[20070424]RS22650_养老金福利担保公司和联邦预算.pdf

1 For more information on the PBGC see CRS Report 95-118, Pension Benefit GuarantyCorporation: A Fact Sheet, by Paul J. Graney.Order Code RS22650April 24, 2007The Pension Benefit Guaranty Corporationand the Federal BudgetWilliam Joseph KlunkActuaryDomestic Social PolicySummaryThe Pension Benefit Guaranty Corporation (PBGC) is a wholly owned governmentcorporation that insures private-sector defined benefit pension plans. The PBGCreceives no appropriations, but some of its operational cash flows are included in thefederal budget. In FY2006, the PBGC generated net revenue of $2.6 billion. Since1975, it has generated more than $15 billion in revenue and has had net outlays (i.e.,years in which its outlays exceed its receipts) in only two years, FY2003 and FY2005.The current budget, however, projects net outlays to continue in FY2007 and FY2008.In August 2006, the President signed the Pension Protection Act (PPA) of 2006,which changes the premiums that plan sponsors must pay to the PBGC as well as thecontributions they must make to their plans. Over the next 10 years, the PPA provisionsrelated to the PBGC are expected to decrease federal spending by $5.5 billion anddecrease revenue by $