PBGC Reports Nearly $3 Billion Reduction in Deficits


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.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.