Private Pensions: The Pension Benefit Guaranty Corporation and Long-Term Budgetary Challenges

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Testimony issued by the Government Accountability Office with an abstract that begins "More than 34 million workers and retirees in over 29,000 single-employer defined benefit plans rely on a federal insurance program managed by the Pension Benefit Guaranty Corporation (PBGC) to protect their pension benefits. However, the single-employer insurance program's long-term viability is in doubt, and this may have significant implications for the federal budget. In fiscal year 2004, PBGC's single-employer pension insurance program incurred a net loss of $12.1 billion, and the program's accumulated deficit increased to $23.3 billion. Further, PBGC has estimated that it is exposed to almost ... continued below

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United States. Government Accountability Office. June 9, 2005.

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Testimony issued by the Government Accountability Office with an abstract that begins "More than 34 million workers and retirees in over 29,000 single-employer defined benefit plans rely on a federal insurance program managed by the Pension Benefit Guaranty Corporation (PBGC) to protect their pension benefits. However, the single-employer insurance program's long-term viability is in doubt, and this may have significant implications for the federal budget. In fiscal year 2004, PBGC's single-employer pension insurance program incurred a net loss of $12.1 billion, and the program's accumulated deficit increased to $23.3 billion. Further, PBGC has estimated that it is exposed to almost $100 billion of underfunding in plans sponsored by companies with credit ratings below investment grade. This testimony provides GAO's observations on the nature of the challenges facing PBGC and why it is preferable for Congress to act sooner rather than later. This testimony also notes the broader context in which reform proposals should be considered and the criteria that GAO has suggested for reform."

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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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  • June 9, 2005

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  • June 11, 2014, 5:03 a.m.

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United States. Government Accountability Office. Private Pensions: The Pension Benefit Guaranty Corporation and Long-Term Budgetary Challenges, text, June 9, 2005; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc294755/: accessed September 22, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.