PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 1 

PBGC FY 2024 Annual Performance Plan

PBGC’s current FY 2022-2026 Strategic Plan provides the framework for this annual performance 

plan. PBGC conducts regular data-driven performance reviews and strategic reviews. Agency leaders 

review performance data and status reports on a quarterly basis. The continuous evaluation of 

performance data and customer feedback helps agency leadership to identify what is working well 

and what may need to be adjusted. These performance reviews allow agency leaders to realign or 

adjust human capital and other resources to influence progress on agency goals and priorities. 

PBGC’s business operations, information technology programs, investment portfolios, budgets, and 

finances are managed and supported by a multidisciplinary team of professionals and administrative 

staff. The current workforce consists of just under 1,000 federal employees, who are supported by 

contractors. Every federal employee has a performance plan with objectives and performance 

outcomes discussed with their supervisor of record every 120 days. These highly skilled 

professionals, who are committed to the work of PBGC’s mission include: 

• Accountants

• Actuaries

• Attorneys

• Auditors

• Benefit Specialists

• Analysts

• Information Technology and Cybersecurity Experts

Each PBGC employee has an important role in fulfilling the Corporation’s mission of protecting 

America’s pensions. Further, the Corporation’s FY 2022-2026 Strategic Plan aligns with the Biden 

Administration and PBGC priorities. We publish an annual performance report of the agency’s 

accomplishments. The framework is consistent with requirements outlined in Government 

Performance and Results Modernization Act of 2010. 

To view the full PBGC FY 2022-2026 Strategic Plan, please visit:

https://www.pbgc.gov/sites/default/files/documents/pbgc-fy-2022-2026-strategic-plan.pdf

For the PBGC FY 2022 Annual Performance Report (APR), please visit:

PBGC Annual Report 2022
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 2

Strategic Goal 1

Preserve Plans and Protect the Pensions of Covered Workers and Retirees

Strategic Objectives Performance Strategies

1. Encourage the continuation 

and maintenance of pension 

plans

• Engage with employers, workers, and pension practitioners to 

encourage pension plan continuation and strengthen retirement 

security

• Provide timely, concrete, and practical guidance to plans on the 

implementation of mergers, partitions, and alternate withdrawal 

liability proposals to reduce employer risk, while preserving plans 

and benefits

• Maintain a regulatory environment that serves the interests of 

stakeholders and minimizes the burdens of sponsoring a plan

• Continue to educate and inform the multiemployer community 

(participants, plan sponsors, and other stakeholders) on the effects of 

the American Rescue Plan of 2021 (ARP)

2. Protect workers and retirees 

when plans are at risk

• Preserve plans during bankruptcy and other corporate transactions 

• Protect the retirement security of workers and retirees and the 

interest of premium payers in federal courts

• Provide technical assistance, analysis, and options to policymakers 

and Congress to improve the financial stability of the Multiemployer 

Program 

• Continue to provide financial assistance to insolvent multiemployer 

plans

3. ARP Implementation, 

regulations, guidance to 

multiemployer plans, and 

technical assistance to 

Congress

• Research and forecast insurance program activities 

• Provide guidance to plans on the implementation of mergers, 

alternate withdrawal liability proposals, and other means to reduce 

employer risk, while preserving plans and benefits

• Provide confidential technical assistance, analysis, and options to 

Congressional and Executive Branch policy makers to improve the 

financial stability of PBGC’s insurance programs

• Review applications for Special Financial Assistance (SFA) from 

eligible multiemployer plans and requests for financial assistance 

from insolvent multiemployer plans

• Deliver data tables and the Projections Report to Congress and 

stakeholders

• Provide stakeholder education and outreach through meetings with 

stakeholders

• Continue to provide financial assistance and provide SFA to 

multiemployer plans 

Goal Leaders: Chief of Negotiations and Restructuring/Chief Policy Officer/General Counsel
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 3

Performance Area ($ in thousands) FY 2022 FY 2023 FY 2024

Pension 

Insurance

Total Funding 91,330 94,603 95,829

Total Full-time Equivalent (FTE) 230 230 230

Communications, Outreach, Research, and Policy activities support Strategic Objective 1 (Encourage the 

continuation and maintenance of pension plans) by providing expert analysis and forecasting, ensuring 

exceptional customer service, evaluating policy options, strengthening transparency, disclosure, and 

communication with Congress, stakeholders, the public, and within the Administration in order to 

encourage the continuation and maintenance of pension plans. Results are measured through the following 

Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategies:

• Receive stakeholder input

• Provide technical assistance and 

practical guidance to plan sponsors on 

the implementation of proposed options 

to reduce risks, while preserving plans 

and benefits

• Perform rigorous cost-benefit analysis

• Prioritize simplification and transparency

• Research and implement improvements 

each year to PBGC’s communications 

(including PBGC.gov) in response to 

customer feedback and key performance 

indicators

• Provide stakeholder education and 

outreach by holding meetings with 

participant groups, plan sponsors, 

practitioner groups, industry 

associations, and other interested 

stakeholders

• Provide data-driven communications to 

stakeholders based on the latest pension 

research, data, and projections

• Inform practitioners and other 

stakeholders of key new regulations 

through speaking engagements at 

stakeholder conferences and meetings

• Engage with employers, participants, and pension 

practitioners to encourage pension plan continuation 

and strengthen retirement security

• Provide timely, concrete, and practical guidance to 

plans on the implementation of mergers, partitions, and 

alternate withdrawal liability proposals to reduce 

employer risk, while preserving plans

• Maintain a regulatory environment that serves 

stakeholders and minimizes the burdens of sponsoring 

a plan

• Educate and inform the multiemployer community 

(participants, plan sponsors, and other stakeholders) on 

the ARP

• Inform stakeholders about provisions of key regulatory 

proposals and enacted legislative changes

• Develop and sustain strong communications with 

Congress

• Support Congressional and Executive Branch 

policymakers in providing technical assistance 

regarding PBGC’s programs

• Work with stakeholders to promote understanding of 

major program risks and possible mitigation strategies

• Serve as a resource for pension policy analysis and 

pension research products, education, and guidance

• Develop an annual Projections Report on the future 

status of the Single-Employer and Multiemployer 

Programs

• Deliver pension insurance data tables annually to 

educate stakeholders on the facts of PBGC’s programs
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 4

• Maximize education and outreach through meetings 

with participant groups, plan sponsors, practitioner 

groups, industry associations, and other stakeholders

What actions will you take in FY 2024 to achieve the goals and strategies described above?

• Office of Policy & External Affairs will continue to maximize education and outreach through its support 

of PBGC.gov, PBGC speaking engagements, stakeholder outreach, and continued development and 

distribution of research products.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 5

Pension Plan Monitoring and Audit activities support Strategic Objective 2 (Protect workers and retirees 

when plans are at risk) by reducing liability and exposure to the agency, preserving participants’ pension 

benefits, and completing audits to ensure accurate benefit distribution. Results are measured through the 

following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Protect pensioners by 

proactively monitoring PBGC’s 

largest exposures for 

transactions that may pose 

substantial risks to participants 

and retirees

• Ensure all plans identified in the 

statistical sample are opened for 

audit during the year to ensure 

that participants receive their full 

retirement benefits

• Represent PBGC’s interests in 

all bankruptcy cases involving 

defined benefit pension plans

• Preserve plans during plan sponsor bankruptcies and other 

corporate transactions

• Protect the retirement security of workers and retirees and the 

interests of premium payers in federal courts

• Provide confidential technical assistance, analysis, and options 

to policymakers and Congress to improve the financial stability 

of the Multiemployer Program

• Continue to provide financial assistance to insolvent 

multiemployer plans

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual

(Target)

FY 2024

Actual

(Target)

Reportable events resolved within 30 

days

100%

(95%)

100%

(95%)

100%

(95%)

N/A

(95%)

N/A

(95%)

Percent of termination recommendations 

approved by senior Agency officials

100%

(90%)

100%

(90%)

100%

(90%)

N/A

(90%)

N/A

(90%)

Standard termination audits completed 313

(300)

246

(300)

242

(250)

N/A

(225)

N/A

(225)

What actions will you take in FY 2024 to achieve the targets described above?

• Reportable Events – A triage team will review reportable events. The reportable events are submitted 

electronically by pension plan sponsors via an e-filing portal (that is linked directly to a database). In FY 

2022, use of the e-filing portal became mandatory. The change was implemented to reduce human error 

associated with checking the e-mail box and improve the Corporate Financing and Restructuring 

Department’s (CFRD) ability to resolve the events in a timely manner.

• Termination Recommendations – A multi-layered review process for termination recommendation will be 

used (detailed in CFRD annual Federal Managers Financial Integrity Act, FMFIA, statement) and CFRD 

will continue to rely on this process to produce well-documented and supported recommendations.

• Standard Termination Audits – Management will continue to monitor case submissions to ensure a 

consistent inventory of audits are reviewed and closed. Additionally, management will periodically 

evaluate audit closing accounts and shift resources as needed to enable meeting the goal of 225 completed 
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 6

audits and continue to review each audit performed to ensure compliance with PBGC regulations, relevant 

Internal Revenue Service (IRS) rules and regulations, and plan provisions.

Multiemployer activities support Strategic Objective 3 (ARP Implementation, regulations, guidance to 

multiemployer plans, and technical assistance to Congress) by issuing regulations, evaluating policy options, 

providing guidance to multiemployer plans, and delivering technical assistance to Congress. Results are 

measured through the following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Deliver annual Projections 

Report on the future status of the 

Single-Employer and 

Multiemployer Programs

• Deliver guidance to plans that 

may be eligible for SFA and 

process plan applications 

promptly

• Publish annual pension data to 

educate stakeholders on the 

Single-Employer and 

Multiemployer Programs

• Educate and inform the 

multiemployer community on the 

effects of ARP

• Monitor all multiemployer plans 

that receive special and regular 

financial assistance for 

compliance with laws and 

regulations

• For insolvent plans, maintain 

rigorous audit standards to 

ensure accurate benefit payments 

to plan participants, efficient 

management of any remaining 

assets, and compliance with laws 

and regulations

• Research and forecast insurance program activities

• Provide guidance to plans on the implementation of mergers, 

alternate withdrawal liability proposals, and other means to 

reduce employer risk, while preserving plans and benefits

• Provide confidential technical assistance, analysis, and 

options to Congressional and Executive Branch policy makers 

to improve the financial stability of PBGC’s insurance 

programs 

• Review applications for SFA from eligible multiemployer 

plans and requests for financial assistance from insolvent 

multiemployer plans

• Deliver data tables and the Projections Report to Congress and 

stakeholders

• Provide stakeholder education and outreach through meetings 

with stakeholders

• Continue to provide financial assistance and provide SFA to 

multiemployer plans

Performance Measures and Targets FY 2020

Actual

FY 2021

Actual 

FY 2022

Actual 

FY 2023

Actual 

FY 2024

Actual 

Number of SFA applications processed 

(approved or denied) for ME plans

within 120-day statutory deadline

(revised)

N/A N/A 30

(Baseline) (TBD) (TBD)
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 7

What actions will you take in FY 2024 to achieve the targets described above?

• ONR has taken steps to hire and train additional federal staff to support the SFA Program. ONR has also 

procured additional contractor support. In FY 2024 ONR will closely monitor the pace at which 

applications are reviewed and completed to ensure progress toward overall goals. Adjustments to staffing 

and support levels will be made to the extent necessary.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 8

Strategic Goal 2

Pay Pension Benefits on Time and Accurately

Strategic Objectives (SO) Performance Strategies

4. Ensure regular monthly 

benefit payments continue 

without interruption

• Continue uninterrupted benefit payments in newly trusteed 

plans 

• Process benefit applications timely

• Prioritize processing plans with greatest number of participants

5. Provide accurate and timely 

benefit calculations

• Improve the timeliness and completeness of benefit 

determinations

• Provide a timely and efficient appeals process for PBGC 

benefit determinations

• Resolve appeals quickly and fairly

Goal Leaders: Chief of Benefits Administration/Chief Policy Officer/General Counsel

Performance Area ($ in thousands) FY 2022 FY 2023 FY 2024

Pension Plan 

Termination

Total Funding 200,979 199,479 209,682

Total FTE 328 328 328

Benefit Administration activities support Strategic Objective 4 (Ensure regular monthly benefit payments 

continue without interruption) by processing benefit applications as they are received. Results are 

measured through the following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Approve benefit applications 

within 45 days 87 percent of the 

time

• Process benefit applications timely

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

Benefit applications approved within 45 

days

78% 

(87%)

76% 

(87%)

85%

(87%)

N/A

(87%)

N/A 

(87%)

First payment delivered on requested 

annuity start date 90 percent of the time

N/A 

(N/A)

N/A

(N/A)

N/A

(N/A)

N/A

(remove)

N/A

(eliminate)

What actions will you take in FY 2024 to achieve the targets described above?

• Regular monitoring of applications in process.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 9

Final Benefit Determination activities support Strategic Objective 5 (Provide accurate and timely benefits 

calculations) by estimating initial benefit amounts when pension plans are trusteed as well as reviewing 

pension plan records to determine the final benefit and issuing a Benefit Determination Letter. Results are 

measured through the following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Ensure that the average time in 

years to issue a benefit 

determination (time between 

trusteeship and benefit 

determination issuance)) is 4.5 

years

• Improve the timeliness and completeness of benefit 

determinations

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

Average time in years to issue a benefit 

determination (time between trusteeship 

and benefit determination issuance) is 4.5 

years

5.3

(5.5)

5.9

(5.0)

4.1

(4.5)

N/A

(4.5)

N/A

(4.5)

What actions will you take in FY 2024 to achieve the targets described above?

• Prioritize plans based on age and size, assign resources, and monitor progress.

Initial Benefit Estimation activities support Strategic Objective 5 (Provide accurate and timely benefits 

calculations) by estimating initial benefit amounts when pension plans are trusteed as well as reviewing 

pension plan records to determine the final benefit and issuing a Benefit Determination Letter. Results are 

measured through the following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Provide estimated benefits 

within 10 percent of the final 

benefit determination 95 percent

of the time

• Improve the accuracy of benefit determinations

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

Estimated benefits within 10 percent of 

the final benefit determination 95 percent

of time

96%

(95%)

98%

(95%)

97%

(95%)

N/A

(95%)

N/A

(95%)

What actions will you take in FY 2024 to achieve the targets described above?

• Continue to monitor estimated benefits to assure accuracy.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 10

The Appeals Program supports Strategic Objective 5 (Provide accurate and timely benefit calculations) by 

providing Appeals Board decisions on appeals and written explanations on all other inquiries that do not 

qualify as appeals. Results are measured through the following Performance Goals, Strategies, and 

Measures.

Performance Goal(s): Performance Strategy:

• Resolve majority of appeals 

within one year 

• Provide a timely and efficient appeals process for PBGC 

benefit determinations

• Resolve appeals quickly and fairly

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

Percentage of appeals resolved within 

365 days

99%

(90%)

97%

(90%)

94%

(90%)

N/A

(90%)

N/A

(90%)

What actions will you take in FY 2024 to achieve the targets described above?

• The Appeals Division has a fixed staff with fluctuating workload. Based on current inventory and 

expected FY 2023 and FY 2024 incoming appeals, the FY 2023 and FY 2024 target of closing 90 percent

of all appeals in 365 days is achievable. The FY 2023 and FY 2024 target of 90 percent is reasonable 

based on current workload.
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 11

Strategic Goal 3

Maintain High Standards of Stewardship and Accountability

Strategic Objectives (SO) Performance Strategies

6. Provide an excellent 

customer experience by 

providing excellent service 

• Research and implement improvements each year to PBGC’s 

communications (including PBGC.gov) in response to 

customer feedback and key performance indicators (e.g., 

surveys, etc.) 

• Seek opportunities to reach out to retirees and pension 

participants with disabilities, limited English proficiency, and 

limited access to internet

7. Meet or exceed the financial 

and ethical standards that 

apply to PBGC as a major 

financial and government 

institution, and monitor cash 

flows (including appropriated 

funds for SFA payments)

• Manage investments prudently consistent with investment 

policy

• Collect insurance premiums due

• Continue to monitor the efficient use of PBGC’s cash flows

• Maintain a robust control environment that will prevent, 

detect, and recover improper payments

• Conduct quality due diligence on the PBGC investment 

portfolios

8. Maintain effective 

Information Technology (IT)

Security

• Maintain adequate IT Security posture based on National 

Institute of Standards and Technology (NIST) guidance and 

implement Department of Homeland Security (DHS)

Cybersecurity Directives

• Ensure ongoing authorization of all Federal Information 

Security Modernization Act (FISMA) reportable system by 

overseeing information security continuous monitoring 

(ISCM)

• Fully comply with quarterly/annual FISMA reporting 

requirements per Office of Management and Budget (OMB)

guidance to maintain awareness of cybersecurity program 

performance and deficiencies

• Respond to OMB M-22-09 Moving the U.S. Government 

Toward Zero Trust Cybersecurity Principles pertaining to 

zero trust architecture implementation

• Fully integrate identify and credential access management 

(ICAM) solutions

9. Retain a highly skilled 

workforce

• Train a high-quality multidisciplinary workforce 

• Train supervisors and managers on managing telework 

employees

• Increase and develop innovative virtual management training

• Support supervisors and managers on managing employee 

performance
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 12

• Incorporate in the monthly Work Life and Wellness themes 

with live virtual webinars hosted through Federal Occupation 

and Health (FOH) and Work Life for You

• Provide live webinars and department training for Employee 

Assistance Program (EAP) services

• Update respective policies, e.g., Student Loan Repayment 

Program (SLRP) 

10. Encourage and support a 

diverse and inclusive work 

environment that encourages 

employee engagement

• Foster a diverse, high-performing workforce drawn from all 

segments of American society 

• Foster a culture of inclusion that encourages collaboration, 

flexibility, and fairness

• Deliver Diversity, Equity, Inclusion, and Accessibility 

(DEIA) training opportunities to all PBGC staff to create 

opportunities for individuals to investigate their bias and to 

understand bias’s impact on equal employment opportunity

11. Strengthen transparency, 

disclosure, and 

communication

• Provide effective and timely communication with plan 

participants and other stakeholders

• Inform stakeholders about provisions of key legislative and 

regulatory proposals

• Make improvements to annual communications based on 

quarterly analytics 

• Foster consistent, fair, and impartial treatment of participants 

and stakeholders, including those who belong to historically 

underserved communities

• Maintain a secure hosting environment, closely monitor web 

logs, and respond quickly to any issues that arise

12. Strengthen enterprise risk 

management (ERM)

• Educate and inform stakeholders on the impact of entity-wide 

risks

13. Strengthen contractor 

oversight to reduce 

enterprise-wide risks

• Continue to improve accountability of acquisition processes

Goal Leaders: Chief Management Officer/Chief Financial Officer/ Chief Information Officer/General 

Counsel/Chief Policy Officer 

Performance Area ($ in thousands) FY 2022 FY 2023 FY 2024

Operational Support Total Funding 172,694 190,638 207,389

Total FTE 410 410 412
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 13

Customer Experience and Service measurement activities support Strategic Objective 6 (Provide an 

excellent customer experience by providing excellent service) by responding to requests for service and 

information from pension plan sponsors as well as proving online tools for plan sponsors. Results are 

measured through the following Performance Goals, Strategies, and Measures. 

Performance Goal(s): Performance Strategy:

PBGC actions result in achievement of:

• 78 or higher customer 

satisfaction score on PBGC’s 

online premium filing tool, My 

Plan Administration Account 

(My PAA), by 2023

• 74 or higher on PBGC’s 

premium filer customer 

satisfaction survey by 2023

• Research and implement improvements each year to PBGC’s 

communications in response to customer feedback and key 

performance indicators (e.g., surveys, etc.)

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

PBGC’s actions result in satisfaction 

scores that meet or exceed targets for My 

PAA Online survey 

90

(80)

71

(80)

72

(80)

N/A

(78)

N/A

(78)

PBGC’s actions result in satisfaction 

scores that meet or exceed targets for 

Premium Filer survey 

76

(74)

77

(74)

77

(74)

N/A

(74)

N/A

(74)

What actions will you take in FY 2024 to achieve the targets described above?

• Provide a Problem Resolution Officer (PRO) to monitor and assist practitioners with system or regulatory 

updates, issues, or concerns

• Constantly review and update the My PAA annual filing system for improved functionality, technical 

enhancements, and security updates in order to provide an outstanding customer experience
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 14

Customer Experience and Service Participant activities support Strategic Objective 6 (Provide an excellent

customer experience by providing excellent customer service) by operating a customer contact center and 

web portal My Participant Benefit Access (MyPBA) to respond to requests for assistance and provide useful 

information for pension plan participants, requests for service and information from pension plan sponsors, 

as well as providing online tools for plan sponsors. Results are measured through the following 

Performance Goals, Strategies, and Measures. 

Performance Goal(s): Performance Strategy:

• Achieve scores that meet or 

exceeds the targets on all three 

Customer Satisfaction surveys 

• Frequently promote equity 

through customer outreach and 

communication, identifying and 

educating at-risk elderly 

customers

• Research and implement improvements each year to PBGC’s 

communications in response to customer feedback and key 

performance indicators (e.g., surveys, etc.)

• Seek opportunities to reach out to retirees and pension 

participants with disabilities, limited English proficiency, and 

limited access to internet

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

PBGC’s actions result in achievement of 

a score of 90 or higher on PBGC’s 

Retiree customer satisfaction survey 

89

(90)

88

(90)

86

(90)

N/A

(90)

N/A

(90)

PBGC’s actions result in achievement of 

a score of 77 or higher on PBGC’S 

MyPBA customer satisfaction survey

78

(77)

64

(77)

45

(77)

N/A

(77)

N/A

(77)

PBGC’s actions result in achievement of 

83 or higher on PBGC’s Participant 

Caller satisfaction survey

81

(85)

76

(85)

76

(83)

N/A

(83)

N/A

(83)

What actions will you take in FY 2024 to achieve the targets described above?

• Continue use of existing customer service best practices.
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 15

Financial Operations activities support Strategic Objective 7 (Meet or exceed the financial and ethical 

standards that apply to PBGC as a major financial and government institution and monitor flows) by 

producing financial statements. Results are measured through the following Performance Goals, Strategies, 

and Measures.

Performance Goal(s): Performance Strategy:

• Attain an unmodified audit 

opinion on annual financial 

statements 

• Collect insurance premiums due

• Continue to monitor the efficient use of PBGC’s cash flows

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

PBGC’s actions will result in an 

unmodified Financial Statement Audit 

Yes

(Yes)

Yes

(Yes)

Yes

(Yes)

N/A

(Yes)

N/A

(Yes)

What actions will you take in FY 2024 to achieve the targets described above?

• Continue performance of financial operational activities consistent with PBGC’s Accounting Policy 

Manual and key internal controls.

Corporate Controls and Reviews Department activities support Strategic Objective 7 (Meet or exceed the 

financial and ethical standards that apply to PBGC as a major financial and government institution and 

monitor flows) by providing a written report on results of Improper Payment Risk Assessment for selected 

payment streams. Results are measured through the following Performance Goals, Strategies, and 

Measures.

Performance Goal(s): Performance Strategy:

• Compliance with the 

Payment Integrity 

Information Act of 

2019 (PIIA) to 

prevent, detect, and 

recover improper 

payments 

• Maintain a robust control environment that will prevent, detect, and 

recover improper payments

Performance Measures and 

Targets

FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

PBGC’s actions will result in 

compliance with the 

Payment Integrity 

Information Act of 2019 

(PIIA)

Yes

(Compliance 

with Improper 

Payments 

Elimination 

Yes

(Compliance 

with PIIA)

Yes

(Compliance 

with PIIA)

N/A

(Compliance 

with PIIA)

N/A

(Compliance 

with PIIA)
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 16

and Recovery

Act of 2012)

What actions will you take in FY 2024 to achieve the targets described above?

• Conduct payment integrity risk assessments on selected payment streams.

Corporate Investment activities support Strategic Objective 7 (Meet or exceed the financial and ethical 

standards that apply to PBGC as a major financial and government institution and monitor cash flows) by 

providing investment management service for plans trusteed by the PBGC and for assets managed by the 

Corporation. Results are measured through the following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Comply with the asset allocation 

set forth in the Investment Policy 

Statement

• Manage investments prudently and consistent with investment 

policy

• Conduct quality due diligence on the PBGC investment 

portfolios

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

PBGC’s actions result in compliance 

with asset allocation listed in current 

Investment Policy Statement

Yes

(Yes)

Yes

(Yes)

Yes

(Yes)

N/A

(Yes)

N/A

(Yes)

What actions will you take in FY 2024 to achieve the targets described above?

• Continue to meet the requirements under the Board-approved Investment Policy Statement.
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 17

Information Technology activities support Strategic Objective 8 (Maintain effective IT Security) by 

producing Annual and quarterly FISMA reports, “Effective” ratings for Cybersecurity Framework (CSF) 

functions (identify, protect, detect, respond, and recover), operationalizing an insider-threat program, and 

automating ICAM functions. Results are measured through the following Performance Goals, Strategies, 

and Measures.

Performance Goal(s): Performance Strategy:

• Maintain or exceed “level 4: 

Managed and Measurable 

Rating” or as determined by 

the Inspector General (IG) as 

effective overall on the Office 

of the Inspector General (OIG) 

Cybersecurity Framework 

Functions 

• Align agency resources to 

ensure 100 percent active 

compliance with Executive 

Order 14028 requirements and 

the corresponding agency 

reporting

• Maintain adequate IT Security posture based on NIST guidance 

and implement DHS Cybersecurity Directives

• Ensure on-going authorization of all FISMA reportable system by 

overseeing ISCM

• Fully comply with quarterly/annual FISMA reporting 

requirements per OMB guidance to maintain awareness of 

cybersecurity program performance and deficiencies

• Prioritize Executive Order 14028 initiatives 

• Respond to OMB M-22-09 Moving the U.S. Government Toward 

Zero Trust Cybersecurity Principles pertaining to zero trust 

architecture implementation

• Fully integrate ICAM solutions

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

Conduct OMB RMA

(No longer a measure, Cybersecurity 

& Infrastructure Security Agency 

discontinued use of RMA in 2021)

Yes

(Managing 

Risk)

Yes

(Managing 

Risk)

N/A

(Discontinued)

N/A

(Discontinued)

N/A

(Discontinued)

Maintain or exceed a level 4 rating on 

the CMM Rating/IG FISMA 

Evaluation

(New measure replaces OMB RMA)

Yes

(Managing 

Risk)

Yes

(Managing 

Risk)

Effective

(CMM 

Rating 4

Effective)

TBD

(CMM 

Rating 4 

Effective)

TBD

(CMM 

Rating 4 

Effective)

What actions will you take in FY 2024 to achieve the targets described above?

• Conduct independent control assessments and maximize use of common controls.

• Continually assess FISMA reportable systems for compliance with OMB/DHS mandates.

• Implement applicable Continuous Diagnostics and Mitigation (CDM) requirements utilized for the PBGC 

cybersecurity dashboard.

• Adhere to Executive Order 14028 requirements in adopting a zero-structure architecture.
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 18

Human Resources activities support Strategic Objective 9 (Retain a highly skilled workforce) through 

recruitment and retention of a highly skilled and diverse workforce; train leaders who can properly address 

employee performance and misconduct and operate a comprehensive virtual Work Life and Wellness 

Program. Results are measured through the following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Increase leadership understanding 

of Diversity, Equity, Inclusion, 

and Accessibility

• Increase management 

participation in training on 

managing teleworking employees 

by 10 percent

• Increase participation in the

Student Loan Repayment 

Program (SLRP) by 5 percent by 

continuing education for 

management recruitment and 

retention incentives, increase 

eligible application pool, and 

increasing the use of marketing 

tools, such as program videos, 

cartoons, and intranet presence

• Provide 10 virtual Work Life and 

Wellness Programs annually

• Train and educate supervisors and managers on the impacts of 

Diversity, Equity, Inclusion, and Accessibility (DEIA)

• Train a high-quality multidisciplinary workforce 

• Train supervisors and managers on managing telework 

employees

• Increase and develop innovative virtual management training

• Support supervisors and managers on managing employee 

performance

• Incorporate in the monthly Work Life and Wellness themes 

with live virtual webinars hosted through FOH and Work Life 

for You

• Provide live webinars and Department training for EAP 

services

• Update respective policies, e.g., SLRP

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual

(Target)

Provide a minimum of two DEIA 

trainings or informational 

communications to supervisors and 

managers

New 

Measure

2

(2)

8

(4)

N/A

(2)

N/A

(2)

Conduct a minimum of two performance 

and employee conduct trainings

3

(2)

18

(2)

44

(2)

N/A

(2)

N/A

(2)

Participate in a minimum of two targeted 

job fairs

3

(2)

4

(2)

7

(2)

N/A

(4)

N/A

(4)

Provide work-life balance and wellness 

events

40

(20)

97

(25)

93

(25)

N/A

(25)

N/A

(25)

Conduct a minimum of two managing 

telework employee trainings 

N/A

(N/A)

N/A

(N/A)

4 N/A

(2)

N/A

(2)
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 19

(2)

Promote retention incentives N/A

(N/A)

N/A

(N/A)

5

(2)

N/A

(2)

N/A

(2)

What actions will you take in FY 2024 to achieve the targets described above?

• Promote participation of the Student Loan Repayment Program.

• Continue to offer and encourage participation in various management trainings.

• Continue to research and implement best practices for work-life balance initiatives.

Office of Equal Employment Opportunity (OEEO) activities support Strategic Objective 10 (Encourage and 

support a diverse and inclusive work environment that encourages employee engagement) by assisting in the 

eradication of employment discrimination, improving diversity in the workplace, and creating an 

environment where all PBGC employees are valued, respected, and free to develop and perform to their 

fullest potential. Results are measured through the following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• By 2026 and per Federal Equal 

Employment Opportunity 

Commission’s (EEOC)

benchmark, have General 

Schedule (GS)-15 and Senior 

Level (SL) grade representation 

more reflective of the agency’s 

total workforce

• Foster a diverse, high-performing workforce drawn from all 

segments of American society 

• Foster a culture of inclusion that encourages collaboration, 

flexibility, and fairness

• Deliver DEIA training opportunities to all PBGC staff to create 

opportunities for individuals to investigate their bias and to 

understand bias’s impact on equal employment opportunity

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual

(Target)

Increase gradually – half percent each 

year until grade representation for these 

groups increases in GS-15 and SL

No

(Yes)

No

(Yes)

No

(Yes)

N/A

(Yes)

N/A

(Yes)

What actions will you take in FY 2024 to achieve the targets described above?

• Continue to conduct barrier analysis to identify potential barriers to equal employment opportunity.

• Continue to build relationships with and support each PBGC Department Director’s EEO efforts with the 

ongoing Office of Equal Employment Opportunity (OEEO) point of contact assignment.

• Continue to administer the EEO Dashboard to agency leadership in an effort to support their succession 

planning, and DEIA efforts.

• Continue to leverage affirmative employment committees to assist in determining the needs of PBGC’s 

workforce and in the development of programs that support the specific professional development needs of 

diverse groups.
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 20

• Continue to be proactive in mitigating complaints by providing EEO training that informs and educates on 

anti-discriminatory and anti-harassment behavior.

• Continue to offer agency-wide staff level learning that supports inclusivity in an effort to guide individuals 

in identifying workplace behaviors that support equal employment opportunity and behaviors that help 

mitigate discrimination.

• Continue to offer the Education & Enrichment Book Club Series, Real Talk Series, and Affinity Chats

Series and other ad hoc workshops that support opportunities for perspective-sharing and to understand 

another’s dimensions of identity in the workplace.

External Corporate Internet Program activities support Strategic Objective 11 (Strengthen transparency, 

disclosure, and communication) by providing online tools for plan participants and plan sponsors and 

continuing to enhance the website experience for the general public, plan participants, and sponsors. Results 

are measured through the following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Comply with all FOIA deadlines 

and maintain model disclosure 

program

• Research and implement 

improvements each year to 

PBGC’s communications 

(including PBGC.gov) in response 

to customer feedback and key 

performance indicators (surveys, 

etc.)

• Maximize stakeholder education 

and outreach, including published 

regulation by holding meetings 

with participant groups, plan 

sponsors, practitioner groups, 

industry associations, and other 

interested stakeholders

• Provide annual data-driven data 

tables and projection reports to 

stakeholders based on the latest 

pension research, data, and 

projections

• Ensure stakeholder access to 

information on PBGC.gov by 

monitoring and improving the 

website’s performance and 

security, and working with its host 

to minimize service interruptions 

• Provide effective and timely communication with plan 

participants and other stakeholders

• Inform stakeholders about provisions of key legislative and 

regulatory proposals

• Make improvements to annual communications based on 

quarterly analytics

• Foster consistent, fair, and impartial treatment of participants 

and stakeholders, including those who belong to historically 

underserved communities

• Maintain a secure hosting environment, closely monitor web 

logs, and respond quickly to any issues that arise
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 21

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

Number of improvements to the usability 

and content of PBGC.gov per year

7

(6)

10

(8)

12

(10)

N/A

(10)

N/A

(10)

PBGC.gov website availability (new 

measure started in FY 2022)

N/A

(N/A)

N/A

(N/A)

99%

(99%)

N/A

(99%)

N/A

(99%)

PBGC’s actions result in satisfaction 

scores which meet or exceed targets 

website customer satisfaction online 

survey 

73

(75)

64

(75)

63

(75)

N/A

(Retire)

N/A 

(Eliminate)

What actions will you take in FY 2024 to achieve the targets described above?

• Continue soliciting input from leadership and external stakeholders to continually improve the customer 

experience at PBGC.gov.

• Closely monitor uptime and service levels for PBGC.gov, working closely with the hosting vendor to 

resolve any service issues.

• Regularly monitor security logs and analytics to identify any potential issues.

Enterprise Risk Management activities support Strategic Objective 12 (Strengthen enterprise risk 

management) by maintaining an Entity-wide Risk Profile, and Entity-wide Risk Register, monitoring Key Risk 

Indictors, and emerging risks, and promoting Enterprise Risk Management (ERM) Integration with budget, 

organizational performance, and strategic planning. Results are measured through the following Performance 

Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Implement enterprise 

risk management 

requirements by 

conducting a risk 

assessment and 

providing risk-related 

training to the Risk 

Management Council

(RMC) and department 

directors (or their 

designees) annually

• The FY 2022 and FY 

2023 entity-wide risks 

identified will be 

evaluated during the 

annual risk assessment 

• Educate and inform stakeholders on the impact of entity-wide risks

• Continuously seek to improve program maturity level by identifying 

emerging risks

• Complete annual risk assessment by OMB deadline

• Brief key decision-making bodies on entity-wide risks

• Implement Risk Management Office (RMO) succession planning

• Deliver ERM training to RMC and Department Directors to ensure 

consistent knowledge base
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 22

Performance Measures and 

Targets

FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

Identification of emerging 

entity-wide risks in a timely 

manner

Identified 21 

emerging risks

(Increased 

identification 

of emerging 

entity-wide 

risks in a 

timely manner)

Yes

(Increased 

identification 

of emerging 

entity-wide 

risks in a 

timely 

manner)

Yes

Identified 23 

emerging risks

(Increase 

identification 

of entity-wide 

risks in a 

timely 

manner)

N/A

(Identify

entity-wide 

risks in a 

timely 

manner)

N/A

(Identify 

entity-wide 

risks in a 

timely 

manner)

Continue knowledge-sharing 

related to risks

Considered 

risks, included 

as decision 

criteria for 

budget 

decisions.

Collected risk 

responses from 

the APP Point 

of Contacts 

(POCs) to 

identify risks 

that impeded 

delivery on FY 

2022 

performance 

goals and 

reviewed with 

RMC 

(Increased riskinformed 

decisionmaking)

 Yes

(Increase in 

risk-informed 

decisionmaking)

Yes

(Increase in 

risk-informed 

decisionmaking)

N/A

(Continue 

risk-informed 

decisionmaking)

N/A

(Continue 

risk-informed 

decisionmaking)

Constant vigilance to foster a 

risk management culture

RMO webpage 

updated, 

quarterly RMO 

messages 

 Yes

(Continue to 

communicate 

ERM status)

Yes 

(Continue to 

communicate 

ERM status

N/A

(Continue to 

communicate 

ERM status)

N/A

(Continue to 

communicate 

ERM status)
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 23

distributed to 

PBGC Federal 

employees

(Continued 

communication 

regarding 

ERM)

What actions will you take in FY 2024 to achieve the targets described above?

• Conduct entity-wide risk assessment.

• Work with business owners to identify and review key risk indicators and emerging risks.

• Integrate enterprise risk management with strategic planning and organizational performance processes.

• Include risks as a consideration and decision criteria for budget decisions.

Procurement and Acquisition activities support Strategic Objective 13 (Strengthen contractor oversight to 

reduce enterprise-wide risks) by providing resources for the PBGC acquisition community to strengthen 

contractor oversight. Results are measured through the following Performance Goals, Strategies, and 

Measures.

Performance Goal(s): Performance Strategy:

• Ensure 100 percent of contract 

actions marked “applicable” 

undergo legal review

• Identify root causes and incorporate lessons-learned to improve 

future acquisitions

• Improve accountability of acquisition processes

Performance Measures and Targets FY 2020

Actual 

(Target)

FY 2021

Actual 

(Target)

FY 2022

Actual

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

Number of activities and streamlined 

guidance implemented

6

(5)

5

(5)

5

(5)

N/A

(5)

N/A

(3)

Percentage of contract actions marked 

“Applicable” undergo legal review 

N/A

(N/A)

N/A

(N/A)

100%

(New 

Measure)

N/A

(100%)

N/A 

(100%)

Percentage of requirements originating 

within OMA sent to CMO for review

N/A

(N/A)

N/A

(N/A)

100%

(New 

Measure)

N/A

(100%)

N/A

(100%)
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 24

What actions will you take in FY 2024 to achieve the targets described above?

• Implementation and data migration for Procurement Information System for Management (PRISM) will take 

place during FY 2023. Once data migration is complete in FY 2024, Procurement Department will work with 

Unison to develop customized procurement reports. PD intends to consolidate all reports to reduce 

redundancy, increase transparency, and improve communication within PD and across PBGC program 

offices.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 25

FY 2022 OPERATIONS IN BRIEF

2022

Target

2022

Actual

2021

Actual

GOAL 1: Preserve Plans and Protect Pensions

Single-Employer Plan Participants Protected –

Employers Emerging from Bankruptcy During the 

Year

999 99,345

Single-Employer Plan Standard Termination 

Audits: Additional Payments

$1.03M paid to 663 

participants

$2.6M paid to 1,462

participants

Single-Employer Benefit Payments for Terminated 

Plans

• Participants Receiving Benefits 960,000 970,000

• Benefits Paid Over $7.0B Over $6.4B 

• Participants Expected to Receive Future 

Benefits 496,000 525,000

Multiemployer (ME) Plan Financial Assistance (FA) $217.4M to 115 plans $230M to 109 plans

• FA Payments for Facilitated Mergers $9M $9M

Multiemployer Participants in Insolvent Plans

• Total Participants in Plans Receiving FA 289,860 117,958

o Participants in Plans that Have 

Received Special Financial 

Assistance (SFA)

149,855 n/a

o Participants Expected to Receive 

Future FA Benefits 46,480 37,172

o Participants in Plans Receiving 

Regular FA 93,525 80,786

• Total Amount of FA Paid to ME Plans $217.4M $230M

o SFA Payments $7.6B n/a

o Regular FA Payments $217.4M $221M

GOAL 2: Pay Timely and Accurate Benefits

Estimated Benefits Within 10 Percent of Final 

Calculation 95% 97% 98%
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 26

FY 2022 OPERATIONS IN BRIEF

Average Time to Provide Benefit Determinations 

(Years) 4.5 4.1 5.9

Benefit Applications Processed in 45 Days 87% 85% 76%

Improper Payment Rates Within OMB Threshold1 <1.5% Yes Yes

GOAL 3: Maintain High Standards of Stewardship and Accountability2

Retiree Satisfaction – ACSI3 Score 90 86 88

Participant Caller Satisfaction – ACSI Score 83 76 76

Premium Filer Satisfaction – ACSI Score 74 77 77

Single-Employer – Financial Net Position $36.6B $30.9B

Multiemployer – Financial Net Position $1.1B $0.5B

Unmodified Financial Statement Audit Opinion Yes Yes Yes

Maintain or exceed a level 4 rating on the CMM 

Rating/IG FISMA Evaluation

Effective Effective Yes

1 The OMB threshold for significant improper payment reporting is as follows: amounts that exceed (1) both 1.5 percent and $10 million in improper 

payments, or (2) $100 million in improper payments. 2 In March 2020, PBGC retired the Customer Satisfaction survey and is now piloting a new PBGC.gov Feedback button.

3 The American Customer Satisfaction Index (ACSI) uses a 0-100 scale; 80 or above is considered excellent.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 27

Glossary of Acronyms

ACSI American Customer Satisfaction Index IRS Internal Revenue Service

APP Annual Performance Plan ISCM Information Security Continuous Monitoring

ARP American Rescue Plan Act of 2021 IT Information Technology

BPIT Budget and Planning Integration Team ITPRB Information Technology Portfolio Review 

Board

CCC Customer Contact Center ME Multiemployer

CDM Continuous Diagnostics and Mitigation My PAA My Plan Administration Account

CFRD Corporate Financing and Restructuring 

Department

MyPBA My Participant Benefit Access

CMM Capability Maturity Model NIST National Institute of Standards and Technology

CMO Chief Management Officer OEEO Office of Equal Employment Opportunity

CSF Cybersecurity Framework OIG Office of the Inspector General

CX Customer Experience OMA Office of Management and Administration

DEIA Diversity, Equity, Inclusion, and Accessibility OMB Office of Management and Budget

DHS Department of Homeland Security ONR Office of Negotiations and Restructuring

EAP Employee Assistance Program OPEA Office of Policy & External Affairs

EEO Equal Employment Opportunity PD Procurement Department

EEOC Equal Employment Opportunity Commission PIIA Payment Integrity Information Act

ERM Enterprise Risk Management POC Point of Contact

FA Financial Assistance PRO Problem Resolution Officer

FISMA Federal Information Security Modernization 

Act of 2014

PRISM Procurement Information System for 

Management

FMFIA Federal Managers Financial Integrity Act of 

1982

RMA Risk Management Assessment

FOH Federal Occupational Health RMC Risk Management Council

FOIA Freedom of Information Act RMO - Risk Management Officer

FTE Full-time Equivalent SFA Special Financial Assistance

GS General Schedule SL Senior Level

ICAM Identify and Credential Access Management SLRP Student Loan Repayment Program

ICC Internal Corporate Controls SO Strategic Objective

IG Inspector General