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The 2008 Annual Report of the PBGC (PDF)
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
Jan. 16, 2009
70 pages. Excerpt: PBGC's deficit shrank to $11.2 billion at the end of FY 2008. In FY 2006 the deficit was $18.9 billion, and in FY 2007 it was $14.1 billion, so this is indeed a welcome change. This year's improved position is largely the result of three factors: None of the very large plans we insure terminated; the interest rate we use to measure the value of our liabilities went up, causing the present value of these liabilities to go down; and we significantly reduced our liabilities for probable terminations. The Corporation has sufficient liquidity to meet its obligations for a number of years; however, neither of its insurance programs at present has the resources to fully satisfy PBGC's long-term obligations to plan participants.

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