Multiemployer Program |
Fiscal Year Ended September 30, |
(Dollars in millions) |
2008 |
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
Summary of Operations: |
Premium Income |
$90 |
81 |
58 |
26 |
27 |
25 |
25 |
24 |
24 |
23 |
Other income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Investment income (loss) |
121 |
23 |
(1) |
79 |
54 |
37 |
118 |
95 |
70 |
(56) |
Actuarial charges and adjustments (credits) |
(1) |
0 |
0 |
0 |
1 |
1 |
0 |
1 |
0 |
0 |
Losses (gains) from financial assistance |
(271) |
319 |
461 |
204 |
55 |
480 |
101 |
269 |
26 |
109 |
Administrative and investment expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Net income (loss) |
482 |
(216) |
(404) |
(99) |
25 |
(419) |
42 |
(151) |
68 |
(142) |
Summary of Financial Position: |
Cash and investments |
1,318 |
1,196 |
1,164 |
1,147 |
1,057 |
984 |
933 |
796 |
682 |
681 |
Total assets |
1,327 |
1,197 |
1,166 |
1,160 |
1,070 |
1,000 |
944 |
807 |
694 |
692 |
Present value of future benefits |
1 |
2 |
2 |
2 |
3 |
3 |
3 |
4 |
4 |
5 |
Nonrecoverable future financial
assistance, present value |
1,768 |
2,124 |
1,876 |
1,485 |
1,295 |
1,250 |
775 |
679 |
414 |
479 |
Net position |
(473) |
(955) |
(739) |
(335) |
(236) |
(261) |
158 |
116 |
267 |
199 |
Insurance Activity: |
Benefits paid |
0 |
0 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
Participants receiving monthly benefits
from PBGC at end of year |
170 |
200 |
240 |
280 |
320 |
390 |
460 |
510 |
620 |
730 |
Plans receiving financial
assistance from PBGC |
42 |
36 |
33 |
29 |
27 |
24 |
23 |
22 |
21 |
21 |