PBGC Data Tables Show Serious Underfunding

The single-employer program is underfunded by more than $19 billion, and the multiemployer program is underfunded by more than $42 billion.

The Pension Benefit Guaranty Corporation (PBGC) released its annual stats for the year 2014.

The data show a net financial position for the single-employer program of -$19,338,000,000 with $88,013,000,000 in assets and $107,351,000,000 in liabilities. The multiemployer program has $1,769,000,000 in assets and $44,203,000,000 in liabilities for a net financial position of $42,434,000,000.

According to the data book, the agency received $3,812,000,000 in premiums in 2014 for the single-employer program and $122,000,000 in premiums for the multiemployer program. The single-employer program insured 22,344 plans, and the multiemployer program insured 1,425 plans.

There were 813,000 payees in the single-employer program who collectively received $5,522,000,000 in payments. In the multiemployer program, 52,000 payees received $97,000,000 in payments. Fifty-three multiemployer plans are receiving financial assistance from the PBGC.

The top 10 firms presenting claims for the single-employer program are all airline or steel companies, with the exception of Delphi, an auto parts maker. The data book also breaks down the multiemployer PBGC-insured plans by industry.

Tables are also included for the funded status of PBGC-protected plans and populations PBGC protects by state and other vital statistics.

The 2014 Pension Insurance Data Tables can be viewed from http://www.pbgc.gov/prac/data-books.html.