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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Alias Shrugged who wrote (184001)7/27/2002 10:36:18 AM
From: BDR  Read Replies (1) of 436258
 
PBGC 2001 ANNUAL REPORT
pbgc.gov
PBGC Receives no funds from general tax revenues. Operations are financed by insurance premiums set by the Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC and recoveries from the companies formerly responsible for the trusteed plans.

From the Highlights page:
The net financial position of the single-employer insurance program weakened for the first time in eight years, largely due to losses from the plan terminations and equity investments. While the net position declined $2.0 billion, the program remained financially sound as assets exceeded liabilities by more than $7.7 billion at year-end.

(edit- I would wager they saw more plan terminations and greater investment losses in 2002)


Summary of Operations (in millions)
Premuim Income                                              $845
Losses(Credits) from Plan Terminations    $705
Investment Income(Loss)                               $(748)
Actuarial Charges                                             $1,083

Financial Position
Single employer program
Total assets               $21,768
Total liabilities           $14,036
Net Income(Loss)    $(1,972)
Net Position               $7,732

Multiemployer program
Total assets               $807
Total liabilities           $691
Net Income(Loss)    $(151)
Net Position               $116


Net position is about $8 Billion. I thought the recent headlines in the news reported underfunding of pensions was estimated to be about $110 billion. I am still looking for that article. If anyone has the link, TIA.
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