Private Pension Plan Bulletin Abstract of 1998 Form 5500 Annual Reports

Transcription

1 Private Pension Plan Bulletin Abstract of 998 Form 00 Annual Reports U.S. Department of Labor Pension and Welfare Benefits Administration Number, Winter 00-00

2 Material in this publication is in the public domain and may be reproduced, fully or partially, without permission of the Federal Government. Source credit is requested but not required. Permission is required only to reproduce any copyrighted material contained herein. For a complete list of PWBA publications, call the tollfree Publication Hotline at: This material will be made available to sensory impaired individuals upon request. Voice phone: (0) 9-7 TDD Phone: (800) -77 *Telecommunications Device for the Deaf

3 INTRODUCTION This is the eleventh edition of the Private Pension Plan Bulletin. The tabulations presented in this report contain data based on 998 Form 00 filings. Reports for 998 plan years were filed by plans with the Internal Revenue Service (IRS) for fiscal years beginning anywhere from January, 998 to December 0, 998. The IRS processed 998 filings from August 999 through July 00. Plans covering or more participants must file a Form 00 every year containing extensive financial, participant, and actuarial data. Plans covering fewer than participants in 998 were required to file a less detailed report (known as a Form 00 C/R). The universe for this Bulletin consists of all private pension plans for which a Form 00 or Form 00 C/R has been filed with the IRS in accordance with Title I of the Employee Retirement Income Security Act of 97 (ERISA). Such plans may be defined benefit or defined contribution plans. They generally cover private wage and salary employees and are sponsored either by employers or jointly by employers and unions. The IRS processes the reports and provides computerized edited files to the Department of Labor's Pension and Welfare Benefits Administration. To produce this report, data on all plans covering or more participants are combined with a percent sample of small plan filers. This combined file is subjected to additional editing and weighted to represent the universe of private pension plans covering two or more participants. into five sections. Section A contains summary data on plans, participants, assets, income and expenses. Section B contains more detailed data on plans and participants, showing distributions by different size measures. Section C contains balance sheets and income statements for the major types of pension plans. Section D contains detailed data on defined contribution plans. Section E contains historical data from 979 to 998. The organization of this Bulletin is similar to the previous edition with the exception of an additional table in Section E on the estimated distribution of pension covered workers participating in only a defined benefit plan, only a defined contribution plan, or both a defined benefit and a defined contribution plan. This publication was prepared by Richard Hinz, Helen Lawrence, David McCarthy, Daniel Beller, Steve Donahue, and Phyllis Fernandez of the Office of Policy and Research. Although this Bulletin is not copyrighted, proper acknowledgment would be appreciated. The recommended citation is: United States Department of Labor, Pension and Welfare Benefits Administration. Abstract of 998 Form 00 Annual Reports. Private Pension Plan Bulletin No., Winter 00-00, Washington, DC. Key findings from the 998 filings are summarized in the Highlights on pages and. The tabulations are organized

4 TABLE OF CONTENTS INTRODUCTION... A Amount of Assets in Pension Plans by type of plan and method of funding, HIGHLIGHTS... SECTION A: SUMMARY Tables A Number of Pension Plans, Participants, Active Participants, Assets, s, and Benefits by type of plan, A Collective Bargaining Status of Pension Plans, Participants, and Assets by type of plan, Figures A Distribution of Pension Plans and Participants by type of plan, A Active Participants in Pension Plans by vesting status and type of plan, A Number of Participants in Pension Plans by type of plan entity, type of plan, and type of participant, A Distribution of Assets by method of funding, A A Balance Sheet of Pension Plans by type of plan, Income Statement of Pension Plans by type of plan, SECTION B: PLANS AND PARTICIPANTS Tables B Distribution of Pension Plans by umber of participants,

5 B B Distribution of Pension Plans by amount of assets, Distribution of Pension Plans by industry, SECTION C: FINANCIAL Tables C Distribution of Assets by number of participants, B Distribution of Participants by number of participants, C Distribution of Assets by asset size, B Distribution of Participants by amount of assets, C Distribution of Assets by industry, B B7 B8 B9 Distribution of Participants by industry, Distribution of Active Participants by type of plan, Number of Plans by type of plan and method of funding, Number of Participants by type of plan and method of funding, C Balance Sheet of Pension Plans with or More Participants by type of plan, C C Balance Sheet of Single Employer Pension Plans with or More Participants by type of plan, Balance Sheet of Multiemployer Pension Plans with or More Participants by type of plan,

6 C7 C8 C9 Percentage Distribution of Assets in Benefit Pension Plans with or More Participants by type of asset and size of plan, Percentage Distribution of Assets in Pension Plans with or More Participants by type of asset and size of plan, Income Statement of Pension Plans with or More Participants by type of plan, C Percentage Distribution of Income in Plans with or More Participants by source of income and size of plan, Figures C Average Assets per Participant by plan size, C Distribution of Pension Plans, Participants, and Assets by plan size, C0 C C Income Statement of Single Employer Pension Plans with or More Participants by type of plan, Income Statement of Multiemployer Pension Plans with or More Participants by type of plan, Percentage Distribution of Income in Benefit Plans with or More Participants by source of income and size of plan, SECTION D: DEFINED CONTRIBUTION PLANS Tables D Balance Sheet of Plans with or More Participants by type of plan, D Income Statement of Plans with or More Participants by type of plan,

7 D D Number of 0(k) Type Plans, Participants, Active Participants, Assets, s, and Benefits by type of plan, Number of 0(k) Type Plans by number of participants and primary or supplemental status, D0 D Income Statement of 0(k) Type Plans with or More Participants Number of Employee Stock Ownership Plans (ESOPs), Participants, Active Participants, Assets, s, and Benefits by type of assets, D D Number of Active Participants in 0(k) Type Plans by number of participants and primary or supplemental status, Number of 0(k) type plans, participants, and assets by size of plan and participant direction status, D7 Balance Sheet of 0(k) Type Plans, D8 Income Statement of 0(k) Type Plans, D9 Balance Sheet of 0(k) Type Plans with or More Participants D D D D Number of Employee Stock Ownership Plans (ESOPs), Participants, Active Participants, Assets, s, and Benefits by type of ESOP, Number of Employee Stock Ownership Plans (ESOPs) by number of participants and primary or supplemental status, Balance Sheet of Employee Stock Ownership Plans (ESOPs) with or More Participants by leveraged status, Income Statement of Employee Stock Ownership Plans (ESOPs) with or More Participants by leveraged status,

8 SECTION E: HISTORICAL TABLES Tables E Number of Pension Plans by type of plan, E Number of Pension Plans with Fewer than Participants by type of plan, E Ea Eb Number of Pension Plans with or More Participants by type of plan, Estimated Private Wage and Salary Worker Participation Rates Under Primary and Supplemental Pension Plans, Estimated Private Wage and Salary Worker Participation Rates Under Benefit and Plans, E E7 E8 E9 E0 E Number of Participants in Pension Plans with Fewer than Participants by type of plan, Number of Participants in Pension Plans with or More Participants by type of plan, Number of Active Participants in Pension Plans by type of plan, Number of Active Participants in Pension Plans with Fewer than Participants by type of plan, Number of Active Participants in Pension Plans with or More Participants by type of plan, Pension Plan Assets by type of plan, E Number of Participants in Pension Plans by type of plan, E Pension Plan Assets of Plans with Fewer than Participants by type of plan,

9 E Pension Plan Assets of Plans with or More Participants by type of plan, E9 Pension Plan Benefits Disbursed from Plans with or More Participants by type of plan, E E E E7 E8 Pension Plan s by type of plan, Pension Plan s of Plans with Fewer than Participants by type of plan, Pension Plan s of Plans with or More Participants by type of plan, Pension Plan Benefits Disbursed by type of plan, Pension Plan Benefits Disbursed from Plans with Fewer than Participants by type of plan, E0 E E E E Percentage Distribution of Active Participants in Plans with or More Participants by vesting status, Percentage Distribution of Active Participants in Single Employer Plans with or More Participants by vesting status, Percentage Distribution of Active Participants in Multiemployer Plans with or More Participants by vesting status, Number of 0(k) Type Plans, Participants, Assets, s, and Benefit Payments Aggregate Rates of Return Earned by Private Pension Plans with or More Participants, vi-

10 E E Aggregate Investment Performance of Private Pension Plans with or More Participants Aggregate Rates of Return Earned by Employee Stock Ownership Plans (ESOPs) and 0(k) Plans with or More Participants E7 Pension Plan Assets, E8 E9 Assets per Participant by type of plan, Pension Plan s and Benefits, Figures E Number of Pension Plans, E0 Rates of Return by type of plan, E Number of Plans, E Rates of Return for Single and Multiemployer Plans, E Pension Plan Active Participants, E E Participants per Plan by type of plan, Ratio of Active to Retired Participants in Benefit Plans, E E Rates of Return for 0(k) Type Plans, Rates of Return for ESOPs, E Pension Coverage of Wage and Salary Workers,

11 HIGHLIGHTS FROM THE 998 FORM 00 REPORTS The Revenue Act of 978 permitted certain types of defined contribution plans to add a cash or deferred arrangement allowing employees to defer part of their pre-tax salaries to retirement. Plans established or modified to include this arrangement are known as 0(k) plans. This legislation has radically altered the structure of the U. S. pension plan system over the last 0 years, shifting responsibility for the financing and investment of benefits from employers toward employees. Since the early and mid-980s, the number of 0(k) plans has grown at a rate that in years has led them to dominate the private pension system by providing primary or supplemental plan coverage to about 70 percent of all pension covered workers. With an overwhelming share of the growth in pension plan coverage over the last -0 years occurring under 0(k) type plans, the percentage of the pension covered work force participating in defined benefit plans (DB) has been in a slow but continuous decline. In 998, an estimated % of all pension covered workers participated in a DB plan, down from 8% in 978. In addition to the extremely low rate of new DB plan formation, the DB plan coverage rate had declined because of large numbers of terminations by small and medium sized plans and the lack of growth in employment among large unionized manufacturing firms maintaining their DB plans. Paralleling the decline in DB plan coverage has been a decline in coverage under DC plans without a 0(k) plan feature. Most of this decline resulted from the adoption of a 0(k) feature by ongoing DC plans. The DC plans initially adding a 0(k) feature were generally savings plans where the employer matched a portion of post-tax employee contributions. In more recent years many of the plans adopting a 0(k) feature have been profit sharing, ESOP, and money purchase plans where employer contributions are made on a basis other than a match of employee contributions. In 998, the number of 0(k) plans topped the 00,000 mark. 0(k) type plans now make up % of all plans, cover % of all active participants, and hold 8% of all pension plan assets. A major consequence of the growth of 0(k) type plans has been the shift in the financing of plan benefits from employers to employees. In 998, 7% of all contributions to pension plans were made by employees compared to only % in 978. In real dollars, employer contributions to all types of pension plans were 8% lower in 998 than in 978 while employee contributions were 80% higher. Other findings from the Form 00 series reports for 998 plan years are summarized below: In 998 the number of private pension plans increased by % to 70, 000. The number of 0(k) plans increased by %, while the number of DB plans decreased by % to,000 and the number of non-0 (k) plans decreased by % to 7,000. The number of DB plans, while dropping for the th straight year, did incur the smallest percentage drop in 998 over the -year period. The number of active participants in pension plans increased by % to 7. million in 998. Virtually all of the growth in total active participants was led by 0(k) type plans, where the number of participants increased by 0% to 7. million. The number of active participants in DB plans, which had dropped every year from 98 to 997, increased by % in 998 to.0 million. The increase in participants, along with a lower rate of decrease in the plan count, may be evidence that DB plan coverage is at least stabilizing.

12 Among pension-covered workers in 998, about % were covered only by DC plan(s), about 0% by both DB and DC plans, and about % only by a DB plan. Assets held by private pension plans in 998 topped the $ trillion mark with a % increase over 997. Assets held by 0(k) type plans increased by % to $. trillion, while DB plan assets increased by % to $.9 trillion, and non-0 (k) DC plan assets decreased by % to $ billion. Seventy-nine percent of 0(k) type plans, covering 8% of the active participants, and holding 8% of the assets, provided for participant direction of investments of either all assets or assets based on employee contributions. The aggregate rate of return for all plans with or more participants in 998 was.9% (investment earnings and appreciation). DC plans achieved a.8% rate of return during 998 compared to.% for defined benefit plans. In a ddition to the increase in assets resulting from earnings, DC plan asset growth was aided by a positive cash flow of $7. billion in 998 (contributions minus benefit payouts and administrative expenses). In contrast, asset growth in DB plans resulting from earning was partially offset by a negative cash flow of - $7. billion. DB plans have experienced a negative cash flow every year since 98. The rate of return was.% for single employer plans compared to.9% for multiemployer plans. Single employer plans tend to invest a higher percentage of their assets in stocks than multiemployer plans and generally achieve higher rates of return during years when the stock market performs well. The rate of return for 0(k) plans in 998 was.0%. While 0(k) plan earnings were lower than the average of.8% for all plans, a positive cash flow of $8.7 billion enabled 0(k) plans to grow at a more rapid rate than other types of plans. Benefit payments from plans to retirees, survivors, and terminating employees increased by 7% in 998 to $7. billion. Benefits paid out by DC plans increased 0% to $.9 billion and benefit payments from DB plans increased by % to $. billion. s to DC plans increased by % in 998 to $.9 billion while DB plan contributions increased by 7% to $.0 billion. Of total employer and employee contributions made to 0(k) type plans, employees made 7%. For workers participating only in a 0(k), employees contributed % of total contributions, and for workers participating in both a 0(k) plan and another plan sponsored by their employer employees contributed 7%. s to 0(k) type plans increased by % in 998 and benefit payments increased by 0%. Part of this increase is due to rollovers of pension benefits by employees from one plan to another or to IRAs. Seven percent ($8.9 billion) of contributions to 0(k) plans were reported as contributions by others (neither employer or employee contributions). s by others are generally rollover payments by new participants. s by others amounted to $. billion in 997.

13 SECTION A: SUMMARY

14 Table A. Number of Pension Plans, Participants, Active Participants, Assets, s, and Benefits by type of plan, 998 Type of Plan Number of Plans Participants (thousands) / Active Participants (thousands) / Assets (millions) / s (millions) / Benefits (millions) / TOTAL 70,0 99, 7,8 $,0,89 $0,88 $7, benefit contribution Profit sharing and thrift-savings Stock bonus Target benefit Money purchase Annuity-0(b)() Custodial account-0(b)(7) IRAs or annuities (Code 08) Other defined contribution,0 7,,89,700,78 99,,8,99 70,98, 7,90 8,88, 9, 9 97,99 0,,0,88 7,8 87 9,9,00,08,0,7,80,097,009 0, ,99,98,900 7, 7, 0 0, ,9,8 7, 0,99,9,7 Excludes plans covering only one participant. / Includes active, retired, and separated vested participants not yet in pay status. The number of participants also includes double counting of workers in more than one plan. / Active participants include any workers currently in employment covered by a plan and who are earning or retaining credited service under a plan. Active participants also include nonvested former employees who have not yet incurred a break in service. / asset amounts shown exclude funds held by life insurance companies under allocated group insurance contracts for payment of retirement benefits. These excluded funds make up roughly 0 to percent of total pension fund assets. / Includes both employer and employee contributions. / Amounts shown include both benefits paid directly from trust funds and premium payments made by plans to insurance carriers. Amounts exclude benefits paid directly by insurance carriers. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

15 Table A. Number of Partiicpants in Pension Plans by type of plan entity, type of plan, and type of participant, 998 (numbers in thousands) Plans Participants 99, Plans Benefit, 7,90 Single Employer Plans 87,90 Benefit,,9 Multiemployer Plans /, Benefit 8,98,807 Active Participants / Fully Vested Partially Vested Nonvested 7,8 0,0 9,8,0,99,9 0 7,9 0,,8 9,00,87,90,9 9, 0,90 8,8,7,8 8,07,08 8,980,79,98, 9,0,70,8,07,8, Retired or separated participants receiving benefits 9,80 9, 7 7,,89 0,,8 Separated participants with vested right to benefits,7 9,,9,0 7,,8,,8 8 Includes single employer plans, plans of controlled groups of corporations and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. / Plans with less than participants are required to provide only the total participant count. For these plans, which cover approximately 0 percent of all participants, the distribution of active, retired and separated vested participants was assumed to be the same as for the larger plans in each column. Note: Excludes plans covering only one participant SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

16 Table A. Balance Sheet of Pension Plans by type of plan, 998 (amounts in millions) Type of Asset or Liability ASSETS Cash Receivables Corporate debt and equity instruments U.S. Government securities Real estate and mortgages (other than to participants) Mortgage loans to participants Other loans to participants Other investments and assets Buildings and other property used in plan operations TOTAL ASSETS $0, 7,0,0,08 0,77,08,0 9,987,8,7 8,0,89 Benefit $9,90 0,,7 7,8 0,87 8,9,07 8,9,00 $7,,97 9,8,, 8 9,9,9,0 0,08,0 LIABILITIES Payables Acquisition indebtedness Other liabilities TOTAL LIABILITIES 7,0 7, 9,07 8,788 0,80,7, 0,9,0,98,,8 NET ASSETS,98,0,89,,0,98 This table summarizes assets that appear on both the Form 00 (for plans with or more participants) and Form 00-C/R (for plans with fewer than participants). All line items that appear on the more detailed Form 00, but not on the Form 00-C/R balance sheet are grouped under "Other investments and assets". Most of the assets placed in this category are invested through various types of pooled funds, including common collective trusts, pooled separate accounts, master trusts, and registered investment companies. NOTE: asset amounts shown exclude funds held by life insurance companies under allocated group insurance contracts for payment of retirement benefits. These excluded funds make up roughly 0 to percent of total pension fund assets. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

17 Table A. Income Statement of Pension Plans by type of plan, 998 (amounts in millions) Income and Expenses INCOME s received or receivable from: Employers Participants Others Noncash contributions contributions Investment earnings Net gain (loss) on sale of assets Other or unspecified income / TOTAL INCOME $,8 89,7,7 90 0,88 7,,0,00 7, Benefit $, ,98,9, 0,7 8,90 $,780 89,0 0,79 88,900 8,8 9,978,7 9,9 EXPENSES Benefit payments and payments to provide benefits Direct benefits Other benefits payments administrative expenses Other or unspecified expenses TOTAL EXPENSES NET INCOME,9 8,79 7, 9,9,98 87,0,99 07,8,8,9 7,08 7 8,08, 7,0,7,8,89,709 8, 8,7 Includes interest earnings, dividends, and rents. / Includes net gain (loss) from pooled funds, unrealized appreciation (depreciation) of assets, and miscellaneous other income items. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

18 Table A. Amount of Assets in Pension Plans by type of plan and method of funding, 998 (amounts in millions) Method of Funding Plans Benefit Single Employer Plans Multiemployer Plans / Funding arrangement for investment of assets TOTAL $,0,89 $,9,00 $,08,0 $,, $,99,0 $,0, $79,9 $7,97 $,89 Trust Insurance Trust and insurance Other,7,8,00,78,0 9,,, 9,8 9,9,07,97 8,98 87,,0,,,00 9,07,9, 9,0 9,,9,9 7,800 87,78 9,97 0 9,90 8,77 0 9,7,99 0 Funding arrangement for payment of benefits TOTAL $,0,89 $,9,00 $,08,0 $,, $,99,0 $,0, $79,9 $7,97 $,89 Trust Insurance Trust and insurance Other,90,09 8,77,0,7,8,,9, 7,88 89,,0 0, 77,,7,0,0 8,00 9,8,80,0,,8, 89,7,7 9,79 70,7,0 7,8,70 0,0 0,,8 9,7 0,8 0,70 Includes single employer plans, plans of controlled groups of corporations, and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. NOTE: asset amounts shown exclude funds held by life insurance companies under allocated group insurance contracts for payment of retirement benefits. These excluded funds make up roughly 0 to percent of total pension fund assets. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

19 Table A. Collective Bargaining Status of Pension Plans, Participants, and Assets by type of plan, 998 Collective Bargaining Status Number of Plans Plans Participants (thousands) Assets (millions) Benefit Number of Participants Assets Plans (thousands) (millions) Number Participants Assets of Plans (thousands) (millions) TOTAL 70,0 99, $,0,89,0, $,9,00 7, 7,90 $,08,0 Collectively bargained plans Noncollectively bargained plans 7,9 7,9 0, 8,989,09,79,,70 8,00 8,0 0,9 0,9,0,99 89,0 9,9, 9,88 8,0 8,80,7,870 Asset amounts shown exclude funds held by life insurance companies under allocated insurance contracts for payment of retirement benefits. These excluded funds make up roughly 0 to percent of total pension fund assets. NOTE: Some collectively bargained plans cover nonbargaining unit employees under a separate non-negotiated benefit structure. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

20 Figure A. Distribution of Pension Plans and Participants by type of plan, 998 9% Benefit % Benefit 8% 9% Plans Active Participants Reference: Table A. Source: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 99 8.

21 Figure A. Active Participants in Pension Plans by vesting status and type of plan, 998 Fully Vested % Fully Vested 70% Partially vested % Nonvested % Partially vested 8% Nonvested % Reference: Table A Source: Form 00 series reports filed with the Internal revenue Service for plan years beginning in 998

22 Figure A. Distribution of Assets by method of funding, 998 Trust % Trust 7% Insurance <% Funding Arrangement for Investment of Assets Trust and Insurance % Insurance Funding Arrangement for Payment of Benefits Reference: Table A. Less than one percent. Source: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998. % Trust and Insurance %

23 SECTION B: PLANS AND PARTICIPANTS

24 Table B. Distribution of Pension Plans by number of participants, 998 Number of Participants TOTAL 70,0 Plans Benefit,0 7, Single Employer Plans 7,997,99 7,97 Multiemployer Plans /,0,70,9 None or not reported ,000-,99,00-,999,000-9,999 0,000-9,999 0,000-9,999 0,000 or more 9,80,70 8,89 8,7,7,7,7 8,9,,7,0 7 90, 0, 7,7,70,77,7,89,88,07,0 8,8 9,908, 8,7 8,79 8,9,7,0,8, ,70, 8,88 8,,,8,9 7,90,0,8, 87,08 0,9 7,7,78,70,,9,, ,97 9,907, 8, 8, 8,7,70,77,7, Includes single employer plans, plans of controlled groups of corporations, and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. NOTE: Excludes plans covering only one participant. Source: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

25 Table B. Distribution of Pension Plans by amount of assets, 998 Amount of Assets TOTAL 70,0 Plans Benefit,0 7, 7,997 Single Employer Plans Benefit,99 7,97,0 Multiemployer Plans / Benefit,70,9 None or not reported $-K -9K 0-99K -9K 0-99K K -.M.-.9M -9.9M 0-.9M -9.9M 0-7.9M M -9.9M M M M M -.9B.B or more 80,9,99,97 9,0 8,99,,08 9,7,779 7,70,70,7,9 9, ,9 8 7,900,8,9 7,7 7,9,80,70,7, ,00,0, 7,, 07,97 0, 8,89,97,990 8,99,00, ,888,98,90 9, 8,9,9,9 9,9,8 7,,,0, ,9 8 7,89,,8 7, 7,877,70,9,00, ,97,0,7 7,7, 07,908 0,8 8,7,7,77 8,7,8, Includes single employer plans, plans of controlled groups of corporations and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. NOTE: Excludes plans covering only one participant. The letters K, M, and B denote thousands, millions, and billions, respectively. Source: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

26 Table B. Distribution of Pension Plans by industry, 998 Industry Plans Benefit Single Employer Plans Multiemployer Plans / TOTAL 70,0,0 7, 7,997,99 7,97,0,70,9 Agriculture Mining Construction Manufacturing Transportation Utilities Communications and information Wholesale trade Retail trade Finance, insurance and real estate Services Tax-exempt organizations Industry not reported,7,978 9,0 9,77,99,,7,,9 9,7,,80,90,8 0,00,00 8,,89,0,9,9,9, 8,907,7,0 79,97,,87,99,80,8,,7,89,9,,97 7, 9,78,800,0,8,7,97 9,,9,79,,9 00,,8 88,00,78,,0,78,90,0 8,90,7,87 79,,,8,8,79,,9,,87, 7, Includes single employer plans, plans of controlled groups of corporations and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. Industry classifications are now based on principal business activity code used in the North American Industry Classification System. Therefore, the results in this table may not be directly comparable with previous years. NOTE: Excludes plans covering only one participant. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

27 Table B. Distribution of Participants by number of participants, 998 (numbers in thousands) Number of Participants Plans Benefit Single Employer Plans Multiemployer Plans / TOTAL 99,, 7,90 87,90,,9, 8,98, ,000-,99,00-,999,000-9,999 0,000-9,999 0,000-9,999 0,000 or more,7,9,998,70,7,,99 9,7 8,777 9,8 0,7, 0, ,,78,7,8,, 7,,7,,8,80,97,0,0,9,90,9,88,8,08 7,09,7,9,997,7,7,988, 8,07 7,70 8, 9,087,978, ,0,,00,007,79,,99 8,79,,8,80,9,,9,008,0,70,8,97,98, ,09,07,99,0,8, ,00,, Includes singte employer plans, plans of controlled groups of corporations and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. Source: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

28 Table B. Distribution of Participants by amount of assets, 998 (numbers in thousands) Amount of Assets TOTAL 99, Plans Benefit, 7,90 Single Employer Plans 87,90,,9 Multiemployer Plans /, 8,98,07 None or not reported $-K -9K 0-99K -9K 0-99K K -.M.-.9M -9.9M 0-.9M -9.9M 0-7.9M M -9.9M M M M M -.9B.B or more, ,87,9,,,,09 7,7,79,7,80,,9,79 7,78 8,0 0,878, ,8,07,87,7,8,9,,,88,,7 0,779, ,779,,0,7,7,80,00,79,,,7,90,,0,989,,,8 90 9,80,,,,,7,909,,,7,90,7,, 7,8 8,9, ,08,,0,9,07,,0,009,07,, 8,00,0 8 7,77,,98,9,,9,78,,08,0,7,7,7,7,79,9, ,9,0,9, , 80,89, Includes single employer plans, plans of controlled groups of corporations, and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. NOTES: Excludes plans covering only one participant. The letters K, M, and B denote thousands, millions, and billions, respectively. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

29 Table B. Distribution of Participants by industry, 998 (numbers in thousands) Industry Plans Benefit Single Employer Plans Benefit Multiemployer Plans / Benefit TOTAL 99,, 7,90 87,90,,9, 8,98,07 Agriculture Mining Construction Manufacturing Transportation Utilities Communications and information Wholesale trade Retail trade Finance, insurance and real estate Services Tax-exempt organizations Industry not reported 7 709,97,,08,878,90, 0, 9,88,0,70, 07,,70,,0,9 877,0,, 8 0,9,,0 8,,7,909,7,80 7, 0 70,9,07,9,87,78, 9,0 8, 9,9,0, ,,,00,77 90,9,, ,90,8,8 8,09,,78,00,87 8, 9,97,7,7 7,8,9,9 9,9,,0 8 8,07,,080 9, Includes single employer plans, plans of controlled groups of corporations, and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. NOTE: Industry classifications are now based on principal business activity code used in the North American Industry Classification System. Therefore, the results in this table may not be directly comparable with previous years. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

30 Table B7. Distribution of Active Participants by type of plan, 998 (numbers in thousands) Type of Plan Plans Single Employer Plans / Multiemployer Plans / TOTAL 7,8,90,98 benefit contribution Profit sharing and thrift-savings Stock bonus Target benefit Money purchase Annuity-0(b)() Custodial account-0(b)7 IRAs or annuities (Code 08) Other defined contribution,99 0,,0,88 7, ,8 8,07,88,88,7 78,70,8 7 -, 9-8 Active participants include any workers currently in employment covered by a plan and who are earning or retaining credited service under a plan. Active participants also include any nonvested former employees who have not yet incurred a break in service. / Includes single employer plans, plans of controlled groups of corporations, and multiple-employer noncollectively bargained plans / Includes multiemployer plans and multiple-employer collectively bargained plans. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

31 Table B8. Number of Plans by type of plan and method of funding, 998 Method of Funding Plans Benefit Single Employer Plans Multiemployer Plans / Funding arrangement for investment of assets TOTAL 70,0,0 7, 7,997,99 7,97,0,70,9 Trust Insurance Trust and insurance Other 0,9,7,,87,9,07 0,9 9,88 8,7,8,8,9 0,8,8,7,87,7,0 9,99 9,88 7,,,,9, ,8, Funding arrangement for payment of benefits TOTAL 70,0,0 7, 7,997,99 7,97,0,70,9 Trust Insurance Trust and insurance Other 8,8 0,88 7,7 8,,9, 8,097 0,00 8, 7, 9, 8, 80,90 0,0 7,0 8,,0,8 7,807 0,00 7, 7,8 9,0 8,, 8 0,7 8 90,078 Includes single employer plans, plans of controlled groups of corporations, and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

32 Table B9. Number of Participants by type of plan and method of funding, 998 (numbers in thousands) Method of Funding Plans Benefit Single Employer Plans Benefit Multiemployer Plans / Benefit Funding arrangement for investment of assets TOTAL 99,, 7,90 87,90,,9, 8,98,07 Trust Insurance Trust and insurance Other, 77,7,8 7,,8 7 7,978 8,79 8 8,8 7 8,087,8,0 9,88 7,9 8,9 8 7,7,8 0,8, 0,0 0 Funding arrangement for payment of benefits TOTAL 99,, 7,90 87,90,,9, 8,98,07 Trust Insurance Trust and insurance Other 70,88,9,7, 9,88,8 0,8 78,70,,8 8,,8 0,9,0,8,09 8,0 78 9,07,,90 8 8, 7,80 -,0, 0, Includes single employer plans, plans of controlled groups of corporations, and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

33 SECTION C: FINANCIAL

34 Table C. Distribution of Assets by number of participants, 998 (amounts in millions) Number of Participants TOTAL,0,89 Plans Benefit,9,00,08,0,, Single Employer Plans Benefit,99,0,0, 79,9 Multiemployer Plans / Benefit 7,97,89 None or not reported ,000-,99,00-,999,000-9,999 0,000-9,999 0,000-9,999 0,000 or more 8,89, 0, 8,090,788,9 7,09 8, 90, 9,70 0,,8 70,88,0,,0,,7, 7,88 9,9 0,98,97,9,8 00,0 9,7 9,8 7,8,80,80 99, 8, 9,90,0 9, 0,0,0 0,0 0,0,,00 97,80 8,09,8 0, 8,078,8 9,79 0,9,08,8,79,077,, 9,79,98,0,7, 7,70 8,90,09,70 9,8 0,09 9, 9,7 99,8 9,,,80 99, 8, 9,78,09 9,,8,,70 9, 9,87,0 9,80 0 / 0,7,,0 8,8 8,0,09 0,0,0, 70 /,,7,7 9,07 9,7 0,88, 0,09,7 80 / ,77,7 9, 8,7,7,9,9, Includes single employer plans, plans of controlled groups of corporations and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. / Less than $00,000. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

35 Table C. Distribution of Assets by asset size, 998 (numbers in millions) Amount of Assets TOTAL $,0,89 Plans Benefit $,9,00 $,08,0 Single Employer Plans $,, $,99,0 $,0, $79,9 Multiemployer Plans / Benefit $7,97 $,89 -K -9K 0-99K -9K 0-99K K -.M.-.9M -9.9M 0-.9M -9.9M 0-7.9M M -9.9M M M M M -.9B.B or more,9,87 9,9,0 79,787,8 7,7, 8,,70 7,88 79,,079 0,7 9,7 9,99 7,,80,7, ,9,0,,90 9,,7 8, 8,0, 8,0,,079,8 98,888,9 87,9 9,9,9 9,7 8,99 7,,,78 0,09 8,0 0,07 9,08,0 77,80,,, 7, 7,8 9,7,9,8 9,90,09 79,7,7,0 9,9 7, 8,0 0,00 8,7 7,8 9,0 79,9 9,,89 8,70,, 0 7 7,,,, 8,0 8,9 8, 8, 7,9,,77,,,0 9, 7,0 9,8,7 9,8 8,99 7,,009,998 0,,79 99,89,99,87 7,9 9,88,98,,709,7 9,7 / / 7,,70 8,88,80,8,08 8, 8,08, 7,0 8, 77,,80 / / / ,7,9 0,7 9, 9,0,88,079 9,,,78 7,80,80 / / 07 78,8,,07,87,8,,09,79,8,7,0 - Includes single employer plans, plans of controlled groups of corporations and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. / Less than $00,000. NOTE: Excludes plans covering only one participant. The letters K,M, and B denote thousands, millions, and billions, respectively. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

36 Table C. Distribution of Assets by industry, 998 (amounts in millions) Industry Plans Benefit Single Employer Plans Multiemployer Plans / TOTAL $,0,89 $,9,00 $,08,0 $,, $,99,0 $,0, $79,9 $7,97 $,89 Agriculture Mining Construction Manufacturing Transportation Utilities Communications and Information Wholesale trade Retail trade Finance, insurance and real estate Services Tax-exempt organizations Industry not reported,00 7,77 97,7,9,700 89,8 8,8,99 07,800,9,0 7,9 7,87 7,9,97,90 7,0 879,88,0 08,0 8,87,9,8 98,9 87,77,0,77 7,7,77 70, 779,8,77 0,7 8,7 8,8,88 8,8 8,88,87, 0, 7,8 8,7,0,,08 8,7 09,889 0,0 9,7 7,08,87,87,8,0,9,7 8, 9, 08,08 8, 0,,0 9,79 8,0 8,,080 7,,,77 779,08,87 0, 8, 8,9,7,70 8,8,0, ,8 9,8 8,07 0,70,80,,,9,000, ,9 8,07,9,7,98,007 9,0 9,,9,9 8,7 777,8 8 8,8,0 07 Includes single employer plans, plans of controlled groups of corporations and multiple-employer noncollectively bargained plans. / Includes multiemployer plans and multiple-employer collectively bargained plans. Industry classifications are now based on principal business activity code used in the North American Industry Classification System. Therefore, the results in this table may not be directly comparable with previous years. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

37 Table C. Balance Sheet of Pension Plans with or More Participants by type of plan, 998 (amounts in millions) Type of Asset or Liability ASSETS Receivables Employer contributions Participant contributions Income receivables Other receivables Less allowance for doubtful accounts receivables (net) $7,89,97,7,9 7 0,79 Benefit $,90,,9 0 9, $,9,90,,9 8,9 General investments Interest-bearing cash Certificates of deposit U.S. Government securities Corporate debt instruments: Preferred Corporate debt instruments: All other Preferred stock Common stock Partnership/joint venture interests Income-producing real estate Nonincome-producing real estate Residential loans (other than to participants) secured by mortgages Commercial loans secured by mortgages Mortgage loans to participants Other loans to participants Other loans 9,980,90,000,8 7,8,7,08,,980 87,0, 7,70,0,0 88,0,87,8,808,9 0,7,9 79,0, ,0,,98 8,8,78,89, ,7 (continued...)

38 Table C. Balance Sheet of Pension Plans with or More Participants by type of plan, 998 (amounts in millions) Type of Asset or Liability Benefit Value of interest in common/collective trusts Value of interest in pooled separate accounts Value of interest in master trusts Value of interest in 0- investment entities Value of interest in registered investment companies Value of funds held in insurance company general account Other or unspecified general investments general investments Employer securities Employer real property Unspecified investments noninterest-bearing cash Buildings and other property used in plan operations TOTAL ASSETS $08,988,9,8,97,99, 9,88 9,,,07 80,0, 9,80 7,79, $9,907 9,99 87,09, 7,98,87 7,8,88,,977,70,89,9 $,08, 8,,7, 7,97,,7,8 7,, 89,0 9,8,0 LIABILITIES Benefit claims payable Operating payables Acquisition indebtedness Other liabilities TOTAL LIABILITIES,8,9,0, 7,7 79 9,8,,0 9,9,7,0, 9,0 7, NET ASSETS,,,87,,,898 SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

39 Table C. Balance Sheet of Single Employer Pension Plans with or More Participants by type of plan, 998 (amounts in millions) Type of Asset or Liability ASSETS Receivables Employer contributions Participant contributions Income receivables Other receivables Less allowance for doubtful accounts receivables (net) $,7,98,8,79,7 Benefit $,8 9,9,90,988 $,9,889,,8 0,7 General investments Interest-bearing cash Certificates of deposit U.S. Government securities Corporate debt instruments: Preferred Corporate debt instruments: All other Preferred stock Common stock Partnership/joint venture interests Income-producing real estate Nonincome-producing real estate Residential loans (other than to participants) secured by mortgages Commercial loans secured by mortgages Mortgage loans to participants Other loans to participants Other loans 8,09,09 7, 0,78 7,87,9, 0,07,8 9 0, 80,9 89 7,7,78 7,07,7 08,9 9,, ,780,0 7,7 7,0 0,78,8 0, , (continued...)

40 Table C. Balance Sheet of Single Employer Pension Plans with or More Participants by type of plan, 998 (amounts in millions) Type of Asset or Liability Benefit Value of interest in common/collective trusts Value of interest in pooled separate accounts Value of interest in master trusts Value of interest in 0- investment entities Value of interest in registered investment companies Value of funds held in insurance company general account Other or unspecified general investments general investments Employer securities Employer real property Unspecified investments noninterest-bearing cash Buildings and other property used in plan operations TOTAL ASSETS $0,7 07,9,7,9,9 9, 8,8 78,,8,0 79,79, 808, 8,00,77 $9,78,8 87,,9,77 7,8 7,7,7,8,9,00,9,89 $0,99,0 8,,80 9, 8,8 0,80,,8 7,7, 8,8,0,88 LIABILITIES Benefit claims payable Operating payables Acquisition indebtedness Other liabilities TOTAL LIABILITIES,97 0,987,9,0,0 88 8,97,09,9,0,09,070,0 8,80 7,00 NET ASSETS,8,7,,87,0,8 Includes single employer plans, plans of controlled groups of corporations and multiple-employer noncollectively bargained plans. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

41 Table C. Balance Sheet of Multiemployer Pension Plans with or More Participants by type of plan, 998 (amounts in millions) Type of Asset or Liability ASSETS Receivables Employer contributions Participant contributions Income receivables Other receivables Less allowance for doubtful accounts receivables (net) $,7,09,8,080 Benefit $,7 7,9,7 7, $ 0 General investments Interest-bearing cash Certificates of deposit U.S. Government securities Corporate debt instruments: Preferred Corporate debt instruments: All other Preferred stock Common stock Partnership/joint venture interests Income-producing real estate Nonincome-producing real estate Residential loans (other than to participants) secured by mortgages Commercial loans secured by mortgages Mortgage loans to participants Other loans to participants Other loans,7 807,9,70 7,7,0,8, 8, , ,888,9,777,0,,8 7 0, , ,7,8,97 7, (continued...)

42 Table C. Balance Sheet of Multiemployer Pension Plans with or More Participants by type of plan, 998 (amounts in millions) Type of Asset or Liability Benefit Value of interest in common/collective trusts Value of interest in pooled separate accounts Value of interest in master trusts Value of interest in 0- investment entities Value of interest in registered investment companies Value of funds held in insurance company general account Other or unspecified general investments general investments Employer securities Employer real property Unspecified investments noninterest-bearing cash Buildings and other property used in plan operations TOTAL ASSETS $8,,,8,00 0,09 7,7,79 7, ,8 $,9,08 88,0,8,0 9,9,78 8 / 7 7,07 $,08, 9,87,0,8 0,9 / 7 8,8 LIABILITIES Benefit claims payable Operating payables Acquisition indebtedness Other liabilities TOTAL LIABILITIES ,0, ,,7 0 9 NET ASSETS 7,,,0 Includes multiemployer plans and multiple-employer collectively bargained plans. / Less than $00,000. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

43 Table C7. Percentage Distribution of Assets in Benefit Plans with or More Participants by type of asset and size of plan, 998 Type of Asset TOTAL ASSETS % $-.9M % $.0M-9.9M % $0.0M M % $0.0M- 9.9M % $.0B or More % Cash Receivables U.S. Government securities Corporate debt instruments: Preferred Corporate debt instruments: All other Corporate stocks Real estate and mortgages (other than to participants) Nonmortgage loans to participants Value of interest in common/collective trusts Value of interest in pooled separate accounts Value of interest in master trusts Value of interest in registered investment companies Value of funds held in insurance company general account Employer securities Other investments Less than one percent. NOTE: The letters M and B in the column headings denote millions and billions, respectively. Percentage distribution may not add up to because of rounding. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

44 Table C8. Percentage Distribution of Assets in Plans with or More Participants by type of asset and size of plan, 998 TOTAL ASSETS Type of Asset % $-.9M % $.0M-9.9M % $0.0M M % $0.0M- 9.9M % $.0B or More % Cash Receivables U.S. Government securities Corporate debt instruments: Preferred Corporate debt instruments: All other Corporate stocks Real estate and mortgages (other than to participants) Nonmortgage loans to participants Value of interest in common/collective trusts Value of interest in pooled separate accounts Value of interest in master trusts Value of interest in registered investment companies Value of funds held in insurance company general account Employer securities Other investments Less than one percent. NOTE: The letters M and B in the column headings denote millions and billions, respectively. Percentage distribution may not add up to because of rounding. SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

45 Table C9. Income Statement of Pension Plans with or More Participants by type of plan, 998 (amounts in millions) Income and Expenses INCOME s received or receivable from: Employers Participants Others Noncash contributions contributions Interest earnings: Interest-bearing cash Certificates of deposit U.S Government securities Corporate debt instruments Mortgage loans Other loans Other or unspecified interest interest earnings Dividends: Preferred stock Common stock dividend income Rents Net gain (loss) on sale of assets Unrealized appreciation (depreciation) of assets Net investment gain (loss) from common/collective trusts Net investment gain (loss) from pooled separate accounts Net investment gain (loss) from master trusts $77,787 77, 7,7,70,80 8 7,9, 97,78,70,7,7,9 8, 79,0 0, 7,,90, Benefit $, 8 77,07,,97,87 79, 8,7 0,8,8 0 0,,8,0,0,9 $, 7,88,97 0 0,9, 0,0 87 7,99 7,07,9,,08,9 77,8,7,9 7,87 0,709 (continued...)

46 Table C9. Income Statement of Pension Plans with or More Participants by type of plan, 998 (amounts in millions) Income and Expenses Benefit Net investment gain (loss) from 0- investment entities Net investment gain (loss) from registered investment companies Other or unspecified income TOTAL INCOME $8,7 7,07,0 $8,08,078 7,70 $8 0,80,9,0 EXPENSES Benefit payments and payments to provide benefits: Direct benefits Payments to insurance carriers Other benefits payments Interest expense Administrative expenses: Salaries and allowances Accounting fees Actuarial fees Contract administrator fees Investment advisory and management fees Legal fees Valuation/appraisal fees Trustee fees/expenses Other administrative expenses administrative expenses Other or unspecified expenses TOTAL EXPENSES NET INCOME 9,9,,8,, ,90, 8, 7,9 99,7,8, , , ,88,70 09,,99 9, 0,,8, ,8,,707 SOURCE: Form 00 series reports filed with the Internal Revenue Service for plan years beginning in 998.

47 Table C0. Income Statement of Single Employer Pension Plans with or More Participants by type of plan, 998 (amounts in millions) Income and Expenses INCOME s received or receivable from: Employers Participants Others Noncash contributions contributions Interest earnings: Interest-bearing cash Certificates of deposit U.S Government securities Corporate debt instruments Mortgage loans Other loans Other or unspecified interest interest earnings Dividends: Preferred stock Common stock dividend income Rents Net gain (loss) on sale of assets Unrealized appreciation (depreciation) of assets Net investment gain (loss) from common/collective trusts Net investment gain (loss) from pooled separate accounts Net investment gain (loss) from master trusts $,7 77, 7,7 9,,9,9,, 0,70,8,97,7,8,9 9,9,7,7,9 Benefit $0, ,,,8, 9 0,99 9,77 9,0,779 8,,88 0,,7,8 $,77 7,,99 0,909, ,7 7,,7,7,0,89 7,,00, 7,70 0,89 (continued...)