The Pension Insurance Data Book 2002 was developed by the Corporate Policy and

Research Department under project manager William James and produced by the

Communications and Public Affairs Department, Pension Benefit Guaranty Corporation.

NUMBER 7, WINTER 2003
PAGE

Contents

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

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

Update for Large Plan Terminations ............................................................................. 3

Hybrid Plans ................................................................................................................ 5

PBGC DATA AND TRENDS

SINGLE-EMPLOYER PROGRAM:

Figure 1 Net Position of PBGC’s Single-Employer Program (1980-2002) ...................... 8

Figure 2 Concentration of PBGC Claims (1975-2002) ................................................... 9

Figure 3 PBGC Claims by Industry (1975-2002) .......................................................... 10

Figure 4 PBGC Claims by Funded Ratio (1975-2002) ................................................. 11

Figure 5 Participants and Beneficiaries Receiving PBGC Payments (1980-2002) ....... 12

Figure 6 Participants and Beneficiaries Receiving PBGC Payments

by Gender and Age (2002) .......................................................................... 13

Figure 7 PBGC Benefit Payments (1980-2002) ............................................................ 14

Figure 8 PBGC-Insured Plans (1980-2002) .................................................................. 15

Figure 9 Participants in PBGC-Insured Plans (1980-2002) .......................................... 16

Figure 10 PBGC-Insured Participants by Participant Status (1980-2000) ...................... 17

Figure 11 PBGC-Insured Participants by Industry (2001) .............................................. 18

Figure 12 PBGC Premium Revenue (1980-2002) .......................................................... 19

Figure 13 PBGC-Insured Participants and Premiums by Premiums Paid (2001) ........... 20

MULTIEMPLOYER PROGRAM:

Figure 14 Net Position of PBGC’s Multiemployer Program (1980-2002) ........................ 22

Figure 15 PBGC-Insured Plans (1980-2002) .................................................................. 23

Figure 16 Participants in PBGC-Insured Plans (1980-2002) .......................................... 24

Figure 17 PBGC-Insured Participants by Participant Status (1980-2000) ...................... 25

Figure 18 PBGC-Insured Participants by Industry (2001) .............................................. 26

APPENDIX S: SINGLE-EMPLOYER DATA TABLES

PBGC’S SINGLE-EMPLOYER PROGRAM ............................................................. 28

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-2002) .... 29

S-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2002) .... 30

S-3 PBGC Benefit Payments, Payees and Deferred Payees (1980-2002) ........... 31

S-4 PBGC Payees and Benefit Payments by Industry (2002) .............................. 32

S-5 PBGC Payees and Benefit Payments by Gender and Age (2002) ................. 33

S-6 PBGC Payees and Benefit Payments by Size of Payment (2002) ................. 34

S-7 PBGC Payees and Benefit Payments by Date of Plan Termination (2002) .... 35

S-8 PBGC Payees and Benefit Payments by Size of Trusteed Plan (2002) ......... 36

S-9 Bankruptcies and Underfunding Among Publicly Traded Firms

[Table Discontinued]

S-10 PBGC Terminations and Claims (1975-2002)................................................. 37

S-11 PBGC Claims (1975-2002) ............................................................................. 38
PAGE

S-12 Top 10 Firms Presenting Claims (1975-2002) ................................................ 39

S-13 PBGC Claims by Plan Funding Ratio at Termination (1975-2002) ................. 40

S-14 Average Claim per Vested Participant by Plan Size (1975-2002) .................. 41

S-15 PBGC Claims by Industry (1975-2002) .......................................................... 42

S-16 PBGC-Insured Plan Participants (1980-2002) ................................................ 43

S-17 PBGC-Insured Plans (1980-2002) .................................................................. 44

S-18 PBGC-Insured Plans, Participants and Premiums by Industry (2001) ........... 45

S-19A PBGC-Insured Plan Participants by Participant Status (1980-2000).............. 46

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

Private-Sector Wage and Salary Workers (1980-1999) .............................. 47

S-20 PBGC-Insured Plans and Participants by Total Premium Paid (2001) ........... 48

S-21 PBGC Premium Receipts by Size of Plan and Type of Premium (2001)........ 49

S-22 Distribution of PBGC-Insured Plans and Participants

by Variable-Rate Premium Status (1992-2001) ........................................... 50

S-23 Funding of PBGC-Insured Plans (1980-2000)................................................ 51

S-24 Funding of Underfunded PBGC-Insured Plans (1980-2000) .......................... 52

S-25 Funding of Overfunded PBGC-Insured Plans (1980-2000) ............................ 53

S-26 Concentration of Underfunding in PBGC-Insured Plans (1990-2000) ............ 54

S-27 Plans, Participants and Funding of PBGC-Insured Plans

by Funding Ratio (2000) .............................................................................. 55

S-28 Various Measures of Underfunding in PBGC-Insured Plans (1990-2002)...... 56

S-29 Funding of PBGC-Insured Plans by Industry (2000) ...................................... 57

S-30 Pension Funding Data for PBGC-Insured Plans

by Region and State (2000) ........................................................................ 58

S-31 PBGC Pension Data by Region and State ..................................................... 60

S-32 PBGC Maximum Guaranteed Benefits (1988-2003) ...................................... 62

S-33 PBGC’s Historic Premium Rates .................................................................... 63

APPENDIX M: MULTIEMPLOYER DATA TABLES

PBGC’S MULTIEMPLOYER PROGRAM ................................................................ 66

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-2002) ........ 67

M-2 PBGC Premium Revenue, Benefit Payments and Expenses (1980-2002) .... 68

M-3A PBGC Financial Assistance to Insolvent Plans (1981-2002) .......................... 69

M-3B PBGC Payees and Benefit Payments (1980-2002) ........................................ 70

M-4 PBGC-Insured Plan Participants (1980-2002) ................................................ 71

M-5 PBGC-Insured Plans (1980-2002) .................................................................. 72

M-6 PBGC-Insured Plans and Participants by Industry (2001) ............................. 73

M-7 PBGC-Insured Plan Participants by Participant Status (1980-2000) .............. 74

M-8 Funding of PBGC-Insured Plans (1980-2000) ................................................ 75

M-9 Funding of Underfunded PBGC-Insured Plans (1980-2000) .......................... 76

M-10 Funding of Overfunded PBGC-Insured Plans (1980-2000) ............................ 77

M-11 Concentration of Underfunding in PBGC-Insured Plans (1990-2000) ............ 78

M-12 Plans, Participants and Funding of PBGC-Insured Plans

by Funding Ratio (2000) .............................................................................. 79

M-13 Funding of PBGC-Insured Plans by Industry (2000) ...................................... 80

M-14 PBGC Maximum Guaranteed Benefits (1980-2003) ...................................... 81

M-15 PBGC’s Historic Premium Rates .................................................................... 82
PENSION INSURANCE DATA BOOK 2002 SECTION OVERVIEW 1 1

Overview

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

benefit pension plans receive their pensions if their plans terminate without sufficient

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

protect participants in single-employer and multiemployer plans.

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

detailed statistics on PBGC program operations and benefit protection.

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

discussions. The first describes how the terminations of the plans of two large steel

companies after the end of PBGC’s 2002 fiscal year will impact the size and distribution

of claims against PBGC. The second describes the current distribution of PBGC-insured

hybrid pension plans. This edition also contains graphs illustrating selected current data

and trends in PBGC operations and in the U.S. private pension universe insured by

PBGC.

The publication date for this edition was advanced by several months. As a consequence, data for several tables (S-18, S-20, S-21, S-22, and M-6) whose source is PBGC’s

premium filings are not yet available. This edition contains updated 2001 data for these

tables. Once the 2002 data are available, we will revise these tables on PBGC’s Web site:

www.pbgc.gov/publications/databook.
2 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

PBGC DATA BOOK AT A GLANCE

Single-Employer Multiemployer Combined

Program Program Programs

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

Fiscal Year 2002:

Net Financial Position -$3,638 $158 -$3,480

Total Assets $25,430 $944 $26,374

Total Liabilities $29,068 $786 $29,854

Premium Income $787 $25 $812

Number of Insured Plans 30,660 1,661 32,321

Number of Insured Participants 34.4 million 9.5 million 43.9 million

New Plans Trusteed or Pending

 Trusteeship 157 n/a 157

Change in Gross Claims $3,380 n/a $3,380

Number of Payees* 361,740 463 362,203

Total Benefits Paid $1,537 $1 $1,538

Number of Plans Receiving

 Financial Assistance n/a 23 23

Amount of Financial

 Assistance Granted n/a $5 $5

Fiscal Years 1975-2002:

Plans Trusteed or Pending

 Trusteeship 3,122 10 3,132

Amount of Claims $11,034 $31 $11,065

Number of Plans Receiving

 Financial Assistance n/a 31 31

Total Amount of Financial

 Assistance Granted n/a $162 $162

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

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

from PBGC during FY 2002.

PBGC DATA BOOK AT A GLANCE
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 3

Update for Large Plan Terminations

The tables and charts in this book generally reflect data through September 30, 2002,

the end of PBGC’s 2002 fiscal year. However, in December 2002, PBGC announced its

intention to terminate the pension plans of two large steel companies—Bethlehem Steel

and National Steel. The claims from the Bethlehem plans, estimated at $3.9 billion, will

be, by far, the largest PBGC has ever incurred. Those from National Steel, $1.3 billion,

will be the third largest. These claims will significantly change the claims data presented

in this book. Because of their large impact, we are providing this update to show some of

the ways the termination of these plans will affect the claims position of PBGC’s singleemployer insurance program.

Gross claims against PBGC from 1975 through the end of Fiscal 2002 (excluding

those from the Bethlehem and National Steel plans) totaled $11.0 billion with more than

half this amount, $5.7 billion, coming from the plans of just 10 companies.1

 (See Table

S-12.) Five of these 10 companies were steel companies and three were airlines. Overall,

claims from the primary metals industry accounted for 40 percent of all claims against

the single-employer insurance program and those from the air transportation industry

were responsible for another 20 percent. (See Figure 3 in Data Book 2002.)

1

The claims data in this book reflect the claims of trusteed plans and plans in the process of being trusteed. They do not

include the expected claims from plans classified as “probables.” Probable claims are the expected claims of those

underfunded plans PBGC believes, with a high degree of confidence, will terminate in the near term. PBGC does

not publicly identify plans classified as probables, but PBGC can disclose information on the Bethlehem and

National Steel plans because the termination of those plans was announced after the end of FY 2002. For accounting

purposes, PBGC books probable claims on its financial statement. The plans of both Bethlehem Steel and National

Steel were classified as probables as of September 30, 2002, and, thus, the claims expected from the termination of

these plans were reflected in the financial statements presented in PBGC’s 2002 Annual Report.

Historic PBGC Claims

PBGC Claims 1975 – 2002

(including Bethlehem and National Steel)

Note: Historically, Steel has

represented less than 3% of

participants covered by PBGC

and Airlines less than 2%.

LARGE PLAN TERMINATIONS
4 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

The $5.2 billion in estimated claims from Bethlehem Steel and National Steel will

increase the total claims incurred by PBGC by almost 50 percent to $16.3 billion. With

these two new claims, total claims from the primary metals industry will be $9.4 billion

or 58 percent of the $16.3 billion total. (See the figure on preceding page.) The air

transportation industry share of total claims will fall to 13 percent.

The table below shows the new list of 10 companies presenting PBGC with its largest

claims ever. Almost half the $16.3 billion in total claims is from the plans of the six steel

companies on this list. More than $2 billion is from the plans of three defunct airline

companies. Together, the claims from these 10 companies account for 65 percent of all

claims the insurance program has ever incurred.

Ten Firms Presenting Largest Claims

Fiscal Year of Plan Covered

Top 10 Firms Termination Claims Participants

(in billions)

1. Bethlehem Steel 2003 $3.9 95,000

2. LTV Steel 2002 1.9 78,600

3. National Steel 2003 1.3 35,400

4. Pan American Air 1991, 1992 0.8 37,500

5. Trans World Airlines 2001 0.7 34,200

6. Eastern Air Lines 1991 0.6 51,200

7. Wheeling Pitt Steel 1986 0.5 22,100

8. Polaroid 2002 0.4 11,400

9. Sharon Steel 1994 0.3 6,900

10. LTV Republic Steel 1986 0.2 8,200

Top 10 Claims $10.6 380,500

All Other Claims 5.7 715,700

Grand Total $16.3 1,096,200

LARGE PLAN TERMINATIONS
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 5

Hybrid Plans

The characteristics of the plans PBGC insures are changing. During the middle and

late 1990s, a growing percentage of insured single-employer plans became hybrid plans.

(The two most common types of hybrid plans are Cash Balance plans and Pension

Equity Plans.) Hybrid plans incorporate elements of both defined benefit and defined

contribution plans into their design. Like 401(k) plans, they often express benefits in

terms of an account balance. Unlike a 401(k) plan, however, the sponsor typically makes

all contributions to the hybrid plan and bears all the plan’s investment risk. Benefits in

hybrid plans often accrue faster early in a participant’s working career than they do in

traditional defined benefit final average pay plans. This benefits workers who spend only

a few years working for the plan’s sponsor. Hybrid plans are also more likely than more

traditional defined benefit plans to provide a lump sum payment option that the participant can exercise upon termination of employment with the plan’s sponsor. This feature

is common in defined contribution plans. The greater availability of the lump sum

payment option makes the benefits of hybrid plans more portable than those in most

other defined benefit pension plans.

Data from the 2000 Form 5500 filings suggest that about four percent of the singleemployer plans that PBGC insured in 2000 (about 1,230 plans) were hybrid plans.1, 2

Table 1

Number of PBGC-Insured Single-Employer Plans and

Estimated Number of Insured Single-Employer Hybrid Plans,

by Plan Size, 2000

Total Insured Estimated Number of Hybrid Plans

Plan Size Plans Hybrid Plans as a Percent of Total

Less than 100 20,090 334 2

100 - 999 8,911 341 4

1,000 - 4,999 2,787 288 10

5,000 - 9,999 522 98 19

10,000 or more 644 170 26

Total 32,954 1,231 4

Source: PBGC data and PBGC calculations from the 2000 Form 5500.

1 The hybrid plan feature code was first included on the 1999 Form 5500. However, the 1999 data were incomplete

because of processing problems. The 2000 Form 5500 data are the first that provide reliable estimates of the

number of hybrid plans PBGC insures.

2

 PBGC identifies a hybrid plan as one either checking the hybrid plan feature code on the Form 5500 or having “Cash

Balance,” “Pension Equity,” or another term in the plan name that indicates the plan is a hybrid plan. The

feature code does not distinguish among various types of hybrid plans, although it emphasizes that Cash Balance

plans are hybrid plans. Very few (about 25) PBGC-insured multiemployer plans are hybrid plans.

HYBRID PLANS
6 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Table 2

Number of PBGC-Covered Participants in Single-Employer

Plans and Estimated Number of Participants in

Insured Hybrid Plans, by Plan Size, 2000

Estimated Number Participants in

of Participants Hybrid Plans as a Percent

Plan Size Total Participants in Hybrid Plans of Total Participants

(In thousands) (In thousands)

Less than 100 456 10 2

100 - 999 3,080 148 5

1,000 - 4,999 6,045 691 11

5,000 - 9,999 3,661 696 19

10,000 or more 21,100 5,609 27

Total 34,342 7,155 21

Source: PBGC data and PBGC calculations from the 2000 Form 5500.

This percentage increased rapidly as the size of the plan grew. (See Table 1.) The data

indicate that less than two percent of single-employer plans with fewer than 100 participants were hybrid plans but more than 25 percent of the plans with 10,000 or more

participants were.

The proliferation of hybrid plans among the largest PBGC-insured single-employer

plans means a large proportion, more than 20 percent, of PBGC-covered single-employer

participants are now in hybrid plans. (See Table 2.) Not all these participants will

receive benefits based on the hybrid plan design, however. Many hybrid plans converted

from more traditional defined benefit plans, and most of their retired, separated and even

some active participants will receive benefits based on the original plan design.

Available data suggests that most active participants in hybrid plans will take a lump

sum distribution when they retire or separate from employment with the plan’s sponsor

rather than take an immediate or deferred retirement annuity. This will reduce the

number of PBGC-covered retirees, beneficiaries, and separated vested participants

because taking a lump sum distribution removes the participant from PBGC’s insurance

coverage.

HYBRID PLANS
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 7

PBGC DATA

AND TRENDS

Single-Employer Program
8 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Figure 1

Net Position of PBGC’s Single-Employer Program

Net Position of PBGC’s

Single-Employer Program (1980-2002)

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

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

• Since 2000, PBGC’s financial position has fallen to a deficit of $3.6 billion.

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

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

and declining stock prices.

Reference Table S-1 of the PBGC Pension Insurance Data Book 2002.

Source: PBGC Annual Reports (1980-2002).

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.

(Restored LTV Plans)
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 9

Figure 2

Concentration of PBGC Claims

Single-Employer Program

Concentration of PBGC Claims (1975-2002)

Single-Employer Program

• Since 1975, 3,122 terminations of underfunded single-employer

plans have resulted in total claims of over $11 billion.

• Total annual claims have varied widely, ranging from $30 million

in 1984 to nearly $3.2 billion in 2002.

• The firms presenting the ten largest claims have accounted for

more than half of all claims against PBGC from 1975 to 2002.

Reference Table S-11 of the PBGC Pension Insurance Data Book 2002.

Sources: PBGC Fiscal Year Closing File (9/30/2002) and PBGC Case Administration System.

Note: Claims are termination liabilities minus plan assets. They do not include recoveries.
10 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Figure 3

PBGC Claims by Industry, 1975-2002

Single-Employer Program

PBGC Claims by Industry (1975-2002)

Single-Employer Program

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

accounted for nearly 60 percent of PBGC’s claims.

• An additional 11 percent of claims have come from sponsors in the Fabricated Metals

and Machinery industries.

Reference Table S-15 of the PBGC Pension Insurance Data Book 2002.

Sources: PBGC Fiscal Year Closing File (9/30/2002) and PBGC Case Administration System.
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 11

Figure 4

PBGC Claims by Funded Ratio at Termination, 1975-2002

Single-Employer Program

PBGC Claims by Funded Ratio (1975-2002)

Single-Employer Program

• Funded ratios are generally very low for plans terminating with

claims against PBGC.

• More than 46 percent of pension claims came from plans that were

less than 50 percent funded (using PBGC assumptions).

• Only $562 million of the $11.0 billion in aggregate claims came from plans

terminating with funded ratios of 75 percent or higher.

Reference Table S-13 of the PBGC Pension Insurance Data Book 2002.

Sources: PBGC Fiscal Year Closing File (9/30/2002) and PBGC Case Administration System.
12 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Figure 5

Participants and Beneficiaries Receiving PBGC Payments

Single-Employer Program

Participants and Beneficiaries Receiving

PBGC Payments (1980-2002)

Single-Employer Program

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

past twenty-two years.

• In 2002, PBGC made periodic payments to more than 343,000 payees and lump

sum payments to almost 21,000 participants.

• An additional 326,000 individuals are eligible for future PBGC benefit payments.

Reference Table S-3 of the PBGC Pension Insurance Data Book 2002.

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

and PBGC Benefit Payment Reports.

Note: Payees are retired participants or their beneficiaries.
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 13

Figure 6

Participants and Beneficiaries Receiving PBGC Payments

by Gender and Age, 2002

Single-Employer Program

Participants and Beneficiaries Receiving

PBGC Payments by Gender and Age (2002)

Single-Employer Program

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

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

primarily beneficiaries under survivor provisions.

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

Reference Table S-5 of the PBGC Pension Insurance Data Book 2002.

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

and PBGC Benefit Payment Reports.

Note: Payees are retired participants or their beneficiaries.
14 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Figure 7

Total PBGC Benefit Payments

Single-Employer Program

PBGC Benefit Payments (1980-2002)

Single-Employer Program

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

in payments over its history.

• In 2002, PBGC disbursed more than $1.5 billion in monthly pension and lump sum

benefit payments to retired plan participants or their beneficiaries.

Reference Table S-3 of the PBGC Pension Insurance Data Book 2002.

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

PBGC Benefit Payment Reports.

Note: Payment figures include periodic payments and lump sum payments made in each year.
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 15

Figure 8

PBGC-Insured Plans

Single-Employer Program

PBGC-Insured Plans (1980-2002)

Single-Employer Program

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

substantially in the past seventeen years.

• In 2002, PBGC insured about 30,600 single-employer defined benefit plans, down

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

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

Reference Table S-17 of the PBGC Pension Insurance Data Book 2002.

Source: PBGC Premium Filings, various years.
16 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Figure 9

Participants in PBGC-Insured Plans

Single-Employer Program

Participants in PBGC-Insured Plans (1980-2002)

Single-Employer Program

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

their plans terminate in the future.

• In 2002, PBGC provided pension insurance protection to more than 34 million

participants in single-employer plans.

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

1980.

Reference Table S-16 of the PBGC Pension Insurance Data Book 2002.

Source: Premium Filings, various years.
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 17

Figure 10

PBGC-Insured Participants by Participant Status

Single-Employer Program

PBGC-Insured Participants

by Participant Status (1980-2000)

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 53 percent in 2000.

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

participants.

Reference Table S-19A of the PBGC Pension Insurance Data Book 2002.

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.
18 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Figure 11

PBGC-Insured Participants by Industry, 2001

Single-Employer Program

PBGC-Insured Participants by Industry (2001)

Single-Employer Program

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

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

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

the Services, Finance and Retail sectors.

Reference Table S-18 of the PBGC Pension Insurance Data Book 2002.

Source: PBGC Premium Filings.
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 19

Figure 12

PBGC Premium Revenue

Single-Employer Program

PBGC Premium Revenue (1980-2002)

Single-Employer Program

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

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

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

• The decline in premium revenue from 1996 to 2000 reflects somewhat improved

plan funding.

• The stagnation in premiums over the past two years reflects an increase in the

number of underfunded plans qualifying for exemption from paying the variable-rate

premium and, in 2002, an increase in the interest rate plans are allowed to use when

calculating their liabilities.

Reference Table S-2 of the PBGC Pension Insurance Data Book 2002.

Source: PBGC Annual Reports (1980-2002).
20 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Figure 13

Distribution of PBGC-Insured Participants and Premiums

by Premiums Paid, 2001

Single-Employer Program

PBGC-Insured Participants and Premiums

by Premiums Paid (2001)

Single-Employer Program

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

liabilities.

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

Reference Tables S-20 and S-21 of the PBGC Pension Insurance Data Book 2002.

Source: PBGC Premium Filings.
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: SINGLE-EMPLOYER PROGRAM 21

PBGC DATA

AND TRENDS

Multiemployer Program
22 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Figure 14

Net Position of PBGC’s Multiemployer Program

Net Position of PBGC’s

Multiemployer Program (1980-2002)

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

Reference Table M-1 of the PBGC Pension Insurance Data Book 2002.

Source: PBGC Annual Reports (1980-2002).

PBGC’s Net Position is the difference (with some adjustments) between the insurance program’s total assets and total liabilities.
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 23

Figure 15

PBGC-Insured Plans

Multiemployer Program

PBGC-Insured Plans (1980-2002)

Multiemployer Program

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

1982.

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

• This decline is primarily due to plan mergers.

 Reference Table M-5 of the PBGC Pension Insurance Data Book 2002.

Source: PBGC Premium Filings, various years.
24 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Figure 16

Participants in PBGC-Insured Plans

Multiemployer Program

Participants in PBGC-Insured Plans (1980-2002)

Multiemployer Program

• In 2002, PBGC provided pension insurance protection to more than 9.5 million

participants in multiemployer plans.

• This represents a 19 percent increase over the total number of participants covered

in 1980.

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

Reference Table M-4 of the PBGC Pension Insurance Data Book 2002.

Source: PBGC Premium Filings, various years.
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 25

Figure 17

PBGC-Insured Plan Participants by Participant Status

Multiemployer Program

PBGC-Insured Participants

by Participant Status (1980-2000)

Multiemployer Program

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

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

76 percent in 1980 to 51 percent in 2000.

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

increase in the number of separated vested participants.

Reference Table M-7 of the PBGC Pension Insurance Data Book 2002.

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.
26 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM PENSION INSURANCE DATA BOOK 2002

Figure 18

PBGC-Insured Participants by Industry, 2001

Multiemployer Program

PBGC-Insured Participants by Industry (2001)

Multiemployer Program

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

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

Reference Table M-6 of the PBGC Pension Insurance Data Book 2002.

Source: PBGC Premium Filings.
PENSION INSURANCE DATA BOOK 2002 PBGC DATA AND TRENDS: MULTIEMPLOYER PROGRAM 27

APPENDIX S

Single-Employer Data Tables
28 SINGLE-EMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2002

PBGC’s Single-Employer Program

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

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

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

typical single-employer defined benefit plan, benefits are based on a formula that typically includes as inputs years of service and either a flat dollar amount or the participants’

average compensation.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

terminating in 2003, the limit is $3,664.77 per month or $43,977.24 per year for a

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

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

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

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

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

is paid as a joint-and-survivor annuity.
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-1

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

Source: PBGC Annual Reports (1980-2002).

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

of $1.8 billion to LTV Corporation.

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

Fiscal Year Assets Liabilities Net Po

(in millions) (in millions) (in millio

1980 $430 $524 -$91981 467 656 -181982 773 1,106 -331983 1,085 1,608 -521984 1,063 1,525 -461985 1,155 2,480 -1,321986 1,740 3,766 -2,021987 2,163 3,712 -1,541988 2,422 3,965 -1,541989 3,059 4,183 -1,121990 2,797 4,710 -1,911991 5,422 7,925 -2,501992 6,381 9,118 -2,731993 8,267 11,164 2,891994 8,281 9,521 -1,241995 10,371 10,686 -311996 12,043 11,174 861997 15,314 11,833 3,481998 17,631 12,619 5,011999 18,431 11,393 7,032000 20,830 11,126 9,702001 21,768 14,036 7,732002 25,430 29,068 -3,63

* 
30 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-2

PBGC Premium Revenue, Benefit Payments and Expenses (1980-200

Single-Employer Program

Source: PBGC Annual Reports (1980-2002).

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

Total Administrative & P

Fiscal Premium Benefit Investment 

Year Revenue Payments Expenses 

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

1980 $71 $37 $20 1981 75 57 21 1982 80 94 24 1983 82 137 27 1984 81 169 30 1985 82 170 33 1986 201 261 33 1987 268 300 36 1988 465 357 48 1989 603 353 45 1990 659 369 63 1991 741 514 71 1992 875 634 97 1993 890 720 107 1994 955 719 135 1995 838 761 138 1996 1,146 790 150 1997 1,067 823 155 1998 966 847 158 1999 902 901 161 2000 807 902 167 2001 821 1,042 184 2002 787 1,537 225 
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-3

PBGC Benefit Payments, Payees and Deferred Payees (1980-2002

Single-Employer Program

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

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

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

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

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

PERIODIC PENSION PAYMENTS LUMP SUM PAYMENTS ALL PA

Average Median

Fiscal Payees Monthly Monthly Payees Average 

Year Total in Year Payment Payment Total in Year Payment Total 

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

1980 $34 28 $124 $91 $3 2 $1,623 $37 1985 166 75 226 128 4 2 1,782 170 1986 259 91 275 141 2 1 2,188 261 1987 298 110 248 174 2 1 1,770 300 1988 348 110 265 178 9 2 3,515 357 1989 342 107 261 180 11 5 3,051 353 1990 356 110 262 184 13 6 2,437 369 1991 499 140 338 189 15 6 2,558 514 1992 617 150 359 232 17 6 3,078 634 1993 704 157 379 234 16 5 2,686 720 1994 699 170 359 238 20 7 2,818 719 1995 739 182 344 232 22 6 3,335 761 1996 770 199 328 225 20 7 2,757 790 1997 800 204 316 212 23 9 2,629 823 1998 826 208 313 208 21 9 2,198 847 1999 844 214 311 208 56 16 3,553 901 2000 831 226 309 206 71 19 3,726 902 2001 954 266 325 208 88 18 4,817 1,042 2002 1,458 343 383 242 79 21 3,757 1,537 
32 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-4

PBGC Payees and Benefit Payments by Industry (2002)

Single-Employer Program

Me

Mon

Industry Payees Benefit Payments Pens

AGRICULTURE, MINING AND CONSTRUCTION 8,573 2.4% $41,934,812 2.7% $4MANUFACTURING 234,007 64.7% 918,624,252 59.8% 38

Apparel and Textile Mill Products 29,382 8.1% 64,133,097 4.2% 1Fabricated Metal Products 18,216 5.0% 61,369,842 4.0% 2Food and Tobacco Products 6,455 1.8% 17,021,276 1.1% 2Machinery and Computer Equipment 24,042 6.6% 100,368,425 6.5% 3Motor Vehicle Equipment 5,858 1.6% 18,382,191 1.2% 2Primary Metals 103,508 28.6% 543,634,532 35.4% 5Rubber and Miscellaneous Plastics 6,367 1.8% 22,072,131 1.4% 2Other Manufacturing 40,179 11.1% 91,642,758 6.0% 2

TRANSPORTATION AND PUBLIC UTILITIES 69,156 19.1% 445,098,875 29.0% 4

Air Transportation 58,042 16.0% 413,619,123 26.9% 5Other Transportation 11,019 3.0% 31,207,084 2.0% 2Public Utilities 95 * 272,668 * 3

INFORMATION 896 0.2% 3,570,878 0.2% 19WHOLESALE TRADE 5,744 1.6% 17,787,727 1.2% 22

RETAIL TRADE 20,564 5.7% 46,063,124 3.0% 1FINANCE, INSURANCE AND REAL ESTATE 3,104 0.9% 8,342,723 0.5% 4SERVICES 19,696 5.4% 55,685,812 3.6% 21

Health Care 5,686 1.6% 18,324,993 1.2% 2Other Services 14,010 3.9% 37,360,819 2.4% 2

TOTAL 361,740 100.0% $1,537,108,204 100.0% $38

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

* Less than 0.05 of one percent.

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

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

directly comparable with those in previous years.
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-5

PBGC Payees and Benefit Payments by Gender and Age (2002)

Single-Employer Program

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

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

TOTAL PERIODIC PENSION PAYEES MALE FE

Average Average 

Monthly Monthly 

Age Payees Pension Payees Pension Payees 

Younger than 60 37,767 100.0% $502 23,942 63.4% $626 13,825 360 - 64 44,847 100.0% 459 31,334 69.9% 549 13,513 365 - 69 60,399 100.0% 407 41,626 68.9% 492 18,773 370 - 74 62,914 100.0% 383 40,794 64.8% 484 22,120 375 - 79 60,142 100.0% 352 35,794 59.5% 465 24,348 480 - 84 44,851 100.0% 315 23,800 53.1% 441 21,051 485 and older 32,107 100.0% 254 15,428 48.1% 360 16,679 5TOTAL 343,027 100.0% $383 212,718 62.0% $494 130,309 3
34 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-6

PBGC Payees and Benefit Payments by Size of Payment (2002)

Single-Employer Program

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

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

Monthly Payment Periodic Pension Payees Periodic Pension 

Less than $50 27,331 8.0% $12,059,847 $50 - $99 49,281 14.4% 51,865,458 $100 - $149 45,521 13.3% 62,316,927 $150 - $199 28,684 8.4% 67,637,422 $200 - $249 24,051 7.0% 72,176,320 $250 - $299 18,763 5.5% 66,920,094 $300 - $349 17,309 5.0% 72,177,376 $350 - $399 14,327 4.2% 67,904,068 $400 - $449 13,985 4.1% 74,541,638 $450 - $499 12,133 3.5% 68,948,336 $500 - $549 11,904 3.5% 71,220,334 $550 - $599 10,771 3.1% 68,040,149 $600 - $749 23,788 6.9% 175,468,598 $750 - $999 20,060 5.8% 178,234,335 $1,000 - $1,499 17,185 5.0% 180,652,111 $1,500 or more 7,934 2.3% 168,045,251 TOTAL 343,027 100.0% $1,458,208,263 
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-7

PBGC Payees and Benefit Payments by Date of Plan Termination (200

Single-Employer Program

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

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

Fiscal Year of

Plan Termination Payees Receiving Payments Benefit Paym

(2002) (2002)

Prior to 1980 11,670 3.2% $16,897,080 1980 to 1984 36,125 10.0% 95,568,603 1985 6,944 1.9% 19,217,287 1986 18,618 5.1% 86,335,972 1987 8,077 2.2% 27,597,988 1988 9,316 2.6% 30,006,298 1989 6,702 1.9% 15,414,468 1990 6,414 1.8% 19,244,135 1991 48,948 13.5% 258,850,898 1992 16,286 4.5% 65,753,689 1993 6,024 1.7% 19,041,013 1994 13,168 3.6% 56,963,737 1995 9,412 2.6% 34,560,150 1996 11,293 3.1% 31,915,221 1997 14,359 4.0% 50,203,223 1998 5,035 1.4% 16,232,732 1999 7,467 2.1% 19,346,304 2000 11,091 3.1% 26,961,947 2001 40,473 11.2% 241,160,116 2002 74,318 20.5% 405,837,343 TOTAL 361,740 100.0% $1,537,108,204 
36 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-8

PBGC Payees and Benefit Payments by Size of Trusteed Plan (2002

Single-Employer Program

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

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

Number Average 

of Plan Monthly Pension 

Participants Payees Payments Payment 

(in millions)

Under 100 22,121 6.1% $69.0 4.5% $225 100 - 499 51,379 14.2% 151.4 9.9% 223 500 - 999 37,825 10.5% 131.0 8.5% 282 1,000 - 4,999 97,771 27.0% 472.4 30.7% 407 5,000 or more 152,644 42.2% 713.3 46.4% 470 TOTAL 361,740 100.0% $1,537.1 100.0% $383 

Note: Table S-9 has been discontinued.
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-10

PBGC Terminations and Claims (1975-2002)

Single-Employer Program

Fiscal Standard Trusteed Gross 

Year Terminations Terminations Assets Liabilities Claims Re

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

1975-1979 28,572 586 $152.2 $397.4 $245.2 1980-1984 29,236 621 517.1 1,257.3 740.2 1985 8,635 116 39.9 262.5 222.6 1986 6,829 132 277.6 1,163.3 885.7 1987 10,865 107 139.8 350.5 210.7 1988 10,790 99 109.3 379.0 269.7 1989 11,400 83 85.7 196.0 110.3 1990 11,800 101 109.2 215.8 106.6 1991 8,600 175 1,485.7 3,022.3 1,536.6 1992 6,670 157 251.0 822.3 571.3 1993 5,320 124 126.7 256.0 129.3 1994 3,950 135 305.0 800.1 495.1 1995 3,870 121 235.2 398.5 163.3 1996 3,809 96 256.8 425.8 169.0 1997 3,497 82 464.7 673.2 208.5 1998 2,475 62 172.2 248.5 76.3 1999 1,969 74 281.9 450.5 168.6 2000 1,882 65 253.1 354.9 101.8 2001 1,565 93 2,504.5 3,816.7 1,312.3 2002 1,214 93 4,402.4 7,713.7 3,311.3 TOTAL 162,948 3,122 $12,170.1 $23,204.4 $11,034.3 $1,

Sources: PBGC Fiscal Year Closing File (9/30/02) and PBGC Case Administration System.

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

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

1975 termination and claims values are for 7/1/74 to 6/30/75. 1976 values are for 7/1/75 to 9/30/76. For 1977 on, values are for 10/1 of the prior calendar 

calendar year.

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

in which the loss was incurred. For example, PBGC became responsible for 157 underfunded terminated plans during FY 2002, but only 93 of these pl

during FY 2002. The rest had termination dates in earlier fiscal years and are allocated to those years.

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

Table S-11

PBGC Claims (1975-2002)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/02) and PBGC Case Administration System.

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

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

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

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

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

Fiscal Claims of Top 10 Firms and Other 

Year Total Claims Percent of Total Annual Claims Percent of To

1975-1979 $245,166,685 — — $245,166,681980-1984 740,161,008 — — 740,161,001985 222,619,383 — — 222,619,381986 885,713,413 $717,155,080 81.0% 168,558,331987 210,701,261 35,566,557 16.9% 175,134,701988 269,677,236 186,046,771 69.0% 83,630,461989 110,266,850 — — 110,266,851990 106,594,541 — — 106,594,541991 1,536,624,702 1,371,920,376 89.3% 164,704,321992 571,258,672 21,892,625 3.8% 549,366,041993 129,257,127 — — 129,257,121994 495,112,648 290,787,636 58.7% 204,325,01995 163,301,379 — — 163,301,371996 169,016,929 — — 169,016,921997 208,519,028 — — 208,519,021998 76,323,403 — — 76,323,401999 168,644,445 — — 168,644,442000 101,791,612 — — 101,791,62001 1,312,275,892 711,111,058 54.2% 601,164,832002 3,311,275,450 2,414,920,067 72.9% 896,355,38TOTAL (1975-2002) $11,034,301,664 $5,749,400,170 52.1% $5,284,901,49
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-12

Top 10 Firms Presenting Claims (1975-2002)

Single-Employer Program

Average

Number Fiscal Years Claim Per 

of of Plan Vested Vested 

Top 10 Firms Plans Terminations Claims Participants Participant 

(by firm) 

1. LTV Steel* 4 2002 $1,850,706,540 78,629 $23,537 2. Pan American Air 3 1991,1992 841,082,434 37,472 22,446 3. Trans World Airlines 2 2001 711,111,058 34,189 20,799 4. Eastern Air Lines 7 1991 552,730,567 51,182 10,799 5. Wheeling Pitt Steel 7 1986 495,235,029 22,144 22,364 6. Polaroid 1 2002 357,020,744 11,353 31,447 7. Sharon Steel 5 1994 290,787,636 6,886 42,229 8. LTV Republic Steel 1 1986 221,920,051 8,208 27,037 9. Kaiser Steel 4 1987, 1988 221,613,328 8,403 26,373 

10. Anchor Glass 1 2002 207,192,783 13,736 15,084 

Top 10 Total 35 5,749,400,170 272,202 21,122 All Other Total 3,087 5,284,901,494 693,601 7,620 TOTAL (1975-2002) 3,122 $11,034,301,664 965,803 $11,425 

Sources: PBGC Fiscal Year Closing File (9/30/02), PBGC Case Administration System and PBGC Participant System (PRISM).

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

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

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

* Does not include 1986 termination of a Republic Steel plan sponsored by LTV.
40 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-13

PBGC Claims by Plan Funding Ratio at Termination (1975-2002)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/02) and PBGC Case Administration System.

Calculations represent aggregated claims over the period 1975-2002.

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

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

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

Funding Ratio Claims

Under 25% $3,303,313,728 29.9%25% - 49% 1,828,292,113 16.6%50% - 74% 5,341,010,519 48.4%75% and over 561,685,304 5.1%TOTAL $11,034,301,664 100.0%
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-14

Average Claim per Vested Participant by Plan Size (1975-2002)

Single-Employer Program

Average 

Number of Plan Vested Claim Per 

Participants Participants Plans Claims Participant Claims 

(2002 Dollars

Under 100 71,406 1,994 $413,611,962 3.7% $5,792 $587,111,596 4100-999 295,816 983 1,932,482,078 17.5% 6,533 2,774,427,742 191,000-4,999 254,425 120 2,948,419,620 26.7% 11,589 3,952,648,104 275,000-9,999 111,282 15 1,351,304,407 12.2% 12,143 1,887,765,459 1310,000 and over 232,874 10 4,388,483,597 39.8% 18,845 4,953,436,728 35TOTAL 965,803 3,122 $11,034,301,664 100.0% $11,425 $14,155,389,629 100

Sources: PBGC Fiscal Year Closing File (9/30/02), PBGC Case Administration System and Bureau of Labor Statistics.

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

Claims calculations represent aggregated and average counts of plans, claims, and participants over the period 1975-2002.

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

Claims in 2002 dollars are calculated using Consumer Price Index - Urban Consumers.
42 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-15

PBGC Claims by Industry (1975-2002)

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/02) and PBGC Case Administration System.

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

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

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

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

Industry Total Claims Plans 

AGRICULTURE, MINING AND CONSTRUCTION $187,321,746 1.7% 172 MANUFACTURING 7,468,654,911 67.7% 1,839 

Chemical and Allied Products 81,908,953 0.7% 33 Fabricated Metal Products 553,889,195 5.0% 363 Food and Tobacco Products 122,964,500 1.1% 135 Machinery and Computer Equipment 616,943,268 5.6% 220 Motor Vehicle Equipment 201,949,588 1.8% 48 Paper and Allied Products 108,184,216 1.0% 82 Primary Metals 4,402,739,129 39.9% 250 Rubber and Miscellaneous Plastics 225,080,634 2.0% 75 Other Manufacturing 1,154,995,429 10.5% 633 

TRANSPORTATION AND PUBLIC UTILITIES 2,396,208,745 21.7% 192 

Air Transportation 2,178,076,924 19.7% 25 Other Transportation and Utilities 218,131,821 2.0% 167 

WHOLESALE TRADE 172,320,692 1.6% 213 RETAIL TRADE 292,077,215 2.6% 283 FINANCE, INSURANCE AND REAL ESTATE 142,029,188 1.3% 93 SERVICES 375,689,167 3.4% 330 TOTAL $11,034,301,664 100.0% 3,122 
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-16

PBGC-Insured Plan Participants (1980-2002)

Single-Employer Program

Source: PBGC Premium Filings, various years.

2002 figures are estimates from PBGC internal calculations. 2001 estimates reported last year have been updated to reflect actual premium filings.

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

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

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

Year Participants Participants Participants Participants Participants Participants Particip

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

1980 27,518 12,044 2,833 5,776 3,852 1,436 1,064 1985 29,809 12,724 3,164 6,579 4,032 1,585 1,164 1986 30,043 12,800 3,236 6,596 4,104 1,593 1,155 1987 31,200 13,522 3,168 6,728 4,434 1,644 1,166 1988 31,461 13,820 3,141 6,844 4,401 1,581 1,150 1989 31,574 14,253 3,356 6,881 3,984 1,492 1,108 1990 31,633 14,336 3,351 6,989 4,064 1,429 1,023 1991 31,851 14,759 3,433 6,945 3,968 1,415 946 1992 32,056 15,416 3,520 6,997 3,694 1,276 825 1993 32,271 15,895 3,617 7,000 3,552 1,176 758 1994 32,372 16,258 3,814 6,942 3,292 1,120 698 1995 32,634 16,934 3,771 6,908 3,136 1,062 625 1996 32,724 17,076 3,843 6,896 3,128 1,005 591 1997 33,214 18,046 3,787 6,767 3,008 919 527 1998 33,545 18,568 3,905 6,719 2,883 847 476 1999 33,804 19,591 3,869 6,355 2,662 776 422 2000 34,108 20,337 3,738 6,225 2,569 733 387 2001 34,342 21,100 3,661 6,045 2,408 673 346 2002 34,368 21,609 3,553 5,940 2,252 599 315 
44 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-17

PBGC-Insured Plans (1980-2002)

Single-Employer Program

Source: PBGC Premium Filings, various years.

2002 figures are estimates from PBGC internal calculations. 2001 estimates reported last year have been updated to reflect actual premium filings.

Insured Insured Insured Insured Insured Insure

Total Plans with Plans with Plans with Plans with Plans with Plans w

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

Year Plans Participants Participants Participants Participants Participants Particip

1980 95,439 349 365 2,858 7,439 8,512 19,069 1985 112,208 354 435 3,125 8,230 10,003 22,609 1986 111,944 379 447 3,158 8,186 9,859 22,442 1987 111,351 411 450 3,276 9,036 10,339 22,373 1988 108,279 412 446 3,314 8,799 9,965 22,028 1989 101,724 427 462 3,211 8,057 9,395 21,113 1990 91,899 458 477 3,400 8,085 8,976 19,464 1991 82,717 495 493 3,353 7,986 8,867 17,888 1992 71,589 505 504 3,367 7,402 7,991 15,410 1993 63,778 504 517 3,336 7,064 7,358 14,392 1994 57,010 524 553 3,361 6,682 6,941 13,100 1995 53,589 528 559 3,308 6,743 6,850 11,674 1996 48,748 531 556 3,280 6,217 6,225 10,931 1997 43,902 563 550 3,199 5,962 5,734 9,822 1998 41,462 570 565 3,139 5,693 5,255 8,788 1999 37,536 603 555 2,933 5,271 4,803 7,779 2000 35,373 621 531 2,875 5,056 4,536 7,150 2001 32,954 644 522 2,787 4,757 4,154 6,335 2002 30,660 635 508 2,712 4,431 3,702 5,723 
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-18

PBGC-Insured Plans, Participants and Premiums by Industry (2001

Single-Employer Program

Industry Insured Participants Premiums In

(in thousands)

AGRICULTURE, MINING AND CONSTRUCTION 816 2.4% $20,443,178 2.5% 2MANUFACTURING 16,121 46.9% 383,828,662 46.8% 9,

Chemical and Allied Products 1,741 5.1% 37,286,323 4.5% Fabricated Metal Products 718 2.1% 23,722,050 2.9% 1Food and Tobacco Products 1,140 3.3% 27,281,944 3.3% Machinery and Computer Equipment 952 2.8% 23,040,913 2.8% Motor Vehicle Equipment 2,136 6.2% 48,229,658 5.9% Paper and Allied Products 831 2.4% 17,801,624 2.2% Primary Metals 849 2.5% 33,026,799 4.0% Rubber and Miscellaneous Plastics 437 1.3% 11,192,800 1.4% Other Manufacturing 7,318 21.3% 162,246,551 19.8% 3

TRANSPORTATION AND PUBLIC UTILITIES 2,591 7.5% 59,671,407 7.3% 1,

Air Transportation 816 2.4% 18,891,226 2.3% Other Transportation 591 1.7% 14,279,501 1.7% Public Utilities 1,183 3.4% 26,500,680 3.2% 

INFORMATION 2,467 7.2% 52,218,186 6.4% WHOLESALE TRADE 687 2.0% 17,887,213 2.2% 2,5RETAIL TRADE 2,215 6.5% 57,130,604 7.0% 1,7FINANCE, INSURANCE AND REAL ESTATE 4,021 11.7% 86,829,940 10.6% 5,SERVICES 5,149 15.0% 134,288,710 16.4% 7

Health Care 2,615 7.6% 62,343,222 7.6% 1Other Services 2,535 7.4% 71,945,488 8.8% 5

NON-PROFIT ORGANIZATIONS 273 0.8% 8,702,101 1.1% 1,2TOTAL 34,342 100.0% $821,000,000 100.0% 32,

Source: PBGC Premium Filings.

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

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

directly comparable with those in previous years.
46 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-19A

PBGC-Insured Plan Participants by Participant Status (1980-2000

Single-Employer Program

Active Retired Separated Ve

Year Participants Participants Participant

1980 77.6% 16.0% 6.4%1981 76.8% 16.3% 6.8%1982 75.3% 17.2% 7.5%1983 73.8% 18.0% 8.2%1984 72.8% 18.8% 8.4%1985 72.2% 18.7% 9.1%1986 71.3% 19.1% 9.6%1987 70.1% 19.8% 10.1%1988 70.6% 18.9% 10.5%1989 70.1% 18.9% 11.0%1990 68.1% 19.4% 12.6%1991 66.4% 20.1% 13.5%1992 64.2% 20.9% 14.9%1993 61.9% 21.6% 16.5%1994 61.2% 21.3% 17.5%1995 57.8% 22.9% 19.3%1996 55.3% 23.0% 21.8%1997 54.7% 23.7% 21.5%1998 54.2% 23.8% 22.0%1999 53.7% 23.9% 22.4%2000 52.5% 23.3% 24.1%

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

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

2000 figures are estimates from PBGC internal calculations.
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

PERCENTAGE OF PRIVATE-SECTOR WAGE AND SALA

Private-Sector Single-Employer Multiemployer To

Year Wage and Salary Workers Active Participants Active Participants Ac

(in thousands)

1980 78,349 27.3% 7.7% 1985 88,293 24.4% 6.1% 1986 90,267 23.7% 5.8% 1987 91,559 23.9% 5.6% 1988 93,012 23.9% 5.4% 1989 94,448 23.4% 5.5% 1990 94,772 22.7% 5.3% 1991 94,959 22.3% 5.2% 1992 96,577 21.3% 5.0% 1993 97,749 20.4% 4.7% 1994 101,077 19.6% 4.5% 1995 102,162 18.5% 4.4% 1996 104,313 17.3% 4.3% 1997 106,955 17.0% 4.3% 1998 108,340 16.8% 4.2% 1999 110,131 16.5% 4.2% 

Sources: PBGC Pension Insurance Data Book 2002 Tables S-16, S-19A, M-4 and M-7 and data on employed and unemployed wage and salary workers f

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

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

Table S-19B

PBGC-Insured Active Participants

as a Percent of Private-Sector Wage and Salary Workers

(1980-1999)
48 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-20

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

Single-Employer Program

% of Part

% of Variable-Rate in Variab

Total Premium Premium-Paying % of All Premium

Per Participant Plans Plans Plans Participants Pla

$19 (NO VARIABLE-RATE PREMIUM PAID) 21,920 — 66.5% 31,588,794 TOTAL VARIABLE-RATE PREMIUM PAYERS 11,034 100.0% 33.5% 2,753,199 100

$19.01 - $28.99 871 7.9% 2.6% 384,969 14$29.00 - $38.99 927 8.4% 2.8% 213,048 7$39.00 - $48.99 909 8.2% 2.8% 266,047 9$49.00 - $58.99 848 7.7% 2.6% 269,637 9$59.00 - $68.99 758 6.9% 2.3% 213,472 7$69.00 - $78.99 688 6.2% 2.1% 197,928 7$79.00 - $88.99 559 5.1% 1.7% 335,306 12$89.00 - $98.99 506 4.6% 1.5% 166,751 6$99.00 - $108.99 431 3.9% 1.3% 156,428 5$109.00 - $118.99 417 3.8% 1.3% 131,087 4$119 or more 4,120 37.3% 12.5% 418,526 15

TOTAL ALL PLANS 32,954 — 100.0% 34,341,993 

Source: PBGC Premium Filings.

Due to rounding of individual items, percentages may not add up to 100 percent.
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-21

PBGC Premium Receipts by Size of Plan and Type of Premium (200

Single-Employer Program

Source: PBGC Premium Filings.

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

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

Number of Plan Flat-Rate Variable-Rate 

Participants Premium Premium 

Under 100 $8,137,528 1.2% $19,882,526 11.8% $28,020,05100 - 499 28,260,272 4.3% 29,272,648 17.4% 57,532,92500 - 999 27,078,968 4.2% 17,833,489 10.6% 44,912,451,000 - 2,499 55,810,688 8.6% 27,232,923 16.2% 83,043,62,500 - 4,999 58,157,781 8.9% 18,296,832 10.9% 76,454,615,000 - 9,999 68,401,588 10.5% 12,346,878 7.3% 80,748,4610,000 and over 406,651,175 62.3% 43,636,704 25.9% 450,287,87TOTAL $652,498,000 100.0% $168,502,000 100.0% $821,000,00

PERCENT OF TOTAL 79% 21% 
50 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-22

Distribution of PBGC-Insured Plans and Participants

by Variable-Rate Premium Status (1992-2001)

Single-Employer Program

Source: PBGC Premium Filings.

* Interest rates for valuing vested benefits for PBGC Variable-Rate Premium for plans with premium payment years beginning in January of the respective 

Participants In Participants In

Plans Paying Plans Paying Plans Paying Plans Paying 

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

of Year Premium Premium Only Premium Premium Only 

1992 30.8% 69.2% 27.4% 72.6% 1993 36.4% 63.6% 24.9% 75.1% 1994 43.1% 56.9% 34.2% 65.8% 1995 38.5% 61.5% 23.8% 76.2% 1996 46.8% 53.2% 32.1% 67.9% 1997 37.0% 63.0% 19.4% 80.6% 1998 35.6% 64.4% 16.6% 83.4% 1999 35.1% 64.9% 13.2% 86.8% 2000 28.0% 72.0% 7.4% 92.6% 2001 33.5% 66.5% 8.0% 92.0% 
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-23

Funding of PBGC-Insured Plans (1980-2000)

Single-Employer Program

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

* 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 beginn

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2000.

Beginning Funding 

of Year Assets Liabilities* Ratio Underfunding Overfunding 

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

1980 $259,810 $211,817 123% $20,156 $67,894 1985 500,673 308,617 162% 11,182 203,238 1986 619,490 406,118 153% 14,719 228,091 1987 644,239 463,255 139% 20,692 201,676 1988 640,741 450,844 142% 22,341 212,238 1989 696,146 517,226 135% 26,340 205,260 1990 837,131 604,047 139% 35,689 268,773 1991 848,251 687,896 123% 34,485 194,840 1992 915,722 771,421 119% 47,528 191,829 1993 951,972 844,803 113% 59,622 166,791 1994 1,001,129 936,698 107% 75,569 140,000 1995 1,032,503 887,730 116% 37,278 182,050 1996 1,198,221 1,134,194 106% 83,071 147,098 1997 1,368,188 1,192,222 115% 47,906 223,871 1998 1,491,488 1,284,725 116% 49,242 256,005 1999 1,692,755 1,455,469 116% 54,237 291,524 2000 1,800,027 1,239,973 145% 6,369 566,665 
52 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-24

Funding of Underfunded PBGC-Insured Plans (1980-2000)

Single-Employer Program

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

* 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 beginn

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2000.

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

Beginning Funding 

of Year Assets Liabilities* Underfunding Ratio 

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

1980 $53,840 $73,996 $20,156 73% 1985 28,722 39,904 11,182 72% 1986 41,780 56,499 14,719 74% 1987 62,942 83,634 20,692 75% 1988 68,920 91,261 22,341 76% 1989 99,682 126,022 26,340 79% 1990 95,068 130,758 35,689 73% 1991 147,301 181,786 34,485 81% 1992 172,372 219,900 47,528 78% 1993 215,695 275,317 59,622 78% 1994 308,516 384,085 75,569 80% 1995 218,493 255,771 37,278 85% 1996 493,597 576,668 83,071 86% 1997 353,823 401,729 47,906 88% 1998 358,514 407,756 49,242 88% 1999 413,446 467,683 54,237 88% 2000 61,047 67,416 6,369 91% 
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-25

Funding of Overfunded PBGC-Insured Plans (1980-2000)

Single-Employer Program

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

* 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 beginn

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2000.

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

Beginning Funding 

of Year Assets Liabilities* Overfunding Ratio 

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

1980 $205,970 $138,076 $67,894 149% 1985 471,951 268,713 203,238 176% 1986 577,710 349,619 228,091 165% 1987 581,297 379,621 201,676 153% 1988 571,821 359,583 212,238 159% 1989 596,464 391,204 205,260 152% 1990 742,063 473,289 268,773 157% 1991 700,950 506,110 194,840 138% 1992 743,350 551,520 191,829 135% 1993 736,277 569,486 166,791 129% 1994 692,613 552,613 140,000 125% 1995 814,009 631,959 182,050 129% 1996 704,624 557,526 147,098 126% 1997 1,014,365 790,494 223,871 128% 1998 1,132,974 876,969 256,005 129% 1999 1,279,309 987,785 291,524 130% 2000 1,738,980 1,172,315 566,665 148% 
54 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-26

Concentration of Underfunding in PBGC-Insured Plans (1990-2000

Single-Employer Program

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

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

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

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2000.

Beginning Total 10 Plans With the Highest Next 40 Plans’ 

of Year Underfunding Underfunding Underfunding 

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

1990 $35,689 $14,119 39.6% $6,487 18.2% 1991 34,485 14,067 40.8% 6,884 20.0% 1992 47,528 21,610 45.5% 7,818 16.4% 1993 59,622 25,894 43.4% 9,337 15.7% 1994 75,569 28,658 37.9% 10,310 13.6% 1995 37,278 6,535 17.5% 7,921 21.2% 1996 83,071 13,850 16.7% 16,410 19.8% 1997 47,906 7,751 16.2% 8,473 17.7% 1998 49,242 14,432 29.3% 6,942 14.1% 1999 54,237 11,500 21.2% 9,018 16.6% 2000 6,369 1,601 25.1% 989 15.5% 
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-27

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

Single-Employer Program

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

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

* Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beginn

** Less than 0.05 percent.

Funding Ratio Plans Participants Total Liabilities* Underfunding 

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

Under 40% 260 0.7% 14 ** $289 ** $221 3.5% 40% - 49% 192 0.5% 11 ** 247 ** 135 2.1% 50% - 59% 284 0.8% 48 0.1% 889 0.1% 386 6.1% 60% - 69% 489 1.4% 68 0.2% 1,720 0.1% 591 9.3% 70% - 79% 926 2.6% 183 0.5% 5,634 0.5% 1,328 20.8% 80% - 89% 1,672 4.7% 634 1.9% 14,007 1.1% 2,055 32.3% 90% - 99% 2,745 7.8% 1,488 4.4% 44,632 3.6% 1,654 26.0% 100% - 109% 3,639 10.3% 3,285 9.6% 98,239 7.9% — — 110% - 119% 3,901 11.0% 3,671 10.8% 164,886 13.3% — — 120% - 129% 3,521 10.0% 4,177 12.2% 179,747 14.5% — — 130% - 139% 3,128 8.8% 3,730 10.9% 127,392 10.3% — — 140% - 149% 2,545 7.2% 4,046 11.9% 178,757 14.4% — — 150% and over 12,071 34.1% 12,755 37.4% 423,295 34.1% — — TOTAL 35,373 100.0% 34,108 100.0% $1,239,731 100.0% $6,369 100.0% 

UNDERFUNDED 6,568 18.6% 2,445 7.1% $67,416 5.4% $6,369 100.0% OVERFUNDED 28,805 81.4% 31,663 92.8% $1,172,315 94.6% — — 
56 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-28

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

Single-Employer Program

Definitions:

(A) Underfunding calculated from Internal Revenue Service Form 5500 Series Filings for single-employer plans.

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

obtained from Standard & Poor’s Compustat.

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

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

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

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

Only (A) represents the universe of PBGC-insured plans. Firms and plans included in (C), (D) and (E) totals may differ from year to year.

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

Beginning Form Variable- Section

of 5500 Top 50 / Rate 4010 

Year Filings Compustat Premium Filings 

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

1990 $35.69 $26.78 $41.28 — 1991 34.48 32.80 43.32 — 1992 47.53 38.19 53.66 — 1993 59.62 53.07 43.80 — 1994 75.57 71.00 65.67 — 1995 37.28 31.39 33.37 — 1996 83.07 63.68 82.23 $38.10 1997 47.91 — 51.57 28.70 1998 49.24 — 37.23 25.20 1999 54.24 — 28.86 34.90 2000 6.37 — 17.79 7.37 2001 — — 18.72 19.46 2002 — — 14.89 93.42 
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-29

Funding of PBGC-Insured Plans by Industry (2000)

Single-Employer Program

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

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

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

directly comparable with those in previous years.

* Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beginn

Average

Industry Funding Ratio Total Liabilities* Underfunding 

(in millions) (in millions) 

AGRICULTURE, MINING AND CONSTRUCTION 139% $20,933 1.7% $175 2.7% MANUFACTURING 140% 667,930 53.9% 3,461 54.3% 

Chemical and Allied Products 141% 71,080 5.7% 177 2.8% Computer and Electronic Products 168% 50,004 4.0% 149 2.3% Electrical Equipment 132% 20,316 1.6% 600 9.4% Fabricated Metal Products 130% 35,289 2.8% 228 3.6% Food and Tobacco Products 156% 78,138 6.3% 97 1.5% Machinery 130% 133,452 10.8% 101 1.6% Motor Vehicle Equipment 141% 25,495 2.1% 191 3.0% Paper Manufacturing 146% 24,076 1.9% 54 0.8% Petroleum and Coal Products 121% 46,860 3.8% 399 6.3% Primary Metals 134% 33,793 2.7% 292 4.6% Other Manufacturing 142% 149,427 12.1% 1,174 18.4% 

TRANSPORTATION AND PUBLIC UTILITIES 147% 128,685 10.4% 243 3.8% 

Air Transportation 124% 35,504 2.9% 33 0.5% Other Transportation 150% 16,277 1.3% 138 2.2% Public Utilities 157% 76,904 6.2% 72 1.1% 

INFORMATION 169% 134,891 10.9% 384 6.0% WHOLESALE TRADE 158% 15,271 1.2% 133 2.1% RETAIL TRADE 125% 20,839 1.7% 486 7.6% FINANCE, INSURANCE AND REAL ESTATE 155% 107,471 8.7% 280 4.4% SERVICES 138% 130,403 10.5% 1,092 17.1% 

Health Care 135% 44,974 3.6% 289 4.5% Other Services 140% 85,428 6.9% 802 12.6% 

NON-PROFIT ORGANIZATIONS 143% 13,307 1.1% 115 1.8% TOTAL 145% $1,239,731 100.0% $6,369 100.0% $5
58 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-30

Pension Funding Data for PBGC-Insured Plans by Region and State (2

Single-Employer Program

OVERFUNDED UNDERFUNDED 

REGION/STATE Assets Liabilities* Overfunding Assets Liabilities* Underfunding 

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

NEW ENGLAND $173,181 $110,016 $63,164 $2,873 $3,218 $345 $

Connecticut 112,774 69,940 42,835 838 953 115 Maine 2,459 1,665 794 70 83 13 Massachusetts 41,875 27,894 13,981 1,585 1,759 174 New Hampshire 3,120 2,449 671 175 191 16 Rhode Island 12,226 7,544 4,682 181 205 24 Vermont 726 524 203 23 27 4 

MID-ATLANTIC 583,746 390,265 193,481 16,210 18,190 1,980 

Delaware 24,790 17,338 7,452 149 168 19 District of Columbia 15,142 9,995 5,148 307 343 36 Maryland 34,454 23,708 10,747 626 684 58 New Jersey 130,615 79,985 50,630 4,280 4,530 250 New York 251,529 169,055 82,474 5,675 6,655 980 Pennsylvania 88,139 62,451 25,688 3,768 4,264 496 Virginia 37,059 26,020 11,039 1,202 1,324 122 West Virginia 2,019 1,714 305 202 221 19 

SOUTHEAST 165,549 111,056 54,494 8,175 8,799 623 

Alabama 5,310 3,649 1,661 285 327 41 Arkansas 1,733 1,141 591 61 67 6 Florida 15,388 10,494 4,894 1,362 1,484 122 Georgia 57,648 35,503 22,145 1,109 1,215 106 Kentucky 7,114 5,524 1,591 463 503 40 Louisiana 6,608 4,745 1,863 303 317 15 Mississippi 1,238 951 287 68 76 8 North Carolina 36,501 25,527 10,974 3,165 3,295 130 South Carolina 7,021 5,081 1,941 382 443 61 Tennessee 26,989 18,441 8,548 976 1,072 95 

GREAT LAKES 487,493 347,175 140,317 21,425 23,283 1,858 

Illinois 135,010 88,290 46,720 8,920 9,748 828 Indiana 19,935 14,133 5,802 1,504 1,671 167 Michigan 188,278 142,585 45,693 2,679 2,973 294 Minnesota 37,875 26,898 10,977 537 606 69 Ohio 78,896 54,932 23,964 6,770 7,162 393 Wisconsin 27,498 20,337 7,161 1,015 1,123 108 
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-30 (continued)

Pension Funding Data for PBGC-Insured Plans by Region and State (2

Single-Employer Program

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

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

Funding data is reported by state 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 beginn

** Less than $500,000.

OVERFUNDED UNDERFUNDED 

REGION/STATE Assets Liabilities* Overfunding Assets Liabilities* Underfunding 

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

MIDWEST $42,219 $28,947 $13,272 $3,154 $3,442 $288 

Iowa 8,160 4,390 3,770 890 936 46 Kansas 6,963 4,856 2,108 211 226 16 Missouri 22,622 16,468 6,154 1,656 1,855 200 Nebraska 3,621 2,684 937 389 415 25 North Dakota 486 335 150 8 9 1 South Dakota 368 215 153 1 1 ** 

SOUTHWEST 127,038 83,881 43,157 3,118 3,556 437 

Arizona 5,155 3,976 1,179 224 240 16 New Mexico 4,288 1,800 2,488 5 6 1 Oklahoma 8,593 5,844 2,749 237 256 19 Texas 109,003 72,261 36,741 2,653 3,054 401 

ROCKY MOUNTAIN 31,063 20,276 10,787 1,169 1,275 106 

Colorado 21,921 13,653 8,268 524 587 64 Idaho 2,425 1,845 579 455 466 11 Montana 640 474 166 1 2 ** Nevada 1,421 1,050 371 29 33 4 Utah 4,595 3,210 1,385 136 163 27 Wyoming 61 43 18 24 24 1 

PACIFIC 126,809 79,472 47,338 3,790 4,278 488 

Alaska 293 199 94 1 2 ** California 80,276 51,036 29,240 3,191 3,612 421 Hawaii 3,718 2,172 1,546 247 272 25 Oregon 6,465 4,719 1,746 208 235 26 Washington 36,058 21,346 14,713 141 157 16 

U.S. TERRITORIES 1,682 1,124 558 1,108 1,348 240 

American Samoa 2 1 1 — — — Puerto Rico 1,663 1,108 555 1,095 1,334 239 Virgin Islands 15 13 2 13 14 1 

FOREIGN COUNTRIES 199 103 96 24 29 5 TOTAL $1,738,980 $1,172,315 $566,665 $61,047 $67,416 $6,369 $1
60 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-31

PBGC Pension Data by Region and State*

Single-Employer Program

CLAIMS COVERAGE BENEFIT

REGION/STATE 1975-2002 2001 200

Plans Claims Plans Participants Payees Payme

NEW ENGLAND 377 $866,297,318 2,556 1,960,917 18,716 $62,996

Connecticut 107 317,775,729 879 734,907 6,258 23,28Maine 10 4,116,095 114 151,105 1,479 3,10Massachusetts 191 480,500,168 1,171 741,787 7,265 23,69New Hampshire 15 5,752,140 154 147,670 1,478 6,14Rhode Island 44 38,127,805 162 113,329 1,441 3,50Vermont 10 20,025,380 76 72,119 795 3,26

MID-ATLANTIC 1,064 4,513,996,499 10,557 7,685,740 89,814 359,3

Delaware 6 5,746,383 168 171,711 789 2,90District of Columbia 14 13,834,363 247 51,513 185 70Maryland 62 61,473,694 655 738,353 2,855 12,18New Jersey 178 297,813,581 1,828 1,160,760 10,460 40,36New York 426 2,803,553,160 4,567 2,307,781 22,270 88,55Pennsylvania 294 813,269,672 2,252 1,744,575 41,760 178,87Virginia 35 20,947,148 666 1,198,535 7,657 21,25West Virginia 49 497,358,498 174 312,512 3,838 14,46

SOUTHEAST 255 469,732,896 3,807 6,421,956 77,829 307,27

Alabama 16 22,148,584 255 398,367 6,439 21,96Arkansas 9 4,252,535 138 223,222 2,305 5,77Florida 56 262,373,943 885 1,565,996 28,955 159,86Georgia 47 68,238,406 571 1,006,221 12,166 47,30Kentucky 19 13,344,819 312 549,473 3,208 8,54Louisiana 22 8,406,708 343 546,038 2,127 6,74Mississippi 6 1,576,861 139 185,447 1,612 3,22North Carolina 32 21,948,165 543 937,537 8,887 25,45South Carolina 12 6,194,406 233 470,485 4,418 11,60Tennessee 36 61,248,469 388 539,170 7,712 16,78

GREAT LAKES 903 3,997,209,800 7,130 7,366,360 111,966 510,433

Illinois 200 624,595,568 2,086 1,768,613 20,571 116,05Indiana 79 61,335,131 595 734,918 15,949 72,71Michigan 241 264,215,009 1,287 1,329,035 14,379 45,97Minnesota 36 123,811,665 511 714,315 6,410 28,83Ohio 274 2,651,090,925 1,960 1,734,272 45,922 210,74Wisconsin 73 272,161,502 691 1,085,207 8,735 36,10
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-31 (continued)

PBGC Pension Data by Region and State*

Single-Employer Program

Sources: PBGC Fiscal Year Closing File (9/30/02), Employee Benefits Supplement to the April 1993 Current Population Survey, PBGC Case Administratio

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

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

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

CLAIMS COVERAGE BENEFITS 

REGION/STATE 1975-2002 2001 200

Plans Claims Plans Participants Payees Payme

MIDWEST 115 $353,775,296 1,402 1,909,414 16,762 $87,31

Iowa 36 97,772,743 398 388,064 6,095 20,4Kansas 20 28,231,665 201 374,328 1,675 10,7Missouri 53 220,306,454 531 824,207 8,102 53,0Nebraska 4 7,335,577 181 209,487 689 2,3North Dakota 2 128,858 52 58,381 80 2South Dakota — — 39 54,947 121 5

SOUTHWEST 145 211,345,561 2,141 3,004,925 16,257 64,16

Arizona 22 9,444,451 504 473,920 3,663 16,2New Mexico 6 10,387,591 133 147,670 824 3,5Oklahoma 19 65,059,094 219 302,209 1,787 5,8Texas 98 126,454,424 1,285 2,081,126 9,983 38,4

ROCKY MOUNTAIN 39 209,495,441 733 1,061,168 6,914 38,35

Colorado 13 192,483,575 331 384,630 3,460 24,0Idaho 7 12,722,369 53 109,895 905 2,4Montana 3 207,736 49 99,592 208 8Nevada 8 806,937 120 199,184 1,472 7,3Utah 7 2,768,065 155 185,447 734 3,1Wyoming 1 506,759 25 82,420 135 5

PACIFIC 212 395,818,040 4,507 4,862,585 20,308 95,92

Alaska 4 1,164,470 92 54,947 148 6California 157 332,258,398 3,552 3,495,772 15,125 75,0Hawaii 16 15,817,495 208 120,198 1,455 6,5Oregon 18 34,037,481 261 319,381 1,284 4,8Washington 17 12,540,195 394 872,287 2,296 8,8

PUERTO RICO 12 16,630,814 115 67,774 1,991 6,39U.S. TERRITORIES — — 6 1,154 113 52FOREIGN COUNTRIES — — — — 1,070 4,42TOTAL 3,122 $11,034,301,664 32,954 34,341,993 361,740 $1,537,1
62 SINGLE-EMPLOYER DATA TABLES PENSION INSU

Table S-32

PBGC Maximum Guaranteed Benefits (1988-2003)

Single-Employer Program

Year of Plan Maximum Monthly Maximum 

Termination Guarantee Guara

1988 $1,909.09 $22,91989 2,028.41 24,31990 2,164.77 25,91991 2,250.00 27,01992 2,352.27 28,21993 2,437.50 29,21994 2,556.82 30,61995 2,573.86 30,81996 2,642.05 31,71997 2,761.36 33,11998 2,880.68 34,51999 3,051.14 36,62000 3,221.59 38,62001 3,392.05 40,72002 3,579.55 42,92003 3,664.77 43,9

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

contribution and benefit base.

The maximum guarantee applies to workers who retire at age 65. PBGC increases the maximum guarantee for people retiring later than age 65 and redu

earlier retirement or electing survivor’s benefits.

In some instances, where a pension plan has adequate resources or PBGC recovers sufficient amounts, a participant may receive benefits in excess of t
PENSION INSURANCE DATA BOOK 2002 SINGLE-EMP

Table S-33

PBGC’s Historic Premium Rates

 Single-Employer Program

For Plan Years Variable-Rate

Beginning Flat-Rate Premium Premium

(per participant)

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

(Maximum of $34 per pa

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

(Maximum of $53 per pa

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

(Maximum of $53 per participant pl

variable premium in excess of $5

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

(Maximum of $53 per participant pl

variable premium in excess of $5

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

(No maximum)
APPENDIX M

Multiemployer Data Tables
66 MULTIEMPLOYER DATA TABLES PENSION INSURANCE DATA BOOK 2002

PBGC’s Multiemployer Program

PBGC administers a separate guarantee program for multiemployer defined benefit

pension plans. Multiemployer benefit plans are established pursuant to collective bargaining agreements involving two or more unrelated employers. Multiemployer plans are

common in industries such as construction, trucking, mining, the hotel trades, and

segments of the grocery business. Some multiemployer defined benefit plans use a “unit

benefit” formula that multiplies a participant’s years of service times a fixed dollar

amount (such as $15 times the participant’s years of service) to set the monthly benefit.

In most cases, plan trustees establish benefit levels but some plans set benefits in the

collective bargaining process. Multiemployer plans pay PBGC a yearly premium of

$2.60 per participant for benefit insurance coverage.

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

trigger the PBGC guarantee.1

 A terminated plan continues to pay full plan benefits so

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

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

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

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

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

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

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

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

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

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

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

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

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

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

benefits and administrative expenses. Few plans receiving financial assistance from

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

expected to be repaid.

1

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

in these plans.
PENSION INSURANCE DATA BOOK 2002 MULTIEMP

Table M-1

Net Financial Position of PBGC’s Multiemployer Program (1980-200

Source: PBGC Annual Reports (1980-2002).

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

Fiscal Year Assets Liabilities Net Pos

(in millions) (in millions) (in million

1980 $21 $30 -$91981 28 29 -11982 40 29 111983 52 46 61984 61 44 171985 78 52 271986 98 54 451987 114 45 681988 129 37 921989 161 37 1231990 190 58 1321991 238 75 1631992 283 114 1691993 407 131 2761994 378 181 1971995 477 285 1921996 505 381 1241997 596 377 2191998 745 404 3411999 692 493 1992000 694 427 2672001 807 691 1162002 944 786 158
68 MULTIEMPLOYER DATA TABLES PENSION 

Table M-2

PBGC Premium Revenue, Benefit Payments and Expenses (1980-200

Multiemployer Program

Total Administrative & 

Fiscal Premium Benefit Investment 

Year Revenue Payments Expenses 

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

1980 $5 $4 $2 1981 12 4 2 1982 13 5 3 1983 13 4 3 1984 12 4 3 1985 14 4 4 1986 15 3 4 1987 17 3 3 1988 17 3 3 1989 20 3 3 1990 21 2 2 1991 23 2 * 1992 23 2 * 1993 23 2 * 1994 23 2 * 1995 22 2 * 1996 22 2 * 1997 23 1 * 1998 23 1 * 1999 23 1 * 2000 24 1 * 2001 24 1 * 2002 25 1 * 

Source: PBGC Annual Reports (1980-2002).

* Less than $500,000.

Due to aggregation and rounding of individual items, numbers may not add exactly across columns or to totals in other tables.
PENSION INSURANCE DATA BOOK 2002 MULTIEMP

Table M-3A

PBGC Financial Assistance to Insolvent Plans (1981-2002)

Multiemployer Program

Plans Total Plans Plans

Receiving Amount of Receiving Amount of Receiving Amount of 

Year Financial Financial a Lump Sum Lump Sum Periodic Periodic 

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

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

1981 1 $311.3 — — 1 $311.3 1982 1 10.1 — — 1 10.1 1983 2 616.7 — — 2 616.7 1984 2 578.0 — — 2 578.0 1985 3 1,300.0 — — 3 1,300.0 1986 5 2,229.0 — — 5 2,229.0 1987 6 1,554.0 — — 6 1,554.0 1988 3 1,502.0 — — 3 1,502.0 1989 3 1,300.0 — — 3 1,300.0 1990 3 1,000.0 — — 3 1,000.0 1991 5 2,000.0 — — 5 2,000.0 1992 6 4,000.0 — — 6 4,000.0 1993 6 4,000.0 — — 6 4,000.0 1994 8 3,896.3 — — 8 3,896.3 1995 9 4,346.4 — — 9 4,346.4 1996 12 4,021.8 — — 12 4,021.8 1997 14 4,494.1 — — 14 4,494.1 1998 18 5,437.6 — — 18 5,437.6 1999 21 19,219.7 1 $14,150.0 20 5,069.7 2000 21 91,032.6 2 86,500.0 19 4,532.6 2001 22 4,526.3 1 50.0 22 4,476.3 2002 23 4,893.9 — — 23 4,893.9 Total (4) 31 $162,269.8 4 $100,700.0 28 $61,569.8 

Sources: PBGC Annual Reports and internal calculations.

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

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

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

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

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

 (3)
70 MULTIEMPLOYER DATA TABLES PENSION 

Table M-3B

PBGC Payees and Benefit Payments (1980-2002)

Multiemployer Program

PERIODIC PENSION PAYMENTS

Average 

Fiscal Year Payees in Year Total Monthly Payment Mo

(in millions)

1980 4,100 $4 $77 1985 3,100 4 91 1986 3,250 3 91 1987 2,800 3 92 1988 2,500 3 93 1989 2,310 3 95 1990 2,170 2 97 1991 1,990 2 98 1992 1,760 2 98 1993 1,590 2 99 1994 1,420 2 102 1995 1,300 2 102 1996 1,130 2 104 1997 1,000 1 102 1998 855 1 104 1999 738 1 106 2000 626 1 109 2001 510 1 112 2002 463 1 114 

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

Payments made on a quarterly, semi-annual or annual basis were converted to their monthly equivalent.
PENSION INSURANCE DATA BOOK 2002 MULTIEMP

Table M-4

PBGC-Insured Plan Participants (1980-2002)

Multiemployer Program

Source: PBGC Premium Filings, various years.

2002 figures are estimates from PBGC internal calculations. 2001 estimates reported last year have been updated to reflect actual premium filings.

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

Insured 10,000+ 5,000-9,999 2,500-4,999 1,000-2,499 500-999 250-49

Year Participants Participants Participants Participants Participants Participants Participan

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

1980 7,997 5,072 925 751 731 299 147 1985 8,209 5,376 857 761 729 283 136 1986 8,154 5,316 879 746 731 288 129 1987 8,256 5,443 908 718 709 293 124 1988 8,294 5,453 917 739 704 295 127 1989 8,426 5,557 918 767 702 302 124 1990 8,534 5,731 891 757 695 290 121 1991 8,710 5,996 874 731 665 285 110 1992 8,780 6,105 830 734 672 276 115 1993 8,657 5,990 869 711 657 270 111 1994 8,559 5,931 861 703 639 263 112 1995 8,632 5,986 855 709 661 264 112 1996 8,649 5,976 904 713 636 266 106 1997 8,740 6,058 906 718 641 263 110 1998 8,876 6,212 930 675 650 259 108 1999 8,991 6,323 935 666 663 260 104 2000 9,132 6,464 953 683 640 261 97 2001 9,422 6,776 927 733 617 240 96 2002 9,515 6,885 915 733 640 224 89 
72 MULTIEMPLOYER DATA TABLES PENSION 

Table M-5

PBGC-Insured Plans (1980-2002)

Multiemployer Program

Source: PBGC Premium Filings, various years.

2002 figures are estimates from PBGC internal calculations. 2001 estimates reported last year have been updated to reflect actual premium filings.

Insured Insured Insured Insured Insured Insured 

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

Insured 10,000+ 5,000-9,999 2,500-4,999 1,000-2,499 500-999 250-49

Year Plans Participants Participants Participants Participants Participants Participan

1980 2,244 120 131 211 452 420 404 1985 2,188 137 124 216 459 402 376 1986 2,153 135 127 213 461 405 362 1987 2,098 139 131 205 438 408 344 1988 2,081 137 133 213 436 409 351 1989 2,060 137 131 217 430 417 337 1990 1,983 140 127 214 428 402 332 1991 1,926 145 127 207 414 401 302 1992 1,936 150 121 210 418 386 310 1993 1,900 143 126 204 412 378 302 1994 1,880 141 125 202 403 369 302 1995 1,879 144 123 205 409 368 303 1996 1,876 143 132 206 400 373 287 1997 1,846 145 131 206 401 365 296 1998 1,817 147 136 193 400 357 290 1999 1,800 149 137 189 403 357 279 2000 1,744 152 138 197 388 357 258 2001 1,707 159 133 210 377 327 254 2002 1,661 161 131 210 392 312 235 
PENSION INSURANCE DATA BOOK 2002 MULTIEMP

Table M-6

PBGC-Insured Plans and Participants by Industry (2001)

Multiemployer Program

Industry Insured Participants Insured 

AGRICULTURE 36,706 0.4% 10 MINING 175,539 1.9% 6 CONSTRUCTION 3,589,909 38.1% 950 

General Contracting 345,802 3.7% 68 Heavy Construction 469,825 5.0% 68 Plumbing, Heating and Air Conditioning 392,793 4.2% 180 Electrical Work 755,411 8.0% 128 Masonry, Brick and Stonework 249,217 2.6% 135 Carpentry 494,596 5.2% 90 Roofing and Sheet Metal Work 246,956 2.6% 57 Other Construction 635,309 6.7% 224 

MANUFACTURING 1,431,883 15.2% 187 

Food and Tobacco Products 298,304 3.2% 49 Apparel and Textile Products 252,004 2.7% 7 Paper and Allied Products 71,949 0.8% 5 Printing and Publishing 205,722 2.2% 25 Furniture and Fixtures 18,691 0.2% 3 Machinery and Computer Equipment 227,021 2.4% 8 Electrical and Electronic Equipment 58,057 0.6% 7 Other Manufacturing 300,135 3.2% 83 

TRANSPORTATION AND PUBLIC UTILITIES 1,079,921 11.5% 147 

Trucking 919,230 9.8% 78 

Water Transportation 71,450 0.8% 30 Other Transportation and Public Utilities 89,241 0.9% 39 

INFORMATION 123,822 1.3% 33 WHOLESALE TRADE 204,522 2.2% 43 RETAIL TRADE 1,368,189 14.5% 91 SERVICES 1,412,106 15.0% 240 

Administrative Support 269,324 2.9% 39 Health/Social Assistance 335,724 3.6% 20 Accommodation/Food Service 366,072 3.9% 40 Other Services 440,986 4.7% 141 

TOTAL 9,422,597 100.0% 1,707 

Source: PBGC Premium Filings.

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

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

directly comparable with those in previous years.
74 MULTIEMPLOYER DATA TABLES PENSION 

Table M-7

PBGC-Insured Plan Participants by Participant Status (1980-2000)

Multiemployer Program

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

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

2000 figures are estimates from PBGC internal calculations.

Active Retired Separated Ve

Year Participants Participants Participan

1980 75.9% 17.7% 6.5%1981 73.7% 19.1% 7.3%1982 72.9% 18.6% 8.6%1983 68.6% 21.7% 9.7%1984 66.5% 23.1% 10.4%1985 66.1% 22.6% 11.4%1986 63.7% 23.2% 13.1%1987 62.3% 24.1% 13.6%1988 61.1% 24.5% 14.4%1989 61.3% 24.6% 14.1%1990 58.6% 25.2% 16.2%1991 57.2% 26.3% 16.5%1992 54.6% 27.6% 17.8%1993 53.5% 28.0% 18.4%1994 53.4% 28.0% 18.6%1995 52.4% 28.9% 18.7%1996 52.1% 29.1% 18.8%1997 52.2% 28.9% 18.9%1998 51.2% 30.4% 18.3%1999 50.9% 30.5% 18.6%2000 51.0% 30.1% 18.9%
PENSION INSURANCE DATA BOOK 2002 MULTIEMP

Table M-8

Funding of PBGC-Insured Plans (1980-2000)

Multiemployer Program

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

* 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 beginn

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2000.

Beginning Funding 

of Year Assets Liabilities* Ratio Underfunding Overfunding 

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

1980 $40,363 $52,123 77% $17,887 $6,126 1985 88,182 75,942 116% 6,432 18,672 1986 107,259 93,436 115% 7,687 21,511 1987 121,080 111,259 109% 10,079 19,900 1988 126,963 109,882 116% 8,240 25,321 1989 135,654 121,915 111% 8,635 22,374 1990 166,348 156,149 107% 11,574 21,773 1991 165,734 160,370 103% 13,068 18,432 1992 184,670 187,829 98% 17,835 14,676 1993 197,461 202,177 98% 19,864 15,148 1994 206,625 225,982 91% 29,193 9,837 1995 209,947 218,458 96% 22,726 14,216 1996 238,571 270,551 88% 40,019 8,039 1997 268,471 287,569 93% 32,549 13,452 1998 304,158 331,017 92% 39,497 12,638 1999 320,704 351,021 91% 44,379 14,063 2000 331,434 317,820 104% 22,235 35,849 
76 MULTIEMPLOYER DATA TABLES PENSION 

Table M-9

Funding of Underfunded PBGC-Insured Plans (1980-2000)

Multiemployer Program

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

* 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 beginn

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2000.

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

Beginning Funding 

of Year Assets Liabilities* Underfunding Ratio 

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

1980 $24,819 $42,706 $17,887 58% 1985 22,813 29,246 6,432 78% 1986 27,035 34,723 7,687 78% 1987 29,782 39,861 10,079 75% 1988 29,802 38,042 8,240 78% 1989 34,845 43,480 8,635 80% 1990 56,512 68,086 11,574 83% 1991 62,563 75,631 13,068 83% 1992 93,790 111,625 17,835 84% 1993 95,331 115,195 19,864 83% 1994 128,718 157,911 29,193 82% 1995 118,707 141,434 22,726 84% 1996 168,347 208,366 40,019 81% 1997 152,633 185,182 32,549 82% 1998 180,084 219,582 39,497 82% 1999 206,568 250,947 44,379 82% 2000 106,719 128,954 22,235 83% 
PENSION INSURANCE DATA BOOK 2002 MULTIEMP

Table M-10

Funding of Overfunded PBGC-Insured Plans (1980-2000)

Multiemployer Program

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

* 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 beginn

The assumed mortality table was UP-84 for 1980-1992 and GAM-83 for 1993-2000.

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

Beginning Funding 

of Year Assets Liabilities* Overfunding Ratio 

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

1980 $15,543 $9,417 $6,126 165% 1985 65,368 46,697 18,672 140% 1986 80,223 58,713 21,511 137% 1987 91,298 71,398 19,900 128% 1988 97,161 71,840 25,321 135% 1989 100,809 78,435 22,374 129% 1990 109,836 88,062 21,773 125% 1991 103,171 84,739 18,432 122% 1992 90,880 76,204 14,676 119% 1993 102,130 86,981 15,148 117% 1994 77,907 68,070 9,837 114% 1995 91,240 77,024 14,216 118% 1996 70,224 62,185 8,039 113% 1997 115,838 102,386 13,452 113% 1998 124,073 111,435 12,638 111% 1999 114,136 100,074 14,063 114% 2000 224,715 188,866 35,849 119% 
78 MULTIEMPLOYER DATA TABLES PENSION 

Table M-11

Concentration of Underfunding in PBGC-Insured Plans (1990-2000

Multiemployer Program

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

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

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

The assumed mortality table was UP-84 for 1990-1992 and GAM-83 for 1993-2000.

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

of Year Underfunding Underfunding Underfunding U

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

1990 $11,574 $6,760 58.4% $2,791 24.1% $21991 13,068 7,906 60.5% 3,123 23.9% 21992 17,835 9,500 53.3% 4,411 24.7% 31993 19,864 10,348 52.1% 4,927 24.8% 41994 29,193 13,575 46.5% 7,012 24.0% 81995 22,726 11,340 49.9% 6,236 27.4% 51996 40,019 16,157 40.4% 10,900 27.2% 121997 32,549 14,666 45.1% 8,166 25.1% 91998 39,497 17,532 44.4% 9,375 23.7% 121999 44,379 19,244 43.4% 10,675 24.1% 142000 22,235 12,514 56.3% 5,446 24.5% 4
PENSION INSURANCE DATA BOOK 2002 MULTIEMP

Table M-12

Plans, Participants and Funding of PBGC-Insured Plans by Funding Rat

Multiemployer Program

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans.

* Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beg

Funding Ratio Plans Participants Total Liabilities* Underfunding 

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

Under 40% 16 0.9% 32 0.3% $2,522 0.8% $1,860 8.4% 40% - 49% 5 0.3% 56 0.6% 623 0.2% 326 1.5% 50% - 59% 18 1.0% 161 1.8% 5,482 1.7% 2,270 10.2% 60% - 69% 28 1.6% 170 1.9% 5,046 1.6% 1,676 7.5% 70% - 79% 95 5.4% 729 8.0% 39,631 12.5% 9,713 43.7% 80% - 89% 184 10.6% 728 8.0% 32,878 10.3% 4,737 21.3% 90% - 99% 289 16.6% 1,442 15.8% 42,773 13.5% 1,653 7.4% 100% - 109% 335 19.2% 1,999 21.9% 68,981 21.7% — — 110% - 119% 260 14.9% 1,238 13.6% 47,001 14.8% — — 120% - 129% 213 12.2% 999 10.9% 37,082 11.7% — — 130% - 139% 130 7.5% 783 8.6% 17,880 5.6% — — 140% - 149% 65 3.7% 323 3.5% 7,644 2.4% — — 150% and over 106 6.1% 472 5.2% 10,277 3.2% — — TOTAL 1,744 100.0% 9,132 100.0% $317,820 100.0% $22,235 100.0% UNDERFUNDED 635 36.4% 3,318 36.3% $128,954 40.6% $22,235 100.0% OVERFUNDED 1,109 63.6% 5,814 63.7% $188,866 59.4% — — 
80 MULTIEMPLOYER DATA TABLES PENSION 

Table M-13

Funding of PBGC-Insured Plans by Industry (2000)

Multiemployer Program

Average

Industry Funding Ratio Total Liabilities* Underfunding 

(in millions) (in millions) 

AGRICULTURE 122% $568 0.2% $22 0.1% MINING 109% 7,585 2.4% 34 0.2% CONSTRUCTION 105% 152,028 47.8% 7,990 35.9% 

General Contracting 105% 17,252 5.4% 498 2.2% Heavy Construction 112% 21,960 6.9% 819 3.7% Plumbing, Heating and Air Conditioning 103% 21,749 6.8% 1,055 4.7% Electrical Work 103% 24,076 7.6% 1,074 4.8% Masonry, Brick and Stonework 101% 6,662 2.1% 335 1.5% Carpentry 107% 21,103 6.6% 983 4.4% Roofing and Sheet Metal Work 87% 9,148 2.9% 2,030 9.1% Other Construction 108% 30,078 9.5% 1,196 5.4% 

MANUFACTURING 113% 28,944 9.1% 585 2.6% 

Food and Tobacco Products 108% 9,276 2.9% 152 0.7% Apparel and Textile Products 101% 1,288 0.4% 1 ** Paper and Allied Products 99% 1,539 0.5% 33 0.1% Printing and Publishing 106% 4,723 1.5% 77 0.3% Furniture and Fixtures 93% 172 0.1% 14 0.1% Machinery and Computer Equipment 137% 5,139 1.6% 10 ** Electrical and Electronic Equipment 128% 306 0.1% 2 ** Other Manufacturing 110% 6,499 2.0% 295 1.3% 

TRANSPORTATION AND PUBLIC UTILITIES 85% 60,097 18.9% 11,413 51.3% 

Trucking 80% 50,137 15.8% 10,569 47.5% Water Transportation 114% 4,159 1.3% 662 3.0% Other Transportation and Public Utilities 107% 5,801 1.8% 182 0.8% 

INFORMATION 108% 5,348 1.7% 15 0.1% WHOLESALE TRADE 104% 2,911 0.9% 263 1.2% RETAIL TRADE 116% 25,529 8.0% 474 2.1% SERVICES 116% 34,811 11.0% 1,440 6.5% 

Administration 101% 6,982 2.2% 428 1.9% Health Care 146% 6,777 2.1% 51 0.2% Accommodation / Food Service 114% 5,066 1.6% 411 1.8% Other Services 111% 15,985 5.0% 550 2.5% 

TOTAL 104% $317,820 100.0% $22,235 100.0% 

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans.

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

* Vested liabilities have been adjusted to an interest rate that, along with the GAM-83 mortality table, reflects the cost to purchase an annuity at the beginn

** Less than 0.05 of one percent.
PENSION INSURANCE DATA BOOK 2002 MULTIEMP

Table M-14

PBGC Maximum Guaranteed Benefits (1980-2003)

Multiemployer Program

Date of Plan Maximum Monthly 

Insolvency Monthly Benefit Formula Guarantee 

(30 Years of Service)* 

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

by the sum of:

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

benefit accrual rate $487.50  -plus-

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

benefit accrual rate

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

by the sum of:

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

benefit accrual rate -plus-

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

benefit accrual rate

* The formula presumes that the workers’ monthly benefits are calculated by multiplying the monthly benefit accrual rate (a plan-specified dollar amount) t

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

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

service — 30 years was selected for illustrative purposes only.

** The new guarantee does not apply to multiemployer plans that received financial aid from PBGC between December 22, 1999, and December 21, 2000

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

Table M-15

PBGC’s Historic Premium Rates

Multiemployer Program

For Plan Years Premium Rate

Beginning (per participant)

September 2, 1974 - August 31, 1979 $0.50September 1, 1979 - September 26, 1980 $0.50 for plan years beginning in September 197

growing gradually to $1.00 for plan years beginnin

September 1, 1980, to September 26, 1980

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