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Transactions of Private Defined Benefit Pension Plans.

Bureau of Economic Analysis
Table 7.22. Transactions of Private Defined Benefit Pension Plans
[Billions of dollars]
Last Revised on: August 03, 2016

Line                                       2008   2009   2010   2011

 1    Current receipts, accrual basis     322.3  294.7  260.2  259.8
 2     Output (1)                           9.6    9.0    9.8    9.8
 3     Contributions                      196.4  182.2  162.0  160.0
 4      Claims to benefits accrued
        through service to employers       80.0   78.7   73.6   70.0
 5       Actual employer contributions    104.0  112.1  127.4  133.8
 6       Imputed employer contributions   -15.3  -25.3  -44.9  -54.9
 7       Actual household contributions     1.0    1.0    0.8    0.9
 8       Less: Pension service
         charges (1)                        9.6    9.0    9.8    9.8
 9      Household pension contribution
        supplements (2)                   116.3  103.5   88.4   90.0
10     Income receipts on assets
       (including plans' claims on
       employers)                         116.3  103.5   88.4   90.0
11      Interest                           82.9   73.5   58.9   62.4
12       Monetary interest                 41.4   44.7   34.7   34.8
13       Imputed interest on plans'
         claims on employers (3)           41.5   28.8   24.1   27.7
14      Dividends                          33.4   30.0   29.6   27.6
15    Current expenditures,
      accrual basis                       322.3  294.7  260.2  259.8
16     Administrative expenses              9.6    9.0    9.8    9.8
17     Imputed income payments
       on assets to persons               116.3  103.5   88.4   90.0
18      Interest                           82.9   73.5   58.9   62.4
19      Dividends                          33.4   30.0   29.6   27.6
20     Benefit payments and
       withdrawals                        166.0  167.8  169.6  172.5
21     Net change in benefit
       entitlements (4)                    30.4   14.4   -7.6  -12.5
22    Cash flow                             4.2   10.9   13.1   14.7
23     Actual employer and
       household contributions (5+7)      105.0  113.0  128.2  134.7
24     Monetary income receipts
       on assets (12+14)                   74.8   74.7   64.3   62.3
25     Less: Benefit payments
       and withdrawals                    166.0  167.8  169.6  172.5
26     Less: Administrative expenses        9.6    9.0    9.8    9.8
      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)                  205.0  190.2  171.0  168.9
28     Less: Effect on personal
       consumption expenditures (2)         9.6    9.0    9.8    9.8
29     Equals: Effect on personal saving  195.4  181.2  161.2  159.1
30     Plus: Implied funding of benefits
       from holding gains on assets        27.1   43.0   55.2   59.1
31      Interest accrued on
        benefit entitlements              143.5  146.4  143.6  149.2
32      Less: Interest and dividend
        income received by plans (10)     116.3  103.5   88.4   90.0
33     Equals: Change in personal
       wealth (5)                         222.5  224.2  216.4  218.3
34     Less: Benefit payments
       and withdrawals (20)               166.0  167.8  169.6  172.5
35     Plus: Household actual
       contributions (7)                    1.0    1.0    0.8    0.9
36     Equals: Change in benefit
       entitlements including implied
       funding of benefits from
       holding gains on assets (5)         57.5   57.3   47.5   46.6

Line                                       2012   2013   2014    2015

 1    Current receipts, accrual basis     249.0  237.2  246.1   268.3
 2     Output (1)                          10.4   10.8   11.6    12.3
 3     Contributions                      153.0  145.5  149.2   159.6
 4      Claims to benefits accrued
        through service to employers       67.4   64.6   63.8    63.3
 5       Actual employer contributions    127.0  112.6  101.2    80.3
 6       Imputed employer contributions   -49.8  -37.9  -26.4    -5.4
 7       Actual household contributions     0.7    0.6    0.7     0.7
 8       Less: Pension service
         charges (1)                       10.4   10.8   11.6    12.3
 9      Household pension contribution
        supplements (2)                    85.6   80.9   85.4    96.3
10     Income receipts on assets
       (including plans' claims on
       employers)                          85.6   80.9   85.4    96.3
11      Interest                           55.6   48.6   51.3    61.8
12       Monetary interest                 34.2   35.8   36.8    38.6
13       Imputed interest on plans'
         claims on employers (3)           21.4   12.8   14.5    23.2
14      Dividends                          30.0   32.2   34.1    34.6
15    Current expenditures,
      accrual basis                       249.0  237.2  246.1   268.3
16     Administrative expenses             10.4   10.8   11.6    12.3
17     Imputed income payments
       on assets to persons                85.6   80.9   85.4    96.3
18      Interest                           55.6   48.6   51.3    61.8
19      Dividends                          30.0   32.2   34.1    34.6
20     Benefit payments and
       withdrawals                        197.6  229.5  245.4   262.4
21     Net change in benefit
       entitlements (4)                   -44.6  -84.0  -96.2  -102.7
22    Cash flow                           -16.2  -59.0  -84.3  -120.5
23     Actual employer and
       household contributions (5+7)      127.6  113.3  101.8    81.0
24     Monetary income receipts
       on assets (12+14)                   64.2   68.1   70.9    73.2
25     Less: Benefit payments
       and withdrawals                    197.6  229.5  245.4   262.4
26     Less: Administrative expenses       10.4   10.8   11.6    12.3
      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)                  162.8  155.7  160.1   171.3
28     Less: Effect on personal
       consumption expenditures (2)        10.4   10.8   11.6    12.3
29     Equals: Effect on personal saving  152.4  144.9  148.5   159.0
30     Plus: Implied funding of benefits
       from holding gains on assets        67.2   75.7   75.8    69.0
31      Interest accrued on
        benefit entitlements              152.8  156.6  161.1   165.3
32      Less: Interest and dividend
        income received by plans (10)      85.6   80.9   85.4    96.3
33     Equals: Change in personal
       wealth (5)                         219.5  220.6  224.3   228.0
34     Less: Benefit payments
       and withdrawals (20)               197.6  229.5  245.4   262.4
35     Plus: Household actual
       contributions (7)                    0.7    0.6    0.7     0.7
36     Equals: Change in benefit
       entitlements including implied
       funding of benefits from
       holding gains on assets (5)         22.6   -8.3  -20.5   -33.7

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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