Pensions


PENSIONS
The Pension Benefit Guaranty Corporation’s insurance program for single-employer pension plans reported a deficit of $13.1 billion at the end of fiscal year 2007. The Annual Management Report showed an improvement over the previous year’s $18.1 billion shortfall.

As of Sept. 30, 2007, the program reported assets of $67.2 billion and liabilities of $80.4 billion. Investment income of $4.7 billion and a $2.8 billion actuarial credit based on higher valuation interest rate factors were credited with shrinking the deficit. Premium income was $1.48 billion vs. $1.44 billion in 2006.

In 2007 no new large pension plans were classified as probable losses on the PBGC balance sheet. The report also said the PBGC’s potential exposure to pension losses from financially weak companies fell to $66 billion from $73 billion in 2006.

The PBGC’s fiscal year 2007 Annual Management Report is available at www.pbgc.gov/
docs/2007AMR.pdf
.

 

©2008 AICPA

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out