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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: July 30, 2019

Line                                     2011     2012    2013    2014

 1     Current receipts,                 259.8    249.0   266.1   269.8
       accrual basis
 2       Output (1)                        9.8     10.4    10.8    11.7
 3       Contributions                   160.0    153.0   164.2   165.3
 4         Claims to benefits             70.0     67.4    73.1    72.5
           accrued through service
           to employers
 5           Actual employer             133.8    127.0   112.6    96.8
             contributions
 6           Imputed employer            -54.9    -49.8   -29.4   -13.3
             contributions
 7           Actual household              0.9      0.7     0.6     0.6
             contributions
 8           Less: Pension                 9.8     10.4    10.8    11.7
             service charges (1)
 9         Household pension              90.0     85.6    91.1    92.8
           contribution supplements (2)
10       Income receipts on               90.0     85.6    91.1    92.8
         assets (including plans'
         claims on employers)
11         Interest                       62.4     55.6    58.9    59.3
12           Monetary interest            34.8     34.2    35.8    36.9
13           Imputed interest             27.7     21.4    23.0    22.4
             on plans' claims
             on employers (3)
14         Dividends                      27.6     30.0    32.2    33.5
15     Current expenditures,             259.8    249.0   266.1   269.8
       accrual basis
16       Administrative expenses           9.8     10.4    10.8    11.7
17       Imputed income                   90.0     85.6    91.1    92.8
         payments on assets
         to persons
18         Interest                       62.4     55.6    58.9    59.3
19         Dividends                      27.6     30.0    32.2    33.5
20       Benefit payments and            172.5    197.6   229.5   221.6
         withdrawals
21       Net change in benefit           -12.5    -44.6   -65.3   -56.3
         entitlements (4)
22     Cash flow                          14.7    -16.2   -59.0   -65.4
23       Actual employer and             134.7    127.6   113.3    97.5
         household contributions
         (5+7)
24       Monetary income receipts         62.3     64.2    68.1    70.4
         on assets (12+14)
25       Less: Benefit payments          172.5    197.6   229.5   221.6
         and withdrawals
26       Less: Administrative              9.8     10.4    10.8    11.7
         expenses
       Effect of participation in
       defined benefit plans on
       personal income, saving,
       and wealth:
27       Effect on personal              168.9    162.8   174.4   176.3
         income (1-7-9 or 15-7-9)
28       Less: Effect on personal          9.8     10.4    10.8    11.7
         consumption expenditures (2)
29       Equals: Effect on personal      1591     152.4   163.6   164.7
         saving
30       Plus: Implied funding of         59.1     67.2    46.9    45.7
         benefits from holding
         gains on assets
31         Interest accrued on           149.2    152.8   138.1   138.5
           benefit entitlements
32         Less: Interest and             90.0     85.6    91.1    92.8
           dividend income received
           by plans (10)
33       Equals: Change in personal      218.3    219.5   210.5   210.4
         wealth (5)
34       Less: Benefit payments          172.5    197.6   229.5   221.6
         and withdrawals (20)
35       Plus: Household actual            0.9      0.7     0.6     0.6
         contributions (7)
36       Equals: Change in                46.6     22.6   -18.4   -10.6
         benefit entitlements including
         implied funding of benefits
         from holding gains on
         assets (5)

Line                                     2015    2016    2017    2018

 1     Current receipts,                 278.8   272.1   255.1   282.7
       accrual basis
 2       Output (1)                       12.8    13.9    14.3    15.3
 3       Contributions                   167.6   162.6   154.1   166.7
 4         Claims to benefits             69.2    67.1    67.5    65.9
           accrued through service
           to employers
 5           Actual employer             106.0   124.1   143.4   179.4
             contributions
 6           Imputed employer            -24.9   -43.9   -62.5   -99.1
             contributions
 7           Actual household              0.9     0.7     0.9     0.9
             contributions
 8           Less: Pension                12.8    13.9    14.3    15.3
             service charges (1)
 9         Household pension              98.4    95.5    86.7   100.8
           contribution supplements (2)
10       Income receipts on               98.4    95.5    86.7   100.8
         assets (including plans'
         claims on employers)
11         Interest                       64.6    61.6    52.6    66.9
12           Monetary interest            38.3    36.9    36.5    41.4
13           Imputed interest             26.2    24.8    16.2    25.5
             on plans' claims
             on employers (3)
14         Dividends                      33.8    33.9    34.0    33.9
15     Current expenditures,             278.8   272.1   255.1   282.7
       accrual basis
16       Administrative expenses          12.8    13.9    14.3    15.3
17       Imputed income                   98.4    95.5    86.7   100.8
         payments on assets
         to persons
18         Interest                       64.6    61.6    52.6    66.9
19         Dividends                      33.8    33.9    34.0    33.9
20       Benefit payments and            235.8   232.4   254.0   260.3
         withdrawals
21       Net change in benefit           -68.2   -69.8   -99.9   -93.6
         entitlements (4)
22     Cash flow                         -69.5   -50.7   -53.5   -20.0
23       Actual employer and             106.9   124.8   144.3   180.3
         household contributions
         (5+7)
24       Monetary income receipts         72.2    70.8    70.5    75.2
         on assets (12+14)
25       Less: Benefit payments          235.8   232.4   254.0   260.3
         and withdrawals
26       Less: Administrative             12.8    13.9    14.3    15.3
         expenses
       Effect of participation in                        167.6   181.1
       defined benefit plans on
       personal income, saving,
       and wealth:
27       Effect on personal              179.5   175.8    14.3    15.3
         income (1-7-9 or 15-7-9)
28       Less: Effect on personal         12.8    13.9   153.3   165.8
         consumption expenditures (2)
29       Equals: Effect on personal      166.7   161.9    52.7    38.9
         saving
30       Plus: Implied funding of         39.1    43.2   139.4   139.6
         benefits from holding
         gains on assets
31         Interest accrued on           137.5   138.8    86.7   100.8
           benefit entitlements
32         Less: Interest and             98.4    95.5   206.0   204.7
           dividend income received
           by plans (10)
33       Equals: Change in personal      205.8   205.1   254.0   260.3
         wealth (5)
34       Less: Benefit payments          235.8   232.4     0.9     0.9
         and withdrawals (20)
35       Plus: Household actual            0.9     0.7   -47.2   -54.7
         contributions (7)
36       Equals: Change in               -29.1   -26.5
         benefit entitlements including
         implied funding of benefits
         from holding gains on
         assets (5)

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:Dec 1, 2019
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