Pensions


The Pension Benefit Guaranty Corporation (PBGC) reported a nearly $3 billion reduction in its combined deficits for the fiscal year ending Sept. 30, 2008. In the Annual Management Report submitted to Congress, the PBGC’s insurance program for single-employer pension plans reported a $10.7 billion deficit, down from $13.1 billion the previous fiscal year. The deficit in the insurance program for multiemployer pension plans fell from $955 million to $473 million.

“Although the current turbulence in our economy will mean a challenging environment in 2009, the PBGC has the resources to meet its commitments to America’s retirees for years to come,” PBGC Director Charles Millard said in a press release.

As of Sept. 30, 2008, the single-employer program had assets of $61.6 billion and liabilities of $72.3 billion. Premium income, however, dropped slightly to $1.4 billion from $1.48 billion the year before. No new large pension plans were classified as probable losses in 2008, and the PBGC’s potential exposure to future pension losses from financially weak companies fell to $47 billion, from $66 billion in 2007.

The complete report to Congress is available at www.pbgc.gov/docs/2008amr.pdf.

 

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

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: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.