Social Insurance and Public Assistance

PRIVATE WELFARE Series Bf836–853 829
TABLE Bf836–853 Private pension and deferred profit-sharing plans – estimated coverage, contributions, reserves,
beneficiaries, and payments: 1930–1970 Continued
Sources
U.S. Social Security Administration, Social Security Bulletin 22 (4) (1959): 12;
29 (4) (1966): 11; and 35 (4) (1972): 20. These series were compiled by the
U.S. Social Security Administration from releases of the Institute of Life Insurance,
U.S. Securities and Exchange Commission (SEC), U.S. Department
of Labor, Internal Revenue Service, and various other reports, such as those
of nonprofit organizations and the annual statements of the leading life insurance
companies writing group annuities. Information was also received
from various industrial concerns. In addition, for the earlier years, M. W.
Latimer’s studies were utilized; see M. W. Latimer, Industrial Pension Systems in
the United States and Canada (Industrial Relations Counselors, 1932).
Documentation
These series present estimates with respect to formal private pension and
deferred profit-sharing plans. Included are plans covering employees of industrial
and nonprofit organizations. Most of them are funded, although
some of the noninsured plans are on a pay-as-you-go basis. The majority are
single-employer plans with an increasing number of industry-wide or areawide
multiemployer plans.
Under insured plans, insurance carriers are the medium through which
benefits are provided; sponsors of the plans pay premiums to these carriers.
Under noninsured plans, the sponsors themselves perform the functions of
insurance carriers.
Series Bf836–838. Excludes annuitants and potential members who have
not yet met the entrance requirements (age and/or service). Employees under
both insured and noninsured plans are included only once – under the insured
plans. The larger groups under insured plans are covered by group annuity
contracts, whereas individual-policy pension trusts cover smaller groups.
Series Bf839–844. Contributions to insured plans are on a net basis, with
dividends and refunds deducted. Contributions to noninsured plans are, for
the most part, on a gross basis, refunds appearing as benefit payments.
For pay-as you-go plans, contributions have been assumed to equal benefit
payments.
Series Bf846. Reserves for insured plans were furnished to the Social Security
Administration by the Institute of Life Insurance.
Series Bf847. Reserves for noninsured plans include those of corporate pension
plans, obtained from releases of the SEC. To these were added estimated
reserves of noninsured nonprofit organization and multiemployer plans.
Series Bf848–850. Covers those in receipt of periodic payments at the end
of the year, thus excluding those receiving lump sums during the year.
Series Bf852. Net amounts.
Series Bf853. Payments for the noninsured plans were obtained by adding
to the SEC data the estimated payments under formal pay-as-you-go plans
and under noninsured multiemployer and nonprofit organization plans. The
data from the SEC include lump sums and refunds from corporate pension
funds (types not segregated). Therefore, dividing the payments for the year by
the mean number of beneficiaries results in an overstatement of the average
annual periodic payment.