Financial Summary - Single-Employer Program
|
Fiscal Year Ended September 30, |
(Dollars in millions) |
2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
1997 |
1996 |
1995 |
1994 |
Summary of Operations: |
Premium income |
$ 948 |
$ 787 |
$ 821 |
$ 807 |
$ 902 |
$ 966 |
$ 1,067 |
$ 1,146 |
$ 838 |
$ 955 |
Other income |
$ 28 |
$ 28 |
$ 23 |
$ 5 |
$ 3 |
$ 10 |
$ 19 |
$ 26 |
$ 18 |
$ 42 |
Investment income (loss) |
$ 3,349 |
$ 170 |
$ (843) |
$ 2,392 |
$ 728 |
$ 2,118 |
$ 2,687 |
$ 915 |
$ 1,956 |
$ (380) |
Actuarial charges (credits) |
$ 6,161 |
$ 2,802 |
$ 1,082 |
$ 453 |
$ (602) |
$ 815 |
$ 488 |
$ 632 |
$ 1,561 |
$ (926) |
Losses (credits) from completed and probable terminations
|
$ 5,377 |
$ 9,313 |
$ 705 |
$ (80) |
$ 49 |
$ 584 |
$ 489 |
$ 118 |
$ 169 |
$ (249) |
Administrative and investment expenses |
$ 290 |
$ 225 |
$ 184 |
$ 167 |
$ 161 |
$ 158 |
$ 155 |
$ 150 |
$ 138 |
$ 135 |
Other expenses |
$ 97 |
$ 15 |
$ 2 |
$ (2) |
$ (1) |
$ 6 |
$ 29 |
$ 3 |
$ 19 |
$ 0 |
Net income (loss) |
$ (7,600) |
$ (11,370) |
$ (1,972) |
$ 2,666 |
$ 2,026 |
$ 1,531 |
$ 2,612 |
$ 1,184 |
$ 925 |
$ 1,657 |
Summary of Financial Position: |
Cash and investments |
$ 33,215 |
$ 24,851 |
$ 21,010 |
$ 20,409 |
$ 17,965 |
$ 17,345 |
$ 14,988 |
$ 11,665 |
$ 10,026 |
$ 7,857 |
Total assets |
$ 34,016 |
$ 25,430 |
$ 21,768 |
$ 20,830 |
$ 18,431 |
$ 17,631 |
$ 15,314 |
$ 12,043 |
$ 10,371 |
$ 8,281 |
Present value of future benefits |
$ 44,641 |
$ 28,619 |
$ 13,497 |
$ 10,631 |
$ 11,073 |
$ 12,281 |
$ 11,497 |
$ 10,760 |
$ 10,388 |
$ 9,215 |
Net position |
$ (11,238) |
$ (3,638) |
$ 7,732 |
$ 9,704 |
$ 7,038 |
$ 5,012 |
$ 3,481 |
$ 869 |
$ (315) |
$ (1,240) |
Insurance Activity: |
Benefits paid |
$ 2,488 |
$ 1,537 |
$ 1,043 |
$ 902 |
$ 901 |
$ 847 |
$ 823 |
$ 790 |
$ 761 |
$ 719 |
Participants receiving monthly benefits at end of
year |
458,800 |
344,310 |
268,090 |
226,080 |
214,160 |
208,450 |
204,800 |
198,600 |
181,000 |
172,800 |
Plans trusteed and pending trusteeship by PBGC |
3,277 |
3,122 |
2,965 |
2,864 |
2,775 |
2,655 |
2,500 |
2,338 |
2,084 |
1,961 |
Financial Summary - Multiemployer Program
|
Fiscal Year Ended September 30, |
(Dollars in millions) |
2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
1997 |
1996 |
1995 |
1994 |
Summary of Operations: |
|
|
|
|
|
|
|
|
|
|
Premium income |
$ 25 |
$ 25 |
$ 24 |
$ 24 |
$ 23 |
$ 23 |
$ 23 |
$ 22 |
$ 22 |
$ 23 |
Other income (loss) |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
$ 1 |
$ 0 |
$ 0 |
Investment income (loss) |
$ 37 |
$ 118 |
$ 95 |
$ 70 |
$ (56) |
$ 133 |
$ 68 |
$ 12 |
$ 83 |
$ (46) |
Actuarial charges (credits) |
$ 1 |
$ 0 |
$ 1 |
$ 0 |
$ 0 |
$ 0 |
$ (1) |
$ 1 |
$ 2 |
$ (1) |
Losses (gains) from financial assistance |
$ 480 |
$ 101 |
$ 269 |
$ 26 |
$ 109 |
$ 34 |
$ (3) |
$ 102 |
$ 108 |
$ 57 |
Administrative and investment expenses |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
Net income (loss) |
$ (419) |
$ 42 |
$ (151) |
$ 68 |
$ (142) |
$ 122 |
$ 95 |
$ (68) |
$ (5) |
$ (79) |
Summary of Financial Position: |
Cash and investments |
$ 984 |
$ 933 |
$ 796 |
$ 682 |
$ 681 |
$ 736 |
$ 585 |
$ 498 |
$ 472 |
$ 374 |
Total assets |
$ 1,000 |
$ 944 |
$ 807 |
$ 694 |
$ 692 |
$ 745 |
$ 596 |
$ 505 |
$ 477 |
$ 378 |
Present value of future benefits |
$ 3 |
$ 3 |
$ 4 |
$ 4 |
$ 5 |
$ 6 |
$ 7 |
$ 9 |
$ 10 |
$ 10 |
Nonrecoverable future financial assistance, present
value |
$ 1,250 |
$ 775 |
$ 679 |
$ 414 |
$ 479 |
$ 389 |
$ 361 |
$ 365 |
$ 268 |
$ 164 |
Net position |
$ (261) |
$ 158 |
$ 116 |
$ 267 |
$ 199 |
$ 341 |
$ 219 |
$ 124 |
$ 192 |
$ 197 |
Insurance Activity: |
Benefits paid |
$ 1 |
$ 1 |
$ 1 |
$ 1 |
$ 1 |
$ 1 |
$ 1 |
$ 2 |
$ 2 |
$ 2 |
Participants receiving monthly benefits from PBGC
at end of year |
390 |
460 |
510 |
620 |
730 |
850 |
1,000 |
1,100 |
1,300 |
1,400 |
Plans receiving financial assistance from PBGC |
24 |
23 |
22 |
21 |
21 |
18 |
14 |
12 |
9 |
8 |
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