Pension Benefit Guaranty Corporation: Single-Employer Pension Insurance Program Faces Significant Long-Term Risks

United States. General Accounting Office.

United States. General Accounting Office.

关键词: Government accountability -- United States.;    retirement security;    pension benefit guaranty corporation;    letter report;   

RP-ID  :  GAO-04-90
RP-ID  :  240353

美国|英语

来源: UNT Digital Library

【 摘 要 】

A letter report issued by the General Accounting Office with an abstract that begins "More than 34 million participants in 30,000 single-employer defined benefit pension plans rely on a federal insurance program managed by the Pension Benefit Guaranty Corporation (PBGC) to protect their pension benefits, and the program's long-term financial viability is in doubt. Over the last decade, the program swung from a $3.6 billion accumulated deficit (liabilities exceeded assets), to a $10.1 billion accumulated surplus, and back to a $3.6 billion accumulated deficit, in 2002 dollars. Furthermore, despite a record $9 billion in estimated losses to the program in 2002, additional severe losses may be on the horizon. PBGC estimates that financially weak companies sponsor plans with $35 billion in unfunded benefits, which ultimately might become losses to the program."