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Transactions of Defined Benefit Pension Plans.

Bureau of Economic Analysis
Table 7.21. Transactions of Defined Benefit Pension Plans
[Billions of dollars]
Last Revised on: August 03, 2016

Line                                         2008     2009     2010

 1    Current receipts, accrual basis     1,048.6  1,118.8  1,118.9
 2     Output (1)                            20.6     17.9     19.7
 3     Contributions                        677.7    719.1    728.0
 4      Claims to benefits accrued
        through service to employers        327.4    337.3    356.8
 5       Actual employer contributions      310.7    333.9    362.1
 6       Imputed employer contributions      -5.8    -22.9    -30.1
 7       Actual household contributions      43.1     44.1     44.5
 8       Less: Pension service
         charges (1)                         20.6     17.9     19.7
 9      Household pension contribution
        supplements (2)                     350.3    381.8    371.2
10     Income receipts on assets
       (including plans' claims
       on employers)                        350.3    381.8    371.2
11      Interest                            289.1    328.3    318.0
12       Monetary interest                  142.6    129.3    123.1
13       Imputed interest on plans'
         claims on employers (3)            146.5    199.1    194.9
14      Dividends                            61.2     53.5     53.2
15    Current expenditures,
      accrual basis                       1,048.6  1,118.8  1,118.9
16     Administrative expenses               20.6     17.9     19.7
17     Imputed income payments on
       assets to persons                    350.3    381.8    371.2
18      Interest                            289.1    328.3    318.0
19      Dividends                            61.2     53.5     53.2
20     Benefit payments and
       withdrawals                          465.8    487.7    506.4
21     Net change in benefit
       entitlements (4)                     211.9    231.4    221.7
22    Cash flow                              71.2     55.2     56.9
23     Actual employer and
       household contributions
       (5+7)                                353.8    378.1    406.6
24     Monetary income receipts
       on assets (12+14)                    203.8    182.7    176.4
25     Less: Benefit payments
       and withdrawals                      465.8    487.7    506.4
26     Less: Administrative expenses         20.6     17.9     19.7
      Effect of participation in
      defined benefit plans on
      personal income,
      saving, and wealth:
27     Effect on personal
       income (1-7-9 or 15-7-9)             655.2    692.8    703.2
28     Less: Effect on personal
       consumption expenditures (2)          20.6     17.9     19.7
29     Equals: Effect on personal saving    634.5    675.0    683.5
30     Plus: Implied funding of benefits
       from holding gains on assets         136.0    119.4    132.4
31      Interest accrued on benefit
        entitlements                        486.3    501.1    503.6
32      Less: Interest and dividend
        income received by plans (10)       350.3    381.8    371.2
33     Equals: Change in personal
       wealth (5)                           770.5    794.3    815.9
34     Less: Benefit payments and
       withdrawals (20)                     465.8    487.7    506.4
35     Plus: Household actual
       contributions (7)                     43.1     44.1     44.5
36     Equals: Change in benefit
       entitlements including implied
       funding of benefits from
       holding gains on assets (5)          347.9    350.8    354.1

Line                                         2011     2012     2013

 1    Current receipts, accrual basis     1,129.9  1,162.5  1,175.3
 2     Output (1)                            20.3     21.6     23.0
 3     Contributions                        732.3    747.4    752.2
 4      Claims to benefits accrued
        through service to employers        355.0    353.9    352.2
 5       Actual employer contributions      380.2    386.1    387.4
 6       Imputed employer contributions     -51.5    -59.1    -61.7
 7       Actual household contributions      46.7     48.6     49.5
 8       Less: Pension service
         charges (1)                         20.3     21.6     23.0
 9      Household pension contribution
        supplements (2)                     377.3    393.5    400.0
10     Income receipts on assets
       (including plans' claims
       on employers)                        377.3    393.5    400.0
11      Interest                            323.5    334.6    336.0
12       Monetary interest                  128.4    125.9    118.7
13       Imputed interest on plans'
         claims on employers (3)            195.2    208.7    217.4
14      Dividends                            53.7     58.8     64.0
15    Current expenditures,
      accrual basis                       1,129.9  1,162.5  1,175.3
16     Administrative expenses               20.3     21.6     23.0
17     Imputed income payments on
       assets to persons                    377.3    393.5    400.0
18      Interest                            323.5    334.6    336.0
19      Dividends                            53.7     58.8     64.0
20     Benefit payments and
       withdrawals                          525.1    570.2    621.3
21     Net change in benefit
       entitlements (4)                     207.2    177.2    130.9
22    Cash flow                              63.5     27.6    -24.8
23     Actual employer and
       household contributions
       (5+7)                                426.9    434.7    436.9
24     Monetary income receipts
       on assets (12+14)                    182.1    184.8    182.6
25     Less: Benefit payments
       and withdrawals                      525.1    570.2    621.3
26     Less: Administrative expenses         20.3     21.6     23.0
      Effect of participation in
      defined benefit plans on
      personal income,
      saving, and wealth:
27     Effect on personal
       income (1-7-9 or 15-7-9)             705.9    720.5    725.7
28     Less: Effect on personal
       consumption expenditures (2)          20.3     21.6     23.0
29     Equals: Effect on personal saving    685.6    698.8    702.7
30     Plus: Implied funding of benefits
       from holding gains on assets         146.2    146.8    157.8
31      Interest accrued on benefit
        entitlements                        523.5    540.3    557.8
32      Less: Interest and dividend
        income received by plans (10)       377.3    393.5    400.0
33     Equals: Change in personal
       wealth (5)                           831.8    845.6    860.5
34     Less: Benefit payments and
       withdrawals (20)                     525.1    570.2    621.3
35     Plus: Household actual
       contributions (7)                     46.7     48.6     49.5
36     Equals: Change in benefit
       entitlements including implied
       funding of benefits from
       holding gains on assets (5)          353.4    324.0    288.7

Line                                         2014     2015

 1    Current receipts, accrual basis     1,176.2  1,232.9
 2     Output (1)                            24.7     26.3
 3     Contributions                        752.5    784.2
 4      Claims to benefits accrued
        through service to employers        353.4    361.8
 5       Actual employer contributions      390.3    381.8
 6       Imputed employer contributions     -63.5    -48.1
 7       Actual household contributions      51.4     54.4
 8       Less: Pension service
         charges (1)                         24.7     26.3
 9      Household pension contribution
        supplements (2)                     399.0    422.4
10     Income receipts on assets
       (including plans' claims
       on employers)                        399.0    422.4
11      Interest                            328.4    349.2
12       Monetary interest                  121.7    127.9
13       Imputed interest on plans'
         claims on employers (3)            206.7    221.3
14      Dividends                            70.6     73.2
15    Current expenditures,
      accrual basis                       1,176.2  1,232.9
16     Administrative expenses               24.7     26.3
17     Imputed income payments on
       assets to persons                    399.0    422.4
18      Interest                            328.4    349.2
19      Dividends                            70.6     73.2
20     Benefit payments and
       withdrawals                          654.2    688.8
21     Net change in benefit
       entitlements (4)                      98.2     95.5
22    Cash flow                            -45.0    -77.7
23     Actual employer and
       household contributions
       (5+7)                                441.7    436.2
24     Monetary income receipts
       on assets (12+14)                    192.3    201.1
25     Less: Benefit payments
       and withdrawals                      654.2    688.8
26     Less: Administrative expenses         24.7     26.3
      Effect of participation in
      defined benefit plans on
      personal income,
      saving, and wealth:
27     Effect on personal
       income (1-7-9 or 15-7-9)             725.8    756.1
28     Less: Effect on personal
       consumption expenditures (2)          24.7     26.3
29     Equals: Effect on personal saving    701.1    729.9
30     Plus: Implied funding of benefits
       from holding gains on assets         177.5    175.2
31      Interest accrued on benefit
        entitlements                        576.6    597.7
32      Less: Interest and dividend
        income received by plans (10)       399.0    422.4
33     Equals: Change in personal
       wealth (5)                           878.6    905.1
34     Less: Benefit payments and
       withdrawals (20)                     654.2    688.8
35     Plus: Household actual
       contributions (7)                     51.4     54.4
36     Equals: Change in benefit
       entitlements including implied
       funding of benefits from
       holding gains on assets (5)          275.8    270.7

Legend / Footnotes:
(1.) Included in personal consumption expenditures as part of financial
services furnished without payment; the value is equal to
administrative expenses (line 16).
(2.) Imputed income payments received by persons from the pension plans
(line 17) are reinvested as household pension contribution supplements.
(3.) Plans' claims on employers is the difference between actuarial
liabilities and financial assets held by plans. When actuarial
liabilities exceed plan assets, imputed interest is positive; when plan
assets exceed actuarial liabilities, imputed interest is negative.
(4.) Excludes implied funding of benefits from holding gains on assets
and excludes effects on change in the estimated value of benefit
entitlements that come from differences between actual experience and
previous actuarial assumptions, changes in actuarial assumptions, and
changes in plan provisions.
(5.) Excludes effects on change in the estimated value of benefit
entitlements that come from differences between actual experience and
previous actuarial assumptions, changes in actuarial assumptions, and
changes in plan provisions.
Note. In the NIPAs, pension plans are treated as 'pass-through'
institutions that hold financial assets on behalf of households, which
are the effective owners. Pension plans are classified as financial
corporations that receive contributions and property income on behalf
of plan participants but do not have saving or net worth of their own.
Tables 7.21, 7.22, 7.23, 7.24, and 7.25 show the transactions of the
private and government defined-benefit pension subsectors.
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Publication:Survey of Current Business
Date:Aug 1, 2016
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