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Single-Employer Pension Insurance Program Faces Significant Long-Term Risks

By General Accounting Office

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Book Id: WPLBN0000005548
Format Type: PDF eBook
File Size: 0.7 MB
Reproduction Date: 2005
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Title: Single-Employer Pension Insurance Program Faces Significant Long-Term Risks  
Author: General Accounting Office
Volume:
Language: English
Subject: Government publications, Accountability in government, United States. General Accounting Office
Collections: Government Library Collection, Government Accountability Integrity Reliability Office Collection
Historic
Publication Date:
Publisher: United States General Accounting Office (Gao)

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Office, G. A. (n.d.). Single-Employer Pension Insurance Program Faces Significant Long-Term Risks. Retrieved from http://www.worldebooklibrary.org/


Description
Government Accountability Integrity Reliability Office Collection

Excerpt
Excerpt: The single-employer pension insurance program returned to an accumulated deficit in 2002 largely due to the termination, or expected termination, of several severely underfunded pension plans. Factors that contributed to the severity of the plans' underfunded condition included a sharp stock market decline, which reduced plan assets, and an interest rate decline, which increased plan termination costs. For example, PBGC estimates losses to the program from terminating the Bethlehem Steel pension plan, which was nearly fully funded in 1999 based on reports to the Internal Revenue Service (IRS), at $3.7 billion when it was terminated in 2002. The plan's assets had decreased by over $2.5 billion, while its liabilities had increased by about $1.4 billion since 1999...

 

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