The Pension Benefit Guaranty Corporation (PBGC) has updated its Pension Insurance Data Tables by adding the 2020 data concerning its Single-Employer and Multiemployer Programs and the private pension system. It also provides information on 2021. The upshot is that there is good news.
The tables summarize information on PBGC’s Single-Employer and Multiemployer Insurance Programs and the defined benefit pension system, which includes time-series data on PBGC’s finances and operations. The data on PBGC-insured defined benefit plans includes information on the number of plan participants, plan funded status, hybrid plans, frozen plans, and risk transfer activity.
Highlights of the information include:
Single-Employer Program
Assets and Liabilities
| Measure | Fiscal Year 2020 | Fiscal Year 2021 | Change, 2020-2021 |
| Assets | $143.472 billion | $150.692 billion | +$7.220 billion |
| Liabilities | $127.994 billion | $119.755 billion | —$8.239 billion |
| Net Position | $15.478 billion | $30.937 billion | +$15.459 billion |
Premiums and Benefits. The PBGC is paying more than in benefits that it is bringing in from premiums, the report shows.
| Measure | Fiscal Year 2020 | Fiscal Year 2021 | Change, 2020-2021 |
| Total Premium Revenue | $5.663 billion | $4.511 billion | +$1.152 billion |
| Benefits Paid | $6.126 billion | $6.440 billion | +$314 million |
| Administrative and Investment Expenses | $538 million | $559 million | +$21 million |
| Premiums Less Benefits Paid and Expenses | –$1 billion | –$2.488 billion | +1.488 billion to deficit |
Claims. The PBGC reports that in 2020, there were claims on the single-employer program of $1,664,617,433. More than 60% — 62.1% — were from the top 10 firms from which claims were made: United Airlines, Delphi, Bethlehem Steel, US Airways, LTV Steel, Delta Air Lines, Sears Holdings, National Steel, McClatchy Co. and Avaya.
Trusteed Plans. The PBGC reports that in 2020, for trusteed plans:
- assets: $3.212 billion
- liabilities: $4.876 billion
- claims: $1.665 billion
- recoveries: $6 million
- net claims: $1.659 billion
Multiemployer Program
The PBGC reports that the fortunes of its multiemployer program have improved dramatically: it was underwater in 2020, but had a positive net position in 2021.
| Measure | Fiscal Year 2020 | Fiscal Year 2021 | Change, 2020-2021 |
| Assets | $3.144 billion | $3.512 billion | +$8 billion |
| Liabilities | $66.893 billion | $3.031 billion | —$63.862 billion |
| Net Position | —$63.749 billion | $481 million | +$64.230 billion |
More good news: while the program did provide more net financial assistance from 2020 to 2021, at the same time premium revenue went up and administrative and investment expenses fell.
| Measure | Fiscal Year 2020 | Fiscal Year 2021 | Change, 2020-2021 |
| Premium Revenue | $322 million | $331 million | +$9 million |
| Net Financial Assistance | $173 million | $230 million | +$57 million |
| Administrative and Investment Expenses | $42 million | $8 million | —$34 million |
| Premiums Less Financial Assistance and Expenses | +$107 million | +$93 million | Positive balance of $14 million less |
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