99 pages. Excerpt: [Some of the Fiscal Year 2009 Financial Statement Highlights are as follows:] PBGC's combined financial condition declined by $10.80 billion, increasing the Corporation's deficit to $21.95 billion as of September 30, 2009, from $11.15 billion as of September 30, 2008. PBGC's portfolio achieved a return on investment of 13.2%. The single-employer program's net position declined by $10.40 billion, increasing the program's deficit to $21.08 billion. The multiemployer program's net position declined by $396 million, increasing that program's deficit to $869 million. The primary factors in the single-employer program's net loss included a charge of $10.55 billion due to an unfavorable change in interest factors, $4.23 billion in losses from completed and probable terminations, $3.92 billion in charges due to passage of time, and $383 million of administrative and other expenses. These factors were offset by $6.33 billion in investment income, $1.82 billion in net premium income, and a credit of $573 million from actuarial adjustments.

MORE >>