This paper discusses the important issues of pension insurance and pension plan funding. Those issues are important to workers and firms that participate in defined-benefit pension plans as well as to U.S. taxpayers. At present, the underfunding of defined-benefit pension plans is a pervasive and sizable phenomenon. PBGC estimates that the vast majority of plans are currently underfunded to some degree. The agency's best estimate of total underfunding (on a termination basis) among all insured plans is $600 billion - $450 billion for single-employer plans and $150 billion for multiemployer plans.
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