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

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.