The PBGC's deficit for its single-employer program was $22.8 billion as of Sept. 30, the end of the agency's fiscal year, a slight decrease from $23.3 billion a year earlier, the agency announced today. Its overall deficit, including multiemployer programs, was $23.1 billion as of Sept. 30, compared with $23.5 billion the previous year. The improved financial condition was due to a total of $5.6 billion in additional new premium income, lower liabilities driven by interest-rate changes, and higher investment income, which offset an additional $4.7 billion in new "probable" terminations.
As of Sept. 30, the federal pension insurer had $56.5 billion in assets and $79.3 billion in liabilities for its single-employer program, and its exposure to possible losses from financially weak employers rose to $108 billion, from $96 billion a year earlier.
The PBGC's multiemployer program, with $1.2 billion in assets and $1.5 billion in liabilities, posted a net loss of $99 million in fiscal 2005 and a deficit of $335 million at the end of September 2005, compared with a deficit of $236 million a year earlier.
