Private-sector pensions are insured by the federal government. Benefits are paid out to workers by the Pension Benefit Guaranty Corp. (PBGC) if the retirement plan or the company fails. But just 10 firms account for 62 percent of all claims on PBGC insurance between 1975 and 2007. Airlines and steel companies dominate the list. The top 10 firms:
Source: Pension Benefit Guaranty Corp.
Firm and year plan was terminated
Total claims
Vested participants
Average claim per participant
1. United Airlines (2005)
$7.5 billion
122,541
$61,234
2. Bethlehem Steel (2003)
$3.7 billion
91,312
$40,021
3. US Airways (2003, 2005)
$2.7 billion
57,002
$47,096
4. LTV Steel (2002, 2003, 2004)
$2.1 billion
83,094
$25,694
5. Delta Airlines (2006)
$1.7 billion
13,028
$133,596
6. National Steel (2003)
$1.3 billion
33,737
$37,811
7. Pan America Air (1991,1992)
$0.8 billion
31,999
$26,285
8. Trans World Airlines (2001)
$0.7 billion
32,275
$20,709
9. Weirton Steel (2004)
$0.6 billion
9,410
$68,064
10. Kaiser Aluminum (2004, 2007)
$0.6 billion
18,402
$32,721
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