What is the difference?
In different parts of the book, i see overfunded and underfunded defined as PVA vs. PVL…and sometimes I see them defined as PVA vs. PBO.
Am I confusing myself?
PBO only refers to pension plans: pension benefit obligation. It is the Present Value of Liabilities (PVL) of a defined benefit pension plan. PVL on the other hand can come from any entity. It can be the liabilities of an individual, a corporation, etc. It is the sum of the liabilities discounted to the present (t = 0).
tl;dr the PBO amount can be referred to as PVL, but not all PVLs are PBOs.