The PBGC's single-employer plan deficit dropped nearly 74% to $315 million in 1995, the lowest deficit level since 1981, the agency reported today. The drop was attributed mostly to record investment earnings and no major plan terminations. The PBGC's investments produced nearly $2 billion in income in 1995, the largest gain the agency has ever seen. At the end of 1995, the agency had about $10.4 billion in assets and about $10.7 billion in liabilities in its single-employer program. The multiemployer program's surplus of $192 million last year actually dropped 2.5% from 1994.