Pension Insurance

Data Book 2009
The Pension Insurance Data Book 2009 was developed by the Policy, Research and 

Analysis Department and produced by the Communications and Public Affairs 

Department, Pension Benefit Guaranty Corporation.

Number 14, Summer 2010
Page

Contents

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

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

PBGC’s Multiemployer Insurance Program.............................................................................3

PBGC Data and Trends

 Single-Employer Program:

Figure 1 Net Position of PBGC’s Single-Employer Program (1980-2009) ......................... 18 

Figure 2 Concentration of PBGC Claims (1975-2009) ...................................................... 19 

Figure 3 PBGC Claims by Industry (1975-2009) .............................................................. 20 

Figure 4 PBGC Claims by Funded Ratio (1975-2009) ...................................................... 21 

Figure 5 Participants and Beneficiaries Receiving PBGC Payments (1980-2009) ........... 22

Figure 6 Participants and Beneficiaries Receiving PBGC Payments.

by Gender and Age (2009) ............................................................................ 23

Figure 7 PBGC Benefit Payments (1980-2009) ................................................................ 24 

Figure 8 PBGC-Insured Plans (1980-2009)....................................................................... 25

Figure 9 Participants in PBGC-Insured Plans (1980-2009)............................................... 26

Figure 10 PBGC-Insured Participants by Participant Status (1980-2007)........................... 27

Figure 11 PBGC-Insured Participants by Industry (2008)................................................... 28 

Figure 12 PBGC Premium Revenue (1980-2009)................................................................ 29

Figure 13 PBGC-Insured Participants and Premiums by Premiums Paid (2008)................ 30

 Multiemployer Program:

Figure 14 Net Position of PBGC’s Multiemployer Program (1980-2009) ............................. 32

Figure 15 PBGC-Insured Plans (1980-2009)....................................................................... 33

Figure 16 Participants in PBGC-Insured Plans (1980-2009)............................................... 34 

Figure 17 PBGC-Insured Participants by Participant Status (1980-2007) .......................... 35

Figure 18 PBGC-Insured Participants by Industry (2008) .................................................. 36 

APPENDIX S: SINGLE-EMPLOYER DATA TABLES

PBGC’s Single-Employer Program.................................................................38

S-1 Net Financial Position of PBGC’s Single-Employer Program (1980-2009)........... 40

S-2 PBGC Premium Revenue, Benefit Payments, and Expenses (1980-2009).......... 41

Claims	

S-3 PBGC Terminations and Claims (1975-2009)....................................................... 42

S-4 PBGC Claims (1975-2009)................................................................................... 43

S-5 Top 10 Firms Presenting Claims (1975-2009)....................................................... 44

S-6 PBGC Trusteed Terminations by Fiscal Year and Size of Claim (1975-2009)....... 45

S-7 PBGC Claims by Fiscal Year and Size of Claim (1975-2009)............................... 46
 Page

S-8 PBGC Trusteed Plans by Fiscal Year and Funded Ratio (1975-2009).................. 47

S-9 PBGC Claims by Fiscal Year and Funded Ratio (1975-2009)............................... 48

S-10 PBGC Trusteed Plans by Size of Claim and Funded Ratio (1975-2009).............. 49

S-11 PBGC Claims by Size of Claim and Funded Ratio (1975-2009)........................... 50

S-12 Average Claim per Vested Participant by Plan Size (1975-2009)......................... 51

S-13 PBGC Trusteed Plans by Fiscal Year and Plan Size (1975-2009)........................ 52

S-14 PBGC Claims by Fiscal Year and Plan Size (1975-2009)..................................... 53

S-15 PBGC Trusteed Plans by Size of Claim and Plan Size (1975-2009).................... 54

S-16 PBGC Claims by Size of Claim and Plan Size (1975-2009)................................. 55

S-17 PBGC Trusteed Plans by Funded Ratio and Plan Size (1975-2009).................... 56

S-18 PBGC Claims by Funded Ratio and Plan Size (1975-2009)................................. 57

S-19 PBGC Claims by Industry (1975-2009)................................................................ 58

Benefit Payments	

S-20 PBGC Benefit Payments, Payees and Deferred Payees (1980-2009).................. 59

S-21 PBGC Payees and Benefit Payments by Date of Plan Termination (2009)........... 60

S-22 PBGC Payees and Benefit Payments by Size of Trusteed Plan (2009)................ 61

S-23 Total PBGC Payees and Average Benefit Payments

by Gender and Age (2009).............................................................................. 62

S-24 PBGC Retired Payees and Average Benefit Payments

by Gender and Age (2009).............................................................................. 63

S-25 PBGC Beneficiary Payees and Average Benefit Payments.

by Gender and Age (2009).............................................................................. 64

S-26 Total PBGC Payees and Benefit Payments

by Size of Monthly Payment (2009)................................................................. 65

S-27 PBGC Retired Payees and Benefit Payments

by Size of Monthly Payment (2009)................................................................. 66

S-28 PBGC Beneficiary Payees and Benefit Payments.

by Size of Monthly Payment (2009)................................................................. 67

S-29 PBGC Payees and Benefit Payments by Industry (2009)..................................... 68

Coverage

S-30 PBGC-Insured Plan Participants (1980-2009)...................................................... 69

S-31 PBGC-Insured Plans (1980-2009)........................................................................ 70

S-32 PBGC-Insured Plan Participants by Participant Status (1980-2007).................... 71

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

Private-Sector Wage and Salary Workers (1980-2007)................................... 72

S-34 PBGC-Insured Hybrid Plans by Plan Size (2001-2008)........................................ 73

S-35 PBGC-Insured Hybrid Plan Participants by Plan Size (2001-2008)...................... 74

S-36 PBGC Insured Hard-Frozen Plans by Plan Size (2003-2007).............................. 75

S-37 PBGC-Insured Hard-Frozen Plan Participants by Plan Size (2003-2007)............ 76

S-38 PBGC-Insured Plans, Participants, and Premiums by Industry (2008)................. 77

PBGC Premiums

S-39 PBGC’s Historic Premium Rates........................................................................... 78

S-40 PBGC Premium Revenue (1980-2009)................................................................. 79
S-41 PBGC Premium Revenue by Size of Plan and Type of Premium (2008).............. 80

S-42 PBGC-Insured Plans and Participants by Total Premium Paid (2008).................. 81

S-43 PBGC-Insured Plans and Participants

by Variable-Rate Premium Status (1992-2008)................................................ 82

Funding Levels of Insured Plans

S-44 Funding of PBGC-Insured Plans (1980-2007)...................................................... 83

S-45 Funding of Underfunded PBGC-Insured Plans (1980-2007)................................ 84

S-46 Funding of Overfunded PBGC-Insured Plans (1980-2007).................................. 85

S-47 Concentration of Underfunding in PBGC-Insured Plans (1990-2007).................. 86

S-48 Plans, Participants, and Funding of PBGC-Insured Plans

by Funding Ratio (2007).................................................................................. 87

S-49 Various Measures of Underfunding in PBGC-Insured Plans (1992-2009)............ 88

S-50 Funding of PBGC-Insured Plans by Industry (2007)............................................ 89

State Data

S-51 Pension Funding Data for PBGC-Insured Plans by Region and State (2007)...... 90

S-52 PBGC Pension Data by Region and State............................................................ 92

S-53 PBGC Maximum Guaranteed Benefits (1990-2010)............................................. 94

APPENDIX M: MULTIEMPLOYER DATA TABLES

PBGC’s Multiemployer Program........................................................................... 96

M-1 Net Financial Position of PBGC’s Multiemployer Program (1980-2009)............... 97

M-2 PBGC Premium Revenue, Benefit Payments, and Expenses (1980-2009).......... 98

Benefit Payments and Financial Assistance

M-3 PBGC Payees and Benefit Payments (1980-2009).............................................. 99

M-4 PBGC Financial Assistance to Insolvent Plans (1981-2009)................................. 100

Coverage

M-5 PBGC-Insured Plan Participants (1980-2009)...................................................... 101

M-6 PBGC-Insured Plans (1980-2009)........................................................................ 102

M-7 PBGC-Insured Plan Participants by Participant Status (1980-2007).................... 103

M-8 PBGC-Insured Plans and Participants by Industry (2008)...................................104

Funding Levels of Insured Plans

M-9 Funding of PBGC-Insured Plans (1980-2007)...................................................... 105

M-10 Funding of Underfunded PBGC-Insured Plans (1980-2007)................................ 106

M-11 Funding of Overfunded PBGC-Insured Plans (1980-2007).................................. 107

M-12 Concentration of Underfunding in PBGC-Insured Plans (1990-2007).................. 108

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

by Funding Ratio (2007)..................................................................................109

M-14 Funding of PBGC-Insured Plans by Industry (2007)............................................110

M-15 PBGC Maximum Guaranteed Benefits (1980-2010)............................................. 111

M-16 PBGC’s Historic Premium Rates........................................................................... 112

 Page

Pension Insurance Data Book 2009 Overview 1

Overview

The Pension Benefit Guaranty Corporation (PBGC) was established by the Employee 

Retirement Income Security Act of 1974 (ERISA) to ensure that participants in defined 

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

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

protect participants in single-employer and multiemployer plans.

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

present detailed statistics on PBGC program operations and benefit protections.

This edition of the Pension Insurance Data Book contains one short article describing 

the characteristics of PBGC’s Multiemployer Insurance Program. The tables in this Data 

Book have been updated to reflect the most recent data available. 

The Data Book is available on the PBGC’s website at www.pbgc.gov/publications/

databook.
2 PBGC Data Book At A Glance Pension Insurance Data Book 2009

PBGC Data Book At A Glance

Single-Employer

Program

(Dollars in millions)

Multiemployer

Program

(Dollars in millions)

Combined

Programs

(Dollars in millions)

Fiscal Year 2009:

Net Financial Position -$21,077 -$869 -$21,946

 Total Assets $68,736 $1,459 $70,195

 Total Liabilities $89,813 $2,328 $92,141

Premium Revenue* $1,822 $95 $1,917

Number of Insured Plans 27,647 1,495 29,142

Number of Insured Participants 33.6 million 10.4 million 44.0 million

New Plans Trusteed or 

 Pending Trusteeship 144 n/a 144

Change in Gross Claims $8,066 n/a $8,066

Number of Payees** 753,861 134 753,995

Total Benefits Paid $4,478 *** $4,478

Number of Plans Receiving

 Financial Assistance n/a 43 43

Amount of Financial Assistance Granted n/a $86 $86

Fiscal Years 1975-2009:

Plans Trusteed or Pending Trusteeship 3,993 10 4,003

Amount of Claims $42,918 $31 $42,949

Number of Plans Receiving 

 Financial Assistance n/a 62 62

Total Amount of Financial 

 Assistance Granted n/a $503 $503

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

* Beginning in FY 2009, PBGC started to reflect premium income net of bad debt expense for premium, interest, and penalties.

**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 2009.

***Less than $500,000.

Due to rounding of individual items, numbers may not add up exactly across columns.
Pension Insurance Data Book 2009 PBGC’s Multiemployer Insurance Program 3

PBGC’s Multiemployer Insurance Program 

Introduction

Under Title IV of the Employee Retirement Income Security Act of 1974 (ERISA), 

the Pension Benefit Guaranty Corporation (PBGC) administers two very different pension insurance programs—one covers single-employer plans and the other covers multiemployer plans. These programs are separately funded and maintained. This chapter 

describes the history and operation of PBGC’s multiemployer insurance program. 

In the single-employer program, the trigger for a claim is the termination of a covered 

plan with insufficient assets to pay all the benefits that participants have accrued under 

the plan. When this happens, PBGC trustees the plan—it takes over the plan’s assets, 

determines the benefit to which each participant is entitled from PBGC under ERISA’s 

provisions, and becomes responsible for paying benefits to retired plan participants and 

beneficiaries. Most participants receive all benefits they accrued under their plan, but 

some experience benefit reductions.1

 Guaranteed benefits not covered by plan assets are 

paid for from other PBGC assets. 

In the multiemployer program, the triggering event is plan insolvency—the inability 

to pay benefits when due. Insolvency usually occurs after all contributing employers have 

withdrawn from the plan, leaving the plan without a source of income. 

PBGC provides insolvent multiemployer plans with financial assistance sufficient to 

pay guaranteed benefits and administrative expenses. The plans retain the responsibility 

for paying benefits to retired plan participants and beneficiaries. PBGC does not pay 

benefits directly to participants of insolvent multiemployer plans. Should a plan recover 

financially, it is required to repay the financial assistance with interest. To date, only one 

multiemployer plan has repaid PBGC for the financial assistance it received.

1 See “PBGC’s Guarantee Limits—An Update,” September 30, 2008, at 

www.pbgc.gov/docs/guaranteelimits.pdf.
4 PBGC’s Multiemployer Insurance Program Pension Insurance Data Book 2009

What Is a Multiemployer Plan?

A multiemployer plan is a plan maintained pursuant to collective bargaining agreements between one or more unions that represent the plan’s active participants and two 

or more unrelated employers that are required to contribute to the plan.2 Multiemployer 

plans are common in industries such as construction, trucking, textiles, and coal mining. Benefit eligibility under a multiemployer plan is usually based on employment with 

any employer contributing to that plan. Workers accrue pension credits in the plan even 

when they change employment from one contributing employer to another.3 

A multiemployer plan is governed by a Board of Trustees that has equal voting 

representation from labor and business. The Board operates the plan within the 

constraints imposed by ERISA. Under ERISA, the trustees have a fiduciary duty to act 

in the best interest of participants. Multiemployer plans are subject to the minimum 

funding requirements of ERISA. While bargaining parties will negotiate over plan 

contributions, they usually delegate the design of the plan to the plan’s Board of Trustees. 

Most collective bargaining agreements that cover multiemployer plans provide for 

contributions based on hours worked in a covered job. Some plans base contributions 

on a “units of production” basis, such as number of items produced, tons of coal mined, 

or gross sales achieved. Contributions are held in a trust fund that is managed and 

invested by the Board in accordance with ERISA’s fiduciary standards. All plan assets 

in the trust are available to pay all benefit claims. Assets in the plan do not revert to 

contributing employers. 

Benefits in most plans are based on a “Unit Benefit” formula that establishes a 

monthly benefit as a dollar amount times years of service. In some plans, benefits are 

a function of contributions made to the plan on the participant’s behalf. There are 

two primary models for how benefits are set. In the first model, employers and unions 

bargain for benefits as a part of the bargaining over wages and working conditions. In 

these plans benefits are fixed as part of the labor contract. This model occurs most often 

in “national” plans. In the second model, benefits are set by the plan’s trustees.

2 PBGC’s single-employer program covers all plans that are not multiemployer plans. Single-employer plans 

can be collectively bargained if they are sponsored either by one employer or by a group of employers who are 

members of a controlled group of companies. They can also be sponsored by several unrelated employers but not 

pursuant to a collective bargaining agreement. 3 Some plans contain “reciprocity” provisions that allow the transfer of pension credits and assets to pay those 

benefits from one plan to a different but related plan or that recognize service for vesting and benefit eligibility 

for participants who transfer between plans.
Pension Insurance Data Book 2009 PBGC’s Multiemployer Insurance Program 5

Employers in multiemployer plans are required to remain in the plan unless they go 

out of business, “go non-union,” or move their business out of the plan coverage area. 

If an employer withdraws from the plan, it may be assessed withdrawal liability. Any 

withdrawal liability that is assessed will be based on the plan’s unfunded vested benefits 

and the employer’s share of contributions to the plan made by all contributing employers. 

In some instances, the employer may be assessed a partial withdrawal liability.4 

Multiemployer Insurance Program – Legislative Background

The language in ERISA as enacted in 1974 reflected Congressional uncertainty about 

the appropriate design of termination insurance for multiemployer plans and the impact 

termination rules might have on multiemployer plans. As a result, Congress provided 

that PBGC’s coverage of multiemployer plans would not become mandatory until 

January 1, 1978. This mandatory coverage date was later extended to July 1, 1978, and 

then to August 1, 1980. In the interim, PBGC was authorized to guarantee benefits for 

terminated multiemployer plans on a discretionary basis, provided the terminating plans 

met certain conditions. PBGC subsequently trusteed 10 multiemployer plans.

In the late 1970s, PBGC studied the situation of multiemployer plans and advised 

Congress that potential liabilities from the termination of multiemployer plans could 

reach more than $4 billion within 10 years. It also reported that the size of premiums 

needed to fund the program would be unacceptably high and could encourage 

additional multiemployer plan terminations. In 1979, PBGC submitted a number of 

recommendations to Congress for revising the program. These recommendations were 

designed to afford substantial benefit protection at reasonable premium levels. Congress 

acted on these recommendations and, on September 26, 1980, the Multiemployer 

Pension Plan Amendments Act of 1980 (MPPAA) became law. The MPPAA provisions 

were intended to financially strengthen multiemployer plans and changed the way 

PBGC’s multiemployer insurance program worked. 

4 The plan can assess a partial withdrawal liability against an employer if: (1) the employer experienced a 70 

percent decline in contribution base units (usually hours worked) for three consecutive years; (2) the employer 

permanently ceases to have a contribution obligation at some, but not all, facilities covered by the collective 

bargaining agreements and continues to perform work at the facility of the type for which the obligation ceased; 

or (3) the employer permanently ceases to have an obligation to contribute to the plan under some, but not 

all, collective bargaining agreements and either continues to perform work in the jurisdiction of the collective 

bargaining agreement on a non-union basis or transfers that work to another location.
6 PBGC’s Multiemployer Insurance Program Pension Insurance Data Book 2009

The Act’s major provisions included: 

• Withdrawal Liability—MPPAA obligated an employer withdrawing from 

an underfunded multiemployer plan to pay its share of the plan’s unfunded 

vested liabilities. The Act contained specific rules and alternative methods for 

computing and allocating the plan’s unfunded vested benefits. Special withdrawal 

liability rules were established for multiemployer plans in the construction, 

entertainment, and trucking industries. Withdrawal liability is intended to 

discourage employers from leaving multiemployer plans and to protect the plan 

and remaining employers from the impact of the withdrawals that do occur.

• Plan Funding and Reorganization—MPPAA shortened amortization periods for 

funding benefit increases and for amortizing experience gains and losses. The 

new law established a reorganization process to allow plans in financial difficulty 

to achieve a better balance between benefits on the one hand and plan assets and 

employer contributions on the other. The reorganization process allowed some 

flexibility for reducing or eliminating recent benefit increases and for tightening 

funding requirements. 

• Insolvency Insurance—MPPAA changed the insurable event for PBGC’s insurance 

protection from plan termination to plan insolvency. A plan is insolvent when 

it is unable to pay guaranteed benefits plus expenses. PBGC provides financial 

assistance to insolvent multiemployer plans through one or more loans that allow 

the plan to pay statutorily guaranteed benefits and reasonable administrative 

expenses. This requirement assures that PBGC provides funds only when there 

have been long-term financial declines among all the employers sponsoring the 

plan, and not when only one or two contributing employers are in financial 

distress. The requirement also means that a multiemployer plan does not need to 

terminate in order to qualify for financial assistance from PBGC.5

5 Termination in a multiemployer plans occurs when (1) a plan amendment is adopted ending the accrual 

of service credits under the plan, (2) all employers withdraw from the plan or cease to have an obligation to 

contribute to the plan (a mass withdrawal), or (3) the plan becomes an individual account plan (a defined 

contribution plan). A multiemployer plan is “closed out” when all plan assets are distributed to satisfy 

statutorily guaranteed benefits. A closeout is equivalent to the standard termination of a single-employer 

pension plan.
Pension Insurance Data Book 2009 PBGC’s Multiemployer Insurance Program 7

• Benefit Guarantees—MPPAA limited the level of guaranteed benefits for 

participants in multiemployer plans. A plan in reorganization may eliminate 

benefit increases made during the previous five years. Benefits may be further 

reduced if the plan continues in financial difficulty. However, in no case may 

benefits be reduced below the statutory guarantee. As originally enacted in 

MPPAA, the statutory maximum monthly benefit guarantee equaled “Years of 

covered service under the plan, multiplied by the sum of 100 percent of the first 

$5.00 in monthly accrual rate6 plus 75 percent of the next $15.00 in monthly 

accrual rate.” 

For a participant with 30 years of covered service, the maximum statutory 

guarantee under MPPAA was $487.50 per month ($5,850.00 per year), even 

if their monthly accrual rate was greater than $20. If a participant’s monthly 

accrual rate was less than $20, his statutory guarantee would be lower. For 

example, a participant with 30 years of covered service but a monthly accrual rate 

of $17 would have a statutory guarantee of $420 per month. 

The benefit guarantee limit was not indexed in MPPAA and remained unchanged 

until it was increased by the Consolidated Appropriations Act of 2001 (CAA) to 

“Years of covered service under the plan, multiplied by the sum of 100 percent 

of the first $11.00 in monthly accrual rate plus 75 percent of the next $33.00 in 

monthly accrual rate.” 

This change increased the maximum guaranteed benefit for a participant with 30 

years of covered service to $1,072.50 per month ($12,870.00 per year). CAA

also did not index this benefit guarantee limit, and it remains the current limit. 

This increased maximum guarantee limit only applies to multiemployer plans 

that did not receive PBGC financial assistance between December 22, 1999, and 

December 21, 2000. 

• Premiums—Congress initially set the multiemployer plan premium rate at $0.50 

per participant per year. In 1979, the rate was increased to $1.00 per participant 

per year. MPPAA increased the rate to $2.60 per participant over a period of 

eight years. The rate remained at $2.60 per participant until 2006, when the 

Deficit Reduction Act of 2005 (DRA) increased it to $8.00 per participant and 

indexed the premium to the increase in the national average wage rate. For 2010, 

the premium rate is $9.00 per participant. Unlike the single-employer program, 

the multiemployer program does not have a variable-rate premium or a plan 

termination premium.

6 The accrual rate is calculated by dividing the monthly benefit determined under the plan (not to exceed the 

monthly benefit commencing at normal retirement) by years of credited service. Any benefit increases in effect 

for less than 60 months prior to the date of insolvency are excluded from the monthly benefit used to determine 

the accrual rate.
8 PBGC’s Multiemployer Insurance Program Pension Insurance Data Book 2009

The MPPAA provisions, and the subsequent relatively minor changes in the CAA

and DRA discussed above, continue to define PBGC’s multiemployer insurance program. The Pension Protection Act of 2006 (PPA) contained several provisions intended 

to improve the funding of underfunded multiemployer plans, provide more flexibility in 

the methods used to determine withdrawal liability, and expand the reporting obligations 

of multiemployer plans. However, PPA did not substantively modify the multiemployer 

insurance program itself. 

Among other actions, PPA’s multiemployer-related provisions:

• Defined the characteristics of those multiemployer plans whose funding is in 

endangered, seriously endangered, or critical status as opposed to a better 

funded status;

• Provided guidelines for elements (i.e., certain benefit reductions, contribution 

increases, etc.) that should be included in funding improvement plans 

(for endangered or seriously endangered plans) and rehabilitation plans 

(for critical plans);

• 

stablished tighter time frames for improving plan funding; and 

• 

xpanded the amount of information multiemployer plans must disclose to 

participants, contributing employers, and federal agencies.

PBGC’s Multiemployer Insurance Program

PBGC’s multiemployer program is the smaller of its two insurance programs. 

Because of its relatively small size, and the much larger deficit in the single-employer 

program, PBGC’s multiemployer program often gets overlooked when PBGC is 

discussed. This small size has two aspects. 

First, the multiemployer program has a smaller scope. It insures only 1,500 plans, 

about one-twentieth as many as the 27,600-plan single-employer program. It covers 

only about one-third as many participants (10.4 million versus 33.6 million). However, 

insured multiemployer plans are about six times as large, on average, as insured singleemployer plans. 

The number of plans insured by each program has been declining for decades but 

has fallen much faster in the single-employer program—a more than 70 percent decline 

since 1980 versus only a 33 percent decline in the multiemployer program. Plans that 

leave the multiemployer program are more likely to merge into another multiemployer 

plan than to close out. Single-employer plans, on the other hand, are much more likely 

to terminate than to merge into another plan. Merging helps maintain the number of 

participants whose benefits are insured by PBGC. In fact, even though the number of 

insured multiemployer plans has been shrinking, the number of covered participants in 

these plans has been steadily increasing. PBGC insured 1.8 million more participants in 

multiemployer plans in 2009 than in 1995. 
Pension Insurance Data Book 2009 PBGC’s Multiemployer Insurance Program 9

Second, it is a fiscally smaller program. Program assets and booked liabilities 

are significantly smaller than those of the single-employer program. This reflects 

several design features of multiemployer plans and the multiemployer program. Most 

importantly, multiemployer plans have multiple contributing employers. Should one 

employer withdraw from the plan, the others continue to support the plan through their 

contributions. PBGC’s multiemployer insurance program is the second line of support 

for these plans. This lowers the program’s exposure to loss and allows lower premiums 

than under the single-employer program.7

Moreover, since PBGC does not trustee multiemployer plans, it does not acquire the 

plans’ assets. All multiemployer program assets come solely from premiums. For these 

reasons, the multiemployer program’s assets are only a fraction of those in the singleemployer program ($1.5 billion compared with $68.7 billion, at the end of FY 2009). 

As noted above, booked liabilities also are constrained relative to those for the singleemployer program. One reason is that, because PBGC does not trustee multiemployer 

plans, it does not count as liabilities participant benefits that will be paid out of existing 

plan assets. A second reason is that the future financial assistance, which does count as 

a liability, is based on the much lower statutory benefit guarantee in the multiemployer 

program. Liabilities in the multiemployer program are $2.3 billion compared with 

$89.8 billion in the single-employer program. 

Operation of the Multiemployer Insurance Program 

Beyond financially assisting insolvent plans, the multiemployer program (in conjunction with other PBGC offices) provides a number of services to the multiemployer plan 

community. It approves or disapproves certain transactions such as mergers and other 

transfers of assets and liabilities between multiemployer plans. It works with financially distressed multiemployer plans to help them merge with financially stronger ones. 

PBGC issues opinion letters and regulations affecting multiemployer plans. Among these 

regulations are those that govern withdrawal liability. However, it is the plans’ trustees, 

not the PBGC, who determine whether a withdrawal has occurred and the amount of 

any withdrawal liability, and who are responsible for collecting the withdrawal liability. 

As part of its regular activities, the multiemployer program identifies multiemployer 

plans that pose a potential loss to the program. Some of these plans self-identify when 

they notify PBGC that they are: in endangered, seriously endangered, or critical status; 

terminating; insolvent; or requesting financial assistance. In addition, the program conducts annual reviews of the financial condition of all 1,500 covered multiemployer plans 

7 Premium revenue in the multiemployer program was $95 million in FY 2009 compared with $1.8 billion 

in the single-employer program. The multiemployer program has only one source of premium income, the 

$9.00 per-participant premium, whereas the single-employer program has three sources, a $35 per-participant 

premium, a $9-per-$1,000-of -underfunding variable premium, and a $1,250-per-participant-per-year (for 

three years) termination premium.
10 PBGC’s Multiemployer Insurance Program Pension Insurance Data Book 2009

to identify additional individual plans that pose a potential loss to the program. Potential loss candidates are further analyzed to determine if they might become insolvent. 

This analysis involves projecting future cash flows and assessing the overall stability of the 

plans. It projects the date of insolvency, the future stream of required financial assistance, the stream of recoveries PBGC might obtain after financial assistance begins, and 

the present value of non-recoverable financial assistance, among other outputs. If this 

analysis determines that a plan is likely to become insolvent and require non-recoverable 

PBGC financial assistance, it will be classified as either a Probable plan or a Reasonably 

Possible plan. 

There are three categories of Probable plans:

• Current probables – those plans that are known to be insolvent as of the valuation 

date and either have been receiving, or are about to begin receiving, financial 

assistance payments from PBGC that the plans are not expected to repay. Most 

of these plans are terminated plans whose contributing employers have all 

withdrawn from the plan. Some of these terminated plans may be receiving 

withdrawal liability payments but not enough to pay all benefits when due. A

few current probable plans are ongoing plans that are still receiving contributions 

and may be owed withdrawal liability payments. However, these contributions, 

withdrawal liability payments, and any other plan income or assets the plan 

may have are neither sufficient to pay the plans’ current liability obligations 

(statutorily guaranteed benefit payments and administrative expenses) nor 

projected to be sufficient to repay PBGC’s past and future financial assistance.

• Terminated future probables – those terminated plans that may still have assets 

as of the valuation date but whose assets plus collectible withdrawal liability 

payments are expected to be insufficient to cover all future liability obligations. 

These plans operate as wasting trusts projected to run out of assets before all 

statutorily guaranteed benefits are paid.

• Ongoing future probables – those ongoing plans with an estimated date of 

insolvency within ten years of the valuation date. These plans have assets and 

receive employer contributions and perhaps withdrawal liability payments, but 

the financial resources of the plans are expected to be insufficient to meet their 

benefit payment obligations within the next ten years. 

Reasonably Possible plans are those ongoing multiemployer plans with an estimated 

date of insolvency lying between ten and twenty years from the valuation date. 

PBGC normally recognizes the present value of non-recoverable future financial 

assistance payments as a liability on its financial statements at the time the plan’s 

insolvency becomes probable. The present value of the non-recoverable future financial 

assistance for reasonably possible plans is reflected in the footnotes to PBGC’s financial 

statement but is not recorded as a current liability. 
Pension Insurance Data Book 2009 PBGC’s Multiemployer Insurance Program 11

PBGC’s Financial Assistance Program

Under the multiemployer insurance program, PBGC generally provides financial 

assistance to an insolvent plan in the form of a loan or loans, although it occasionally 

provides lump-sum settlements in lieu of future financial assistance. Loans are usually 

made quarterly but sometimes monthly in an amount which, when combined with the 

plan’s other income, covers both the plan’s reasonable administrative expenses and its 

statutorily guaranteed benefits payments. If it recovers financially, the plan is obligated 

to repay this financial assistance in accordance with the terms and conditions specified 

by PBGC. Insolvent multiemployer plans seldom recover, and repayment of PBGC’s 

financial assistance is rare.8 Therefore, PBGC has established an allowance on its books 

to cover the expected present value of non-recoverable future financial assistance.

Before 1999, PBGC did not make lump-sum payments to insolvent multiemployer 

plans or those expected to become insolvent in the future. It now does so in select 

cases to close out a plan or to facilitate a merger with another, financially stronger 

multiemployer plan. In a closeout, the plan either purchases annuities from the private 

insurance market to satisfy its obligations or pays participants lump sums in lieu of 

annuities. PBGC generally makes a lump-sum payment to allow a closeout when 

administrative expenses would otherwise absorb an unacceptably high proportion of 

future financial assistance. PBGC provides a lump-sum payment to facilitate a merger 

when it determines that the cost of merging the plan into a financially healthier one 

will be lower than paying periodic financial assistance over the expected lives of its 

participants and it can find a plan willing to complete the merger. 

PBGC’s financial assistance is not automatic. A plan must follow certain procedures 

to obtain financial assistance. First, it must notify PBGC and the plan’s participants that 

it is insolvent. Second, it must inform participants of their statutorily guaranteed benefit 

levels. Next, it must apply for financial assistance with the PBGC. PBGC must then 

verify the insolvency and determine the level of financial assistance it will provide. This 

level depends on the amount of contributions and withdrawal liability payments the plan 

is receiving, if any. PBGC also reviews the plan’s administrative costs to ensure they are 

reasonable. If the plan is demonstrably insolvent, PBGC prepares a promissory note for 

the plan’s trustees to sign and arranges for the payment of financial assistance. If the plan 

is not demonstrably insolvent, PBGC does not grant the requested financial assistance 

payment and may seek to recover financial assistance already granted. Each payment 

requires a separate financial assistance request and review.

8 To date, only one plan has repaid the financial assistance it received from this program.
12 PBGC’s Multiemployer Insurance Program Pension Insurance Data Book 2009

PBGC reviews the plan assets and plan funding for those plans that received financial 

assistance in the past but are neither currently receiving financial assistance nor repaying past financial assistance. If the review shows that the value of a terminated plan’s 

assets exceeds the present value of the plan’s liabilities (not including the amount owed 

PBGC) or that the value of an ongoing plan’s assets plus anticipated plan income exceeds 

its anticipated liabilities by more than 20 percent for each of the next three years, then 

PBGC may seek repayment of all or part of the financial assistance previously provided, 

plus interest. Generally, the few plans that received financial assistance in the past but are 

no longer receiving it either received large withdrawal liability payments or settlements in 

court cases. The income from the withdrawal liability payment or settlement is sufficient 

for the plan to pay benefits for a short period of time, but not sufficient to pay all future 

guaranteed benefits. Financial assistance is suspended for these plans until they are again 

insolvent, and then it resumes. 

PBGC’s History of Providing Financial Assistance

Prior to the MPPAA changes of September 1980, PBGC trusteed 10 terminated 

multiemployer plans with more than 5,700 vested participants. These plans were only 22 

percent funded for guaranteed benefits with $8.9 million in assets to cover $39.9 million 

in benefit liabilities. As it does under the single-employer program, PBGC took over the 

plans’ assets and became responsible for paying benefits directly to the plans’ participants 

and beneficiaries. As Table M-3 of this Pension Insurance Data Book shows, the number 

of PBGC payees from multiemployer plans has declined steadily; PBGC has not trusteed 

any multiemployer plans since 1980. At the end of FY 2009, PBGC was paying a total 

of about $20,000 in monthly benefits to about 135 participants and beneficiaries from 

these 10 plans. 

Table M-4 of this book shows PBGC’s history of providing financial assistance to 

insolvent multiemployer plans. From FY 1981 through FY 2009, PBGC provided 

just over $500 million in financial assistance to 62 insolvent multiemployer plans. The 

number of insolvent plans receiving financial assistance on a year-by-year basis has grown 

steadily from one plan receiving about $300,000 in FY 1981 to 43 plans receiving nearly 

$86 million in FY 2009. 

Of the 62 plans that PBGC has assisted, 20 received lump-sum payments that allowed them to either merge with healthier multiemployer plans or close out the plan. 

Thirteen of these 20 plans also received periodic financial assistance payments. The 

other 42 plans that received financial assistance from PBGC received only periodic payments. Thirty-seven of these 42 plans received periodic payments during FY 2009. Of 

the remaining five plans, three merged with other multiemployer plans without receiving lump-sum financial assistance payments, one received sufficient income from other 

sources that its financial assistance payments were suspended for 2009, and one recovered 

and was able to repay PBGC. 
Pension Insurance Data Book 2009 PBGC’s Multiemployer Insurance Program 13

Looking forward, at the end of FY 2009, PBGC had identified 104 probable multiemployer plans that either currently receive financial assistance or are expected to receive 

it in the future. These plans cover about 136,000 participants. The non-recoverable 

future financial assistance to these plans is estimated to be nearly $2.3 billion.

• Thirty-nine of these 104 plans are current probables—currently insolvent plans 

that receive or are about to receive financial assistance payments from PBGC. 

The present value of non-recoverable future financial assistance payments for 

these 39 insolvent plans is estimated to be $890 million. 

• Fifty-two of these plans are terminated future probables that have not yet begun 

receiving financial assistance. These plans no longer have employers making contributions for covered work, although some plans continue to receive withdrawal 

liability payments from employers that withdrew from the plan. These plans 

are wasting trusts that currently have enough assets to pay benefits to retirees 

and beneficiaries of deceased plan participants. However, PBGC estimates that 

these plans will run out of assets before all benefits have been paid and will need 

financial assistance at some point in the future. The estimated present value of 

the non-recoverable future financial assistance to these plans is $1.037 billion.

• The remaining 13 plans are ongoing future probables. These plans have not terminated and employers continue to make contributions for their active employees’ 

covered work. However, PBGC estimates that the level of current assets, contributions, and other plan income (e.g., withdrawal liability payments) will be 

insufficient to pay all future statutorily guaranteed benefits and that the plans will 

need financial assistance within 10 years. The estimated present value of the nonrecoverable future financial assistance to these 13 ongoing plans is $369 million. 

In addition, PBGC estimates that another 8 ongoing multiemployer plans may 

require an additional $326 million in future financial assistance. These reasonably possible plans are expected to remain solvent for at least the next ten years, so this estimated 

future financial assistance is reported in the footnotes of PBGC’s financial statements but 

not included as a current liability. 
14 PBGC’s Multiemployer Insurance Program Pension Insurance Data Book 2009

Net Financial Position of the 

Multiemployer Insurance Program

Table M-1 and Figure 14 in this book show the net financial position of the multiemployer program from FY 1980 through FY 2009. That position was positive from 

FY 1982 through FY 2002. In FY 2003, the program added five new probable plans, 

substantially increasing the estimated present value of non-recoverable future financial 

assistance and moving the program’s financial position from positive to negative. Several 

more plans with large expected assistance needs have been classified as probable since 

then, especially during FY 2006. At the end of FY 2009, PBGC’s multiemployer insurance program had a negative net financial position of $869 million with $1.459 billion 

in assets and $2.328 billion in liabilities.

In addition to its regular analysis of multiemployer plans that are potential loss candidates, PBGC has recently developed a stochastic simulation model of its multiemployer 

program (ME-PIMS). This model closely parallels the Pension Insurance Modeling 

System that has been used to model exposure in the single-employer insurance program 

(SE-PIMS). ME-PIMS was developed to model the different funding rules, nature of 

exposure, and possible future outcomes that distinguish the multiemployer program from 

the single-employer program. It uses information from a sample of multiemployer plans, 

weighted to represent the universe of such plans, to model the effect on the program of a 

wide range of scenarios. However, ME-PIMS does not model the financial condition of 

individual contributing employers or of industries that sponsor multiemployer plans. 

ME-PIMS calculates a baseline scenario of future underfunding using current 

funding rules and a variety of economic parameters. The baseline underfunding 

is based on data from the Forms 5500 of the plans in the sample, the reports these 

plans file regarding their status under the funding rules (healthy, endangered, severely 

endangered, or critical), and the associated filings that detail how they intend to return 

to a “healthy” status. The model simulates the flows of claims (non-recoverable future 

financial assistance to plans assumed to move to one of the three probable categories and 

program expenses related to providing the financial assistance) that could develop over 

a limited time horizon (10-12 years) under 500 combinations of economic situations 

and anticipated responses by the plans. ME-PIMS uses this information along with 

simulated premiums and investment returns on program assets to project PBGC’s net 

financial position over this time horizon. 

ME-PIMS is not a predictive model. It produces outcomes under 500 different 

scenarios, and the probability of any particular outcome is determined by dividing the 
Pension Insurance Data Book 2009 PBGC’s Multiemployer Insurance Program 15

number of simulations with that outcome by 500. The model is also used to measure the 

impact of proposed legislative changes affecting multiemployer plans and the multiemployer program by adjusting the model’s parameters and comparing the model’s results 

with the output from the baseline simulation. 

This model estimates dates of insolvency and the present value of non-recoverable 

future financial assistance for the sample of plans insured by the multiemployer insurance program. It is designed to estimate the most likely net financial position of the 

program ten years in the future given alternative legislative and economic scenarios. The 

output from the baseline simulation indicates that there is about a 65 percent chance that 

PBGC’s net financial position deficit will get worse over the next 10 years if there are no 

changes to plan funding rules or to PBGC’s multiemployer program. The median result 

of the baseline scenario is a $2.4 billion deficit in 2019. That is, half the 500 simulations 

result in a program deficit of $2.4 billion or less and half the simulations result in a larger 

deficit. The mean outcome is higher, a deficit of $4.0 billion. The mean is higher than 

the median because there is a chance under some simulations that the deficit could reach 

very large levels. For example, the model indicates there is a five percent chance that the 

deficit could be greater than $14.5 billion in 10 years. 

Conclusions

PBGC’s multiemployer insurance program is the smaller of PBGC’s two insurance 

programs. Its operations and manner of providing benefits are separate and distinct 

from the agency’s larger single-employer program. Whereas the single-employer program 

settles claims by taking over a plan’s assets and paying guaranteed benefits directly to 

the plan’s participants, the multiemployer program provides financial assistance to the 

insolvent plans themselves. The plans, not PBGC, pay guaranteed benefits to 

plan participants.

The two programs also provide quite different benefit guarantees. Three guarantee 

limitations affect benefits in the single-employer program9

, among them a maximum 

insurance limitation. This maximum limitation restricts the benefits PBGC can 

guarantee for a 65-year-old in 2010 to $4,500 per month, or $54,000 per year.10 It is 

actuarially adjusted if benefits begin at an age other than age 65. 

9 See “PBGC’s Guarantee Limits—An Update,” September 30, 2008, at 

www.pbgc.gov/docs/guaranteelimits.pdf. 10 The actual benefit could be greater if the participant’s accrued benefit were higher and either the plan had 

assets sufficient to provide a greater benefit under PBGC’s asset allocation priorities or the participant shared in 

recoveries from the plan’s sponsor. 
16 PBGC’s Multiemployer Insurance Program Pension Insurance Data Book 2009

By contrast, the benefit guarantee under the multiemployer program is based not on 

age but on years of covered service in the plan. A participant with 30 years of covered 

service, for example, is eligible for a maximum guaranteed benefit of $1,072.50 a month, 

or $12,870 per year, regardless of age. In the single-employer program, the maximum 

insurance limitation amounts are indexed to changes in Social Security’s Old-Law 

Contribution and Benefit Base. The multiemployer program guarantee is not indexed 

and can be changed only by an act of Congress.

In the thirty years the multiemployer program has been providing financial assistance 

to insolvent plans, it has helped 62 plans and paid out $500 million in financial assistance. Thirty-nine plans are currently receiving or are about to receive financial assistance 

and are classified as current probable plans. Another 65 plans have been designated as 

terminated future probable plans or ongoing future probable plans and are expected to 

need financial assistance in the future. The estimated present value of non-recoverable 

future financial assistance to these 104 probable plans is $2.3 billion. This $2.3 billion 

was the major component of the program’s liabilities at the end of FY 2009. At the same 

time, the program had less than $1.5 billion in assets and a deficit of $869 million. 

PBGC’s new ME-PIMS simulation model indicates that, under current rules, there is 

about a 65 percent probability that the program’s deficit will grow over the next 10 years. 

The model’s mean estimated deficit at that time is $4 billion, nearly five times the current 

level. The model estimates there is only an 11 percent probability that the program will 

be in surplus in 2019.
PBGC Data

and Trends

Single-Employer Program
18 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2009

Net Position of PBGC’s

Single-Employer Program (1980-2009)

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

until 1996.

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

in 2000.

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

the result of several very large losses (primarily from steel and airline industry 

plans), lower interest rates, and declining stock prices.

• Rising interest rates and improving financial markets reduced the deficit to 

$10.7 billion at the end of FY 2008, but lower interest rates and new claims 

increased the deficit to $21.1 billion at the end of FY 2009.

Figure 1

Reference Table S-1 of the PBGC Pension Insurance Data Book 2009.

Source: PBGC Annual Reports (1980-2009).

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.

$-24

$-18

$-12

$-6

$0

$6

$12

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

(Restored LTV Plans)

Billions

Fiscal Year
Pension Insurance Data Book 2009 PBGC Data and Trends: Single-Employer Program 19

Concentration of PBGC Claims (1975-2009)

Single-Employer Program

• Since 1975, 3,993 terminations of underfunded single-employer plans have 

resulted in total claims of $42.9 billion.

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

in 1984 to a high of more than $11.2 billion in 2005.

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

63 percent of all claims against PBGC from 1975 to 2009.

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

$11,000

$12,000

Top 10 Claims

All Other Claims

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

1985-1989

1990-1994

Pre-1985

Millions

Total Claims

1975 - 2009

63.3%

36.7%

Date of Plan Termination (Fiscal Year)

Figure 2

Reference Table S-4 of the PBGC Pension Insurance Data Book 2009.

Sources: PBGC Fiscal Year Closing File (9/30/2009) and PBGC Case Management System.

Note: Claims are termination liabilities minus plan assets. They do not include recoveries.
20 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2009

PBGC Claims by Industry (1975-2009)

Single-Employer Program

• Plans terminated by firms in the Primary Metals and Air Transportation 

industries have accounted for 60 percent of PBGC’s claims.

• Those sponsored by Motor Vehicle Equipment Manufacturers are responsible 

for another 15 percent of claims.

• An additional six percent of claims have come from plans sponsored by the 

Fabricated Metals and Machinery industries.

Figure 3

Primary Metals

27.2%

Motor Vehicle

Equipment

15.3%

Air Transportation

32.9%

Other

Non-Manufacturing

8.9%

Other

Manufacturing

9.6%

Fabricated Metal 

Products

3.4%

Machinery 2.7%

Reference Table S-19 of the PBGC Pension Insurance Data Book 2009.

Sources: PBGC Fiscal Year Closing File (9/30/2009) and PBGC Case Management System.
Pension Insurance Data Book 2009 PBGC Data and Trends: Single-Employer Program 21

PBGC Claims by Funded Ratio (1975-2009)

Single-Employer Program

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

50 percent funded (using PBGC assumptions).

• Only $678 million of the $42.9 billion in total claims came from plans 

terminating with funded ratios of 75 percent or higher.

Figure 4

25% to 49%

Funded Ratio

52.3%

50% to 74%

Funded Ratio

36.6%

Less than 25%

Funded Ratio

9.5%

75% or Higher

Funded Ratio

1.6%

Reference Table S-11 of the PBGC Pension Insurance Data Book 2009.

Sources: PBGC Fiscal Year Closing File (9/30/2009) and PBGC Case Management System.
22 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2009

Participants and Beneficiaries Receiving 

PBGC Payments (1980-2009)

Single-Employer Program

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

since 1980.

• In 2009, PBGC made periodic payments to nearly 750,000 payees and 

lump-sum payments to 12,000 participants.

• An additional 565,000 individuals are eligible for future PBGC 

benefit payments.

• The large increase since 2001 reflects PBGC’s trusteeship of several large plans 

with large numbers of participants.

0

250

500

750

1,000

1,250

1,500

Deferred Status

In Pay Status

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Thousands

Fiscal Year

Figure 5

Reference Table S-20 of the PBGC Pension Insurance Data Book 2009.

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 2009 PBGC Data and Trends: Single-Employer Program 23

Participants and Beneficiaries Receiving

PBGC Payments by Gender and Age (2009)

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.

Figure 6

0

25

50

75

100

125

150

Females

Males

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

Than 60

Thousands

Reference Table S-23 of the PBGC Pension Insurance Data Book 2009.

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

PBGC Benefit Payment Reports.

Note: Payees are retired participants or their beneficiaries.
24 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2009

PBGC Benefit Payments (1980-2009)

Single-Employer Program

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

illustrated by the continuing increase in payments over its history.

• In 2009, PBGC disbursed nearly $4.5 billion in monthly pension and 

lump-sum benefit payments to retired plan participants or their beneficiaries.

Figure 7

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$500

$4,500

$3,500

$2,500

$1,500

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Millions

Fiscal Year

Reference Table S-20 of the PBGC Pension Insurance Data Book 2009.

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 2009 PBGC Data and Trends: Single-Employer Program 25

PBGC-Insured Plans (1980-2009)

Single-Employer Program

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

declined substantially in the past 24 years.

• In 2009, PBGC insured about 27,650 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.

Figure 8

0

20,000

40,000

60,000

80,000

100,000

120,000

5,000 or more participants

1,000-4,999 participants

100-999 participants

Fewer than 100 participants

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Size of Plan

Fiscal Year

Reference Table S-31 of the PBGC Pension Insurance Data Book 2009.

Source: PBGC Premium Filings, various years.
26 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2009

Participants in PBGC-Insured Plans (1980-2009) 

Single-Employer Program

• In 2009, PBGC provided pension insurance protection to about 

33.6 million participants in single-employer plans.

• The total number of participants has been declining slowly since 2004.

Figure 9

0

10

20

30

40 Fewer than 100 participants

100-999 participants 

1,000-4,999 participants

5,000 or more participants 

198019811982198319841985198619871988198919901991199219931994199519961997

199819992000200120022003200420052006200720082009

Millions Size of Plan

Fiscal Year

Reference Table S-30 of the PBGC Pension Insurance Data Book 2009.

Source: PBGC Premium Filings, various years.
Pension Insurance Data Book 2009 PBGC Data and Trends: Single-Employer Program 27

PBGC-Insured Participants by Participant Status (1980-2007)

Single-Employer Program

• The percentage of participants in insured single-employer plans who are 

active workers has declined from 78 percent in 1980 to 41 percent in 2007.

• The greatest participant growth since 1980 has occurred among separated 

vested participants.

Figure 10

0%

20%

40%

60%

80%

Active Retired Separated Vested

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

20062007

100%

Percent of Total Participants

Year

Reference Table S-32 of the PBGC Pension Insurance Data Book 2009.

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.
28 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2009

PBGC-Insured Participants by Industry (2008)

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 sector and the Finance, Insurance, and 

Real Estate sector.

Figure 11

Manufacturing

45.2%

Finance,

Insurance &

Real Estate

12.8%

Information

7.1%

Services

18.1%

Other

Industries

16.8%

Major Manufacturing Groups:

Motor Vehicles 6.3%

Chemical and Allied 

 Products 5.2% 

Food and Tobacco 3.9% 

Machinery 3.3% 

Primary Metals 1.6%

Reference Table S-38 of the PBGC Pension Insurance Data Book 2009.

Source: PBGC Premium Filings.
Pension Insurance Data Book 2009 PBGC Data and Trends: Single-Employer Program 29

PBGC Premium Revenue (1980-2009)

Single-Employer Program

• The increase in premium revenues from 1986 to 1996 resulted from increases 

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

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

variable-rate premium.

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

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

qualifying for exemption from paying the variable-rate premium.

• The increase in premium revenues from 2002 to 2005 reflected deteriorating 

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

• The increase in the flat-rate premium after 2005 reflected an increase 

in the flat rate from $19 to $30 per participant effective for 2006, and 

indexing of this amount after 2006.

• The termination premium was added in 2007.

Figure 12

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Termination Premium

Variable-Rate Premium

Flat-Rate Premium

1980

1981

198219831984

19851986

198719881989199019911992

19931994

19951996

19971998199920002001200220032004200520062007

2008

2009*

Millions

Fiscal Year

Reference Table S-40 of the PBGC Pension Insurance Data Book 2009.

Source: PBGC Annual Reports (1980-2009).

* Beginning in 2009, PBGC started to report premium income net of bad debt expense for premium, 

 interest , and penalties.
30 PBGC Data and Trends: Single-Employer Program Pension Insurance Data Book 2009

PBGC-Insured Participants and Premiums

 by Premiums Paid (2008)

Single-Employer Program

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

plan’s unfunded liabilities.

• About one in four participants were in plans paying the 

variable-rate premium in 2008.

Flat-Rate

Flat-Rate 82.1%

Only

76.3%

VariableRate

 23.7%

VariableRate

17.9%

Insured Participants Total Premiums*

Figure 13

Reference Tables S-41 and S-42 of the PBGC Pension Insurance Data Book 2009.

Source: PBGC Premium Filings.

* Does not include the termination premium.
PBGC Data

and Trends

Multiemployer Program
32 PBGC Data and Trends: Multiemployer Program Pension Insurance Data Book 2009

Net Position of PBGC’s 

Multiemployer Program (1980-2009)

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

• The program reported a deficit of $869 million in 2009.

Figure 14

-$1,000

-$800

-$600

-$400

-$200

$0

$200

$400

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

20082009

Millions

Fiscal Year

Reference Table M-1 of the PBGC Pension Insurance Data Book 2009.

Source: PBGC Annual Reports (1980-2009).

PBGC’s net position is the difference (with some adjustments) between the insurance program’s total assets 

and total liabilities.
Pension Insurance Data Book 2009 PBGC Data and Trends: Multiemployer Program 33

PBGC-Insured Plans (1980-2009)

Multiemployer Program

• The total number of multiemployer plans insured by PBGC has 

declined slowly in the past 27 years.

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

1,000 participants.

• This decline is primarily due to plan mergers.

Figure 15

0

750

1,500

2,250

3,000

Fewer than 1,000 participants

1,000-4,999 participants

5,000 or more participants

198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009

Size of Plan

Fiscal Year

Reference Table M-6 of the PBGC Pension Insurance Data Book 2009.

Source: PBGC Premium Filings, various years.
34 PBGC Data and Trends: Multiemployer Program Pension Insurance Data Book 2009

Participants in PBGC-Insured Plans (1980-2009) 

Multiemployer Program

• In 2009, PBGC provided pension insurance protection to more 

than 10.4 million participants in multiemployer plans.

• This represents a 30 percent increase over the total number of 

participants covered in 1980.

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

Figure 16

0

2

4

6

8

10

12

Fewer than 1,000 participants

 1,000-4,999 participants

 5,000 or more participants

19801981198219831984

1985

1986

198719881989199019911992

199319941995

19961997

199819992000200120022003

200420052006200720082009

Size of Plan

Millions

Fiscal Year

Reference Table M-5 of the PBGC Pension Insurance Data Book 2009.

Source: PBGC Premium Filings, various years.
Pension Insurance Data Book 2009 PBGC Data and Trends: Multiemployer Program 35

PBGC-Insured Participants by Participant Status (1980-2007) 

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 45 percent in 2007.

Figure 17

0%

25%

50%

75%

100%

Active Retired Separated Vested

1980

1981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005

2006

2007

Percent of Total Participants

Fiscal Year

Reference Table M-7 of the PBGC Pension Insurance Data Book 2009.

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.
36 PBGC Data and Trends: Multiemployer Program Pension Insurance Data Book 2009

PBGC-Insured Participants by Industry (2008)

Multiemployer Program

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

construction trades account for more than one-third of all covered 

multiemployer plan participants.

Figure 18

Construction

36.4%

Other

6.6%

Services

17.6%

Retail Trade

13.8%

Manufacturing

11.6%

Truck

Transportation

13.9%

Major Construction Groups:

Electrical Work 7.6%

Building Construction 7.0%

Foundation, Structure,

 and Exterior Work 5.0% 

Heavy Construction 4.3%

Plumbing, Heating, 

 and Air Conditioning 4.1%

Reference Table M-8 of the PBGC Pension Insurance Data Book 2009.

Source: PBGC Premium Filings.
Appendix S

Single-Employer Data Tables
38 Single-Employer Data Tables Pension Insurance Data Book 2009

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 single-employer 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 generally includes as inputs years of service and either a flat-dollar 

amount or the participant’s average compensation.

An insured plan must pay PBGC a yearly premium of $35 per participant for 

pension benefit insurance coverage in 2010. This per-participant premium rate is 

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

the nearest whole dollar. Plans that are underfunded (based on a specified measure) 

must pay PBGC an additional premium of $9 per $1,000 of underfunding. This 

rate is not indexed. Some terminating plans have to pay a termination premium of 

$1,250 per participant per year for three years if they undergo a distress or PBGCinitiated plan termination on or after January 1, 2006.

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

PBGC will usually become statutory trustee of the plan and become responsible 

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

benefits according to the provisions of each individual pension plan, subject to 

legal limits. The vast majority of the participants in PBGC-trusteed plans receive 

all the benefits they were promised by their plan. Benefits for some participants 

may be reduced if 1) their benefits exceed PBGC’s maximum guarantee limit, 

2) a benefit increase occurred (or a benefit became payable due to a plant shutdown 

or similar event) within five years of the plan’s termination, or 3) a part of their 

benefit is a supplemental benefit. Additional guarantee restrictions apply if the 

plan’s termination date occurred while the employer was in a bankruptcy proceeding 

that began on or after September 16, 2006, or if the plan is a commercial passenger 

airline plan or airline catering plan that elected the 17-year funding relief under 

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

PBGC pays nonguaranteed benefits to the extent plan assets or recoveries from 

employers are available and allocated to nonguaranteed benefits under statutory 

allocation rules.
Pension Insurance Data Book 2009 Single-Employer Data Tables 39

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

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

national wages. For a plan with a termination date in 2010, the limit is $4,500.00 per 

month or $54,000.00 per year for a single-life annuity beginning at age 65. If the plan’s 

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

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

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

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

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

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

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

benefit is paid as a joint-and-survivor annuity.
40 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-1

Net Financial Position of PBGC’s SingleEmployer Program 

Fiscal Year Assets

(in millions)

Liabilities

(in millions)

1980 $430 $524 1985 1,155 2,480 1990 2,797 4,710 1995 10,371 10,686 1996 12,043 11,174 1997 15,314 11,833 1998 17,631 12,619 1999 18,431 11,393 2000 20,830 11,126 2001 21,768 14,036 2002 25,430 29,068 2003 34,016 45,254 2004 38,993 62,298 2005 56,470 79,246 2006 59,972 78,114 2007 67,241 80,352 2008 64,612 75,290 2009 68,736 89,813 

Source: PBGC Annual Reports (1980-2009).Due to rounding of individual items, numbers may not add up across columns. Data for 2008 were revised.
Pension Insurance Data Book 2009 41 Single-Employer Data Tables Table S-2 PBGC Premium Revenue, Benefit Payments, and 

Expenses 

SingleEmployer Program

Fiscal 

Year

Total

Premium

Revenue

(in millions)

Benefit

Payments

(in millions)

Administrat

Investme

Expense

(in millions)

1980 $71 $37 $20 

1985 82 170 33 

1990 659 369 63 

1995 838 761 138 

1996 1,146 790 150 

1997 1,067 823 155 

1998 966 847 158 

1999 902 901 161 

2000 807 902 167 

2001 821 1,042 184 

2002 787 1,537 225 

2003 948 2,488 290 

2004 1,458 3,006 288 2005 1,451 3,685 342 2006 1,442 4,082 405 2007 1,476 4,266 378 2008 1,402 4,292 400 

2009* 1,822 4,478 417 

Source: PBGC Annual Reports (1980-2009).Due to rounding of individual items, numbers may not add up across columns.* Beginning in 2009, PBGC started to report premium income net of bad debt expense for premium, interest, and penalties.
42 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-3 PBGC 

Terminations and Claims (1975-2009)

SingleEmployer Program

Fiscal 

Year

Standard

Terminations

Trusteed 

Terminations Assets

(in millions)

Liabilities

(in millions)

Gross

Claims

(in millions)

1975-1979 28,572 586 $145.2 $397.4 $252.2 1980-1984 29,236 621 513.8 1,257.3 743.5 1985-1989 48,519 537 651.1 2,351.4 1,700.3 1990-1994 36,340 694 2,274.8 5,116.8 2,841.9 1995-1999 15,620 443 1,413.0 2,195.6 782.6 2000 1,882 72 266.0 366.2 100.2 2001 1,565 117 2,535.5 3,686.3 1,150.8 2002 1,214 185 4,515.0 8,303.7 3,788.7 2003 1,119 166 6,895.6 13,301.3 6,405.7 2004 1,189 163 2,848.1 6,004.9 3,156.9 2005 1,266 125 10,236.9 21,634.7 11,397.8 2006 1,248 79 2,339.3 4,506.4 2,167.0 2007 1,582 70 634.2 981.7 347.5 2008 1,590 59 473.7 754.5 280.8 2009 1,230 76 9,394.5 17,196.6 7802.0 TOTAL 172,172 3,993 $45,136.6 $88,054.7 $42,918.1 

Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System.Due to rounding of individual items, numbers may not add up across columns.Trusteed terminations include plans pending trusteeship.Claims figures shown in this table are calculated on a plan basis and identified with fiscal year of plan termination for each plan.The annual numbers of trusteed terminations shown in this table may differ from those reported elsewhere as they reflect the fiscal year of plan termina incurred. For example, PBGC became responsible for 144 underfunded terminated plans during FY 2009, but only 76 of these plans had terminati 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.
Pension Insurance Data Book 2009 43 Single-Employer Data Tables Table S-4 PBGC Claims (1975-2009) SingleEmployer Program Fiscal Year Total Claims Claims of Top 10 Firms and Percent of Total Annual Claims 

1975-1979 $252,203,234 --- --- 

1980-1984 743,533,499 --- --- 1985-1989 1,700,270,448 --- --- 1990-1994 2,841,943,690 $841,082,434 29.6% 1995 162,127,462 --- --- 1996 168,381,627 --- --- 1997 207,994,972 --- --- 1998 75,447,885 --- --- 1999 168,647,559 --- --- 2000 100,233,328 --- --- 2001 1,150,842,855 668,377,106 58.1 2002 3,788,726,499 2,081,361,845 54.9 2003 6,405,723,575 5,486,008,838 85.6 2004 3,156,871,716 692,584,383 21.9 2005 11,397,797,550 9,638,505,355 84.6 2006 2,167,031,740 1,641,083,525 75.7 2007 347,476,436 --- --- 

2008 280,785,297 --- --- 2009 7,802,036,676 6,108,491,551 78.3 

TOTAL (1975-2009) $42,918,076,019 $27,157,495,038 63.3% 

Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Annual claims for top 10 firms are summations of all claims in that fiscal year associated with the top 10 firms. See Table S-5 for a list of the top 10 firmValues are subject to change as PBGC completes reviews and establishes termination dates.
44 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-5

Top 10 Firms Presenting Claims (1975-2009)

SingleEmployer Program

Top 10 Firms

Number 

of 

Plans

Fiscal Year(s)

of Plan

Termination(s) Claims

(by firm)

Vested 

Participant

1. United Airlines 4 2005 $7,441,450,992 123,957 

2. Delphi 6 2009 6,108,491,551 69,042 

3. Bethlehem Steel 1 2003 3,654,380,116 91,312 

4. US Airways 4 2003, 2005 2,751,534,173 55,770 

5. LTV Steel* 6 2002, 2003, 2004 2,134,985,884 83,094 

6. Delta Air Lines 1 2006 1,641,083,525 13,291 

7. National Steel 7 2003 1,275,628,286 33,737 

8. Pan American Air 3 1991, 1992 841,082,434 31,999 

9. Trans World Airlines 2 2001 668,377,106 32,263 

10. Weirton Steel 1 2004 640,480,970 9,410 

 Top 10 Total 35 $27,157,495,038 543,875 

 All Other Total 3,958 15,760,580,981 1,266,712 

 TOTAL 3,993 $42,918,076,019 1,810,587 

Sources: PBGC Fiscal Year Closing File (9/30/09), PBGC Case Management System, and PBGC Participant System (PRISM). Due to rounding of individual items, numbers and percentages may not add up to totals.Data in this table have been calculated on a firm basis and, except as noted, include all trusteed plans of each firm.Values and distributions are subject to change as PBGC completes its reviews and establishes termination dates.* Does not include 1986 termination of a Republic Steel plan sponsored by LTV. 
Pension Insurance Data Book 2009 45 Single-Employer Data Tables Table S-6 PBGC 

Trusteed 

Terminations by Fiscal Year and Size of Clai

SingleEmployer Program

Siz

e of Claim

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

1975-1979 545 36 5 --- 

1980-1984 537 66 18 --- 

1985-1989 451 66 15 5 

1990-1994 534 137 17 6 

1995-1999 309 118 16 --- 

2000-2004 349 246 84 22 

2005-2009 149 180 63 10 

TOTAL 2,874 849 218 43 Percent of Total 72.0% 21.3% 5.5% 1.1% 

Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System.Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates.Due to rounding of individual items, percentages may not add up to 100%.
46 Single-Employer Data Tables Pension Insurance Data Book 2009 Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System. Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Table S-7 PBGC Claims by Fiscal Year and Size of Claim (1975

SingleEmployer Program

Siz

e of Claim

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

1975-1979 $62,190,395 $89,626,004 $100,386,836 --- 

1980-1984 79,609,154 193,468,853 470,455,492 --- 

1985-1989 75,747,214 217,215,341 424,362,733 $982,945,158 

1990-1994 125,663,668 449,072,208 447,349,949 1,819,857,864 

1995-1999 94,256,495 307,763,071 380,579,909 --- 

2000-2004 114,865,994 812,347,738 2,445,392,437 5,881,406,167 $5,3

2005-2009 65,637,218 633,488,059 1,958,731,053 4,206,729,355 15,1

TOTAL $617,970,139 $2,702,981,275 $6,227,258,409 $12,890,938,545 $20,4

Percent of Total 1.4% 6.3% 14.5% 30.0% 
Pension Insurance Data Book 2009 47 Single-Employer Data Tables Table S-8 PBGC 

Trusteed Plans by Fiscal Year and Funded Ratio (

SingleEmployer Program

Fu

n

d

ed Ratio

Fiscal Year Less than 25% 25%-49% 50%-74% 75% o

1975-1979 163 149 127 

1980-1984 221 134 134 

1985-1989 169 112 129 

1990-1994 190 153 181 

1995-1999 118 101 139 

2000-2004 116 195 246 

2005-2009 80 125 155 

TOTAL 1,057 969 1,111 

Percent of Total 26.5% 24.3% 27.8% 2

Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System.Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates.Due to rounding of individual items, percentages may not add up to 100%.
48 Single-Employer Data Tables Pension Insurance Data Book 2009 Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System. Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Table S-9 PBGC Claims by Fiscal Year and Funded Ratio (197

SingleEmployer Program Fu

n

d

ed Ratio

Fiscal Year Less than 25% 25%-49% 50%-74% 75

 1975-1979 $170,654,434 $54,478,598 $21,092,607 $

 1980-1984 304,502,421 308,867,603 119,301,161 1

 1985-1989 874,619,561 676,479,120 142,113,170 

 1990-1994 1,664,059,812 326,486,171 767,438,473 8

 1995-1999 103,140,393 184,382,060 339,689,576 15

 2000-2004 713,545,786 7,407,670,661 6,278,869,957 20

 2005-2009 248,264,656 13,498,348,731 8,036,444,225 21

 TOTAL $4,078,787,062 $22,456,712,944 $15,704,949,170 $67

 Percent of Total 9.5% 52.3% 36.6% 
Pension 

Insurance Data Book 2009 49 Single-Employer Data Tables Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System. Claim values and distributions are subject to change as PBGC completes reviews.

Table S-10

PBGC Trusteed Plans by Size of Claim and Funded Ratio 

Single-Employer Program

Size of Claim

Funded Ratio Less than $1 Million $1-9 Million $10-99 Million $100-999 Million 

Less than 25% 815 195 38 9 

25%-49% 596 268 84 16 

50%-74% 692 313 84 18 

75% or more 771 73 12 --- 

TOTAL 2,874 849 218 43 
50 SingleEmployer Data 

Tables Pension 

Insurance Data Book 2009

Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System.Claim values and distributions are subject to change as PBGC completes reviews.Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%.

Table S-11

PBGC Claims by Size of Claim and Funded Ratio (19

Single-Employer Program

Size of Claim

Funded Ratio

Less than 

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

$1 

or 

Less than 25% $207,170,724 $554,181,044 $1,017,147,061 $2,300,288,233 

25%-49% 163,360,056 912,797,933 2,584,782,664 5,440,352,406 $13,35

50%-74% 174,190,454 1,021,656,448 2,235,296,595 5,150,297,906 7,12

75% or more 73,248,904 214,345,849 390,032,090 --- 

TOTAL $617,970,139 $2,702,981,275 $6,227,258,409 $12,890,938,545 $20,47
Pension Insurance Data Book 2009 51 Single-Employer Data Tables Sources: PBGC Fiscal Year Closing File (9/30/09), PBGC Case Management System, and Bureau of Labor Statistics. Claim values and distributions are subject to change as PBGC completes reviews. Claims calculations represent aggregated and average counts of plans, claims, and participants over the period 1975-2009. The number of vested participants and claims values are calculated as of date of plan termination. Claims in 2009 dollars are calculated using Consumer Price Index-Urban Consumers. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Table S-12

Average Claim per Vested Participant by Plan Size (19

SingleEmployer Program

Number of Plan 

Participants

 Vested

Participants Plans Claims

Average

Claim Per

Participant 

Fewer than 100 85,055 2,496 $634,083,159 1.5% $7,455 $979,

100-999 381,095 1,245 3,737,771,655 8.7 9,808 5,350,

1,000-4,999 364,808 189 5,962,840,328 13.9 16,345 8,186,

5,000-9,999 216,050 30 4,738,310,454 11.0 21,932 6,096,

10,000 or more 763,579 33 27,845,070,423 64.9 36,467 31,445,

TOTAL 1,810,587 3,993 $42,918,076,019 100.0% $23,704 $52,059,
52 Single-Employer Data Tables Pension Insurance Data Book 2009 Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System. Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates. Due to rounding of individual items, percentages may not add up to 100%. Table S-13 PBGC 

Trusteed Plans by Fiscal Year and Plan Size (19

SingleEmployer Program

Number of Plan Participants

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

1975-1979 275 198 104 9 --- 

1980-1984 225 231 146 19 --- 

1985-1989 178 205 136 13 4 

1990-1994 170 259 243 18 1 

1995-1999 110 155 150 24 4 

2000-2004 118 192 306 59 16 

2005-2009 64 116 160 47 5 

TOTAL 1,140 1,356 1,245 189 30 

Percent of Total 28.6% 34.0% 31.2% 4.7% 0.8% 
Pension Insurance Data Book 2009 53 Single-Employer Data Tables Table S-14 PBGC Claims by Fiscal Year and Plan Size (1975-2

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

1975-1979 $10,500,637 $26,432,730 $122,694,866 $92,575,001 --- 

1980-1984 14,651,987 43,592,513 241,346,258 443,942,741 --- 1985-1989 10,390,368 48,353,193 304,005,743 354,575,985 $738,503,991 $1990-1994 18,130,109 80,283,598 565,528,731 870,001,122 62,798,864 11995-1999 16,544,894 63,346,092 317,889,581 253,389,484 131,429,424 2000-2004 23,520,274 131,642,310 1,294,511,018 2,601,644,788 3,192,262,773 72005-2009 27,796,630 118,897,823 891,795,457 1,346,711,208 613,315,402 18TOTAL $121,534,899 $512,548,260 $3,737,771,655 $5,962,840,328 $4,738,310,454 $27Percent of Total 0.3% 1.2% 8.7% 13.9% 11.0% 

Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System. Claim values and distributions are subject to change as PBGC completes reviews and establishes termination dates. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%.
54 SingleEmployer Data 

Tables Pension 

Insurance Data Book 2009

Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System.Claim values and distributions are subject to change as PBGC completes reviews.

Table S-15

PBGC Trusteed Plans by Size of Claim and Plan Size (1

Single-Employer Program

Size of Claim

Number of Plan

Participants Less than $1 Million $1-9 Million $10-99 Million $100-999 Million 

Fewer than 25 1,132 8 --- --- 

25-99 1,226 130 --- --- 

100-999 508 656 81 --- 

1,000-4,999 7 54 117 11 

5,000-9,999 --- 1 14 15 

10,000 or more 1 --- 6 17 

TOTAL 2,874 849 218 43 
Pension Insurance Data Book 2009 55 Single-Employer Data Tables Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System. Claim values and distributions are subject to change as PBGC completes reviews. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Table S-16 PBGC Claims by Size of Claim and Plan Size (1975

SingleEmployer Program

Siz

e of Claim

Number of Plan

Participants Less than $1 Million $1-9 Million $10-99 Million $100-999 Million 

Fewer than 25 $109,275,707 $12,259,192 --- --- 

25-99 295,903,126 216,645,134 --- --- 

100-999 208,121,874 2,190,570,476 $1,339,079,305 --- 

1,000-4,999 4,039,582 277,085,638 3,878,913,055 $1,802,802,054 

5,000-9,999 --- 7,050,686 659,083,031 4,072,176,737 

10,000 or more 629,850 --- 349,553,168 7,015,959,754 

TOTAL $617,970,139 $2,703,611,125 $6,226,628,559 $12,890,938,545 

Percent of Total 1.4% 6.3% 14.5% 30.0% 
56 SingleEmployer Data 

Tables Pension 

Insurance Data Book 2009

Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System.Claim values and distributions are subject to change as PBGC completes reviews.

Table S-17

PBGC Trusteed Plans by Funded Ratio and Plan Size (1

Single-Employer Program

Funded Ratio

Number of Plan

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

Fewer than 25 418 227 203 

25-99 377 334 359 

100-999 226 327 454 

1,000-4,999 32 58 69 

5,000-9,999 3 12 9 

10,000 or more 1 11 17 

TOTAL 1,057 969 1,111 
Pension Insurance Data Book 2009 57 Single-Employer Data Tables Table S-18 PBGC Claims by Funded Ratio and Plan Size (1975

SingleEmployer Program Fu

n

d

ed Ratio

Number of Plan

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

Fewer than 25 $64,867,301 $34,908,652 $17,945,644 

25-99 202,513,809 166,690,979 122,780,007 100-999 764,673,383 1,331,162,275 1,466,003,691 1

1,000-4,999 1,683,169,339 2,173,681,450 1,966,892,222 1

5,000-9,999 584,025,842 2,637,538,765 1,304,469,527 2

10,000 or more 779,537,388 16,112,730,823 10,826,858,079 1

TOTAL $4,078,787,062 $22,456,712,944 $15,704,949,170 $6

Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System.Claim values and distributions are subject to change as PBGC completes reviews.Due to rounding of individual items, numbers may not add up to totals.
58 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-19 PBGC Claims by Industry (1975-2009) SingleEmployer Program Industry Total Claims 

AGRICULTURE, MINING, AND CONSTRUCTION $617,172,764 1.4% 

MANUFACTURING 25,001,565,018 58.3 

Apparel and Textile Mill Products 981,292,801 2.3 

Fabricated Metal Products 1,460,283,044 3.4 

Food and Tobacco Products 318,574,805 0.7 

Machinery Manufacturing 1,162,990,840 2.7 

Motor Vehicle Equipment 6,582,454,889 15.3 

Primary Metals 11,691,850,421 27.2 

Rubber and Miscellaneous Plastics 442,400,213 1.0 

Other Manufacturing 2,361,718,005 5.5 

TRANSPORTATION AND PUBLIC UTILITIES 14,467,736,910 33.7 

Air Transportation 14,099,084,923 32.9 

Other Transportation and Utilities 368,651,987 0.9 

INFORMATION 51,103,136 0.1 

WHOLESALE TRADE 439,523,343 1.0 

RETAIL TRADE 550,391,870 1.3 

FINANCE, INSURANCE, AND REAL ESTATE 897,702,345 2.1 

SERVICES 892,880,633 2.1 

TOTAL $42,918,076,019 100.0% 

Sources: PBGC Fiscal Year Closing File (9/30/09) and PBGC Case Management System. Values and distributions are subject to change as PBGC completes reviews. Industry classifications for PBGC claims are based on the principal business activity codes used in the North American Industry Classification SystemDue to rounding of individual items, numbers and percentages may not add up to totals.
Pension Insurance Data Book 2009 59 Single-Employer Data Tables Table S-20 PBGC Benefit Payments, Payees, and Deferred Payees (1

SingleEmployer Program Fiscal Year PERIO

DIC PENSION PAYMENTS

L

UMP-S

UM PAYMENTS 

Total

(in millions)

Payees

in Year

(in thousands)

Average

Monthly

Payment

Median

Monthly

Payment Total

(in millions)

Payees

in Year

(in thousands)

Average

Payment 

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

1985 166 75 226 128 4 2 1,782 

1990 356 110 262 184 13 6 2,437 

1995 739 182 344 232 22 6 3,335 

1996 770 199 328 225 20 7 2,757 

1997 800 204 316 212 23 9 2,629 

1998 826 208 313 208 21 9 2,198 

1999 844 214 311 208 56 16 3,553 

2000 831 226 309 206 71 19 3,726 

2001 954 266 325 208 88 18 4,817 

2002 1,458 343 383 242 79 21 3,757 

2003 2,401 457 453 275 87 22 4,220 

2004 2,918 517 475 281 88 21 4,229 

2005 3,607 683 487 286 78 17 4,633 

2006 4,011 612 531 296 71 13 5,145 

2007 4,179 630 539 281 87 17 5,154 

2008 4,211 639 534 289 81 17 4,828 

2009 4,409 743 598 305 69 12 4,289 

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 Excludes participants in plans that are in probable termination status as of end of fiscal year.Due to rounding of individual items, numbers may not add up across columns.
60 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-21 PBGC Payees and Benefit Payments by Date of Plan 

Termi

SingleEmployer Program

Fiscal Year of 

Plan Termination Payees in 2009 Benefit Payments in 2009

(in millions)

Average

MonthlyPension

Prior to 1980 7,105 0.9% $10.0 0.2% $120 

1980 to 1984 27,748 3.7 72.5 1.6 222 

1985 to 1989 42,733 5.7 148.8 3.3 295 

1990 5,875 0.8 16.1 0.4 230 

1991 55,983 7.4 285.5 6.4 429 

1992 15,903 2.1 75.1 1.7 400 

1993 6,025 0.8 17.2 0.4 241 

1994 12,373 1.6 46.7 1.0 323 

1995 7,980 1.1 29.4 0.7 315 

1996 10,202 1.4 25.3 0.6 210 

1997 14,123 1.9 46.5 1.0 281 

1998 4,808 0.6 14.7 0.3 260 

1999 8,339 1.1 22.8 0.5 233 

2000 10,846 1.4 28.9 0.6 226 

2001 51,363 6.8 304.2 6.8 496 

2002 104,676 13.9 623.3 13.9 501 

2003 112,876 15.0 1,012.0 22.6 759 

2004 64,088 8.5 284.6 6.4 379 

2005 110,785 14.7 1,057.5 23.6 831 

2006 17,094 2.3 208.3 4.7 1,077 

2007 11,170 1.5 50.3 1.1 393 

2008 5,284 0.7 17.5 0.4 426 

2009 46,482 6.2 80.6 1.8 1,638 

TOTAL 753,861 100.0% $4,477.8 100.0% $598 

Sources: PBGC Participant System (PRISM), fiscal year calculations, and PBGC Management Reports.Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%.
Pension Insurance Data Book 2009 61 Single-Employer Data Tables Table S-22 PBGC Payees and Benefit Payments by Size of 

Trusteed P

SingleEmployer Program

Number 

of Plan

Participants Payees Payments

(in millions)

Fewer than 100 44,850 5.9% $112.5 2.5% 

100-499 94,286 12.5 327.5 7.3 

500-999 58,921 7.8 224.7 5.0 

1,000-4,999 151,667 20.1 779.2 17.4 

5,000-9,999 80,240 10.6 533.0 11.9 

10,000-24,999 137,522 18.2 1,096.4 24.5 

25,000 or more 186,375 24.7 1,404.6 31.4 

TOTAL 753,861 100.0% $4,477.8 100.0% 

Sources: PBGC Participant System (PRISM), fiscal year calculations, and PBGC Management Reports.Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%.
62 Single-Employer Data Tables Pension Insurance Data Book 2009 Sources: PBGC Participant System (PRISM), fiscal year calculations, and PBGC Management Reports. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Numbers in table include periodic payees only. Table S-23

Total PBGC Payees and 

Average Benefit Payments by Gender 

SingleEmployer Program

TOTAL PERIO

DIC PAYEES MALE 

Age Payees

Average

MonthlyPension Payees

Average

MonthlyPension 

Younger than 60 71,121 100.0% $908 42,033 59.1% $1,069 

60-64 117,881 100.0 753 72,860 61.8 868 65-69 144,352 100.0 643 94,448 65.4 761 70-74 123,874 100.0 602 79,428 64.1 766 75-79 108,455 100.0 525 65,185 60.1 710 80-84 89,514 100.0 418 47,817 53.4 597 85 and older 87,710 100.0 335 39,115 44.6 523 TOTAL 742,907 100.0% $598 440,886 59.3% $763 
Pension Insurance Data Book 2009 63 Single-Employer Data Tables Sources: PBGC Participant System (PRISM), fiscal year calculations, and PBGC Management Reports. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Numbers in table include periodic payees only. Table S-24 PBGC Retired Payees and 

Average Benefit Payments by Gende

SingleEmployer Program

TOTAL RETIRE

D PAYEES MALE 

Age Payees

Average

MonthlyPension Payees

Average

MonthlyPension 

Younger than 60 61,183 100.0% $992 41,066 67.1% $1,087 

60-64 106,883 100.0 793 72,069 67.4 874 

65-69 128,683 100.0 682 93,158 72.4 767 

70-74 103,969 100.0 665 77,867 74.9 775 

75-79 84,854 100.0 608 63,669 75.0 721 

80-84 64,487 100.0 502 46,738 72.5 606 

85 and older 57,573 100.0 415 38,067 66.1 533 

TOTAL 607,632 100.0% $675 432,634 71.2% $772 
64 Single-Employer Data Tables Pension Insurance Data Book 2009 Sources: PBGC Participant System (PRISM), fiscal year calculations, and PBGC Management Reports. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Numbers in table include periodic payees only. Table S-25 PBGC Beneficiary Payees and 

Average Benefit Payments by Gen

SingleEmployer Program

TOTAL BENEFICIARY PAYEES MALE 

Age Payees

Average

MonthlyPension Payees

Average

MonthlyPension 

Younger than 60 9,938 100.0% $393 967 9.7% $316 

60-64 10,998 100.0 367 791 7.2 333 

65-69 15,669 100.0 321 1,290 8.2 307 

70-74 19,905 100.0 274 1,561 7.8 319 

75-79 23,601 100.0 229 1,516 6.4 287 

80-84 25,027 100.0 201 1,079 4.3 219 

85 and older 30,137 100.0 181 1,048 3.5 191 

TOTAL 135,275 100.0% $254 8,252 6.1% $283 
Pension Insurance Data Book 2009 65 Single-Employer Data Tables Sources: PBGC Participant System (PRISM), fiscal year calculations, and PBGC Management Reports. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Numbers in table include periodic payees only. Table S-26

Total PBGC Payees and Benefit Payments by Size of Monthly 

SingleEmployer Program

Monthly Payment Total Payees T

Less than $50 41,779 5.6% $1

$50-$99 102,274 13.8 8

$100-$149 83,573 11.2 11

$150-$199 56,612 7.6 11

$200-$249 47,188 6.4 12

$250-$299 36,073 4.9 11

$300-$349 32,751 4.4 12

$350-$399 25,945 3.5 11

$400-$449 24,785 3.3 12

$450-$499 21,286 2.9 11

$500-$549 20,926 2.8 12

$550-$599 18,866 2.5 12

$600-$749 45,130 6.1 34

$750-$999 48,098 6.5 47

$1,000-$1,499 62,950 8.5 80

$1,500-$1,999 31,162 4.2 53

$2,000-$2,499 14,802 2.0 31

$2,500 or more 28,707 3.9 65

TOTAL 742,907 100.0% $4,40
66 Single-Employer Data Tables Pension Insurance Data Book 2009 Sources: PBGC Participant System (PRISM), fiscal year calculations, and PBGC Management Reports. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Numbers in table include periodic payees only. Table S-27 PBGC Retired Payees and Benefit Payments by Size of Monthl

SingleEmployer Program Monthly Payment Retired Payees T

Less than $50 32,215 5.3 % $12,249,182 

$50-$99 63,061 10.4 53,303,088 

$100-$149 56,514 9.3 78,556,961 

$150-$199 44,264 7.3 86,931,860 

$200-$249 37,772 6.2 96,251,665 

$250-$299 28,961 4.8 90,562,376 

$300-$349 27,322 4.5 100,939,316 

$350-$399 22,236 3.7 95,563,232 

$400-$449 21,760 3.6 105,784,731 

$450-$499 18,850 3.1 102,740,879 

$500-$549 18,818 3.1 113,393,163 

$550-$599 17,065 2.8 112,643,807 

$600-$749 41,520 6.8 320,271,825 

$750-$999 44,750 7.4 442,455,199 

$1,000-$1,499 59,919 9.9 772,104,177 

$1,500-$1,999 30,170 5.0 519,755,431 

$2,000-$2,499 14,338 2.4 301,568,352 

$2,500 or more 28,097 4.6 628,416,017 

TOTAL 607,632 100.0 % $4,033,491,262 
Pension Insurance Data Book 2009 67 Single-Employer Data Tables Table S-28 PBGC Beneficiary Payees and Benefit Payments by Size of Mont

SingleEmployer Program Monthly Payment Beneficiary Payees T

Less than $50 9,564 7.1 % $3,239,271 

$50-$99 39,213 29.0 35,833,573 

$100-$149 27,059 20.0 36,704,034 

$150-$199 12,348 9.1 24,125,381 

$200-$249 9,416 7.0 23,986,355 

$250-$299 7,112 5.3 22,126,861 

$300-$349 5,429 4.0 19,827,771 

$350-$399 3,709 2.7 15,717,007 

$400-$449 3,025 2.2 14,362,589 

$450-$499 2,436 1.8 12,746,384 

$500-$549 2,108 1.6 12,374,762 

$550-$599 1,801 1.3 11,420,191 

$600-$749 3,610 2.7 25,976,752 

$750-$999 3,348 2.5 28,115,690 

$1,000-$1,499 3,031 2.2 36,051,485 

$1,500-$1,999 992 0.7 17,787,855 

$2,000-$2,499 464 0.3 11,268,779 

$2,500 or more 610 0.5 23,454,910 

TOTAL 135,275 100.0 % $375,119,650 

Sources: PBGC Participant System (PRISM), fiscal year calculations, and PBGC Management Reports. Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%. Numbers in table include periodic payees only.
68 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-29 PBGC Payees and Benefit Payments by Industry (2

SingleEmployer Program Industry Payees Benefit Payment

AGRICULTURE, MINING, AND CONSTRUCTION 15,947 2.1% $85,104,695 

MANUFACTURING 500,879 66.4 2,454,542,707 5

Apparel and Textile Mill Products 68,666 9.1 142,039,746 Fabricated Metal Products 39,773 5.3 149,095,666 Food and Tobacco Products 13,000 1.7 34,227,194 Machinery and Computer Equipment 42,085 5.6 195,804,832 Motor Vehicle Equipment 51,634 6.8 126,305,297 Primary Metals 222,741 29.5 1,597,676,206 3Rubber and Miscellaneous Plastics 9,733 1.3 30,086,615 Other Manufacturing 53,247 7.1 179,307,152 

TRANSPORTATION AND PUBLIC UTILITIES 155,615 20.6 1,642,333,025 3

Air Transportation 143,695 19.1 1,590,718,931 3Other Transportation 11,859 1.6 51,491,289 Public Utilities 61 * 122,805 

INFORMATION 2,711 0.4 7,343,657 WHOLESALE TRADE 11,926 1.6 47,077,307 RETAIL TRADE 30,771 4.1 71,150,099 FINANCE, INSURANCE, AND REAL ESTATE 12,945 1.7 83,278,325 SERVICES 22,745 3.0 85,961,151 

Health Care 12,542 1.7 45,437,484 Other Services 10,203 1.4 40,523,667 

NON-PROFIT ORGANIZATIONS 322 * 1,013,325 TOTAL 753,861 100.0% $4,477,804,291 10

Sources: PBGC Participant System (PRISM), fiscal year calculations, and PBGC Management Reports. Due to rounding of individual items, numbers and percentages may not add up to totals. Industry classifications are based on principal business activity code used in the North American Industry Classification System. *Less than 0.05 of one percent.
Pension Insurance Data Book 2009 69 Single-Employer Data Tables Table S-30 PBGC-Insured Plan Participants (1980-2009

SingleEmployer Program Year Total Insured Participants (in thousands) In Plans with 10,000 or more Participants (in thousands) In Plans with 5,000-9,999 Participants (in thousands) In Plans with 1,000-4,999 Participants (in thousands) In Plans with 250-999 Participants (in thousands) In Plans w

100-24

Participa

(in thousand

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

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

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

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

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

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

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

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

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

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

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

2003 34,407 21,947 3,609 5,682 2,164 593 

2004 34,523 22,378 3,603 5,491 2,083 565 

2005 34,232 22,293 3,607 5,373 2,013 550 

2006 33,933 22,143 3,705 5,196 1,974 530 

2007 33,892 22,149 3,756 5,149 1,929 523 

2008 33,888 22,251 3,703 5,164 1,888 504 

2009 33,606 22,299 3,601 5,069 1,801 479 

Source: PBGC Premium Filings. 2009 figures are estimates from PBGC internal calculations. 2008 estimates reported last year have been updated to reflect actual premium filings. Due to rounding of individual items, numbers may not add up across columns.
70 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-31 PBGC-Insured Plans (1980-2009) SingleEmployer Program Year Total Insured Plans Insured Plans with 10,000 or more Participants Insured Plans with 5,000-9,999 Participants Insured Plans with 1,000-4,999 Participants Insured Plans with 250-999 Participants Insured Plans w

100-24

Participa

1980 95,439 349 365 2,858 7,439 8,512 

1985 112,208 354 435 3,125 8,230 10,003 

1990 91,899 458 477 3,400 8,085 8,976 

1995 53,589 528 559 3,308 6,743 6,850 

1996 48,748 531 556 3,280 6,217 6,225 

1997 43,902 563 550 3,199 5,962 5,734 

1998 41,462 570 565 3,139 5,693 5,255 

1999 37,536 603 555 2,933 5,271 4,803 

2000 35,373 621 531 2,875 5,056 4,536 

2001 32,954 644 522 2,787 4,757 4,154 

2002 31,229 632 505 2,671 4,461 3,742 

2003 30,611 621 514 2,569 4,238 3,662 

2004 30,148 627 510 2,478 4,083 3,483 

2005 29,605 618 509 2,404 3,935 3,379 

2006 28,923 592 525 2,337 3,850 3,272 

2007 29,255 595 533 2,336 3,768 3,204 

2008 28,876 591 524 2,339 3,700 3,090 

2009 27,647 591 509 2,294 3,533 2,954 

Source: PBGC Premium Filings. 2009 figures are estimates from PBGC internal calculations. 2008 estimates reported last year have been updated to reflect actual premium filings.
Pension Insurance Data Book 2009 71 Single-Employer Data Tables Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only plans with 100 or 

Due to rounding of individual items, percentages may not add up to 100%. 2007 figures are estimates from PBGC internal calculations. 2006 figures reported last year have been updated to reflect actual Form 5500 filings. Table S-32 PBGC-Insured Plan Participants by Participant Status (

SingleEmployer Program Year Active Participants Retired Participants 

1980 77.6% 16.0% 

1985 72.2 18.7 

1990 68.1 19.4 

1995 57.8 22.9 

1996 55.3 23.0 

1997 54.7 23.7 

1998 54.2 23.8 

1999 53.7 23.9 

2000 51.9 24.4 

2001 51.3 24.6 

2002 49.8 25.2 

2003 48.6 25.4 

2004 47.2 26.1 

2005 45.7 26.6 

2006 44.8 27.1 

2007 41.1 26.4 
72 Single-Employer Data Tables Pension Insurance Data Book 2009 Sources: PBGC Pension Insurance Data Book 2009 Tables S-30, S-32, M-5, and M-7 and data on employed and unemployed wage and salary workers from Employment and Earnings (Bureau of Labor Statistics, U.S. Department of Labor). Due to rounding of individual items, percentages may not add up across columns. 2007 figures are estimates from PBGC internal calculations. 2006 figures reported last year have been updated to reflect actual Form 5500 filings. Table S-33 PBGC-Insured 

Active Participants

as a Percent of Private-Sector Wage and Salary Workers (

 Year

Private-Sector 

Wage and Salary Workers

(in thousands)

PERCENTAGE OF PRIVATE-SECTOR WA

Single-Employer

Active Participants

Multiem

Active Pa

1980 78,349 27.3% 7.

1985 88,293 24.4 6.

1990 94,772 22.7 5.

1991 94,959 22.3 5.

1992 96,577 21.3 5.

1993 97,749 20.4 4.

1994 101,077 19.6 4.

1995 102,162 18.5 4.

1996 104,313 17.3 4.

1997 106,955 17.0 4.

1998 108,340 16.8 4.

1999 110,131 16.5 4.

2000 112,443 15.8 4.

2001 113,458 15.5 4.

2002 113,711 15.0 4.

2003 114,924 14.5 4.

2004 115,672 14.1 3.

2005 118,160 13.2 3.2006 119,858 12.7 3.

2007 121,563 11.5 3.
Pension Insurance Data Book 2009 73 Single-Employer Data Tables Table S-34 PBGC-Insured Hybrid Plans by Plan Size (2001-2

SingleEmployer Program Beginning of Year TOTAL INS

URE

D PLANS INS

URE

D PLANS WITH

5,000 OR MORE PARTICIPANTS

INS

URE

D PLANS WITH 

1,000-4,999 PARTICIPANTS

Total

Plans

Hybrid

Plans

Percent

Hybrid

Total

Plans

Hybrid

Plans

Percent

Hybrid

Total

Plans

Hybrid

Plans

Perce

Hybri

2001 32,954 1,227 3.7% 1,166 256 22.0% 2,787 290 10.4% 

2002 31,229 1,308 4.2 1,137 263 23.1 2,671 310 11.6 2003 30,611 1,541 5.0 1,135 303 26.7 2,569 326 12.7 2004 30,148 1,756 5.8 1,137 342 30.1 2,478 338 13.6 2005 29,605 1,944 6.6 1,127 342 30.3 2,404 331 13.8 2006 28,923 2,116 7.3 1,117 352 31.5 2,337 347 14.8 2007 29,255 2,439 8.3 1,128 356 31.6 2,336 350 15.0 2008 28,876 2,984 10.3 1,115 368 33.0 2,339 355 15.2 

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans.Hybrid plans incorporate elements of both defined benefit and defined contribution plans but are treated as defined benefit plans. They often  express benefits in terms of an account balance. The two most common types of hybrid plans are Cash Balance Plans and Pension Equity Plans.2008 figures are estimates from PBGC internal calculations. 2007 figures reported last year have been updated to reflect actual Form 5500 filings.
74 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-35 PBGC-Insured Hybrid Plan Participants by Plan Size (2

SingleEmployer Program Beginning of Year TOTAL INS

URE

D PLANS

INS

URE

D PLANS WITH 

5,000 OR MORE PARTICIPANTS

INS

URE

D PLANS WITH

1,000-4,999 PARTICIPANT

Total

Participants

(in thousands)

Participants

in Hybrid

Plans

(in thousands)

% in

Hybrid

Plans

Total

Participants

(in thousands)

Participants

in Hybrid

Plans

(in thousands)

% in

Hybrid

Plans

Total

Participants

(in thousands)

Participants

in Hybrid

Plans

(in thousands)

2001 34,342 7,034 20.5% 24,761 6,180 25.0% 6,045 698 2002 34,248 7,915 23.1 25,110 6,999 27.9 5,846 763 

2003 34,407 8,475 24.6 25,556 7,530 29.5 5,682 789 

2004 34,523 9,993 28.9 25,981 8,979 34.6 5,491 837 

2005 34,232 10,333 30.2 25,900 9,328 36.0 5,373 821 

2006 33,933 10,326 30.4 25,848 9,284 35.9 5,196 853 2007 33,892 10,921 32.2 25,905 9,842 38.0 5,149 874 2008 33,888 10,591 31.3 25,955 9,494 36.6 5,164 865 

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans.Hybrid plans incorporate elements of both defined benefit and defined contribution plans but are treated as defined benefit plans. They often  express benefits in terms of an account balance. The two most common types of hybrid plans are Cash Balance Plans and Pension Equity Plans.Because most hybrid plans converted from traditional defined benefit plans, not all participants will receive benefits based on the hybrid plan design.2008 figures are estimates from PBGC internal calculations. 2007 figures reported last year have been updated to reflect actual Form 5500 filings.
Pension Insurance Data Book 2009 75 Single-Employer Data Tables Table S-36 PBGC-Insured Hard-Frozen Plans by Plan Size (200

SingleEmployer Program End of Year TOTAL INS

URE

D PLANS

INS

URE

D PLANS WITH

5,000 OR MORE PARTICIPANTS

INS

URE

D PLANS WITH 

1,000-4,999 PARTICIPANTS

Total

Plans

HardFrozen

Plans

Percent

HardFrozen Total Plans

HardFrozen

Plans

Percent

HardFrozen Total Plans

HardFrozen

Plans

Percen

HardFrozen 

2003 30,611 2,898 9.5% 1,135 23 2.1% 2,569 153 6.0% 

2004 30,148 3,626 12.0 1,137 32 2.8 2,478 209 8.4 

2005 29,605 4,324 14.6 1,127 62 5.5 2,404 267 11.1 

2006 28,923 4,760 16.5 1,117 68 6.1 2,337 319 13.7 

2007 29,255 5,273 18.0 1,128 63 5.6 2,336 371 15.9 

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans.Hard-frozen plans are plans where no participants are receiving new benefit accruals for additional service or increasing compensation.2007 figures are estimates from PBGC internal calculations. 2006 figures reported last year have been updated to reflect actual Form 5500 filings.
76 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-37 PBGC-Insured Hard-Frozen Plan Participants by Plan Siz

SingleEmployer Program End of Year TOTAL INS

URE

D PLANS

INS

URE

D PLANS WITH 

5,000 OR MORE PARTICIPANTS

INS

URE

D PLANS WITH

1,000-4,999 PARTICIPAN

Total

Participants

(in thousands)

Participants

in HardFrozen 

Plans

(in thousands)

% in

HardFrozen 

Plans

Total

Participants

(in thousands)

Participants

in HardFrozen 

Plans

(in thousands)

% in

HardFrozen 

Plans

Total

Participants

(in thousands)

Participants

in HardFrozen 

Plans

(in thousands)

2003 34,407 882 2.6% 25,556 249 1.0% 5,682 325 

2004 34,523 1,231 3.6 25,981 387 1.5 5,491 445 

2005 34,232 2,355 6.9 25,900 1,256 4.8 5,373 608 

2006 33,933 2,824 8.3 25,848 1,565 6.1 5,196 695 

2007 33,892 2,565 7.6 25,905 1,170 4.5 5,149 792 

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans.Hard-frozen plans are plans where no participants are receiving new benefit accruals for additional service or increasing compensation.2007 figures are estimates from PBGC internal calculations. 2006 estimates reported last year have been updated to reflect actual Form 5500 filings.Due to rounding of individual items, numbers may not add up across columns.
Pension Insurance Data Book 2009 77 Single-Employer Data TablesSource: PBGC Premium Filings. Due to rounding of individual items, numbers and percentages may not add up to totals. Industry classifications are based on principal business activity codes used in the North American Industry Classification System. Table S-38 PBGC-Insured Plans, Participants, and Premiums by Ind

SingleEmployer Program Industry Insured Plans Insured Parti

(in thousan

AGRICULTURE, MINING, AND CONSTRUCTION 2,592 9.0% 584 MANUFACTURING 7,108 24.6 15,330 

Chemical and Allied Products 619 2.1 1,772 

Fabricated Metal Products 1,178 4.1 616 

Food and Tobacco Products 676 2.3 1,316 

Machinery and Computer Equipment 651 2.3 1,108 

Motor Vehicle Equipment 324 1.1 2,127 

Paper Manufacturing 276 1.0 590 

Primary Metals 418 1.4 555 

Rubber and Miscellaneous Plastics 348 1.2 363 

Other Manufacturing 2,618 9.1 6,883 

TRANSPORTATION AND PUBLIC UTILITIES 1,026 3.6 2,378 

Air Transportation 60 0.2 586 

Other Transportation 569 2.0 711 

Public Utilities 397 1.4 1,081 

INFORMATION 721 2.5 2,397 

WHOLESALE TRADE 2,091 7.2 765 

RETAIL TRADE 1,357 4.7 1,733 

FINANCE, INSURANCE, AND REAL ESTATE 5,333 18.5 4,338 

SERVICES 7,627 26.4 6,126 

Health Care 1,795 6.2 2,900 

Other Services 5,832 20.2 3,226 

NON-PROFIT ORGANIZATIONS 1,021 3.5 237 

TOTAL 28,876 100.0% 33,888 
78 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-39 PBGC’s Historic Premium Rates SingleEmployer Program For Plan Years Beginning Flat-Rate Premium (per participant) Variable-Rate Premium* 

September 2, 1974-December 31, 1977 $1.00 --- 

1978-1985 2.60 --- 

1986-1987 8.50 --- 

1988-1990 16.00 $6 per $1,000 of unfunded vested benefits 1991-2005 19.00 $9 per $1,000 of unfunded vested benefits 

2006 30.00*** $9 per $1,000 of unfunded vested benefits 

2007 31.00 $9 per $1,000 of unfunded vested benefits 

2008 33.00 $9 per $1,000 of unfunded vested benefits 

2009 34.00 $9 per $1,000 of unfunded vested benefits 

2010 35.00 $9 per $1,000 of unfunded vested benefits 

* Only vested liabilities are used when determining underfunding for variable-rate premium payment purposes. Prior to July 1, 1996, the variable-rate  capped at various levels. Effective beginning with the 2007 plan year, a cap was imposed on the variable-rate premium for plans of small employe

contributing sponsors to the plan and their controlled group members have 25 or fewer employees, the per-participant variable-rate premium for thcapped at $5.00 times the number of participants in the plan. (The cap for the plan as a whole is effectively $5.00 times the square of the number participants.) Effective beginning with the 2008 plan year, an exemption that allowed some underfunded plans to escape payment of the variable

 was eliminated and a modification was made to how underfunding is determined for variable-rate premium purposes. ** Applies to certain distress or involuntary pension plan terminations that occur after 2005. For certain airline-related plans that terminate within five y

electing to be covered under special funding rules, the annual termination premium (payable for three years) is $2,500 per participant. *** Beginning in 2007, this amount is adjusted annually based on changes in the national average wage index (as defined in section 209(k)(1) of the SThe premium rate will not decline even if the national average wage index declines. The adjusted premium rate is rounded to the nearest multiple 
Pension Insurance Data Book 2009 79 Single-Employer Data Tables Table S-40 PBGC Premium Revenue (1980-2009) SingleEmployer Program Year Flat-Rate Premium (in millions) Variable-Rate Premium (in millions) T

1980 $71.2 100.0% --- --- --- 

1985 81.7 100.0 --- --- --- 

1990 509.0 77.2 $150.0 22.8% --- 

1995 587.0 70.0 251.0 30.0 --- 

1996 600.0 52.4 546.0 47.6 --- 

1997 646.0 60.5 421.0 39.5 --- 

1998 642.0 66.5 324.0 33.5 --- 

1999 611.0 67.7 291.0 32.3 --- 

2000 661.0 81.9 146.0 18.1 --- 

2001 674.0 82.1 147.0 17.9 --- 

2002 654.0 83.1 133.0 16.9 --- 

2003 647.0 68.2 301.0 31.8 --- 

2004 654.0 44.9 804.0 55.1 --- 

2005 664.0 45.8 787.0 54.2 --- 

2006 892.0 61.9 550.0 38.1 --- 

2007 1,057.0 71.6 358.0 24.3 $61.0 

2008 1,104.0 78.7 241.0 17.2 57.0 

2009* 1,126.0 61.8 696.0 38.2 0.0 

Source: PBGC Premium Filings. Premium data include penalties and interest. Due to rounding of individual items, percentages may not add up to 100%. * Beginning in 2009, PBGC started to report premium income net of bad debt expense for premium, interest, and penalties.
80 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-41 PBGC Premium Revenue by Size of Plan and 

Type of Prem

SingleEmployer Program

Number of Plan

Participants

 Flat-Rate

 Premium

Variable-Rate

Premium

Fewer than 100 $10,908,892 1.0% $7,425,462 3.1% 

100-499 37,804,699 3.4 13,921,475 5.8 

500-999 35,626,874 3.2 12,164,421 5.0 

1,000-2,499 79,959,518 7.2 22,875,685 9.5 

2,500-4,999 85,414,106 7.7 20,350,908 8.4 

5,000-9,999 117,833,543 10.7 35,701,316 14.8 

10,000 or more 736,452,368 66.7 128,560,732 53.3 

TOTAL $1,104,000,000 100.0% $241,000,000 100.0% 

PERCENT OF TOTAL 82% 18% 

Source: PBGC Premium Filings.Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%.“Percent of Total” represents the proportion of total premiums made up of flat-rate and variable-rate premiums, respectively.*Excludes termination premium revenues.
Pension Insurance Data Book 2009 81 Single-Employer Data Tables Table S-42 PBGC-Insured Plans and Participants by 

Total Premium 

SingleEmployer Program

Average Variable-Rate

Premium Per Participant Plans

Percent of Variable-Rate 

Premium-Paying Plans

Percent 

of All

Plans Participa

NO VARIABLE-RATE PREMIUM PAID 19,237 --- 66.6% 25,862TOTAL VARIABLE-RATE PREMIUM PAYERS 9,639 100.0% 33.4 8,025

$0.01-$9.99 1,708 17.7 5.9 2,882$10.00-$19.99 2,135 22.1 7.4 1,520$20.00-$29.99 1,413 14.7 4.9 1,240$30.00-$39.99 849 8.8 2.9 521$40.00-$49.99 625 6.5 2.2 467$50.00-$59.99 440 4.6 1.5 320$60.00-$69.99 406 4.2 1.4 319$70.00-$79.99 257 2.7 0.9 132$80.00-$89.99 219 2.3 0.8 45$90.00-$99.99 186 1.9 0.6 71$100.00-$149.99 477 4.9 1.7 171$150.00-$199.99 228 2.4 0.8 107$200.00-$249.99 145 1.5 0.5 114$250.00-$299.99 105 1.1 0.4 93$300.00 or more 446 4.6 1.5 15

 TOTAL ALL PLANS 28,876 --- 100.0% 33,888

Source: PBGC Premium Filings.Due to rounding of individual items, percentages may not add up to 100%.Because the flat premium rate is now indexed, the row headings show only the per-participant variable-rate premium paid by plans.* Less than 0.05 percent.
82 Single-Employer Data Tables Pension Insurance Data Book 2009 Source: PBGC Premium Filings. *Excludes plans paying PBGC Termination Premium. **Interest rates for valuing vested benefits for PBGC variable-rate premium for plans with premium payment years beginning in January of the respect

***Beginning in 2008, plans were required to use spot segment interest rates published by the IRS for calculating a plan’s vested liabilities to determin

The first segment rate applies to benefits expected to be paid within five years, the second to benefits expected to be paid from five to twenty yeabenefits expected to be paid more than twenty years in the future. Table S-43 PBGC-Insured Plans and Participants by Variable-Rate Premium 

SingleEmployer Program Beginning of Year Plans Paying Variable-Rate Premium Plans Paying Flat-Rate Premium Only Participants in Plans Paying Variable-Rate Premium Participants in Plans Paying Flat-Rate Premium Only Fi

Segm

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 

2002 35.7 64.3 9.8 90.2 

2003 45.1 54.9 17.2 82.8 

2004 50.0 50.0 33.1 66.9 

2005 48.3 51.7 32.5 67.5 

2006 38.3 61.7 14.4 85.6 

2007 24.5 75.5 11.0 89.0 

2008 33.4 66.6 23.7 76.3 4.93
Pension Insurance Data Book 2009 83 Single-Employer Data Tables Table S-44 Funding of PBGC-Insured Plans (1980-2007

SingleEmployer Program Beginning of Year Assets (in millions) Liabilities* (in millions) Funding Ratio

Underfunding

(in millions)

1980 $259,810 $212,072 123% $20,156 

1985 500,673 308,617 162 11,182 

1990 837,131 604,047 139 35,689 

1991 848,251 687,896 123 34,485 

1992 915,722 771,421 119 47,528 

1993 951,972 844,803 113 59,622 

1994 1,001,129 936,698 107 75,569 

1995 1,032,503 887,730 116 37,278 

1996 1,198,221 1,134,194 106 83,071 

1997 1,368,188 1,192,222 115 47,906 

1998 1,491,488 1,284,725 116 49,242 

1999 1,692,755 1,455,469 116 54,237 

2000 1,836,184 1,271,347 144 6,566 

2001 1,714,534 1,374,416 125 38,564 

2002 1,444,777 1,435,558 101 142,573 

2003 1,372,490 1,620,607 85 298,996 

2004 1,590,057 1,860,514 85 321,831 

2005 1,728,856 1,946,593 89 282,953 

2006 1,840,181 1,910,563 96 185,883 

2007 2,012,833 1,930,368 104 114,645 

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 Estimates for 2006 reported last year have been updated.Due to rounding of individual items, numbers may not add up across columns.* Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the be The assumed mortality table was UP-84 for 1980-1992, GAM-83 for 1993-2006, and the mortality table found in section 1.412(l)(7)-1 of the Income 
84 Single-Employer Data Tables Pension Insurance Data Book 2009 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 

Estimates for 2006 reported last year have been updated. Due to rounding of individual items, numbers may not add up across columns. * Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the be The assumed mortality table was UP-84 for 1980-1992, GAM-83 for 1993-2006, and the mortality table found in section 1.412(l)(7)-1 of the Income T

Table S-45 Funding of Underfunded PBGC-Insured Plans (198

SingleEmployer Program Beginning of Year Assets (in millions) Liabilities* (in millions)

Underfunding

(in millions)

F

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

1985 28,722 39,904 11,182 

1990 95,068 130,758 35,689 

1991 147,301 181,786 34,485 

1992 172,372 219,900 47,528 

1993 215,695 275,317 59,622 

1994 308,516 384,085 75,569 

1995 218,493 255,771 37,278 

1996 493,597 576,668 83,071 

1997 353,823 401,729 47,906 

1998 358,514 407,756 49,242 

1999 413,446 467,683 54,237 

2000 63,218 69,784 6,566 

2001 308,514 347,078 38,564 

2002 778,351 920,925 142,573 

2003 1,069,966 1,368,962 298,996 

2004 1,229,811 1,551,642 321,831 

2005 1,197,558 1,480,512 282,953 

2006 971,052 1,156,935 185,883 

2007 782,575 897,220 114,645 
Pension Insurance Data Book 2009 85 Single-Employer Data Tables Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Data for plan years prior to 1999 include only plans with 100 or 

Estimates for 2006 reported last year have been updated. Due to rounding of individual items, numbers may not add up across columns. * Vested liabilities have been adjusted to the PBGC rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the be The assumed mortality table was UP-84 for 1980-1992, GAM-83 for 1993-2006, and the mortality table found in section 1.412(l)(7)-1 of the Income T

Table S-46 Funding of Overfunded PBGC-Insured Plans (1980

SingleEmployer Program Beginning of Year Assets (in millions) Liabilities* (in millions) Overfunding (in millions) F

1980 $205,970 $138,076 $67,894 

1985 471,951 268,713 203,238 

1990 742,063 473,289 268,773 

1991 700,950 506,110 194,840 

1992 743,350 551,520 191,829 

1993 736,277 569,486 166,791 

1994 692,613 552,613 140,000 

1995 814,009 631,959 182,050 

1996 704,624 557,526 147,098 

1997 1,014,365 790,494 223,871 

1998 1,132,974 876,969 256,005 

1999 1,279,309 987,785 291,524 

2000 1,772,966 1,201,563 571,403 

2001 1,406,020 1,027,338 378,682 

2002 666,426 514,633 151,793 

2003 302,524 251,645 50,879 

2004 360,246 308,872 51,373 

2005 531,297 466,082 65,215 

2006 869,129 753,627 115,502 

2007 1,230,258 1,033,148 197,110 
86 Single-Employer Data Tables Pension Insurance Data Book 2009 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 

Estimates for 2006 reported last year have been updated. Due to rounding of individual items, numbers may not add up across columns and percentages may not add up to 100%. Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beg The assumed mortality table was UP-84 for 1980-1992, GAM-83 for 1993-2006, and the mortality table found in section 1.412(l)(7)-1 of the Income T

Table S-47 Concentration of Underfunding in PBGC-Insured Plans 

SingleEmployer Program Beginning of Year Total

Underfunding

(in millions)

10 Plans With the Highest

Underfunding

(in millions)

Next 40 Plans’

Underfunding

(in millions)

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

1991 34,485 14,067 40.8 6,884 20.0 

1992 47,528 21,610 45.5 7,818 16.4 

1993 59,622 25,894 43.4 9,337 15.7 

1994 75,569 28,658 37.9 10,310 13.6 

1995 37,278 6,535 17.5 7,921 21.2 

1996 83,071 13,850 16.7 16,410 19.8 

1997 47,906 7,751 16.2 8,473 17.7 

1998 49,242 14,432 29.3 6,942 14.1 

1999 54,237 11,500 21.2 9,018 16.6 

2000 6,566 1,631 24.8 1,077 16.4 

2001 38,564 12,776 33.1 7,254 18.8 

2002 142,573 33,691 23.6 25,933 18.2 

2003 298,996 34,922 11.7 59,169 19.8 

2004 321,831 34,899 10.8 62,414 19.4 

2005 282,953 29,255 10.3 50,825 18.0 

2006 185,883 23,881 12.8 31,663 17.0 

2007 114,645 16,997 14.8 20,016 17.5 
Pension Insurance Data Book 2009 87 Single-Employer Data Tables Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Due to rounding of individual items, numbers and percentages may not add up to totals. *Vested liabilities have been adjusted to an interest rate that, along with the mortality table found in section 1.412(l)(7)-1 of the Income Tax Regulations 

reflects the cost to purchase an annuity at the beginning of 2007. ** Less than 0.05 percent. Table S-48 Plans, Participants, and Funding of PBGC-Insured Plans by Fun

SingleEmployer Program Funding Ratio Plans Participants (in thousands) Total Liabilities* (in millions)

Und

(i

Less than 40% 362 1.2% 134 0.4% $1,102 0.1% $980 

40%-49% 289 1.0 20 0.1 604 ** 326 

50%-59% 583 2.0 142 0.4 11,661 0.6 5,071 

60%-69% 1,441 4.9 525 1.5 35,592 1.8 11,774 

70%-79% 3,489 11.9 3,142 9.3 141,474 7.3 33,287 

80%-89% 5,224 17.9 6,544 19.3 293,791 15.2 43,300 

90%-99% 4,498 15.4 7,336 21.6 412,996 21.4 19,907 

100%-109% 6,818 23.3 6,200 18.3 406,308 21.0 --- 

110%-119% 1,866 6.4 4,210 12.4 305,442 15.8 --- 

120%-129% 1,023 3.5 2,429 7.2 138,239 7.2 --- 

130%-139% 690 2.4 1,560 4.6 91,046 4.7 --- 

140%-149% 441 1.5 707 2.1 46,226 2.4 --- 

150% or more 2,531 8.7 943 2.8 45,887 2.4 --- 

TOTAL 29,255 100.0% 33,892 100.0% $1,930,368 100.0% $114,645 

UNDERFUNDED 15,886 54.3% 17,843 52.6% $897,220 46.5% $114,645 

OVERFUNDED 13,369 45.7% 16,049 47.4% $1,033,148 53.5% --- 
88 Single-Employer Data Tables Pension Insurance Data Book 2009 Definitions: (A) Underfunding calculated from Internal Revenue Service Form 5500 Series Filings for single-employer plans. Vested liabilities have been adjus

mortality table, reflects the cost to purchase an annuity at the beginning of the relevant year. The assumed mortality table was UP-84 for 1992, section 1.412(I)(7)-1 of the Income Tax Regulations for 2007. Vested liabilities are used as a proxy for PBGC-guaranteed benefits. (B) Underfunding data from PBGC premium filings used to calculate the variable-rate premium. Underfunding is based on vested benefits. (C) Data from filings made under Section 4010 of ERISA, which requires that companies annually provide PBGC with information on their underfunwas required if aggregate underfunding exceeded $50 million or there was an outstanding lien for missed contributions exceeding $1 million oFor later plan years, a filing is required if plans are less than 80 percent funded in the aggregate. Underfunding is based on an estimate of ves

(D) Underfunding for plan sponsors with less than investment-grade bond ratings. Underfunding is based on estimated vested benefits. (E) Estimated total liabilities are based on all plan liabilities, whether vested or not. Only (A) and (E) represent the universe of PBGC-insured plans. Firms and plans included in the column (B), (C), and (D) totals may differ from year to 

See “Underfunding Measures in Table S-47” in the Pension Insurance Data Book 2005, pp 16-23, for a further explanation of these measures.

The Form 5500 Filings value for 2006 in column (A) has been updated.

Table S-49

Various Measures of Underfunding in PBGC-Insured Plan

SingleEmployer Program

Beginning

of Year

(A)

Form 5500

Filings

(in billions)

(B)

Variable-Rate

Premium

(in billions)

(C)

Section

4010 Filings

(in billions)

Rea

P

(

1992 $47.53 $31.67 --- 

1993 59.62 31.67 --- 1994 75.57 34.11 --- 1995 37.28 27.89 --- 1996 83.07 60.67 $38.10 1997 47.91 46.78 28.70 1998 49.24 36.00 25.20 1999 54.24 32.33 34.90 2000 6.57 16.22 7.37 2001 38.56 16.33 19.46 2002 142.57 14.78 95.57 2003 299.00 33.44 273.37 2004 321.83 89.33 283.34 2005 282.95 87.44 289.64 2006 185.88 61.11 212.50 2007 114.65 39.78 104.18 2008 --- 26.78 58.03 2009 --- 77.33 84.85 
Pension Insurance Data Book 2009 89 Single-Employer Data TablesSource: Internal Revenue Service Form 5500 Series Filings for single-employer plans. Due to rounding of individual items, numbers and percentages may not add up to totals. Industry classifications are based on principal business activity codes used in the North American Industry Classification System. * Vested liabilities have been adjusted to an interest rate that, along with the mortality table found in section 1.412(I)(7)-1 of the Income Tax Regulation

beginning of 2007.

** Less than 0.05 percent

Table S-50

Funding of PBGC-Insured Plans by Industry (20

SingleEmployer Program

Industry

Average

Funding Ratio Total Liabilities*

(in millions)

Und

AGRICULTURE, MINING, AND CONSTRUCTION 100% $26,348 1.4% $2,3MANUFACTURING 104 1,012,356 52.4 50,5

Chemical and Allied Products 103 119,506 6.2 5,4

Computer and Electronic Products 109 107,081 5.5 2,2

Electrical Equipment 114 85,243 4.4 3,3

Fabricated Metal Products 96 26,420 1.4 2,7

Food and Tobacco Products 105 58,300 3.0 2,8

Machinery Manufacturing 101 52,615 2.7 3,3

Motor Vehicle Equipment 107 192,100 10.0 7,0

Paper Manufacturing 99 36,855 1.9 3,6

Petroleum and Coal Products 103 44,265 2.3 1,1

Primary Metals 90 36,589 1.9 4,4

Other Manufacturing 100 253,383 13.1 14,2

TRANSPORTATION AND PUBLIC UTILITIES 98 197,471 10.2 19,2

Air Transportation 76 49,287 2.6 12,0

Other Transportation 110 28,442 1.5 2,0

Public Utilities 105 119,743 6.2 5,1

INFORMATION 116 156,086 8.1 7,2WHOLESALE TRADE 101 30,887 1.6 2,1RETAIL TRADE 93 39,799 2.1 5,2FINANCE, INSURANCE, AND REAL ESTATE 111 195,483 10.1 6,1SERVICES 101 254,019 13.2 20,1

Health Care 94 97,046 5.0 9,7

Other Services 105 156,973 8.1 10,3

NON-PROFIT ORGANIZATIONS 98 17,920 0.9 1,5TOTAL 104% $1,930,368 100.0% $114,6
90 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-51 Pension Funding Data for PBGC-Insured Plans by Region a

SingleEmployer Program REGION/STATE OVERF

U

N

D

E

D

U

N

DERF

U

N

D

E

D 

Assets

(in millions)

Liabilities*

(in millions)

Overfunding

(in millions)

Assets

(in millions)

Liabilities*

(in millions)

NEW ENGLAND $143,098 $118,878 $24,221 $71,897 $79,379 

Connecticut 94,958 78,627 16,331 33,963 36,774 

Maine 965 799 166 2,005 2,290 

Massachusetts 20,360 17,432 2,929 31,960 35,762 

New Hampshire 382 349 33 1,596 1,801 

Rhode Island 26,140 21,418 4,722 1,710 1,992 

Vermont 292 252 40 662 761 

MID-ATLANTIC 388,170 327,295 60,875 222,921 253,771 

Delaware 21,172 19,487 1,686 2,278 2,577 

District of Columbia 6,435 4,589 1,847 9,679 10,573 

Maryland 25,733 24,771 962 16,167 18,609 

New Jersey 138,771 110,983 27,788 56,332 64,361 

New York 122,250 106,244 16,006 64,059 72,833 

Pennsylvania 44,692 38,114 6,578 55,928 63,738 

Virginia 28,760 22,819 5,941 17,495 19,837 

West Virginia 357 289 68 982 1,244 

SOUTHEAST 80,539 63,426 17,114 99,966 117,450 

Alabama 3,408 2,984 425 2,128 2,568 

Arkansas 1,365 1,302 63 960 1,107 

Florida 6,711 4,410 2,301 11,961 13,854 

Georgia 35,985 28,063 7,922 18,023 24,194 

Kentucky 3,373 2,587 786 4,694 5,499 

Louisiana 1,147 1,015 132 4,068 4,827 

Mississippi 800 646 154 534 650 

North Carolina 20,699 16,494 4,205 21,419 24,310 

South Carolina 1,754 1,357 397 8,214 9,445 

Tennessee 5,297 4,567 730 27,965 30,996 

GREAT LAKES 318,050 271,878 46,172 236,741 272,425 

Illinois 70,862 61,536 9,326 65,443 75,335 

Indiana 10,974 8,703 2,272 8,437 9,463 

Michigan 156,111 135,267 20,843 77,827 86,749 

Minnesota 33,219 27,764 5,455 19,804 24,966 

Ohio 35,878 29,097 6,781 45,407 53,262 

Wisconsin 11,006 9,511 1,495 19,823 22,651 
Pension Insurance Data Book 2009 91 Single-Employer Data Tables Table S-51 (continued) Pension Funding Data for PBGC-Insured Plans by Region a

SingleEmployer Program REGION/STATE OVERF

U

N

D

E

D

U

N

DERF

U

N

D

E

D 

Assets

(in millions)

Liabilities*

(in millions)

Overfunding

(in millions)

Assets

(in millions)

Liabilities*

(in millions)

U

MIDWEST $18,059 $15,013 $3,046 $36,336 $41,742 

Iowa 5,536 4,704 832 5,586 6,544 

Kansas 2,667 1,960 707 8,066 9,304 

Missouri 8,482 7,205 1,277 15,868 18,542 

Nebraska 1,014 833 182 6,361 6,805 

North Dakota 202 162 40 374 452 

South Dakota 158 150 8 80 95 

SOUTHWEST 140,496 113,700 26,796 59,972 70,453 

Arizona 3,988 3,518 470 3,450 4,047 

New Mexico 5,428 3,583 1,845 885 975 

Oklahoma 6,020 5,674 346 1,634 1,848 

Texas 125,060 100,925 24,135 54,002 63,583 

ROCKY MOUNTAIN 16,712 14,627 2,085 10,634 12,243 

Colorado 10,867 9,467 1,400 5,485 6,436 

Idaho 562 496 66 1,425 1,634 

Montana 89 71 18 448 571 

Nevada 104 62 42 1,491 1,630 

Utah 5,059 4,509 550 1,721 1,905 

Wyoming 30 21 9 64 68 

PACIFIC 123,975 107,265 16,709 41,928 47,281 

Alaska 67 62 5 270 308 

California 81,607 72,267 9,340 29,643 33,339 

Hawaii 714 539 175 2,398 2,765 

Oregon 3,783 3,492 291 5,057 5,605 

Washington 37,804 30,906 6,898 4,561 5,264 

U.S. TERRITORIES 1,134 1,050 85 1,988 2,262 

Puerto Rico 1,130 1,047 83 1,918 2,169 

Virgin Islands 1 ** 1 68 90 

Other 3 3 ** 2 3 

FOREIGN COUNTRIES 24 17 8 192 213 

TOTAL $1,230,258 $1,033,148 $197,110 $782,574 $897,220 

Source: Internal Revenue Service Form 5500 Series Filings for single-employer plans.Due to rounding of individual items, numbers may not add up to totals or across columns.Funding data is reported by state or country of plan administration.* Vested liabilities have been adjusted to an interest rate that, along with the mortality table found in section 1.412(I)(7)-1 of the Income Tax Regulation

beginning of 2007.

**Less than $500,000.
92 Single-Employer Data Tables Pension Insurance Data Book 2009 Table S-52 PBGC Pension Data by Region and State* SingleEmployer Program REGION/STATE CLAIMS 1975-2009 COVERAGE 2008 

Plans Claims Plans Participants Paye

NEW ENGLAND 436 $1,031,914,210 2,004 1,619,402 34,48

Connecticut 123 367,994,258 733 491,201 7,6Maine 14 12,415,882 96 102,875 2,4Massachusetts 213 564,657,610 887 642,544 16,2New Hampshire 26 29,693,556 105 199,065 4,5Rhode Island 47 41,395,634 113 86,260 1,8Vermont 13 15,757,271 70 97,457 1,7

MID-ATLANTIC 1,308 13,244,291,952 8,741 7,399,541 195,34

Delaware 11 35,509,452 109 58,655 1,4District of Columbia 16 17,349,264 224 122,617 3Maryland 73 88,204,565 516 641,007 18,6New Jersey 211 403,547,821 1,611 1,134,450 16,3New York 521 3,567,464,929 3,834 2,382,102 42,3Pennsylvania 368 4,949,093,879 1,724 1,956,074 84,9Virginia 54 2,989,115,036 579 874,759 18,2West Virginia 54 1,194,007,005 144 229,877 12,8

SOUTHEAST 376 4,027,574,753 3,370 6,779,069 183,47

Alabama 19 26,520,262 227 426,286 16,2Arkansas 16 17,204,362 127 287,575 3,8Florida 89 389,894,773 942 2,058,871 49,7Georgia 64 2,095,311,370 517 811,699 26,9Kentucky 27 97,306,971 256 545,251 6,4Louisiana 27 75,714,400 209 496,845 5,4Mississippi 12 22,262,774 109 266,141 5,3North Carolina 54 388,512,029 470 847,033 35,7South Carolina 19 85,445,718 187 473,614 16,2Tennessee 49 829,402,093 326 565,754 17,4

GREAT LAKES 1,206 21,668,434,162 5,746 7,120,104 201,80

Illinois 276 8,949,662,277 1,675 1,613,020 38,7Indiana 115 1,421,241,560 449 1,027,704 31,8Michigan 322 7,018,175,420 1,036 1,486,319 38,7Minnesota 46 208,363,244 473 641,401 9,2Ohio 360 3,784,060,279 1,549 1,641,381 72,4Wisconsin 87 286,931,382 564 710,279 10,8
Pension Insurance Data Book 2009 93 Single-Employer Data Tables Table S-52 (continued) PBGC Pension Data by Region and State* SingleEmployer Program REGION/STATE CLAIMS 1975-2009 COVERAGE 2008 

Plans Claims Plans Participants Payee

MIDWEST 147 $436,862,230 1,057 1,717,441 24,94

Iowa 45 101,251,363 293 328,097 6,2Kansas 24 37,305,495 157 274,612 2,9Missouri 71 290,764,788 387 757,900 13,9Nebraska 4 7,328,457 148 277,029 1,3North Dakota 3 212,127 36 25,334 1South Dakota --- --- 36 54,469 3

SOUTHWEST 177 695,041,387 2,114 2,942,937 34,06

Arizona 27 10,917,869 520 667,734 8,5New Mexico 7 10,380,110 112 98,640 1,5Oklahoma 23 413,704,255 170 322,691 3,7Texas 120 260,039,153 1,312 1,853,872 20,2

ROCKY MOUNTAIN 49 249,604,176 801 1,368,869 18,80

Colorado 19 203,071,031 328 570,736 9,3Idaho 7 12,709,942 77 92,772 1,9Montana 4 2,288,314 43 52,720 5Nevada 9 1,591,081 183 343,293 4,1Utah 9 29,852,921 140 263,906 2,4Wyoming 1 90,887 30 45,442 3

PACIFIC 279 1,543,614,465 4,926 4,862,765 56,03

Alaska 6 46,121,421 25 50,633 5California 203 1,041,365,528 4,142 3,549,828 37,7Hawaii 24 131,064,780 203 92,837 4,0Oregon 22 40,542,203 232 444,730 3,3Washington 24 284,520,533 324 724,737 10,3

PUERTO RICO 13 19,875,698 90 72,111 2,86

U.S. TERRITORIES --- --- 14 3,315 16

FOREIGN COUNTRIES 2 862,986 13 2,730 1,89

TOTAL 3,993 $42,918,076,019 28,876 33,888,284 753,86

Sources: PBGC Fiscal Year Closing File (9/30/09), Retirement Expectations and Pension Plan Coverage Topic Module (Wave 7) of the 2004 Survey o Program Participation (SIPP), PBGC Case Management System, PBGC Premium Filings, PBGC Participant System (PRISM), and fiscal yeDue to rounding of individual items, numbers may not add up to totals.*Claims and plan coverage data by state of plan administration; benefits and participant coverage data by state of payee residence. SIPP used to es
94 Single-Employer Data Tables Pension Insurance Data Book 2009 The Employee Retirement Income Security Act of 1974 (ERISA) mandates that the maximum guaranteed amounts be adjusted annually based on chan

The maximum guarantee shown applies to workers who retire at age 65. PBGC increases the maximum guarantee for people retiring later than age 6

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 o

The Pension Protection Act of 2006 provides that if a plan terminates while the sponsor is in a bankruptcy entered into after September 16, 2006, the a

the sponsor entered bankruptcy regardless of the year the plan actually terminates. * The 2010 guarantees are the same as the 2009 guarantees because the Social Security contribution and benefit base did not increase for 2010. Table S-53 PBGC Maximum Guaranteed Benefits (1990-20

SingleEmployer Program Year of Plan Termination Maximum Monthly Guarantee 

1990 $2,164.77 

1991 2,250.00 1992 2,352.27 1993 2,437.50 1994 2,556.82 1995 2,573.86 1996 2,642.05 1997 2,761.36 1998 2,880.68 1999 3,051.14 2000 3,221.59 2001 3,392.05 2002 3,579.55 2003 3,664.77 2004 3,698.86 2005 3,801.14 2006 3,971.59 2007 4,125.00 2008 4,312.50 2009 4,500.00 2010* 4,500.00 
Appendix M

Multiemployer Data Tables
96 Multiemployer Data Tables Pension Insurance Data Book 2009

PBGC’s Multiemployer Program

PBGC administers an insurance program for multiemployer defined benefit pension 

plans that is separate from its single-employer plan insurance program. Multiemployer 

plans are established pursuant to collective bargaining agreements involving two or 

more unrelated employers. Multiemployer plans are common in industries such as 

construction, trucking, mining, the hotel trades, and segments of the grocery business. 

Some multiemployer plans use a “unit benefit” formula that multiplies a participant’s 

years of service by a fixed-dollar amount (such as $15 times 20 years of service) to set 

the monthly benefit. In most cases, plan trustees establish benefit levels, but some plans 

set benefits in the collective bargaining process. Multiemployer plans must pay PBGC a 

yearly premium of $9.00 per participant for pension benefit insurance coverage in 2010. 

This per-participant premium rate is adjusted annually to the national average wage 

index, rounded to the nearest whole dollar. 

Unlike a plan termination in the single-employer program, a multiemployer plan 

termination does not trigger the PBGC guarantee.1

 A terminated plan continues to 

pay full plan benefits so long as it has sufficient assets to do so.2 A plan that does not 

have enough assets to pay plan benefits is allowed to suspend payment of that portion 

of the benefit that exceeds the PBGC guarantee level. The current PBGC maximum 

guaranteed benefit for multiemployer plans is 100 percent of the first $11 of the plan’s 

monthly benefit rate plus 75 percent of the next $33 of the plan’s monthly benefit rate, 

multiplied by the participant’s years of service.3 The maximum guaranteed benefit is 

not indexed. 

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

assistance to the plan—typically as a loan—in the amount necessary to pay guaranteed 

benefits and administrative expenses. Few plans receiving financial assistance from 

PBGC are likely to recover sufficiently to repay all the monies lent to them. An 

allowance has been established on PBGC’s financial records to account for financial 

assistance that is not expected to be repaid.

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

participants in these plans. 2 In some situations, the trustees must amend the plan to eliminate benefits that are not eligible for the PBGC 

guarantee, generally benefit increases that are less than five years old. 3 Multiemployer plans that received financial assistance from PBGC at any time during the period from 

December 22, 1999, to December 21, 2000, receive a lower per-participant monthly benefit guarantee rate.
Pension Insurance Data Book 2009 97 Multiemployer Data Tables Source: PBGC Annual Reports (1980-2009). Due to rounding of individual items, numbers may not add up across columns. Table M-1

Net Financial Position of PBGC’s Multiemployer Program 

Fiscal Year Assets

(in millions)

Liabilities

(in millions)

1980 $21 $30 

1985 78 52 1990 190 58 1995 477 285 1996 505 381 1997 596 377 1998 745 404 1999 692 493 2000 694 427 2001 807 691 2002 944 786 2003 1,000 1,261 

2004 1,070 1,306 

2005 1,160 1,495 

2006 1,166 1,905 

2007 1,197 2,152 

2008 1,327 1,800 

2009 1,459 2,328 
98 Multiemployer Data Tables Pension Insurance Data Book 2009 Table M-2 PBGC Premium Revenue, Benefit Payments, and 

Expenses 

Multiemployer Program

Fiscal Year

Total 

Premium

Revenue

(in millions)

Benefit

Payments

(in millions)

Administrat

Investme

Expense

(in millions)

1980 $5 $4 $2 

1985 14 4 4 1990 21 2 2 1995 22 2 * 1996 22 2 * 1997 23 1 * 1998 23 1 * 1999 23 1 * 2000 24 1 * 2001 24 1 * 2002 25 1 * 2003 25 1 * 2004 27 1 * 2005 26 1 * 2006 58 1 * 2007 81 * * 2008 90 * * 

2009** 95 * * 

Source: PBGC Annual Reports (1980-2009).Due to rounding of individual items, numbers may not add up across columns.* Less than $500,000.**Beginning in FY 2009, PBGC started to report premium income net of bad debt expense for premium, interest, and penalties.
Pension Insurance Data Book 2009 99 Multiemployer Data Tables Sources: PBGC Participant System (PRISM), fiscal year calculations, PBGC Management Reports, and PBGC Benefit Payment Reports. Payments made on a quarterly, semi-annual, or annual basis were converted to their monthly equivalent. *These payees were in the 10 multiemployer plans PBGC trusteed prior to October 1980. The Multiemployer Pension Plan Amendments Act of 1980 (

trusteeship of troubled plans to providing financial assistance (loans) to insolvent multiemployer plans. **Less than $500,000. Table M-3 PBGC Payees and Benefit Payments (1980-200

Multiemployer Program Fiscal Year Payees in Year* PERIO

DIC PENSION PA

Total

(in millions)

Average

Monthly Payme

1980 4,100 $4 $77 

1985 3,100 4 91 

1990 2,170 2 97 

1995 1,300 2 102 

1996 1,130 2 104 

1997 1,000 1 102 

1998 855 1 104 

1999 738 1 106 

2000 626 1 109 

2001 510 1 112 

2002 463 1 114 

2003 389 1 117 

2004 324 1 135 

2005 279 1 120 

2006 238 ** 120 

2007 203 ** 126 

2008 166 ** 127 

2009 134 ** 132 
100 Multiemployer Data Tables Pension Insurance Data Book 2009 Table M-4 PBGC Financial 

Assistance to Insolvent Plans (1981

Multiemployer Program

Year

Plans

Receiving

Financial

Assistance 1

Total

Amount of

Financial

Assistance

(in thousands)

Plans

Receiving

a Lump-Sum

Payment 2

Amount of 

Lump-Sum

Payment

(in thousands)

Plans

Receiving

Periodic

Payments 1

1981 1 $311.3 --- --- 1 

1985 3 1,300.0 --- --- 3 

1990 3 1,000.0 --- --- 3 

1995 9 4,346.4 --- --- 9 

1996 12 4,021.8 --- --- 12 

1997 14 4,494.1 --- --- 14 

1998 18 5,437.6 --- --- 18 

1999 21 19,219.7 1 $14,150.0 20 

2000 21 91,032.6 2 86,513.6 19 

2001 22 4,526.3 1 3 53.4 22 

2002 23 4,893.9 --- --- 23 

2003 24 5,022.1 1 230.9 23 

2004 27 10,120.8 1 3 282.2 27 

2005 29 13,757.7 1 3 535.0 28 2006 33 70,096.5 1 176.0 32 

2007 36 71,869.5 3 3 641.1 36 

2008 42 84,623.4 5 4 5,810.3 40 2009 43 5 85,636.5 4 3 7,308.7 41 

TOTAL 6 62 $503,396.3 20 $115,701.2 55 

Sources: PBGC Annual Reports and internal calculations.1 A number of plans received financial assistance in more than one year.2 Lump-sum payments were made to these insolvent multiemployer plans to facilitate mergers and closeouts.3 These plans received periodic payments before receiving lump-sum payments.4 Three of these five plans received periodic payments before receiving lump-sum payments.5 Two of these plans received small lump-sum payments to finalize closeouts initiated in 2008. These two plans are not included with plans receiving 6 Total for plan columns represents the total number of multiemployer plans that ever received the stated type of financial assistance from PBGC’s Mu7 Only one plan has repaid any of its past financial assistance. That plan repaid only the principal amount of the loans it received.
Pension Insurance Data Book 2009 101 Multiemployer Data Tables Source: PBGC Premium Filings. 2009 figures are estimates from PBGC internal calculations. 2008 estimates reported last year have been updated to reflect actual premium filings. Due to rounding of individual items, numbers may not add up to totals. Table M-5 PBGC-Insured Plan Participants (1980-2009

Multiemployer Program Year Total Insured Participants (in thousands) In Plans with 10,000 or more Participants (in thousands) In Plans with 5,000-9,999 Participants (in thousands) In Plans with 2,500-4,999 Participants (in thousands) In Plans with 1,000-2,499 Participants (in thousands) In Plans w

500-99

Participa

(in thousand

1980 7,997 5,072 925 751 731 299 

1985 8,209 5,376 857 761 729 283 

1990 8,534 5,731 891 757 695 290 

1995 8,632 5,986 855 709 661 264 

1996 8,649 5,976 904 713 636 266 

1997 8,740 6,058 906 718 641 263 

1998 8,876 6,212 930 675 650 259 

1999 8,991 6,323 935 666 663 260 

2000 9,132 6,464 953 683 640 261 

2001 9,423 6,776 927 733 617 240 

2002 9,630 6,970 930 739 647 227 

2003 9,699 7,127 885 715 642 228 

2004 9,829 7,248 897 723 643 217 

2005 9,887 7,286 938 709 631 224 

2006 9,911 7,320 944 709 627 219 

2007 10,032 7,504 884 696 644 212 

2008 10,170 7,589 930 716 639 205 

2009 10,417 7,879 910 712 626 203 
102 Multiemployer Data Tables Pension Insurance Data Book 2009 Source: PBGC Premium Filings. 2009 figures are estimates from PBGC internal calculations. 2008 estimates reported last year have been updated to reflect actual premium filings. Table M-6 PBGC-Insured Plans (1980-2009) Multiemployer Program Year Total Insured Plans Insured Plans with 10,000 or more Participants Insured Plans with 5,000-9,999 Participants Insured Plans with 2,500-4,999 Participants Insured Plans with 1,000-2,499 Participants Insu

Plans 

500-

Partici

1980 2,244 120 131 211 452 42

1985 2,188 137 124 216 459 40

1990 1,983 140 127 214 428 40

1995 1,879 144 123 205 409 36

1996 1,876 143 132 206 400 37

1997 1,846 145 131 206 401 36

1998 1,817 147 136 193 400 35

1999 1,800 149 137 189 403 35

2000 1,744 152 138 197 388 35

2001 1,707 159 133 210 377 32

2002 1,671 163 133 212 397 31

2003 1,612 166 129 206 391 32

2004 1,586 166 129 208 393 30

2005 1,571 164 134 204 381 30

2006 1,538 162 132 203 380 30

2007 1,522 167 124 197 388 29

2008 1,517 167 130 205 388 28

2009 1,495 171 128 203 380 27
Pension Insurance Data Book 2009 103 Multiemployer Data Tables Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only plans with 100 or m

Due to rounding of individual items, percentages may not add up to 100%. 2007 figures are estimates from PBGC internal calculations. 2006 figures reported last year have been updated to reflect actual Form 5500 filings. Table M-7 PBGC-Insured Plan Participants by Participant Status (

Multiemployer Program Year Active Participants Retired Participants 

1980 75.9% 17.7% 1985 66.1 22.6 1990 58.6 25.2 1995 52.4 28.9 1996 52.1 29.1 1997 52.2 28.9 1998 51.2 30.4 1999 50.9 30.5 2000 51.1 30.1 2001 49.5 29.6 2002 48.1 29.7 2003 47.1 30.2 2004 46.0 30.8 2005 45.7 30.8 2006 45.3 30.9 2007 44.6 31.0 
104 Multiemployer Data Tables Pension Insurance Data Book 2009 Table M-8 PBGC-Insured Plans and Participants by Industry 

Multiemployer Program Industry Insured Plans 

AGRICULTURE 12 0.8% MINING 10 0.7 

CONSTRUCTION 824 54.3 

Building Construction 95 6.3 Heavy Construction 83 5.5 Plumbing, Heating, and Air Conditioning 165 10.9 Electrical Work 122 8.0 Building Finishing Contractors 81 5.3 Foundation, Structure, and Exterior Work 157 10.3 Other Construction 121 8.0 

MANUFACTURING 176 11.6 

Food and Tobacco Products 41 2.7 Apparel and Textile Products 11 0.7 Paper and Allied Products 4 0.3 Printing and Publishing 18 1.2 Machinery and Computer Equipment 8 0.5 Electrical and Electronic Equipment 9 0.6 Other Manufacturing 85 5.6 

TRANSPORTATION AND PUBLIC UTILITIES 145 9.6 

Trucking 71 4.7 Water Transportation 44 2.9 Other Transportation and Public Utilities 30 2.0 

INFORMATION 39 2.6 

WHOLESALE TRADE 34 2.2 RETAIL TRADE 91 6.0 SERVICES 186 12.3 

Administrative/Support 48 3.2 Health Care/Social Assistance 17 1.1 Accommodation/Food Service 33 2.2 Other Services 88 5.8 

TOTAL 1,517 100.0% 

Source: PBGC Premium Filings. Due to rounding of individual items, numbers and percents may not add up to totals. Industry classifications are based on principal business activity codes used in the North American Industry Classification System. 
Pension Insurance Data Book 2009 105 Multiemployer Data Tables Table M-9 Funding of PBGC-Insured Plans (1980-2007

Multiemployer Program Beginning of Year Assets (in millions) Liabilities* (in millions) Funding Ratio

Underfunding

(in millions)

1980 $40,363 $52,123 77% $17,887 

1985 88,182 75,942 116 6,432 

1990 166,348 156,149 107 11,574 

1991 165,734 160,370 103 13,068 

1992 184,670 187,829 98 17,835 

1993 197,461 202,177 98 19,864 

1994 206,625 225,982 91 29,193 

1995 209,947 218,458 96 22,726 

1996 238,571 270,551 88 40,019 

1997 268,471 287,569 93 32,549 

1998 304,158 331,017 92 39,497 

1999 320,704 351,021 91 44,379 

2000 356,659 339,741 105 21,135 

2001 351,108 385,272 91 48,412 

2002 330,104 429,329 77 102,469 

2003 308,678 486,845 63 178,915 

2004 347,471 556,018 62 209,181 

2005 372,404 598,551 62 226,717 

2006 388,962 588,629 66 200,701 

2007 434,902 628,238 69 194,993 

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only plans with 100 or mEstimates for 2006 reported last year have been updated.Due to rounding of individual items, numbers may not add up across columns.* Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the be

The assumed mortality table was UP-84 for 1980-1992, GAM-83 for 1993-2006, and the mortality table found in section 1.412(l)(7)-1 of the Income 
106 Multiemployer Data Tables Pension Insurance Data Book 2009 Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only plans with 100 or m

Estimates for 2006 reported last year have been updated. Due to rounding of individual items, numbers may not add up across columns. * Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the be

The assumed mortality table was UP-84 for 1980-1992, GAM-83 for 1993-2006, and the mortality table found in section 1.412(l)(7)-1 of the Income 

Table M-10 Funding of Underfunded PBGC-Insured Plans (198

Multiemployer Program Beginning of Year Assets (in millions) Liabilities* (in millions)

Underfunding

(in millions)

1980 $24,819 $42,706 $17,887 

1985 22,813 29,246 6,432 

1990 56,512 68,086 11,574 

1991 62,563 75,631 13,068 

1992 93,790 111,625 17,835 

1993 95,331 115,195 19,864 

1994 128,718 157,911 29,193 

1995 118,707 141,434 22,726 

1996 168,347 208,366 40,019 

1997 152,633 185,182 32,549 

1998 180,084 219,582 39,497 

1999 206,568 250,947 44,379 

2000 110,729 131,864 21,135 

2001 222,296 270,708 48,412 

2002 295,338 397,807 102,469 

2003 304,027 482,942 178,915 

2004 342,777 551,959 209,181 

2005 368,382 595,099 226,717 

2006 381,439 582,139 200,701 

2007 420,919 615,913 194,993 
Pension Insurance Data Book 2009 107 Multiemployer Data TablesSource: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only plans with 100 or m

Estimates for 2006 reported last year have been updated. Due to rounding of individual items, numbers may not add up across columns. * Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the be

The assumed mortality table was UP-84 for 1980-1992, GAM-83 for 1993-2006, and the mortality table found in section 1.412(l)(7)-1 of the Income 

Table M-11 Funding of Overfunded PBGC-Insured Plans (1980

Multiemployer Program Beginning of Year Assets (in millions) Liabilities* (in millions) Overfunding (in millions) 

1980 $15,543 $9,417 $6,126 

1985 65,368 46,697 18,672 

1990 109,836 88,062 21,773 

1991 103,171 84,739 18,432 

1992 90,880 76,204 14,676 

1993 102,130 86,981 15,148 

1994 77,907 68,070 9,837 

1995 91,240 77,024 14,216 

1996 70,224 62,185 8,039 

1997 115,838 102,386 13,452 

1998 124,073 111,435 12,638 

1999 114,136 100,074 14,063 

2000 245,930 207,877 38,054 

2001 128,812 114,564 14,249 

2002 34,766 31,522 3,245 

2003 4,651 3,903 748 

2004 4,694 4,060 634 

2005 4,021 3,452 569 

2006 7,523 6,489 1,034 

2007 13,983 12,326 1,657 
108 Multiemployer Data Tables Pension Insurance Data Book 2009 Table M-12 Concentration of Underfunding in PBGC-Insured Plans 

Multiemployer Program Beginning of Year Total

Underfunding

(in millions)

10 Plans With the Highest

Underfunding

(in millions)

Next 40 Plans’

Underfunding

(in millions)

1990 $11,574 $6,760 58.4% $2,791 24.1% 1991 13,068 7,906 60.5 3,123 23.9 1992 17,835 9,500 53.3 4,411 24.7 1993 19,864 10,348 52.1 4,927 24.8 1994 29,193 13,575 46.5 7,012 24.0 1995 22,726 11,340 49.9 6,236 27.4 1996 40,019 16,157 40.4 10,900 27.2 1997 32,549 14,666 45.1 8,166 25.1 1998 39,497 17,532 44.4 9,375 23.7 1999 44,379 19,244 43.4 10,675 24.1 2000 21,135 11,493 54.4 5,255 24.9 2001 48,412 20,032 41.4 11,193 23.1 2002 102,469 34,276 33.5 24,641 24.0 2003 178,915 57,902 32.4 40,600 22.7 2004 209,181 63,736 30.5 48,901 23.4 2005 226,717 68,829 30.4 52,710 23.2 2006 200,701 62,461 31.1 47,822 23.8 2007 194,993 59,808 30.7 48,864 25.1 

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans. Data for plan years prior to 1999 include only plans with 100 or mDue to rounding of individual items, numbers in rows may not add up to totals and percentages may not add up to 100%.Vested liabilities have been adjusted to an interest rate that, along with an assumed mortality table, reflects the cost to purchase an annuity at the beg

The assumed mortality table was UP-84 for 1980-1992, GAM-83 for 1993-2006, and the mortality table found in section 1.412(l)(7)-1 of the Income 

Estimates for 2006 reported last year have been updated.
Pension Insurance Data Book 2009 109 Multiemployer Data Tables Table M-13 Plans, Participants, and Funding of PBGC-Insured Plans by Fun

Multiemployer Program Funding Ratio Plans Participants (in thousands) Total Liabilities* (in millions)

Unde

(in 

Less than 40% 38 2.5% 211 2.1% $12,179 2.0% $7,794 

40%-49% 61 4.0 775 7.7 71,537 11.5 38,957 

50%-59% 189 12.4 813 8.1 60,522 9.7 26,689 

60%-69% 363 23.9 2,584 25.8 190,575 29.6 66,848 

70%-79% 428 28.1 2,532 25.2 140,544 22.6 36,019 

80%-89% 210 13.8 2,003 20.0 104,272 16.8 16,721 

90%-99% 116 7.6 809 8.1 36,284 5.8 1,966 

100%-109% 55 3.6 172 1.7 6,487 1.1 --- 

110%-119% 22 1.4 83 0.8 3,711 0.6 --- 

120%-129% 9 0.6 21 0.2 1,466 0.2 --- 

130%-139% 5 0.3 6 0.1 343 0.1 --- 

140%-149% 3 0.2 2 ** 19 ** --- 

150% or more 23 1.5 21 0.2 301 0.1 --- 

TOTAL 1,522 100.0% 10,032 100.0% $628,238 100.0% $194,993 

UNDERFUNDED 1,405 92.3% 9,727 97.0% $615,913 98.0% $194,993 

OVERFUNDED 117 7.7% 305 3.0% $12,326 2.0% --- 

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans.Due to aggregation and rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%.*Vested liabilities have been adjusted to an interest rate that, along with the mortality table found in section 1.412(l)(7)-1 of the Income Tax Regulations 

reflects the cost to purchase an annuity at the beginning of 2007.

** Less than 0.05 of one percent.
110 Multiemployer Data Tables Pension Insurance Data Book 2009 Table M-14 Funding of PBGC-Insured Plans by Industry (20

Multiemployer Program Industry Average Funding Ratio Total Liabilities* (in millions)

Und

AGRICULTURE 100% $786 0.1% $44 

MINING 75 9,373 1.5 2,299 

CONSTRUCTION 70 286,994 45.7 87,812 

Building Construction 63 55,319 8.8 20,300 

Heavy Construction 72 48,317 7.7 13,620 

Plumbing, Heating, and Air Conditioning 69 41,667 6.6 12,759 

Electrical Work 73 42,788 6.8 11,490 

Building Finishing Contractors 69 18,854 3.0 5,819 

Foundation, Structure, and Exterior Work 70 36,452 5.8 11,267 

Other Construction 71 43,598 6.9 12,556 

MANUFACTURING 76 46,201 7.4 11,458 

Food and Tobacco Products 71 14,037 2.2 4,080 

Apparel and Textile Products 81 2,121 0.3 408 

Paper and Allied Products 64 3,378 0.5 1,218 

Printing and Publishing 70 6,681 1.1 2,023 

Furniture and Fixtures 61 277 *** 108 

Machinery and Computer Equipment 95 10,504 1.7 624 

Electrical and Electronic Equipment 90 171 *** 24 

Other Manufacturing 67 9,032 1.4 2,974 

TRANSPORTATION AND PUBLIC UTILITIES 63 141,132 22.5 52,514 

Trucking 70 79,761 12.7 23,539 

Water Transportation 77 6,130 1.0 1,785 

Other Transportation and Public Utilities 51 55,241 8.8 27,189 

INFORMATION 67 15,294 2.4 5,016 

WHOLESALE TRADE 76 2,095 0.3 520 

RETAIL TRADE 69 46,860 7.5 14,530 

SERVICES 74 79,503 12.7 20,801 

Administrative/Support 65 12,069 1.9 4,268 

Health Care/Social Assistance 88 16,022 2.6 1,972 

Accommodation/Food Service 73 9,398 1.5 2,515 

Other Services 72 42,015 6.7 12,046 

TOTAL 69% $628,238 100.0% $194,993 

Source: Internal Revenue Service Form 5500 Series Filings for multiemployer plans.Due to rounding of individual items, numbers may not add up to totals and percentages may not add up to 100%.* Vested liabilities have been adjusted to an interest rate that, along with the mortality table found in section 1.412(I)(7)-1 of the Income Tax Regulation

beginning of 2007.

** Less than $500,000.*** Less than 0.05 of one percent.
Pension Insurance Data Book 2009 111 Multiemployer Data Tables Table M-15 PBGC Maximum Guaranteed Benefits (1980-20

Multiemployer Program

Date of Plan 

Insolvency Monthly Benefit Formula

M

September 27, 1980-December 21, 2000

The participant’s years of service multiplied

by the sum of:

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

 benefit accrual rate

 -plus-

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

 benefit accrual rate

On or after December 22, 2000**

The participant’s years of service multiplied

by the sum of:

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

 benefit accrual rate

 -plus-

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

 benefit accrual rate

* The formula presumes that the workers’ monthly benefits are calculated by multiplying the monthly benefit accrual rate (a plan-specified dollar amou

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, 2000of 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 nservice; 30 years was selected for illustrative purposes only.

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

monthly benefit guarantee continues to apply to participants in these plans.
112 Multiemployer Data Tables Pension Insurance Data Book 2009 Table M-16 PBGC’s Historic Premium Rates Multiemployer Program For Plan Years Beginning Pre

(p

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

growing gradually to 

September 1, 198

September 27, 1980-September 26, 1984 September 27, 1984-September 26, 1986 September 27, 1986-September 26, 1988 September 27, 1988-December 31, 2005 

2006-2007 2008-2010 

* Beginning in 2007, this amount is adjusted annually based on changes in the national average wage index (as defined in section 209(k)(1) of the So

The premium rate will not decline even if the national average wage index declines. The adjusted premium rate is rounded to the nearest multiple 

Pension Benefit Guaranty Corporation

1200 K Street, NW

Washington, DC 20005-4026

www.pbgc.gov