FINANCIAL SUMMARY - Single-Employer Program | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
(Dollars in millions) for Fiscal Year Ended
September 30, |
2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 |
Summary of Operations: |
||||||||||
Premium income |
$ 787 | 821 | 807 | 902 | 966 | 1,067 | 1,146 | 838 | 955 | 890 |
Other income |
$ 28 | 23 | 5 | 3 | 10 | 19 | 26 | 18 | 42 | 38 |
Investment income (loss) |
$ 170 | -843 | 2,392 | 728 | 2,118 | 2,687 | 915 | 1,956 | -380 | 1,538 |
Actuarial
charges (credits) |
$ 2,802 | 1,082 | 453 | -602 | 815 | 488 | 632 | 1,561 | -926 | 1,680 |
Losses (credits) from completed and probable
terminations |
$ 9,313 | 705 | -80 | 49 | 584 | 489 | 118 | 169 | -249 | 743 |
Loss on contingent value rights |
$ - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 96 |
Administrative and investment expenses |
$ 225 | 184 | 167 | 161 | 158 | 155 | 150 | 138 | 135 | 107 |
Other expenses |
$ 15 | 2 | -2 | -1 | 6 | 29 | 3 | 19 | 0 | 0 |
Net income (loss) |
$ (11,370) | -1,972 | 2,666 | 2,026 | 1,531 | 2,612 | 1,184 | 925 | 1,657 | -160 |
Summary of Financial Position: |
||||||||||
Cash and investments
|
$ 24,851 | 21,010 | 20,409 | 17,965 | 17,345 | 14,988 | 11,665 | 10,026 | 7,857 | 7,866 |
Total assets |
$ 25,430 | 21,768 | 20,830 | 18,431 | 17,631 | 15,314 | 12,043 | 10,371 | 8,281 | 8,267 |
Present
value of future benefits |
$ 28,619 | 13,497 | 10,631 | 11,073 | 12,281 | 11,497 | 10,760 | 10,388 | 9,215 | 10,693 |
Net position |
$ (3,638) | 7,732 | 9,704 | 7,038 | 5,012 | 3,481 | 869 | -315 | -1,240 | -2,897 |
Insurance Activity: |
||||||||||
Benefits paid |
$ 1,537 | 1,043 | 902 | 901 | 847 | 823 | 790 | 761 | 719 | 720 |
Participants receiving monthly benefits at
end of year |
344,310 | 268,090 | 226,080 | 214,160 | 208,450 | 204,800 | 198,600 | 181,000 | 172,800 | 156,800 |
Plans trusteed and pending trusteeship by
PBGC |
3,122 | 2,965 | 2,864 | 2,775 | 2,655 | 2,500 | 2,338 | 2,084 | 1,961 | 1,848 |
FINANCIAL SUMMARY - Multiemployer
Program |
||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in millions) for Fiscal Year Ended
September 30, |
2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | ||||||||
Summary of Operations: |
||||||||||||||||||
Premium income |
25 | 24 | 24 | 23 | 23 | 23 | 22 | 22 | 23 | 23 | ||||||||
Other income (loss) |
0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | -1 | ||||||||
Investment income (loss) |
118 | 95 | 70 | -56 | 133 | 68 | 12 | 83 | -46 | 107 | ||||||||
Actuarial charges (credits) |
0 | 1 | 0 | 0 | 0 | -1 | 1 | 2 | -1 | 2 | ||||||||
Losses (gains) from financial assistance |
101 | 269 | 26 | 109 | 34 | -3 | 102 | 108 | 57 | 20 | ||||||||
Administrative and investment expenses |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net income (loss) |
42 | -151 | 68 | -142 | 122 | 95 | -68 | -5 | -79 | 107 | ||||||||
Summary of Financial Position: |
||||||||||||||||||
Cash and investments
|
933 | 796 | 682 | 681 | 736 | 585 | 498 | 472 | 374 | 405 | ||||||||
Total assets |
944 | 807 | 694 | 692 | 745 | 596 | 505 | 477 | 378 | 407 | ||||||||
Present value of future benefits |
3 | 4 | 4 | 5 | 6 | 7 | 9 | 10 | 10 | 13 | ||||||||
Nonrecoverable future financial assistance,
present value |
775 | 679 | 414 | 479 | 389 | 361 | 365 | 268 | 164 | 110 | ||||||||
Net position |
158 | 116 | 267 | 199 | 341 | 219 | 124 | 192 | 197 | 276 | ||||||||
Insurance Activity: |
||||||||||||||||||
Benefits paid |
1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | ||||||||
Participants receiving monthly benefits from
PBGC at end of year |
460 | 510 | 620 | 730 | 850 | 1000 | 1100 | 1300 | 1400 | 1590 | ||||||||
Plans receiving financial assistance from
PBGC |
23 | 22 | 21 | 21 | 18 | 14 | 12 | 9 | 8 | 6 | ||||||||
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