the same position as the general unsecured creditors. Annual Pension Insurance Data Book PBGC has published the Pension Insurance Data Book since 1996 to present detailed statistics for the single-employer and multiemployer plans that the agency insures. The single-employer section gives all data and statistics on single-employer programs. Section S-3 through S-19 are the claims tables. These tables show all of the claims brought by single-employer DB plans to PBGC. Section S-20 through S-29 are the payment table. These tables show how much PBGC is paying out every year in insurance protection. Section S-30 through S-38 are the insured tables. These tables show how many participants are insured under the PBGC. Section S-40 through S-43 are the premium tables. These tables show how much premiums insured pension plans are paying. Section S-44 though S-52 show the underfunded Plans, overfunded Plans, and the funding ratios by NAIC business code, state, and participant count. Section S-54 through S-59 provide statistics on plan partial risk transfer activity. The multiemployer section, the M section, follows a similar organization. Pension Protection Act of 2006 The Pension Protection Act of 2006 represents the most significant pension legislation since ERISA. Some of the provisions of the Act that affect the PBGC include: The method for calculating the "variable-rate" PBGC premium is changed. If PBGC takes over a terminated plan, the guarantee of employees' pension benefits is frozen as of the date of the plan sponsor's bankruptcy filing, which may be months or years before the plan terminates. The PBGC's guarantee of pension benefits that become payable on a plant shutdown is limited if the shutdown occurred within five years of the bankruptcy filing. The complicated rules that govern the PBGC's pension guarantee for business owners are simplified. If PBGC takes over a terminated plan, the plan sponsor is required to pay a "termination premium" of $1,250 per participant per year for three years. No insurance for defined contribution plans One reason Congress enacted ERISA was "to prevent the 'great personal tragedy' suffered by employees whose vested benefits are not paid when pension plans are terminated." When a defined benefit plan is properly funded by its sponsor, its assets should be approximately equal to its liability, and any shortfall (including benefit improvements) should be amortized in a relatively short period of time. Before ERISA, employers and willing unions could agree to increase benefits with little thought to how