Publications PBGC and Defined Benefit Pensions

PBGC: 2006 Results

A short report summarizing PBGC's financial results for 2006. Download PDF Version

Pension Reform: Summary of Final 2006 Bill

A summary of the pension reform bill that the President will sign shortly. Download PDF Version

Pension Reform: July 2006 House Bill (H.R. 4)

A summary of the key provisions in the newest pension reform bill. Download PDF Version

PBGC: Projections of Future Financial Condition

PBGC's latest Annual Report provides new estimates of its future deficits.  Download PDF Version

Pension Reform: Conference Committee Issues

A synopsis of the main issues facing the upcoming conference committee.  Download PDF Version

PBGC: Budgeted Premium Hikes Seem Improbable

The President's Budget Proposal for Fiscal 2007 contains projected PBGC premium increases that are unlikely to be technically achievable.  Download PDF Version

PBGC: 2005 Annual Results

A summary of the key points from PBGC's 2005 financial reporting.  Download PDF Version

PBGC: Effects of Proposed Accounting Changes

FASB recently announced plans to reform pension accounting. This paper examines potential effects on the pension system. Download PDF Version

Illustration of Discount Rate Effects on Funding Rules

The Senate pension reform bill would allow certain airlines substantial leeway to choose a discount rate for funding purposes. This paper explores the potential effects. Download PDF Version

PBGC: Senate Finance Pension Reform Bill

Analysis of legislation just introduced in the Senate Finance committee. Download PDF version

PBGC Legislation May Not Restore Solvency

COFFI's newly enhanced model indicates that PBGC's finances are likely to worsen even with new pension legislation, but the proposals would considerably reduce the damage. Download PDF Version

HR 2830 versus Administration Proposals

A comparison of HR 2830 and the Administration's pension reform bills. Download PDF Version

PBGC: Premium Hike Possibilities

Congress and the Administration are looking to increase PBGC premiums. This paper summarizes current premium rules and the issues surrounding potential changes. Download PDF version

PBGC: White Paper Implications

PBGC has published its first quantitative estimates of the effect of reforms on pension funding and PBGC claims. Download PDF version

PBGC: Budget Process May Shape Pension Bill

A Congressional Budget Resolution may determine a great deal about the shape and fate of pension reform legislation. Download PDF version

PBGC: Policy Options

A comprehensive listing of alternative solutions that have been proposed to PBGC's financial problems. Each solution is briefly explained and the pros and cons are presented neutrally. Download PDF version

How Deep Is The Hole?

Rick Apple's thesis at Princeton University extends COFFI's PBGC model. Download PDF Version

PBGC: Updated Cash Flow Model from COFFI

We have updated our model to reflect 2004 results and many technical enhancements. Our base case now shows a $78 billion hole.  Download PDF version

PBGC: When Will the Cash Run Out?

Should be read in conjunction with the above "Updated Cash Flow Model from COFFI." PBGC could exhaust its cash and investments by 2020, according to projections from our cash flow model, the first such model to be publicly available.
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PBGC: 2004 Showed Record Losses

PBGC lost $12.1 billion in 2004, raising its accumulated deficit to $23.3 billion. Download PDF version

PBGC: Effects of US Air and UAL Terminations

An already insolvent PBGC is about to absorb $8.5 billion in new claims from two major airlines. Download PDF version

PBGC: A Yield Curve Primer

COFFI has created a non-technical explanation of the proposal to use a "yield curve" to set the discount rate to calculate required pension contributions.
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PBGC: A Primer

44 million people rely on PBGC to help protect $1.5 trillion of pension benefits. PBGC faces an $11.2 billion deficit in its main program, sharply down from the $7.7 billion surplus two years ago. This is a non-technical primer on PBGC and pensions. Download PDF version

PBGC: Fundamental Questions

A companion piece to the primer. This focuses on seven key questions that should be answered to take a coherent position on pension policies. Download PDF version