Why does it say "The PBGC's $22.8 billion deficit for fiscal 2005" then?
"The Pension Benefit Guaranty Corp. disclosed in its annual financial report that as of Sept. 30, it had $56.5 billion in assets to cover $79.2 billion in pension liabilities. "
I worked on one of the plans now under PBGC control. Back then, the plan could not determine how many participants it had to the nearest thousand. If they can't do that, it's kind of difficult to calculate the liabilities.