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Transactions of Defined Benefit and Defined Contribution Pension Plans.

Bureau of Economic Analysis
Table 7.20. Transactions of Defined Benefit and Defined Contribution
Pension Plans
[Billions of dollars]
Last Revised on: August 03, 2016

Line                                         2008      2009     2010

 1    Current receipts                    1,651.0   1,693.9  1,706.8
 2     Output (1)                            23.4      21.3     24.2
 3     Contributions                      1,162.5   1,183.2  1,206.1
 4      Claims to benefits                  700.2     697.3    734.2
 5       Actual employer contributions      453.3     467.0    503.5
 6       Imputed employer contributions      -5.8     -22.9    -30.1
 7       Actual household contributions     273.3     271.0    280.5
 8       Less: Pension service charges
         for defined benefit
         pension plans (1)                   20.6      17.9     19.7
 9      Household pension contribution
        supplements (2)                     465.1     489.4    476.5
10      Less: Pension service charges
        for defined contribution
        pension plans (1)                     2.8       3.4      4.5
11     Income receipts on assets            465.1     489.4    476.5
12      Interest                            335.4     371.3    360.9
13       Monetary interest                  188.9     172.3    166.0
14       Imputed interest on plans'
         claims on employers (3)            146.5     199.1    194.9
15      Dividends                           129.7     118.0    115.6
16    Current expenditures                1,651.0   1,693.9  1,706.8
17     Administrative expenses (8+10)        23.4      21.3     24.2
18     Imputed income payments on
       assets to persons                    465.1     489.4    476.5
19      Interest                            335.4     371.3    360.9
20      Dividends                           129.7     118.0    115.6
21     Benefit payments and withdrawals     766.4     762.2    831.7
22     Net change in benefit
       entitlements for defined
       benefit plans (4)                    211.9     231.4    221.7
23     Net change in assets from
       current transactions for
       defined contribution plans           184.1     189.6    152.7
24    Cash flow                             255.3     244.8    209.6
25     Actual employer and
       household contributions (5+7)        726.6     738.0    784.0
26     Monetary income receipts
       on assets (13+15)                    318.6     290.3    281.6
27     Less: Benefit payments
       and withdrawals                      766.4     762.2    831.7
28     Less: Administrative expenses         23.4      21.3     24.2
      Effect of participation in
      defined benefit and defined
      contribution pension plans
      on personal income,
      saving, and wealth:
29    Effect on personal income
      (1-7-9 or 16-7-9)                     912.6     933.5    949.8
30    Less: Effect on personal
      consumption expenditures (2)           23.4      21.3     24.2
31    Equals: Effect on personal saving     889.2     912.2    925.6
32    Plus: Implied funding of benefits
      from holding gains and
      other changes in assets (5)        -1,064.7     647.3    504.0
33    Equals: Change in personal
      wealth (6)                           -175.5   1,559.6  1,429.6

Line                                        2011     2012     2013

 1    Current receipts                   1,734.7  1,801.3  1,859.8
 2     Output (1)                           25.1     26.7     28.7
 3     Contributions                     1,227.0  1,269.9  1,310.1
 4      Claims to benefits                 749.1    770.3    794.9
 5       Actual employer contributions     525.8    539.1    549.2
 6       Imputed employer contributions    -51.5    -59.1    -61.7
 7       Actual household contributions    295.2    311.9    330.4
 8       Less: Pension service charges
         for defined benefit
         pension plans (1)                  20.3     21.6     23.0
 9      Household pension contribution
        supplements (2)                    482.6    504.7    520.9
10      Less: Pension service charges
        for defined contribution
        pension plans (1)                    4.8      5.1      5.7
11     Income receipts on assets           482.6    504.7    520.9
12      Interest                           366.2    375.4    378.3
13       Monetary interest                 171.0    166.7    161.0
14       Imputed interest on plans'
         claims on employers (3)           195.2    208.7    217.4
15      Dividends                          116.4    129.3    142.6
16    Current expenditures               1,734.7  1,801.3  1,859.8
17     Administrative expenses (8+10)       25.1     26.7     28.7
18     Imputed income payments on
       assets to persons                   482.6    504.7    520.9
19      Interest                           366.2    375.4    378.3
20      Dividends                          116.4    129.3    142.6
21     Benefit payments and withdrawals    864.7    945.5  1,052.2
22     Net change in benefit
       entitlements for defined
       benefit plans (4)                   207.2    177.2    130.9
23     Net change in assets from
       current transactions for
       defined contribution plans          155.1    147.2    126.9
24    Cash flow                            218.6    174.8    102.2
25     Actual employer and
       household contributions (5+7)       821.0    851.0    879.6
26     Monetary income receipts
       on assets (13+15)                   287.5    296.0    303.6
27     Less: Benefit payments
       and withdrawals                     864.7    945.5  1,052.2
28     Less: Administrative expenses        25.1     26.7     28.7
      Effect of participation in
      defined benefit and defined
      contribution pension plans
      on personal income,
      saving, and wealth:
29    Effect on personal income
      (1-7-9 or 16-7-9)                    956.9    984.7  1,008.5
30    Less: Effect on personal
      consumption expenditures (2)          25.1     26.7     28.7
31    Equals: Effect on personal saving    931.8    958.0    979.7
32    Plus: Implied funding of benefits
      from holding gains and
      other changes in assets (5)           -9.3    584.1    942.3
33    Equals: Change in personal
      wealth (6)                           922.5  1,542.1  1,922.0

Line                                        2014     2015

 1    Current receipts                   1,905.7  2,005.1
 2     Output (1)                           30.9     32.7
 3     Contributions                     1,342.8  1,406.2
 4      Claims to benefits                 817.1    846.3
 5       Actual employer contributions     560.2    559.4
 6       Imputed employer contributions    -63.5    -48.1
 7       Actual household contributions    345.1    361.3
 8       Less: Pension service charges
         for defined benefit
         pension plans (1)                  24.7     26.3
 9      Household pension contribution
        supplements (2)                    531.9    566.3
10      Less: Pension service charges
        for defined contribution
        pension plans (1)                    6.2      6.4
11     Income receipts on assets           531.9    566.3
12      Interest                           372.6    394.4
13       Monetary interest                 165.9    173.1
14       Imputed interest on plans'
         claims on employers (3)           206.7    221.3
15      Dividends                          159.3    171.9
16    Current expenditures               1,905.7  2,005.1
17     Administrative expenses (8+10)       30.9     32.7
18     Imputed income payments on
       assets to persons                   531.9    566.3
19      Interest                           372.6    394.4
20      Dividends                          159.3    171.9
21     Benefit payments and withdrawals  1,122.4  1,209.0
22     Net change in benefit
       entitlements for defined
       benefit plans (4)                    98.2     95.5
23     Net change in assets from
       current transactions for
       defined contribution plans          122.2    101.7
24    Cash flow                             77.2     24.0
25     Actual employer and
       household contributions (5+7)       905.3    920.7
26     Monetary income receipts
       on assets (13+15)                   325.2    345.0
27     Less: Benefit payments
       and withdrawals                   1,122.4  1,209.0
28     Less: Administrative expenses        30.9     32.7
      Effect of participation in
      defined benefit and defined
      contribution pension plans
      on personal income,
      saving, and wealth:
29    Effect on personal income
      (1-7-9 or 16-7-9)                  1,028.6  1,077.5
30    Less: Effect on personal
      consumption expenditures (2)          30.9     32.7
31    Equals: Effect on personal saving    997.7  1,044.8
32    Plus: Implied funding of benefits
      from holding gains and
      other changes in assets (5)          501.4     22.9
33    Equals: Change in personal
      wealth (6)                         1,499.1  1,067.8

Legend / Footnotes:
(1.) Included in personal consumption expenditures as part of financial
services furnished without payment.
(2.) Imputed income payments received by persons from the pension plans
(line 18) are reinvested as household pension contribution supplements.
(3.) For defined benefit plans, plans' claims on employers equals 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.) Consists of implied funding of benefits from holding gains on
assets for defined benefit pension plans (table 7.21, line 30) and
holding gains and other changes in assets for defined contribution
pension plans (table 7.25, line 30).
(6.) For defined benefit plans, 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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