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PBGC Releases FY2007 Annual Report, Showing Reduced Deficit

The Pension Benefit Guaranty Corp. (PBGC) has released its annual report for the fiscal year ending September 30, 2007. Among the highlights: At year-end, the PBGC insured the pensions of approximately 44 million Americans and was responsible for the pensions of more than 1.3 million people whose plans have terminated. The PBGC's financial condition improved by $5 billion, due to investment income and lack of large plan terminations. Premium income increased slightly, from $1.5 billion to less than $1.6 billion. Increased premiums were largely offset by reduced variable-rate premium income as a result of improved plan funding. The PBGC paid nearly $4.3 billion in benefits to more than 631,000 people and issued more than 81,000 final benefit determinations. The Corporation reported a year-end deficit of $14.1 billion, down from the $18.9 billion deficit at the end of fiscal year 2006. PBGC’s mean projection indicated an $11 billion deficit in ten years, with a 23% chance of reaching full funding in that period.

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