Pension Benefit Guaranty Corporation Single-Employer Insurance Program: Long-Term Vulnerabilities Warrant 'High Risk' Designation

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Other written product issued by the General Accounting Office with an abstract that begins "The potential losses that the Pension Benefit Guaranty Corporation (PBGC), through its single-employer insurance program, might face from the termination of underfunded plans have been a longstanding concern of the Congress and GAO. In 1990, as part of our effort to call attention to high-risk areas in the federal government, we noted that weaknesses in the single-employer insurance program's financial condition threatened PBGC's longterm viability. We stated that minimum funding rules still did not ensure that plan sponsors would contribute enough for terminating plans to have ... continued below

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United States. General Accounting Office. July 23, 2003.

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Other written product issued by the General Accounting Office with an abstract that begins "The potential losses that the Pension Benefit Guaranty Corporation (PBGC), through its single-employer insurance program, might face from the termination of underfunded plans have been a longstanding concern of the Congress and GAO. In 1990, as part of our effort to call attention to high-risk areas in the federal government, we noted that weaknesses in the single-employer insurance program's financial condition threatened PBGC's longterm viability. We stated that minimum funding rules still did not ensure that plan sponsors would contribute enough for terminating plans to have sufficient assets to cover all promised benefits. In 1992, we also reported that PBGC had weaknesses in its internal controls and financial systems that placed the entire agency, and not just the single employer program, at risk. Three years later, we reported that legislation enacted in 1994 had strengthened PBGC's program weaknesses and that we believed improvements had been significant enough for us to remove the agency's high-risk designation. However, given the potential for significant changes in the program's position, we continued to monitor the situation. Early this year, PBGC's single-employer pension insurance program reported a $3.6 billion accumulated deficit for fiscal year 2002, brought on by the termination of a number of large underfunded pension plans. Given significant risk of termination of other large underfunded plans, GAO is assigning PBGC's single-employer insurance program to its "high risk" list, highlighting the need for congressional and agency action."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • July 23, 2003

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  • June 11, 2014, 5:03 a.m.

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United States. General Accounting Office. Pension Benefit Guaranty Corporation Single-Employer Insurance Program: Long-Term Vulnerabilities Warrant 'High Risk' Designation, text, July 23, 2003; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc291120/: accessed August 24, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.