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HRD-85-72 1 (1985-07-29)

handle is hein.gao/gaobabffb0001 and id is 1 raw text is: REPORT BY THE U S. ,General Accounting Office Financial Conditions Of Multiemployer Pension Plans Generally Improved From 1978 To 1980 The Multiemployer Pension Plan Amendments Act of 1980 made major changes to federal requirements for insuring and funding the benefits of over 8 million participants in about 2,500 multiemployer pension plans. The changes were enacted because of concern raised in 1978 that plans could place billions of dollars of unfunded benefit claims on the federal insurance program administered by the Pension Benefit Guaranty Corporation. GAO estimated selected financial condition indicators for 1,276 plans with 100 or more participants for the period MPPAA's provisions were being considered--from 1978 to 1980. These data establish a baseline for future analysis of plan changes and could be useful in considering legislative proposals. The estimates indicate that the overall financial condition of the plans and the industry and participant size groups they covered generally improved during the period. Based on plan data, the plans' benefits were about 56 percent funded by assets in 1978. By the end of 1980, their benefits of about $46 billion were 66 percent funded. Further,the estimates indicate that the plans' overall ability to build asset reserves and generate sufficient contributions to pay for unfunded benefits remained adequate to strong. However, the plans' contribution ratio (active to other participants) declined, and GAO's analysis of the 1980 indicators for 149 sample plans showed that (1) the plans' unfunded benefits of about $11.2 billion posed a substantial contingent liability against the insurance program and (2) some individual plans may not be in adequate financial condition. I[11[11 ll$11 !!111 M III II111 1 BIH I 127519 GAO/HRD-65-72 JULY 29,1985

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