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

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.