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ExpectMore.govExpectMore.gov home pageEXPECT FEDERAL PROGRAMS TO PERFORM WELL, AND BETTER EVERY YEAR.
 
Program Assessment

Program

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Pension Benefit Guaranty Corporation

The Corporation was created in 1974 to 1) encourage the continuation and maintenance of voluntary private pension plans; 2) provide for the timely and uninterrupted payment of pension benefits to participants and beneficiaries; and 3) maintain premiums at the lowest level consistent with carrying out its obligations.

Rating

What This Rating Means

PERFORMING
Moderately Effective

In general, a program rated Moderately Effective has set ambitious goals and is well-managed. Moderately Effective programs likely need to improve their efficiency or address other problems in the programs' design or management in order to achieve better results.
  • The Corporation has demonstrated improved efficiency and effectiveness in serving pension plan participants, premium filers, and retirees. It has developed ambitious performance targets to deliver benefits accurately and in a timely manner, as well as collect premiums efficiently.
  • The $19 billion gap between the Corporation's liabilities and its assets presents a major challenge over the long term. Although PBGC will be able to pay benefits for some years to come, it is projected to be unable to meet its long-term obligations under current law. The PBGC recently adopted a new performance measure related to its goal of safeguarding the pension insurance system.
  • The Corporation needs to address the deficiencies that place its information technology programs at risk. Security is of significant concern given the high level of risk associated with pension payments and personally identifiable information.

Improvement Plan

About Improvement Plans

We are taking the following actions to improve the performance of the program:

  • Educating the public on the issues facing the private defined benefit pension system and working with Congress on legislative reforms to enable the PBGC to meet its long-term obligations to retirees.
  • Using the information the PBGC collects to mitigate risk and prepare for workload changes associated with pension plan terminations.
  • Developing a comprehensive approach to information and infrastructure security and a timeline for correcting information technology deficiencies.

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