ohio 328 3,304,343,666 1,637 1,635,016 58,535 Wisconsin 82 282,816,207 660 839,370 9,251 
Pension Insurance Data Book 2006 101 Single-Employer Data Tables

Table S-50 (continued)

PBGC Pension Data by Region and State*

SingleEmployer Program

REGION/STATE

CLAIMS 

1975-2006

COVERAGE

2005

Plans Claims Plans Participants Payees 

MIDWEST 136 $439,587,642 1,149 1,789,466 22,431 

Iowa 39 95,456,903 353 428,284 6,107 Kansas 24 42,691,574 155 258,904 2,506 Missouri 67 293,981,974 421 722,134 12,276 Nebraska 4 7,328,458 154 256,808 1,212 North Dakota 2 128,733 37 70,031 103 South Dakota --- --- 29 63,263 227 

SOUTHWEST 162 593,472,942 2,040 2,925,825 27,786 

Arizona 24 10,460,945 484 545,397 6,937 New Mexico 7 10,380,110 113 89,021 1,347 Oklahoma 22 381,366,835 182 433,611 3,011 Texas 109 191,265,052 1,261 1,874,076 16,491 

ROCKY MOUNTAIN 45 245,393,228 731 1,179,744 15,331 

Colorado 17 202,019,557 327 483,819 7,672 Idaho 7 12,709,939 63 142,722 1,649 Montana 3 207,534 41 118,228 425 Nevada 8 594,387 153 189,526 3,340 Utah 8 29,595,562 123 203,310 1,983 Wyoming 1 90,887 24 48,701 262 

PACIFIC 254 1,418,615,704 4,631 4,662,692 45,954 

Alaska 4 1,171,886 26 86,673 214 California 187 978,952,261 3,848 3,233,642 31,583 Hawaii 22 142,207,993 213 119,957 3,052 Oregon 19 34,524,982 222 510,513 2,556 Washington 22 261,758,583 322 711,907 8,549 

PUERTO RICO 12 16,614,401 90 69,306 2,400 U.S. TERRITORIES --- --- 8 2,377 153 FOREIGN COUNTRIES 1 204,359 8 --- 1,654 TOTAL 3,673 $32,626,780,271 29,605 34,041,993 622,353 

Sources: PBGC Fiscal Year Closing File (9/30/06), Pension Plan Coverage Topic Module (May 2003) to the 2001 Survey of Income and Program Participation (S

Filings, PBGC Participant System (PRISM) and fiscal 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; benefits and participant coverage data by state of payee residence. SIPP used to estimate particip
102 Single-Employer Data Tables Pension Insurance Data Book 2006 The Employee Retirement Income Security Act of 1974 (ERISA) mandates that the maximum guaranteed amount be adjusted annually based on changes in the S

The maximum guarantee applies to workers who retire at age 65. PBGC increases the maximum guarantee for people retiring later than age 65 and reduces it for In some instances, where a pension plan has adequate resources or PBGC recovers sufficient amounts, a participant may receive benefits in excess of the maxim

Table S-51 PBGC Maximum Guaranteed Benefits (1990-20

SingleEmployer Program Year of Plan Termination Maximum Monthly Guarantee 

1990 $2,164.77 1991 2,250.00 1992 2,352.27 1993 2,437.50 1994 2,556.82 1995 2,573.86 1996 2,642.05 1997 2,761.36 1998 2,880.68 1999 3,051.14 2000 3,221.59 2001 3,392.05 2002 3,579.55 2003 3,664.77 2004 3,698.86 2005 3,801.14 2006 3,971.59 2007 4,125.00 
Appendix M

Multiemployer Data Tables
104 Multiemployer Data Tables Pension Insurance Data Book 2006

PBGC’s Multiemployer Program

PBGC administers an insurance program for multiemployer defined benefit pension 

plans that is separate from its single-employer plan insurance program. Multiemployer 

plans are established pursuant to collective bargaining agreements involving two or more 

unrelated employers and are common in industries such as construction, trucking, mining, the hotel trades, and segments of the grocery business. Some multiemployer plans 

use a “unit benefit” formula that multiplies a participant’s years of service by a fixeddollar amount (such as $30 times 20 years of service) to set the monthly benefit. In most 

cases, plan trustees establish benefit levels, but some plans set benefits in the collective 

bargaining process. Multiemployer defined benefit plans must pay PBGC a yearly premium of $8.00 per participant for pension benefit insurance coverage in 2007. This perparticipant premium rate is adjusted annually to changes in the national average wage 

index and then rounded to the nearest whole dollar. 

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

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

long as it has sufficient assets to do so.2 A plan that does not have enough assets to pay 

plan benefits is allowed to suspend payment of that portion of the benefit that exceeds 

the PBGC guarantee level. The current PBGC maximum guaranteed benefit for multiemployer plans is 100 percent of the first $11 of the plan’s monthly benefit rate plus 75 

percent of the next $33 of the plan’s monthly benefit rate, multiplied by the participant’s 

years of service.3 The maximum guaranteed benefit is not indexed. 

If a plan becomes insolvent despite benefit cutbacks, PBGC will provide financial assistance to the plan—typically as a loan—in an amount necessary to pay guaranteed benefits and administrative expenses. Few plans receiving financial assistance from PBGC 

are likely to recover sufficiently to repay all the monies lent to them. An allowance has 

been established on PBGC’s financial records to account for financial assistance that is 

not expected to be repaid.

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

2 In some situations, the trustees must amend the plan to eliminate benefits that are not eligible for the PBGC guarantee, generally 

benefit increases that are less than five years old.

3 Multiemployer plans that received financial assistance from PBGC at any time during the period from December 22, 1999, to December 21, 2000, receive a lower per-participant monthly benefit guarantee rate.
Pension Insurance Data Book 2006 105 Multiemployer Data Tables Source: PBGC Annual Reports (1980-2006). Due to rounding of individual items, numbers may not add exactly across columns. Table M-1

Net Financial Position of PBGC’s Multiemployer Program 

Fiscal Year Assets

(in millions)

Liabilities

(in millions)

1980 $21 $30 1985 78 52 1990 190 58 1991 238 75 1992 283 114 1993 407 131 1994 378 181 1995 477 285 1996 505 381 1997 596 377 1998 745 404 1999 692 493 2000 694 427 2001 807 691 2002 944 786 2003 1,000 1,261 2004 1,070 1,306 2005 1,160 1,495 2006 1,166 1,905 
106 Multiemployer Data Tables Pension Insurance Data Book 2006 Table M-2 PBGC Premium Revenue, Benefit Payments, and 

Expenses 

Multiemployer Program

Fiscal Year

Total 

Premium

Revenue

(in millions)

Benefit

Payments

(in millions)

Administrativ

Investmen

Expenses

(in millions)

1980 $5 $4 $2 1985 14 4 4 1990 21 2 2 1991 23 2 * 1992 23 2 * 1993 23 2 * 1994 23 2 * 1995 22 2 * 1996 22 2 * 1997 23 1 * 1998 23 1 * 1999 23 1 * 2000 24 1 * 2001 24 1 * 2002 25 1 * 2003 25 1 * 2004 27 1 * 2005 26 1 * 2006 58 * * 

Source: PBGC Annual Reports (1980-2006).Due to aggregation and rounding of individual items, numbers may not add exactly across columns or to totals in other tables.* Less than $500,000.
Pension Insurance Data Book 2006 107 Multiemployer Data Tables Sources: PBGC Participant System (PRISM), fiscal year calculations, PBGC Management Reports and PBGC Benefit Payment Reports. Payments made on a quarterly, semi-annual or annual basis were converted to their monthly equivalent. *These payees were in the 10 multiemployer plans PBGC trusteed prior to October 1980. The Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) ch

plans to providing financial assistance (loans) to insolvent multiemployer plans. ** Less than $500,000. Table M-3 PBGC Payees and Benefit Payments (1980-200

Multiemployer Program Fiscal Year Payees in Year* PERIO

DIC PENSION PAY

Total

(in millions)

Average

Monthly Paymen

1980 4,100 $4 $77 1985 3,100 4 91 1990 2,170 2 97 1991 1,990 2 98 1992 1,760 2 98 1993 1,590 2 99 1994 1,420 2 102 1995 1,300 2 102 1996 1,130 2 104 1997 1,000 1 102 1998 855 1 104 1999 738 1 106 2000 626 1 109 2001 510 1 112 2002 463 1 114 2003 389 1 117 2004 324 1 135 2005 279 1 120 2006 238 ** 120 
108 Multiemployer Data Tables Pension Insurance Data Book 2006 Table M-4 PBGC Financial 

Assistance to Insolvent Plans (1981

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)

1981 1 $311.3 -- -- 1 1985 3 1,300.0 -- -- 3 1990 3 1,000.0 -- -- 3 1991 5 2,000.0 -- -- 5 1992 6 4,000.0 -- -- 6 1993 6 4,000.0 -- -- 6 1994 8 3,896.3 -- -- 8 1995 9 4,346.4 -- -- 9 1996 12 4,021.8 -- -- 12 1997 14 4,494.1 -- -- 14 1998 18 5,437.6 -- -- 18 1999 21 19,219.7 1 $14,150.0 20 2000 21 91,032.6 2 86,513.6 19 2001 22 4,526.3 1(3) 53.4 22 2002 23 4,839.9 -- -- 23 2003 24 5,022.1 1 230.9 23 2004 27 10,120.8 1(3) 282.2 27 2005 29 13,757.7 1(3) 535.0 28 2006 33 70,096.5 1 176.0 32 

TOTAL (4) 45 $261,266.9 8 $101,941.2 40 

Sources: PBGC Annual Reports and internal calculations.(1) A number of plans received financial assistance in more than one year.(2) Lump sum closeout payments were made to these insolvent multiemployer plans.(3) 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 financial assistance from PBGC’s Multiemploye(5) Only one plan has repaid any of its past financial assistance. That plan repaid only the principal amount of the loans it received.
Pension Insurance Data Book 2006 109 Multiemployer Data Tables Source: PBGC Premium Filings. 2006 figures are estimates from PBGC internal calculations. 2005 estimates reported last year have been updated to reflect actual premium filings. Table M-5 PBGC-Insured Plan Participants (1980-2006

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 w

500 - 99

Participan

(in thousands

1980 7,997 5,072 925 751 731 299 1985 8,209 5,376 857 761 729 283 1990 8,534 5,731 891 757 695 290 1991 8,710 5,996 874 731 665 285 1992 8,780 6,105 830 734 672 276 1993 8,657 5,990 869 711 657 270 1994 8,559 5,931 861 703 639 263 1995 8,632 5,986 855 709 661 264 1996 8,649 5,976 904 713 636 266 1997 8,740 6,058 906 718 641 263 1998 8,876 6,212 930 675 650 259 1999 8,991 6,323 935 666 663 260 2000 9,132 6,464 953 683 640 261 2001 9,423 6,776 927 733 617 240 2002 9,630 6,970 930 739 647 227 2003 9,699 7,127 885 715 642 228 2004 9,829 7,248 897 723 643 217 2005 9,887 7,286 938 709 631 224 2006 9,916 7,320 944 709 632 219 
110 Multiemployer Data Tables Pension Insurance Data Book 2006 Source: PBGC Premium Filings. 2006 figures are estimates from PBGC internal calculations. 2005 estimates reported last year have been updated to reflect actual premium filings. Table M-6 PBGC-Insured Plans (1980-2006) 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 Insu

Plans 

500 - 

Partic

1980 2,244 120 131 211 452 421985 2,188 137 124 216 459 401990 1,983 140 127 214 428 401991 1,926 145 127 207 414 401992 1,936 150 121 210 418 381993 1,900 143 126 204 412 371994 1,880 141 125 202 403 361995 1,879 144 123 205 409 361996 1,876 143 132 206 400 371997 1,846 145 131 206 401 361998 1,817 147 136 193 400 351999 1,800 149 137 189 403 352000 1,744 152 138 197 388 352001 1,707 159 133 210 377 322002 1,671 163 133 212 397 312003 1,612 166 129 206 391 322004 1,586 166 129 208 393 302005 1,571 164 134 204 381 302006 1,544 162 132 203 382 30
Pension Insurance Data Book 2006 111 Multiemployer Data Tables 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 particip

Due to rounding of individual items, rows may not add up to 100%. 2004 figures are estimates from PBGC internal calculations. 2003 figures reported last year have been updated to reflect actual Form 5500 filings. Table M-7 PBGC-Insured Plan Participants by Participant Status (

Multiemployer Program Fiscal Year Active Participants Retired Participants 

1980 75.9% 17.7% 1985 66.1% 22.6% 1990 58.6% 25.2% 1991 57.2% 26.3% 1992 54.6% 27.6% 1993 53.5% 28.0% 1994 53.4% 28.0% 1995 52.4% 28.9% 1996 52.1% 29.1% 1997 52.2% 28.9% 1998 51.2% 30.4% 1999 50.9% 30.5% 2000 51.1% 30.1% 2001 49.5% 29.6% 2002 48.1% 29.7% 2003 47.1% 30.2% 2004 46.0% 30.8% 
112 Multiemployer Data Tables Pension Insurance Data Book 2006 Table M-8 PBGC-Insured Plans and Participants by Industry 

Multiemployer Program Industry Insured Plans 

AGRICULTURE 12 0.8% MINING 7 0.4% CONSTRUCTION 848 54.0% 

Building Construction 92 5.9% Heavy Construction 75 4.8% Plumbing, Heating and Air Conditioning 163 10.4% Electrical Work 126 8.0% Building Finishing Contractors 122 7.8% Foundation, Structure and Exterior Work 121 7.7% Other Construction 149 9.5% 

MANUFACTURING 179 11.4% 

Food and Tobacco Products 42 2.7% Apparel and Textile Products 14 0.9% Paper and Allied Products 5 0.3% Printing and Publishing 20 1.3% Machinery and Computer Equipment 7 0.4% Electrical and Electronic Equipment 8 0.5% Other Manufacturing 83 5.3% 

TRANSPORTATION AND PUBLIC UTILITIES 149 9.5% 

Trucking 76 4.8% Water Transportation 44 2.8% Other Transportation and Public Utilities 29 1.8% 

INFORMATION 42 2.7% WHOLESALE TRADE 35 2.2% RETAIL TRADE 90 5.7% SERVICES 209 13.3% 

Administrative /Support 42 2.7% Health Care/Social Assistance 16 1.0% Accommodation/Food Service 41 2.6% Other Services 110 7.0% 

TOTAL 1,571 100.0% 

Source: PBGC Premium Filings. Due to aggregation and rounding of individual items, totals may not add up to totals in other tables and percentages may not add up to 100% or to subtotals within Industry classifications are based on principal business activity codes used in the North American Industry Classification System. 
Pension Insurance Data Book 2006 113 Multiemployer Data Tables Table M-9 Funding of PBGC-Insured Plans (1980-2004

Multiemployer Program Beginning of Year Assets (in millions) Liabilities* (in millions) Funding Ratio

Underfunding

(in millions)

1980 $40,363 $52,123 77% $17,887 1985 88,182 75,942 116% 6,432 1990 166,348 156,149 107% 11,574 1991 165,734 160,370 103% 13,068 1992 184,670 187,829 98% 17,835 1993 197,461 202,177 98% 19,864 1994 206,625 225,982 91% 29,193 1995 209,947 218,458 96% 22,726 1996 238,571 270,551 88% 40,019 1997 268,471 287,569 93% 32,549 1998 304,158 331,017 92% 39,497 1999 320,704 351,021 91% 44,379 2000 356,659 339,741 105% 21,135 2001 351,108 385,272 91% 48,412 2002 330,104 429,329 77% 102,469 2003 307,678 486,845 63% 178,915 2004 346,513 557,384 62% 211,506 

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 participEstimates for 2003 reported last year have been updated.Due to rounding of individual items, numbers may not add up across columns.* Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of th

1980-1992 and GAM-83 for 1993-2004.
114 Multiemployer Data Tables Pension Insurance Data Book 2006 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 particip

Estimates for 2003 reported last year have been updated. Due to rounding of individual items, numbers may not add up across columns. * Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of th

1980-1992 and GAM-83 for 1993-2004. Table M-10 Funding of Underfunded PBGC-Insured Plans (198

Multiemployer Program Beginning of Year Assets (in millions) Liabilities* (in millions)

Underfunding

(in millions)

1980 $24,819 $42,706 $17,887 

1985 22,813 29,246 6,432 1990 56,512 68,086 11,574 

1991 62,563 75,631 13,068 

1992 93,790 111,625 17,835 1993 95,331 115,195 19,864 

1994 128,718 157,911 29,193 1995 118,707 141,434 22,726 

1996 168,347 208,366 40,019 

1997 152,633 185,182 32,549 1998 180,084 219,582 39,497 

1999 206,568 250,947 44,379 2000 110,729 131,864 21,135 

2001 222,296 270,708 48,412 

2002 295,338 397,807 102,469 2003 304,027 482,942 178,915 

2004 341,819 553,325 211,506 
Pension Insurance Data Book 2006 115 Multiemployer Data Tables 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 particip

Estimates for 2003 reported last year have been updated. Due to rounding of individual items, numbers may not add up across columns. * Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beginning of th

1980-1992 and GAM-83 for 1993-2004. Table M-11 Funding of Overfunded PBGC-Insured Plans (1980

Multiemployer Program Beginning of Year Assets (in millions) Liabilities* (in millions) Overfunding (in millions) 

1980 $15,543 $9,417 $6,126 1985 65,368 46,697 18,672 1990 109,836 88,062 21,773 1991 103,171 84,739 18,432 1992 90,880 76,204 14,676 1993 102,130 86,981 15,148 1994 77,907 68,070 9,837 1995 91,240 77,024 14,216 1996 70,224 62,185 8,039 1997 115,838 102,386 13,452 1998 124,073 111,435 12,638 1999 114,136 100,074 14,063 2000 245,930 207,877 38,054 2001 128,812 114,564 14,249 2002 34,766 31,522 3,245 2003 4,651 3,903 748 2004 4,694 4,060 634 
116 Multiemployer Data Tables Pension Insurance Data Book 2006 Table M-12 Concentration of Underfunding in PBGC-Insured Plans 

Multiemployer Program Beginning of Year Total

Underfunding

(in millions)

10 Plans With the Highest

Underfunding

(in millions)

Next 40 Plans’

Underfunding

(in millions)

1990 $11,574 $6,760 58.4% $2,791 24.1% 1991 13,068 7,906 60.5% 3,123 23.9% 1992 17,835 9,500 53.3% 4,411 24.7% 1993 19,864 10,348 52.1% 4,927 24.8% 1994 29,193 13,575 46.5% 7,012 24.0% 1995 22,726 11,340 49.9% 6,236 27.4% 1996 40,019 16,157 40.4% 10,900 27.2% 1997 32,549 14,666 45.1% 8,166 25.1% 1998 39,497 17,532 44.4% 9,375 23.7% 1999 44,379 19,244 43.4% 10,675 24.1% 2000 21,135 11,493 54.4% 5,255 24.9% 2001 48,412 20,032 41.4% 11,193 23.1% 2002 102,469 34,276 33.5% 24,641 24.0% 2003 178,915 57,902 32.4% 40,600 22.7% 2004 211,506 65,994 31.2% 48,901 23.1% 

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 participDue 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, reflects the cost to purchase an annuity at the beginning of the 

1990-1992 and GAM-83 for 1993-2004.

Estimates for 2003 reported last year have been updated.
Pension Insurance Data Book 2006 117 Multiemployer Data Tables Table M-13 Plans, Participants, and Funding of PBGC-Insured Plans by Fu

Multiemployer Program Funding Ratio Plans Participants (in thousands) Total Liabilities* (in millions)

Und

(i

Less than 40% 54 3.4% 395 4.0% $21,957 3.9% $14,024 40% - 49% 141 8.9% 1,205 12.3% 83,825 15.0% 47,094 50% - 59% 351 22.1% 2,446 24.9% 139,151 25.0% 61,307 60% - 69% 477 30.1% 2,706 27.5% 167,561 30.1% 58,048 70% - 79% 297 18.7% 2,085 21.2% 104,955 18.8% 26,373 80% - 89% 158 10.0% 577 5.9% 22,163 4.0% 3,573 90% - 99% 61 3.8% 341 3.5% 13,712 2.5% 1,087 100% - 109% 17 1.1% 27 0.3% 1,653 0.3% --- 

110% - 119% 10 0.6% 16 0.2% 1,417 0.3% --- 120% - 129% 10 0.6% 26 0.3% 742 0.1% --- 130% - 139% 2 0.1% 1 ** 14 ** --- 140% - 149% 1 0.1% 1 ** 12 ** --- 150% or more 7 0.4% 5 ** 223 ** --- TOTAL 1,586 100.0% 9,829 100.0% $557,384 100.0% $211,506 UNDERFUNDED 1,539 97.0% 9,754 99.2% $553,325 99.3% $211,506 OVERFUNDED 47 3.0% 75 0.8% $4,060 0.7% --- 

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, reflects the cost to purchase an annuity at the beginning of 20** Less than 0.05 of one percent.
118 Multiemployer Data Tables Pension Insurance Data Book 2006

Table M-14

Funding of PBGC-Insured Plans by Industry (20

Multiemployer Program

Industry

Average

Funding Ratio Total Liabilities*

(in millions)

Und

AGRICULTURE 89% $658 0.1% $71 MINING 67% 9,681 1.7% 3,220 CONSTRUCTION 62% 254,912 45.7% 96,694 

Building Construction 58% 49,241 8.8% 20,877 Heavy Construction 66% 40,972 7.4% 13,780 Plumbing, Heating and Air Conditioning 60% 37,841 6.8% 14,962 Electrical Work 60% 39,788 7.1% 15,755 Building Finishing Contractors 62% 16,480 3.0% 6,397 Foundation, Structure and Exterior Work 64% 31,138 5.6% 11,306 Other Construction 65% 39,452 7.1% 13,617 

MANUFACTURING 67% 44,646 8.0% 14,616 

Food and Tobacco Products 66% 13,141 2.4% 4,481 Apparel and Textile Products 63% 2,725 0.5% 1,010 Paper and Allied Products 62% 3,090 0.6% 1,192 Printing and Publishing 63% 6,892 1.2% 2,559 Furniture and Fixtures 57% 261 ** 111 Machinery and Computer Equipment 83% 8,904 1.6% 1,555 Electrical and Electronic Equipment 72% 615 0.1% 178 Other Manufacturing 61% 9,017 1.6% 3,530 

TRANSPORTATION AND PUBLIC UTILITIES 58% 129,547 23.2% 55,159 

Trucking 56% 116,568 20.9% 51,249 Water Transportation 75% 5,432 1.0% 1,637 Other Transportation and Public Utilities 70% 7,547 1.4% 2,273 

INFORMATION 61% 12,292 2.2% 4,751 WHOLESALE TRADE 69% 2,383 0.4% 749 RETAIL TRADE 62% 44,769 8.0% 16,982 SERVICES 67% 58,136 10.4% 19,263 

Administrative/Support 58% 11,019 2.0% 4,631 Health Care/Social Assistance 81% 12,871 2.3% 2,447 Accommodation/Food Service 64% 8,310 1.5% 2,997 Other Services 65% 25,936 4.7% 9,188 

TOTAL 62% $557,384 100.0% $211,506 

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, reflects the cost to purchase an annuity at the beginning of 2004.** Less than 0.05 of one percent.
Pension Insurance Data Book 2006 119 Multiemployer Data Tables Table M-15 PBGC Maximum Guaranteed Benefits (1980-20

Multiemployer Program

Date of Plan 

Insolvency Monthly Benefit Formula

September 27, 1980, to December 21, 2000

The participant’s years of service multiplied

by the sum of:

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

 benefit accrual rate

 -plus-

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

 benefit accrual rate

On or after December 22, 2000**

The participant’s years of service multiplied

by the sum of:

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

 benefit accrual rate

 -plus-

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

 benefit accrual rate

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

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 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 financial aid from PBGC between December 22, 1999, and December 21, 2000. 

apply to participants in these plans.
120 Multiemployer Data Tables Pension Insurance Data Book 2006 Table M-16 PBGC’s Historic Premium Rates Multiemployer Program For Plan Years Beginning Pre

September 2, 1974 - August 31, 1979 September 1, 1979 - September 26, 1980 $0.50 for plan yea

growing gradually September 1, 198

September 27, 1980 - September 26, 1984 September 27, 1984 - September 26, 1986 September 27, 1986 - September 26, 1988 September 27, 1988 - December 31, 2005 On or after January 1, 2006 

* This amount will be adjusted annually after 2006 by changes in the national average wage index (as defined in section 209(k)(1) of the Social Security Act). Ho

average wage index declines. The adjusted premium rate will be rounded to the nearest multiple of $1. 
The Pension Insurance Data Book 2006 was developed by the Policy, Research and

Analysis Department and produced by the Communications and Public Affairs

Department, Pension Benefit Guaranty Corporation.

NUMBER 11, FALL 2007