FY 2021 Annual 

Performance Report

FY 2023 Annual 

Performance Plan

&
PENSION BENEFIT GUARANTY CORPORATION 1 FY 202 1 | ANNUAL REPORT

ANNUAL PERFORMANCE REPORT

The Pension Benefit Guaranty Corporation (PBGC or the Corporation) protects the retirement security of 

over 33 million American workers, retirees, and beneficiaries in single-employer and multiemployer private 

sector pension plans. The pension benefits of these participants are valued at more than $3 trillion. The 

Corporation’s two insurance programs are legally separate and operationally and financially independent.

The Single-Employer Program is financed by insurance premiums, investment income, and recoveries from 

companies formerly responsible for the plans. Congress sets PBGC premium rates. 

The Multiemployer Program is financed by premiums and investment income. The American Rescue Plan 

(ARP) Act of 2021 — a historic law passed by Congress and signed by President Biden on March 11, 2021 —

established the Special Financial Assistance (SFA) Program for certain financially troubled multiemployer 

plans. The SFA Program is financed by general taxpayer funds provided by the U.S. Treasury. Additionally, 

the law addresses the solvency of the Multiemployer Program, which was projected to become insolvent in 

2026. 

The SFA Program is expected to provide financial assistance to more than 250 eligible plans covering over 3 

million people. Upon approval of an application, PBGC will make a single, lump-sum payment to an eligible 

multiemployer plan to enable the plan to pay benefits at plan levels. SFA also assists plans by providing funds 

to reinstate previously suspended benefits and repay financial assistance received from PBGC’s 

Multiemployer Program. 

The Corporation achieves its mission through three strategic goals:

1. Preserve plans and protect the pensions of covered workers and retirees.

2. Pay pension benefits on time and accurately.

3. Maintain high standards of stewardship and accountability.
PENSION BENEFIT GUARANTY CORPORATION 2 FY 202 1 | ANNUAL REPORT

OPERATIONS IN BRIEF 

Since the enactment of the Employee Retirement Income Security Act of 1974 (ERISA), PBGC has 

strengthened retirement security by preserving plans and protecting benefit payments to participants and their 

families. In FY 2021, the Corporation made benefit payments of over $6.4 billion to nearly 970,000 

participants. See FY 2021 Operations in Brief table below. 

1 Numbers in this report have been rounded. 2 The Office of Management and Budget (OMB) threshold for significant improper payment reporting is as follows: amounts that exceed (1) both 1.5 

percent of program outlays and $10,000,000 of all program or activity payments made during the fiscal year reported or (2) $100,000,000 (regardless 

of the improper payment percentage of total program outlays)

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

FY 2021 OPERATIONS IN BRIEF1

2021 

Target

2021

Actual

2020

Actual

GOAL 1: Preserve Plans and Protect Pensions

Single-Employer Plan Participants Protected – Employers 

Emerging from Bankruptcy During the Year 99,345 127,000 

Single-Employer Plan Standard Termination Audits: 

Additional Payments

$2.6M paid to 

1,462 participants

$1.9M paid to

1,909 participants

Single-Employer Benefit Payments for Terminated Plans

• Participants Receiving Benefits 970,000 984,000

• Benefits Paid Over $6.4B Over $6.1B

• Participants Expected to Receive Future Benefits 570,000 552,000

Multiemployer Plan Financial Assistance $230M to

109 plans

$173M to 

95 plans

Multiemployer Participants in Insolvent Plans

• Participants Receiving Benefits 80,786 79,600

• Participants Expected to Receive Future Benefits 37,172 27,600

GOAL 2: Pay Timely and Accurate Benefits

Estimated Benefits Within 10% of Final Calculation 95% 98% 96% 

Average Time to Provide Benefit Determinations (Years) 5.0 5.90 5.3

Improper Payment Rates Within OMB Threshold2 <1.5% Yes Yes

Applications Processed in 45 Days or Less 87% 78% 78%

GOAL 3: Maintaining High Standards of Stewardship and Accountability

Retiree Satisfaction – ACSI Score3 90 88 89 

Participant Caller Satisfaction – ACSI Score 85 76 81

Premium Filer Satisfaction – ACSI Score 74 77 76 

Single-Employer – Financial Net Position $30.9B $15.5B 

Multiemployer – Financial Net Position $0.5B ($63.7B)

Unmodified Financial Statement Audit Opinion Yes Yes Yes
PENSION BENEFIT GUARANTY CORPORATION 3 FY 202 1 | ANNUAL REPORT

STRATEGIC GOALS AND RESULTS 

PBGC’s FY 2021 Annual Performance Report details the Corporation’s achievements, accomplishments, and 

performance results on its three strategic goals.

GOAL NO. 1: PRESERVING PLANS AND PROTECTING PENSIONERS 

PBGC engages in activities to preserve plans and protect participants by administering two separate insurance 

programs. The Multiemployer Program protects about 10.9 million workers and retirees in about 1,360

pension plans. The Single-Employer Program protects about 22.7 million workers and retirees in about 

23,900 pension plans.

MULTIEMPLOYER PROGRAM 

The Multiemployer Program covers defined benefit pension plans that are created through one or more 

collective bargaining agreements between employers and one or more employee organizations or unions. The 

employers are usually in the same or related industries, such as transportation, construction, mining, and 

hospitality. PBGC provides financial assistance to insolvent plans to allow them to pay guaranteed benefits 

and reasonable administrative expenses. 

In FY 2021, PBGC provided $230 million in financial assistance to 109 multiemployer plans covering 80,786 

participants receiving guaranteed benefits. An additional 37,172 participants in the insolvent plans are eligible 

to receive benefits once they retire. Due to the enactment of ARP, the number of participants relying on 

traditional financial assistance under section 4261 of ERISA will decrease to 52,982 participants receiving 

guaranteed benefits and 20,395 participants eligible to receive benefits once they retire, after all insolvent 

plans expected to be eligible for SFA apply, are approved by PBGC and receive their SFA payments.

The Corporation initiated audits of seven terminated or insolvent multiemployer plans covering nearly 10,000 

participants. The objectives of the audits are to ensure timely and accurate benefit payments to all 

participants, compliance with laws and regulations, and effective and efficient management of the remaining 

assets in terminated and insolvent plans.

PBGC regularly provides informal consultations to plan sponsors and practitioners on partition and merger 

applications, alternative withdrawal liability requests, plan insolvency, and Title IV compliance issues to assist 

plans in making their formal requests to PBGC more efficient and effective. 

Special Financial Assistance Program

ARP, enacted on March 11, 2021, added section 4262 of ERISA, which created the SFA Program for certain 

financially troubled multiemployer plans. The amount of SFA to which an eligible plan may be entitled is the 

amount required to pay all benefits due through 2051. PBGC estimates that more than 250 plans may be 

eligible for SFA and is now accepting initial SFA applications.

In FY 2021, to establish SFA Program operations, PBGC: 

• Implemented the program with the publication of the Interim Final Rule establishing application 

procedures and processes.
PENSION BENEFIT GUARANTY CORPORATION 4 FY 202 1 | ANNUAL REPORT

• Updated the multiemployer e-filing portal to accommodate electronic submissions of SFA applications. 

• Centralized resource information on PBGC.gov, such as the interim final rule, guidance documents, and 

templates. 

• Conducted two webinars for plans and practitioners covering a wide range of SFA- related topics. 

• Hired an additional 61 professional staff for the SFA Program. 

• Prepared, finalized, and implemented multiple interdepartmental processes, procedures, and controls. 

• Initiated development of audit procedures and processes for plans that receive SFA.

As of September 30, 2021, PBGC received 19 applications requesting a total of $3.2 billion dollars in SFA. All 

applications were under review as of that time. 

Extending Plan Solvency and Mitigating Risks to the Multiemployer Program

PBGC has been concerned for several years about Split Plan arrangements that Isolate Legacy Liabilities 

(SPILL). A SPILL occurs when a multiemployer plan is frozen, and a new multiemployer plan is created for 

future benefit accruals. Contributions are split between the legacy plan and the new plan, increasing the risk 

of underfunding the legacy plan. 

In January 2013, the bargaining parties took a series of actions, including the creation of a new plan through a 

SPILL, that resulted in the allocation of more than $100 million in contributions to the new plan that might 

otherwise have been made to the Food Employers Labor Relations Association (FELRA)/United Food and 

Commercial Workers union (UFCW) plan. The FELRA/UFCW plan is a severely underfunded 

multiemployer plan that covers approximately 50,000 grocery and warehouse workers and retirees in the 

District of Columbia metropolitan area. These actions accelerated the insolvency of the FERLA/UFCW plan 

and threatened to place additional burdens on PBGC’s Multiemployer Program. 

In FY 2021, PBGC entered into a settlement agreement with FELRA, UFCW, and the FELRA/UFCW 

Pension Fund. 

To address these concerns, the settlement agreement required the two plans to combine, which extended the 

FELRA/UFCW plan’s projected solvency, and required the combined plan to terminate by mass withdrawal. 

The two large contributing employers agreed to make withdrawal liability payments to the plan for 25 years 

totaling approximately $56 million annually. In return, the employers will be released from further withdrawal 

liability to the FELRA/UFCW plan. This settlement is expected to reduce the amount of PBGC financial 

assistance that the FELRA/UFCW plan will require when it becomes insolvent.

PBGC began investigating seven other SPILL transactions. In each case, PBGC has received responses to 

information requests issued to the boards of the legacy and follow-on plans.

Multiemployer Pension Reform Act of 2014 (MPRA) 

The Multiemployer Pension Reform Act of 2014 (MPRA) enables certain plans to avoid insolvency by 

permitting the plan sponsor to suspend benefits, and, if necessary, by transferring financial responsibility for 

some or all guaranteed benefits to PBGC through a partition. 
PENSION BENEFIT GUARANTY CORPORATION 5 FY 202 1 | ANNUAL REPORT

In FY 2021, PBGC did not receive any partition applications but continued to review the two partition 

applications submitted during FY 2020. Both applications were withdrawn during FY 2021, one due to issues 

with the application and the other as a result of the enactment of ARP.

Multiemployer Plan Withdrawal Liability, Plan Mergers and Transfers

PBGC approval is required for a multiemployer plan to adopt an alternative method for allocating unfunded 

vested benefits in determining withdrawal liability. PBGC began FY 2021 with two requests for approval of 

alternative rules pending. As of the fourth quarter, three requests are pending, and no requests have been 

approved. 

A multiemployer plan may adopt alternative terms and conditions for satisfaction of withdrawal liability if 

those terms and conditions are consistent with ERISA and PBGC regulations. Plans sometimes request 

PBGC’s determination that proposed alternative terms are consistent with ERISA and PBGC regulations. 

PBGC began FY 2021 with one pending request, which was later denied.

An employer that withdraws from a construction or entertainment industry plan is generally not subject to 

withdrawal liability. PBGC may, by regulation, authorize a plan in other industries to adopt a similar rule if 

PBGC determines it is appropriate to do so and doing so would not pose a significant risk to PBGC. PBGC 

began FY 2021 with three pending requests. All three were closed because the plans’ boards either expressly 

withdrew or decided not to pursue their request.

A multiemployer plan merging with or transferring assets and liabilities to another multiemployer plan must 

provide PBGC with notice. The plan trustees may request a compliance determination from PBGC, which, if 

granted, provides a safe harbor from certain prohibited transaction provisions of Title I. In FY 2021, PBGC 

received twelve notices of merger, eight of which were accompanied by a request for a compliance 

determination, and four notices of transfer, all of which were accompanied by a request for a compliance 

determination. All requests have been completed except for one merger compliance determination is under 

review. 

SINGLE-EMPLOYER PROGRAM 

The Single-Employer Program covers defined benefit pension plans that generally are sponsored by a single 

employer. When an underfunded single-employer plan terminates, PBGC steps in to pay participants’ benefits 

up to legal limits. This typically happens when the employer sponsoring an underfunded plan goes bankrupt, 

ceases operation, or can no longer afford to keep the plan going. PBGC takes over the plan’s assets, 

administration, and payment of benefits, up to the legal limits. If a plan has enough money to pay all benefits 

owed to participants and beneficiaries, the plan sponsor can choose to terminate a plan by filing a standard 

termination. In a standard termination, PBGC does not become responsible for benefit payments.

As part of its risk mitigation activities, PBGC monitors and identifies transactions and events that may pose 

risks to participants. The Corporation works collaboratively with employers to better safeguard pension 

benefits.
PENSION BENEFIT GUARANTY CORPORATION 6 FY 202 1 | ANNUAL REPORT

Standard Terminations 

A standard termination is a termination of a pension plan that has enough money to pay all benefits owed to 

participants and beneficiaries. 

In FY 2021, 1,574 plans, covering approximately 145,000 participants, filed standard terminations with 

PBGC. The number of terminations received last year is in line with the average of the five previous years. 

Approximately 1,880 plans with an aggregate of more than 205,000 participants completed standard 

terminations in FY 2021 by paying full plan benefits to participants and beneficiaries in the form of annuities 

or lump sums. Some of the larger standard terminations were Trinity Industries Inc. Consolidated Pension 

Plan; GPI US Consolidated Pension Plan; Retirement Income Plan for Darden Restaurants Inc.; Perdue 

Retirement Account Plan & The Pension Plan for Union-Represented Associates; Flower Foods Inc. 

Retirement Plan No. 1; and Indiana University Health Defined Benefit Plan. 

PBGC completed 246 standard termination audits in FY 2021 to verify plan administrators’ calculation of 

participants’ benefits upon plan termination. These audits discovered errors that have since been corrected by 

the plan administrators, resulting in more than $2.6 million in additional benefits distributed to 1,462

participants in these plans.

Significant Litigation 

PBGC protects participants in private sector pensions through litigation in federal and state courts. In FY 

2021:

• The U.S. Court of Appeals for the Eleventh Circuit affirmed the district court grant of summary 

judgment for PBGC in PBGC v. 50509 Marine LLC. The court of appeals agreed with PBGC that, on the 

particular facts of the case, several entities owned by the owner of the plan sponsor on the date of plan 

termination were in the controlled group and liable to PBGC. The Supreme Court has denied the 

defendants’ petition for certiorari.

• The U.S. Court of Appeals for the D.C. Circuit ruled in PBGC’s favor in Lewis v. PBGC. The court 

summarily affirmed the district court’s holdings that PBGC properly determined benefits and no separate 

cause of action is available to the plaintiffs under the Administrative Procedure Act. The court reiterated 

the favorable deference holding from Davis v. PBGC that PBGC gets “the usual deference we give to an 

agency interpreting its organic statute,” regardless of whether PBGC is acting as statutory trustee. The 

Supreme Court has denied the plaintiffs’ petition for certiorari.

• The U.S. Court of Appeals for the Sixth Circuit issued an amended opinion in Black v. PBGC, in response 

to a Delphi Salaried Retiree Association (DSRA) request for rehearing after the Sixth Circuit issued a 

September 2020 ruling in favor of PBGC, holding that the agency’s actions were consistent with 

governing law. The amended opinion once again affirmed the district court ruling for PBGC on all issues, 

and the Sixth Circuit subsequently denied a DSRA- renewed request for rehearing. The plaintiffs have 

filed a petition for certiorari with the Supreme Court.

• The U.S. Court of Appeals for the D.C. Circuit upheld PBGC’s denial of a lump sum benefit in Fisher v. 

PBGC. The Court ruled in PBGC’s favor, holding that 29 C.F.R. § 4044.4(b) is valid and “easily satisfies 
PENSION BENEFIT GUARANTY CORPORATION 7 FY 202 1 | ANNUAL REPORT

[the Court’s] ‘highly deferential’ review” under Chevron, PBGC reasonably applied 4044.4(b) to deny the 

participant’s lump sum request, and the participant failed to show that PBGC acted arbitrarily or 

capriciously.

Pension Plans Maintained

When plan sponsors enter bankruptcy proceedings, PBGC encourages continuation of pension plans. 

Although it forces tough choices, bankruptcy does not mean that pensions must terminate for companies to 

succeed. In FY 2021, these plans were among those that continued after the bankruptcies of their sponsors or 

controlled group members, protecting the benefits of participants:

• LSC Communications, Inc. (more than 26,100 participants).

• Frontier Communications Corporation (more than 25,550 participants).

• Hertz Global Holdings, Inc. (more than 22,500 participants).

• Belk, Inc. (more than 7,550 participants).

• Valaris PLC (more than 4,450 participants).

• Libbey Glass, Inc. (more than 3,900 participants).

Coverage Pilot Program 

PBGC introduced a one-year pilot program in FY 2019 which allows employers, in limited circumstances, to 

request an Opinion Letter about whether a plan in the process of being created is likely to be covered under 

Title IV of ERISA. It is usually easy to determine if a defined benefit plan is covered by PBGC’s insurance 

program. However, for plans that may be a small professional service plan, or a substantial owner’s plan, 

coverage may not be clear. Thus, the coverage program assists plan sponsors in understanding whether such a 

plan is covered by PBGC. PBGC has received a limited number of requests for Opinion Letters under the 

pilot program. PBGC previously extended the pilot program for one year and has extended the program for 

an additional year to September 30, 2022. 

GOAL NO. 2: PAYING TIMELY AND ACCURATE BENEFITS 

Through its Single-Employer Program, PBGC is directly responsible for the benefits of more than 1.5 million 

current and future retirees in trusteed pension plans. Retirees and their families count on PBGC to pay their 

benefits accurately and on time. 

Benefits Administration

PBGC becomes trustee of single-employer plans that end without enough money to pay all their benefit 

promises. In FY 2021, PBGC took responsibility for 47 single-employer plans that provide pension benefits 

to nearly 34,000 current and future retirees.

When PBGC assumes responsibility for a pension plan, a top priority is to make sure the plan’s existing 

retirees continue to receive benefits without interruption. In FY 2021, more than 40,000 retirees continued to 

receive benefits without interruption from PBGC. 
PENSION BENEFIT GUARANTY CORPORATION 8 FY 202 1 | ANNUAL REPORT

The Corporation paid over $6.4 billion in benefits to nearly 970,000 retirees in single-employer plans and 

nearly 26,000 new retirees applied for benefits. PBGC fell short of its goal to process 87 percent of benefit 

applications within 45 days. For FY 2021, PBGC processed 76 percent of its applications. This was due to 

contractor staffing shortages experienced throughout the year. As the staffing levels return to normal, PBGC 

expects the timeliness of application processing to improve. 

In FY 2021, PBGC completed the consolidation of its Customer Contact Center (CCC) into a single service 

contract known as the Field Office Support Services (FOSS). This consolidation improved flexibility and 

agility in reacting to changing workloads, while concurrently reducing administrative and overhead costs. 

Benefit Calculations

After PBGC becomes trustee of a terminated pension plan, it begins a complex multi-year process of valuing 

the plan’s assets, reviewing plan and participant data, and calculating benefits payable by PBGC. When 

participants become eligible and request to start receiving their benefits, PBGC begins paying them an 

estimated benefit during the time before benefit determinations are complete. When the process is complete, 

participants are informed of their exact benefit amount via a benefit determination letter. In FY 2021, over 98 

percent of final benefit determination amounts issued were within 10 percent of the estimated benefit 

amount.

The Corporation continued to streamline processes and improve technology to support the benefit 

determination process. As a result, PBGC reduced its backlog of trusteed plans in an estimated status by 25 

percent to less than 300 total plans. PBGC also reduced the percentage of unissued benefit determinations 

greater than five years old to two percent, down from 14 percent in FY 2020. 

PBGC has been focused on completing the case processing for the oldest plans in its inventory. In FY 2021, 

PBGC finished issuing benefit determinations for most of the plans that are more than five years old, 

resulting in an increase of the average age of benefit determinations issued from 5.3 years in FY 2020 to 5.9 

years in FY 2021. With less than 2,000 unissued benefit determinations that are over five years old at the end 

of FY 2021, this number should improve in FY 2022. 

Reviews and Appeals 

When participants and beneficiaries in trusteed single-employer plans do not agree with PBGC’s 

determination of their benefit, they have the right to bring their concerns to PBGC’s Appeals Board. 

Employers and plan sponsors may also appeal certain PBGC determinations. The Appeals Board 

independently reviews each appeal and provides a detailed written explanation for each decision. In FY 2021, 

the Corporation started with 64 open appeals, accepted 157 new appeals, and closed 145 appeals, with 76 still 

open at the end of the year. More information regarding PBGC’s Appeals Board is available on PBGC.gov.
PENSION BENEFIT GUARANTY CORPORATION 9 FY 202 1 | ANNUAL REPORT

GOAL NO. 3: MAINTAINING HIGH STANDARDS OF STEWARDSHIP AND 

ACCOUNTABILITY 

Accountability: Measuring and Monitoring Performance 

PBGC leadership continuously monitors how well it performs and serves customers, using a wide range of 

performance measures. Among them are how quickly and seamlessly the Corporation pays retirees and 

calculates benefits. PBGC conducts surveys to help improve the coordination and cooperation essential to 

meeting customer service goals.

PBGC’S OWN FINANCES MUST BE SOUND

PBGC’s operations are financed by insurance premiums set by Congress and paid by sponsors of defined 

benefit pension plans. The Corporation is also funded by investment income, assets from pension plans 

trusteed by PBGC, and recoveries from the companies formerly responsible for the plans. In addition, special 

financial assistance for financially troubled multiemployer plans is financed by general taxpayer money. 

Financial Position 

The financial status of the Single-Employer Program showed continuous improvement, reflected in a positive 

net position of $30.9 billion at the end of FY 2021. Estimates from PBGC’s FY 2020 Projections Report 

indicate that PBGC’s Single-Employer Program likely will avoid a deficit net financial position over the next 

decade.

The net financial position of the Multiemployer Program significantly improved during FY 2021 to a positive 

net position of $0.5 billion. While last year’s Projections Report projected the Multiemployer Program would 

become insolvent during FY 2026, this year’s projections show solvency is substantially extended primarily 

due to the enactment of ARP. This also reduces the demand on PBGC to provide financial assistance to 

insolvent plans. 

Financial Soundness and Financial Integrity

The Corporation protects the pensions of over 33 million participants whose plan benefits are valued at over 

$3 trillion. PBGC’s two insurance programs, one for single-employer plans and one for multiemployer plans, 

are designed to protect a guaranteed amount of participants’ pension benefits when plans fail. The programs 

differ significantly in the extent to which plan benefits are funded as well as in the structure and level of 

PBGC’s premium rates and guarantees. In addition to collecting premiums, PBGC exercises care in the 

management of approximately $154 billion in total assets. In FY 2021, PBGC attained its 29th consecutive 

unmodified audit opinion on its financial statements.

Collecting Premiums

Premium rates are set by statute and are generally indexed for inflation. The Bipartisan Budget Act of 2013, 

MPRA, and the Bipartisan Budget Act of 2015 specify premium rates or premium increases for certain years. 

In FY 2021, combined premium cash receipts collected totaled $5.520 billion. Single-Employer Program 

premium cash receipts collected were $5.186 billion. Separately, Multiemployer Program premium cash 

receipts in FY 2021 were around $334 million. 
PENSION BENEFIT GUARANTY CORPORATION 10 FY 202 1 | ANNUAL REPORT

In FY 2021, PBGC significantly redesigned its practitioner-based online filing system My Plan Administration 

Account (My PAA). This new version includes multiple enhancements to improve customer experience with 

plan account management and premium-filing submissions through simplified processes such as those for 

first-time plan filings, managing the online filing team, and updating plan demographic information. 

Reporting improvements include enhanced real-time filing validations and status tracking of uploaded 

filings. Online training materials have been expanded and are easier to access by key words.

Investing Prudently

PBGC investment assets are administered by investment management firms subject to PBGC’s investment 

policies and oversight procedures. Procedures for internal controls, due diligence, and risk management are 

periodically reviewed. Regular and detailed communication with management firms enables the Corporation 

to stay informed on matters affecting its investment program. For more information, refer to Section VII 

Investment Activities.

OUTREACH AND CUSTOMER SERVICE

Customers are at the core of PBGC’s mission. To provide customers with the highest level of customer 

service, PBGC uses surveys to actively listen, identify opportunities for enhancements, implement process 

improvements, and monitor satisfaction. Scores are based on the widely recognized American Customer 

Satisfaction Index (ACSI).1 PBGC listened to its customer feedback and implemented improvements in FY 

2021 to enhance customer service. 

In FY 2021, PBGC implemented its new Quick, Easy, Secure, Transparent (QuEST) customer relationship 

management (CRM) system. The internal facing CRM was updated to sync up with the newly renamed My 

Pension Benefits Access (MyPBA) customer-facing web portal. The new systems provide all the same 

functionality of PBGC’s former systems but with added features. 

PBGC improved users’ online experience with extra security and easier access. Users now access MyPBA 

through Login.gov, a secure multifactor authentication sign-on solution for government websites. This makes 

MyPBA more secure for customers. 

1 The American Customer Satisfaction Index (ACSI) uses a 0-100 scale; 80 or above is considered excellent.
PENSION BENEFIT GUARANTY CORPORATION 11 FY 202 1 | ANNUAL REPORT

Participant and Retirees 

Retirees receiving monthly payments 

from PBGC gave the Corporation a 

satisfaction score of 88. PBGC’s 

retiree satisfaction score continues 

to be among the highest in the 

federal government. 

Pension plan participants who called 

PBGC and responded to a survey 

scored their satisfaction at 76. In FY

2021, PBGC’s CCC experienced 

higher than normal call volumes. 

The CCC continued to provide 

critical services to workers, retirees, 

and beneficiaries virtually. 

MyPBA is a customer web portal that allows participants in PBGC-trusteed plans to access to their benefit 

information. MyPBA’s FY 2021 score was 64. This result is due to a July 2021 security upgrade that requires

identity proofing and multifactor authentication. PBGC continues one-on-one outreach to customers and is

publishing Frequently Asked Questions (FAQ) to keep customers informed. 

Premium Filers 

Pension plan sponsors and their 

practitioners who file premiums 

with PBGC gave a FY 2021 

satisfaction score of 77. Filers gave 

excellent scores to PBGC’s personal 

service, written communication, and 

filing process. 

My Plan Administration Account 

(My PAA) is an online application 

for pension plan practitioners to file 

premium information and payments 

with PBGC. The FY 2021 score was 

71, off from the target of 80. 

In FY 2021, the My PAA practitioner filing system was replaced with a new design to 

implement enhancements, add new features and streamline the application for the user experience. To better 

align My PAA with information technology industry standards, PBGC completed additional infrastructure 

and security upgrades throughout the year. 

83 84 83 84 84

81

76

91 90 91 89 91 89 88

64

68 70 69 68

65

60

80

100

American Customer Satisfaction Index

2015 2016 2017 2018 2019 2020 2021

Retiree and Participant Caller Satisfaction

PBGC Participant Callers PBGC Retirees

Federal Government Aggregate

80 = Threshold of Excellence

76 79

77 76 74 76

77

65 67 64 66 67 67

54

59 61 60 60

64

80 83 85 84

79

90

71

40

60

80

100

2015 2016 2017 2018 2019 2020 2021

American Customer Satisfaction Index

Premium Filer Satisfaction

PBGC Premium Filers IRS Small Bus. & Self-Emp. Filers

IRS Large Bus. & Int'l Filers My PAA
PENSION BENEFIT GUARANTY CORPORATION 12 FY 202 1 | ANNUAL REPORT

Engaging With Customers and Stakeholders

PBGC communicates with its customers and other stakeholders through the Corporation’s website, social 

media, and other communications tools. The Corporation’s website is regularly updated to provide relevant 

content to workers, retirees, employers, practitioners, and stakeholders within the pension community. PBGC 

continuously improves the site’s overall usability to provide customers with a user-friendly experience, 

addressing visitor needs, customer feedback, and plain language principles to convey agency information and 

updates in a timely manner. 

To support the agency’s new SFA Program, PBGC hosted two webinars related to the interim final rule on 

the SFA application, review process, and program resources. Close to 900 people participated in the webinar 

sessions. Since the introduction of the SFA interim final rule, there have been nearly 11,000 visitors to the 

Corporation’s SFA Program page.

PBGC also responds to inquiries from members of Congress — many writing on behalf of their constituents 

— and various stakeholders. 

In FY 2021, PBGC formed a task force to identify barriers that plan participants and retirees in underserved 

communities may experience when accessing agency benefits, services, and contracting opportunities. PBGC 

is focusing on the following areas:

• Customer Outreach and Communication – seek opportunities to connect with retirees and pension 

participants with disabilities, limited English proficiency, and limited access to internet via multiple 

communication methods to ensure they are informed of and can access benefits to which they are 

entitled by law. Strategies will focus on finding ways to identify these communities by interviewing 

internal and external stakeholders and reviewing customer survey data.

• Identify and Educate on Retirement Fraud – seek opportunities to communicate and educate retirees 

and pension participants who may be vulnerable to scams designed to access their personal information 

and retirement savings. To educate about retirement fraud, strategies will focus on finding ways to 

identify this population by interviewing internal and external stakeholders and reviewing customer survey 

data.

• Small and Disadvantaged Business Utilization Program – evaluate PBGC’s Small and 

Disadvantaged Business Utilization Program to determine whether there are opportunities to expand 

access for women and minority-owned businesses contracting opportunities. PBGC will explore 

opportunities to expand access to small, disadvantaged, woman-owned, and veteran-owned businesses. 

Strategies will focus on engaging internal and external stakeholders to identify and maximize existing 

authorities and opportunities for small businesses.

SUSTAINING THE PROGRAMS

PBGC serves as a source of information about pension and retirement policy. The Corporation implements 

strategies to strengthen its programs’ financial health and improve its ability to manage risks by actively 

monitoring and reporting on its insurance programs and other relevant information.
PENSION BENEFIT GUARANTY CORPORATION 13 FY 202 1 | ANNUAL REPORT

Research and Analysis Activities 

The Corporation regularly produces analyses and reports of its programs and policy alternatives to its Board 

of Directors, policymakers, and external stakeholders, including the public. The Pension Insurance Data 

Book — a collection of data regarding PBGC and its insurance programs — is published annually. The Data 

Book includes multiyear data and statistics about the broader private defined benefit pension system. 

PBGC’s Projections Report is an annual actuarial evaluation of its future operations and financial status. The 

report provides 10-year projections of the financial status of both insurance programs under a range of future 

financial scenarios. 

This year, PBGC also issued its 5-Year Multiemployer Program Report, which reviews the sustainability of

the Multiemployer Program. This report assesses the premiums needed to maintain the current guarantee 

levels and whether the guarantee levels may be increased without raising premiums. 

Improvements to the Pension Insurance Modeling System and Related Reports 

PBGC’s primary forecasting model is the Pension Insurance Modeling System (PIMS). The model is 

periodically evaluated through a congressionally mandated peer review by outside experts, required under the 

Moving Ahead for Progress in the 21st Century Act (MAP-21). An independent review was performed to 

review data inputs and the data set preparation process. 

The peer reviews provide recommendations to improve the plan, participant, and plan sponsor data used to 

produce the PIMS projections. PBGC uses these reviews to improve PIMS. The Corporation also uses PIMS 

to generate results reported in its annual Projections Report, the budget process, to illustrate the effects of 

proposed changes to pension law, and to provide other technical assistance to policymakers. PBGC has 

undertaken a multiyear effort to improve the speed and performance of PIMS.

Enterprise Risk Management 

During FY 2021, the Corporation continued to maintain its risk management framework and conducted its 

annual agency-wide risk assessment. The assessment found that the enactment of ARP substantially reduced 

risks related to the timing of the projected Multiemployer Program insolvency. In addition, adverse impacts 

of COVID-19 on PBGC’s workforce were reduced with the use of maximum telework. The Corporation’s 

top entity-wide risks were associated with recruiting and retaining staff, succession planning, technology 

modernization, and the declining defined benefit market. The Risk Management Council worked with 

program offices to continuously monitor the risks and the associated mitigation strategies. 

Another significant milestone included completion of an Office of the Inspector General evaluation of the 

Enterprise Risk Management (ERM) Program. Evaluation results conveyed that “PBGC has made substantial 

progress in implementing their ERM Program.” The results of the evaluation validated the maturity of the 

program and acknowledged the advancement made in standing up and moving the program forward. In 

addition to pointing out program growth, the evaluation results recommended that PBGC focus on Risk 

Management Officer succession planning, formalize ERM-related training for those directly involved with the 

program, and update a related Directive. These actions, which management addressed, facilitated the 

program’s ability to identify and mitigate risks. 
PENSION BENEFIT GUARANTY CORPORATION 14 FY 202 1 | ANNUAL REPORT

The Corporation also continued to:

• Integrate ERM principles into key decision-making processes, such as strategic planning, organizational 

performance, and budgeting. 

• Communicate about ERM agency-wide, to foster a risk management aware culture. 

• Identify emerging risks. 

Regulatory and other Guidance Activities 

ARP added section 4262 to ERISA to create a program to enhance retirement security for millions of 

Americans by providing SFA to certain financially troubled multiemployer plans. The SFA Program is 

expected to assist plans covering more than 3 million participants and beneficiaries, including the provision of 

funds to reinstate suspended monthly benefits going forward, and for make-up payments to restore 

previously suspended benefits of participants and beneficiaries. In turn, the SFA Program significantly 

improves the financial condition of PBGC’s Multiemployer Program. 

Under section 4262 of ERISA, PBGC was required within 120 days to prescribe in regulations or other 

guidance the requirements for SFA applications. To implement the program, PBGC released an interim final 

rule adding a new part 4262 to its regulations, “Special Financial Assistance by PBGC.” PBGC released the 

interim final rule on July 9, 2021, and published it in the Federal Register on July 12, 2021, with a 30-day 

comment period. PBGC received over 100 comments, which are being reviewed, and will move to publish a 

final rule when the review has concluded. 

Part 4262 provides guidance to multiemployer pension plan sponsors on eligibility, determining the amount 

of SFA, content of an application for SFA, the process of applying, PBGC’s review of applications, and 

restrictions and conditions on plans that receive SFA. PBGC also released instructions and guidance on 

assumptions used for determining eligibility and the amount of SFA. 

In FY 2021, PBGC continued to update its existing regulations, including to protect plan participants and 

minimize burdens on pension plans and plan sponsors, as part of its ongoing regulatory review. In FY 2021, 

PBGC published:

• A final rule that implements statutory provisions affecting the determination of a withdrawing employer’s 

liability under a multiemployer plan and annual withdrawal liability payment amount when the plan has 

had benefit reductions, benefits suspensions, surcharges, or contribution increases that must be 

disregarded. The final rule also provides simplified withdrawal liability calculation methods.

• A proposed rule that would update PBGC’s regulation on requesting, obtaining, and examining records 

to reflect statutory changes to the Freedom of Information Act (FOIA) and current agency practice.

In addition, in FY 2021, PBGC:

• Complied with an Executive Order on regulations and guidance, “Executive Order on Revocation of 

Certain Executive Orders Concerning Federal Regulation,” by rescinding PBGC’s rule on guidance.
PENSION BENEFIT GUARANTY CORPORATION 15 FY 202 1 | ANNUAL REPORT

• Published a final rule adopting PBGC’s interim final rule as final to exempt from disclosure information 

contained in a system of records for PBGC’s insider threat program.

STRENGTHENING A DIVERSE WORKFORCE AND LEADERSHIP

PBGC continues to be committed to maintaining a diverse and inclusive workplace that ensures alignment 

with strategic goals and outcomes. In FY 2021, the Corporation continued to focus on strengthening 

employee performance, increasing leadership engagement, expanding health and wellness programs, and 

continued efforts to recruit and retain disabled veterans. 

The Partnership for Public Service ranked PBGC in the top five best places to work among small federal 

agencies. The Corporation ranked fourth out of 28 agencies in this category.

Federal Employee Viewpoint Survey 

The 2020 Federal Employee Viewpoint Survey (FEVS) was administered September 16, 2020, through 

October 28, 2020. Survey results for 2020 were received in 2021. The agency’s response rate was 73 percent, 

up from 69 percent of employees who completed the survey in 2019. The results show how PBGC 

employees rated employee engagement and overall satisfaction. PBGC’s Employee Engagement Index score, 

which measures areas including employee development, was 84 percent, the highest score for this index the 

agency has seen to date. The agency’s Global Satisfaction Index score, which measures employees’ 

satisfaction with their jobs, pay, and organization, was 82 percent. PBGC ranked third among small agencies 

and government wide. PBGC expects to receive the 2021 FEVS results in early 2022. 

Recruitment and Outreach

The Corporation continued to take a proactive approach to retain a highly skilled workforce and staying 

competitive with the private sector. Accordingly, PBGC began broadening recruitment and retention 

incentive programs, increasing work life and wellness programs and offerings, and promoting work schedule 

flexibilities. 

PBGC promoted recruitment and retention of disabled veterans via corporate and leadership training 

programs. As of August 23, 2021, PBGC hired nine veterans including six disabled veterans. Currently, the 

total disabled veteran population at PBGC is three percent of PBGC’s total population. The Corporation’s 

Disabled Veterans Affirmative Action Program has established a partnership with the Department of 

Veterans Affairs, Veteran Readiness & Employment Team to further support our initiative to increase our 

veteran hires. 

Diversity, Equity, and Inclusion 

The Corporation’s Special Emphasis Program and Disability Awareness Series presented a Veterans Affairs 

Benefits Overview and Disability Etiquette Program with employees in attendance. The PBGC Diversity and 

Inclusion (D&I) Council arranged an agency Community Day Campaign titled “Pension Hidden Figures,” 

along with various monthly Special Emphasis Program observances. Additionally, the Federal Asian Pacific 

American Council sponsored several educational Diversity, Equity, and Inclusion (DEI) events celebrating 

their cultural observance.
PENSION BENEFIT GUARANTY CORPORATION 16 FY 202 1 | ANNUAL REPORT

PBGC’s Diversity Council’s First Generations Professionals (FGPs) affinity group celebrated its first 

anniversary. The FGP received tremendous support from senior leadership and partnered with other federal 

agencies allowing the affinity group to develop and grow a robust program. The FGP has provided a safe, 

insightful, and comfortable space for those who are among the first in their immediate families to attend 

college or enter a professional work environment. 

Performance Management 

PBGC is a performance-based organization. Its professionals are held to high standards of excellence in 

achieving organizational results. The Corporation’s Performance Management Program ensures supervisors 

have the necessary tools and resources to effectively manage employee conduct and performance that align 

with and support organizational goals. In FY 2021, PBGC provided over 20 performance management virtual 

training courses further supporting leadership in their performance management activities. 

Management and Leadership Development 

In FY 2021, PBGC offered 19 virtual sessions under the umbrella of two management development series: 

Sustaining Engagement and Productivity in Times of Change and Cultivating Resilience-Generating Energy. 

These sessions were designed to support supervisors to effectively deal with the changing work landscape due 

to the COVID-19 pandemic.

The Leadership/Executive Coaching Program was expanded to include GS-13s as potential coaching clients. 

The expanded coaching program increases leadership capacity and strengthens PBGC’s succession planning 

strategies.

Equal Employment Opportunity 

The Office of Equal Employment Opportunity (OEEO) is responsible for providing leadership in the 

development, implementation, and evaluation of the Equal Employment Opportunity (EEO) programs and 

services within the Corporation. The office provides technical guidance, advice, and equal opportunity 

support services to PBGC employees and applicants regarding the federal government’s equal opportunity 

program. OEEO continues to build a Model EEO Program that reflects the six essential elements as 

described in Management Directive 715 (MD-715): 

• Demonstrates commitment from agency leadership.

• Integrates EEO into the agency’s strategic mission.

• Ensures management and program accountability.

• Works to ensure program is efficient.

• Proactively prevents unlawful discrimination.

• Ensures responsiveness and legal compliance.

The MD-715 is the policy guidance which the EEOC provides to federal agencies for their use in establishing 

and maintaining effective programs of equal employment opportunity.
PENSION BENEFIT GUARANTY CORPORATION 17 FY 202 1 | ANNUAL REPORT

The Affirmative Employment Program (AEP) promotes equal employment opportunity by identifying 

discriminatory employment policies, practices, and procedures that impede equal employment opportunity 

for all workforce demographics. The AEP Team presented events and activities that supported equal 

employment opportunity. These included: 

• YOUniversity, PBGC’s Bias Awareness Program.

• An agency-wide two-part workshop titled “Daring Dialogues” regarding topics on race and racism. 

• PBGC’s Education & Enrichment Book Club, which facilitates discussions around equal employment 

opportunity and diversity in the workplace.

• Collaboration with Affirmative Employment Committees to identify and support the employment needs 

of women, Hispanics, and persons with disabilities and addressing any barriers to opportunity for those 

groups.

• Collaboration with department leadership regarding their EEO needs. An EEO Dashboard was 

developed and implemented to support departmental leadership in their EEO efforts. The EEO 

dashboard allows departmental leadership to view their workforce demographics on a quarterly basis to 

determine areas that may require continued focus on diversity and inclusion metrics. This tool also 

supports departmental succession planning goals.

The Corporation met its annual requirements to conduct a barrier analysis in an effort to identify and mitigate 

barriers to equal employment opportunity and to develop programs that support equal employment 

opportunity. The Corporation also develops the annual State of the Agency MD-715 report and presented a 

high-level overview of information regarding PBGC’s EEO program to the Executive Management

Committee. The report is available on PBGC.gov. 

SAFEGUARDING CUSTOMERS’ INTERESTS

Participant and Plan Sponsor Advocate

The PBGC Participant and Plan Sponsor Advocate (the Advocate) is an independent entity within PBGC. 

The Advocate is selected by PBGC’s Board of Directors (the Board) and reports to the Board and Congress. 

The Advocate acts as a liaison between PBGC, sponsors of insured defined benefit plans, and participants in 

PBGC-trusteed plans. The duties of the position include advocating for the full attainment of the rights of 

participants in trusteed plans, as well as assisting participants and plan sponsors in resolving disputes with the 

Corporation. The Advocate also identifies areas where participants and plan sponsors have persistent 

problems in dealing with PBGC and may propose changes in PBGC’s administrative practices and 

recommend legislative changes to mitigate problems. The Advocate is statutorily required to submit an annual 

report to PBGC’s congressional committees of jurisdiction, the Board, and PBGC’s Director. 

The Advocate’s annual report, issued on December 31, 2020, detailed the Office of the Advocate’s 

participant and plan sponsor cases and activities, as well as the Advocate’s latest initiative to create a pension 

plan registry to help participants searching for their lost pension plans. While the report described some 

responsive changes by PBGC to address prior Advocate recommendations, the Advocate again highlighted 

the need for increased managerial oversight and a critical review of PBGC’s processes and procedures to 
PENSION BENEFIT GUARANTY CORPORATION 18 FY 202 1 | ANNUAL REPORT

ensure that participant and plan sponsor cases are resolved in a timely and transparent manner, particularly 

when a matter involves multiple departments within the Corporation. 

Strengthening E-Government and Information Technology

While in a maximum telework posture, the Office of Information Technology (OIT) continued to deliver on 

the objectives, measures, and goals outlined in PBGC’s Strategic Plan and the Information Technology (IT) 

Strategic Plan. Recent system modernization efforts included Integrated Present Value of Future Benefits 

(IPVFB), Benefit Calculation and Valuation (BCV) phases 1 and 2, My Plan Administration Account (My 

PAA), and telephony infrastructure modernization. A synopsis of these and all significant IT modernization 

efforts can be found on PBGC.gov. PBGC enhanced the security and reliability of its IT services and 

solutions through investments in infrastructure, moving to co-located data centers, enabling multi-factor 

authentication for internal- and external-facing customer solutions, modernizing mission critical systems, and 

migrating systems to the cloud. These activities enabled PBGC staff to effectively conduct business during 

maximum telework necessitated by the COVID-19 pandemic. 

Additionally, PBGC used cloud computing, shared and managed services, and in-house systems to enable a 

flexible, reliable, scalable, secure, and cost-effective IT infrastructure. PBGC’s IT modernization efforts are 

designed to leverage technology to facilitate data driven-driven decisions throughout the deployment of 

enterprise-wide platforms and solutions that provide secure and reliable access to PBGC’s IT systems to 

stakeholders at any time and from anywhere. 

Additional OIT accomplishments include: 

• Completed the Office of Management and Budget (OMB) FY 2020 Annual Federal Information Security 

Modernization Act (FISMA) Report. PBGC was rated in the top 40 percent of agencies based upon IG 

FISMA ratings. PBGC maintained its FISMA “Managed-Risk” Risk Management Assessment grade 

while continuing to mature its Security and Privacy Assessment and Authorization Program through 

updates and improvements to PBGC’s Risk Management Framework Process. 

• Complied with all Cybersecurity & Infrastructure Security Agency (CISA) Emergency Directive (ED) 

actions and reporting requirements, including ED 21-01 – Mitigate SolarWinds Orion Code 

Compromise, ED 21-02 – Mitigate Microsoft Exchange On-Premises Product Vulnerabilities, ED 21-03 

– Mitigate Pulse Connect Secure Product Vulnerabilities, and ED 21-04 – Mitigate Windows Print 

Spooler Service Vulnerability.

• Organized PBGC’s second annual Cybersecurity Awareness Week in a virtual format. Speakers and 

subject matter experts were recruited from a myriad of federal agencies including NIST, OMB, CISA, 

Department of State, and GSA to discuss various IT and cyber related topics to a PBGC audience of 

more than 200 end users. The event also contained a series of security trainings to promote awareness on 

“being cyber smart” and learning about various cybersecurity and privacy protections. Also matured the 

security training program to include a “Check My Requirements” dashboard for those with “significant” 

security training roles or responsibilities.
PENSION BENEFIT GUARANTY CORPORATION 19 FY 202 1 | ANNUAL REPORT

• Achieved on-going authorization of all FISMA reportable systems by leveraging PBGC’s Information 

Security Continuous Monitoring (ISCM) program and an interactive information technology security 

performance dashboard.

• Achieved rating by OIG FISMA Cybersecurity Framework (CSF) audit at CMM Level 4 – Managed and 

Measurable, and an overall assessment of “Effective.”

• Implementing actions to comply with Presidential Executive Order 14028, including Memoranda of 

Agreement with DHS CISA, critical software use and configuration guidance, Cyber-Supply Chain Risk 

Management, Multi-Factor Authentication, Zero-Trust Architecture, and Cloud Computing Strategy.

Ensuring Ethical Practices 

In FY 2021, PBGC continued to ensure that nearly all employees received initial ethics training within 90 days 

of their date of hire and that separating employees had the opportunity to meet with an ethics counselor to 

discuss the rules on post-employment activities. All public financial-disclosure filers and other designated 

employees received annual ethics training by the end of the fiscal year. PBGC’s ethics team continued its 

“Ethics in Brief” email notices to all PBGC employees on various topics of interest, including seeking 

employment. PBGC also emailed information to all employees regarding the Hatch Act.

Protecting Privacy Interests 

Among PBGC’s highest priorities is protecting the personal information of its participants, beneficiaries, 

employees, and contractors. In FY 2021, the Privacy Office continued PBGC’s transition from a compliance 

approach to privacy to a more risk-based approach. While a compliance approach focuses on whether certain 

criteria are met, a risk-based approach focuses on quality and content. This transition included reviewing 

PBGC’s systems and processes to optimize the confidentiality, integrity, and availability of the information 

PBGC maintains. 

PBGC virtually hosted its annual Privacy Week, which offered training and information about various privacy 

topics. The Privacy Office also conducted training for the Breach Response Team (BRT), including a tabletop exercise to address an open recommendation from the FISMA audit.

In addition, PBGC conducted annual inventories of its personally identifiable information holdings and led 

the way in reducing the agency’s collection and use of Social Security numbers (SSNs). The Senior Agency 

Official for Privacy with the support of the Privacy Office stood up the SSN Reduction Board, successfully 

closing three audit findings from a 2019 OIG audit concerning PBGC’s efforts to reduce the collection and 

use of SSNs.

Strengthening Transparency & Disclosure 

PBGC continued to be a leader among federal agencies in its commitment to transparency and accountability 

by ensuring agency-wide compliance with FOIA. In FY 2021, the Disclosure Division received and processed 

more than 3,400 requests, with a median processing time of 13 working days, seven days below the statutory 

time-limit. The division conducted 25 virtual trainings to ensure efficient and accurate corporate-wide 

compliance to the FOIA and participated in seven Department of Justice-sponsored training events. Again, 

the Disclosure Division finished FY 2021 with zero backlogged cases.
PENSION BENEFIT GUARANTY CORPORATION 20 FY 202 1 | ANNUAL REPORT

The Disclosure Division maintained effective and timely communication with all information requesters while 

operating a digital operation in response to the pandemic. During Sunshine Week, an event sponsored by the 

Department of Justice to recognize the importance of FOIA for government transparency, PBGC’s 

Disclosure Division received the distinguished Exceptional Service Award for their professional dedication to 

the success of the PBGC’s FOIA administration. The Disclosure Division maintained exceptional service by 

maximizing the use of technology to promote efficiency and strategic human capital management to eliminate 

barriers to agency transparency. PBGC once more received a perfect scoring of “100” from DOJ in five key 

areas: applying a presumption of openness; having an efficient system in place for responding to requests; 

increasing proactive disclosures; utilizing technology; and reducing any backlogs/improving timeliness.

INDEPENDENT EVALUATION OF PBGC PROGRAMS 

PBGC programs are regularly subject to independent evaluations that help the Corporation remain true to its 

mission and accountable for services provided to the public. To maintain high standards of stewardship and 

accountability, PBGC continues to strengthen controls over operations, financial reporting, and compliance 

with laws and regulations.

Office of Inspector General (OIG) 

PBGC places a strong emphasis on diligently addressing OIG’s audit recommendations. To facilitate timely 

completion and closure of OIG recommendations, regular status reports are issued to executive management 

to assist in monitoring corrective actions. Once work on recommendations is completed, the Corporation 

provides evidence documenting the corrective actions taken for OIG review.

PBGC is committed to addressing OIG recommendations in a timely manner. During FY 2021, PBGC 

closed 55 audit recommendations, including 17 related to the three significant deficiencies identified in the 

Audit of PBGC’s Fiscal Year 2019 and 2018 Financial Statements — Controls over Actuarial Estimates, and 

Access Controls, and Configuration Management. Also, during FY 2021, PBGC received 42 new audit 

recommendations resulting in 62 open at the end of FY 2021.

PBGC’s OIG oversaw the FY 2021 annual financial statement audit completed by an independent public 

accounting firm, Ernst & Young LLP. In addition, during FY 2021, OIG performed other audits and 

evaluations, including the following:

• Audit of the Pension Benefit Guaranty Corporation’s Fiscal Year 2020 and 2019 Financial 

Statements (AUD-2021-02/FA-20-148-1), issued December 9, 2020. In this report, OIG stated this is 

the 28th consecutive unmodified financial statement audit opinion. PBGC continues to develop and 

execute corrective actions to remediate previously reported internal control deficiencies related to its 

actuarial liability estimates. PBGC remediated several previously identified internal control deficiencies by 

executing sensitivity analyses, developing reasonableness thresholds for Present Value Future Benefits 

(PVFB) and the present value of nonrecoverable future financial assistance (PVNRFFA) estimates, and 

conducting an experience study over its 10-year projected insolvency criteria for PVNRFFA estimates. In 

the report, OIG identified the following two significant deficiencies: 

o Controls over the Actuarial Estimates.

o Controls over Information Systems – Segregation of Duties.
PENSION BENEFIT GUARANTY CORPORATION 21 FY 202 1 | ANNUAL REPORT

• Internal Controls Must Be Strengthened to Promote Procurement Integrity (AUD-2021-01/PA20-149), issued December 8, 2020. At the request of the PBGC Director, in May 2020 OIG initiated an 

audit of procurement practices. Following the former PBGC Procurement Department (PD) Director’s 

guilty plea in May 2020, OIG found he steered the contract in the bribery case by including overly 

restrictive personnel requirements in the solicitation and then increased its value to $3.3 million through 

out-of-scope modifications. In addition, a follow-on contract was awarded to the same contractor for 

$1.5 million. In total, OIG identified $4.8 million as questioned costs because the contracts were obtained 

through fraudulent means. The former PD Director’s actions were enabled by internal control 

weaknesses; specifically, inadequate oversight of PD procurements and a lack of a control mechanism to 

ensure that PD sent all requisite contract actions for legal review. OIG made three recommendations to 

the Corporation, two of which are closed, and corrective actions are ongoing for the remaining 

recommendation.

• PBGC’s Fiscal Year 2020 Compliance with the Payment Integrity Information Act of 2019 

(EVAL-2021-08/EV-21-153), issued May 10, 2021. As required by the Payment Integrity Information 

Act of 2019 (PIIA), OIG reviewed PBGC’s compliance with improper payment requirements. For FY 

2020, PBGC’s risk assessments of Payments to Federal Employees were reviewed, and it was determined 

that PBGC was compliant with the PIIA risk assessment and reporting requirements.

• PBGC Can Improve the Effectiveness of the ERM Program (EVAL-2021-07/EV-20-151), issued 

March 1, 2021. OIG concluded that PBGC has made substantial progress in implementing its Enterprise 

Risk Management (ERM) Program. However, PBGC lacks a properly documented succession plan for 

the Risk Management Officer position. The lack of a plan may hinder proper succession and continuity 

of operations and formalized training for those directly involved with the ERM program, which may 

cause inconsistencies in knowledge bases across PBGC. OIG also noted PBGC uses an outdated 

directive that does not capture the current ERM guidance covered in OMB Circular A-123, which may 

lead to ineffective guidance for remediating risks. The OIG made four recommendations to the 

Corporation. Three of the recommendations have been closed and the corrective action related to the last 

recommendation has been submitted to the OIG for review. 

• PBGC Needs to Strengthen Acquisition Planning for Actuarial Support Services (EVAL-2021-

09/EV-20-143), issued June 4, 2021. OIG determined PBGC’s acquisition planning for actuarial 

support services did not meet its needs timely and effectively. Delays in acquisition planning led PBGC to 

extend the contracts and award follow-on contracts on a sole-source basis. Furthermore, PBGC awarded 

a contract to assist PBGC with planning for these contracts that had duplicative requirements of an 

existing contract. As a result, OIG identified $447,780 in funds that could have been put to better use 

from the duplicative procurement support contract. Furthermore, the initial firm-fixed-price Indefinite 

Delivery, Indefinite Quantity (IDIQ) task orders had poorly defined requirements and different amounts 

of work for the same price. In addition, the new actuarial support services multiple-award IDIQ 

contracts each contained different timeliness measures and did not have performance measures for the 

accuracy of contractors’ calculations of benefits and related liabilities; this may lead to additional costs 

from contractors’ time spent correcting errors under Labor-Hour and Time-and-Materials task orders. 

OIG made five recommendations to the Corporation and corrective actions are ongoing.
PENSION BENEFIT GUARANTY CORPORATION 22 FY 202 1 | ANNUAL REPORT

For more information about OIG’s work in promoting accountability in PBGC operations, visit 

OIG.PBGC.gov. 

Government Accountability Office (GAO) 

GAO’s high-risk report dated March 2021 continued to include PBGC’s Single-Employer and Multiemployer

Programs as one of 36 government programs most at risk due to vulnerabilities. The report underscores the 

risk of PBGC’s Multiemployer Program being exhausted within six years because of projected pension plans’ 

insolvencies. After GAO’s report was issued, ARP was enacted providing special financial assistance to 

certain financially troubled multiemployer plans. 

PBGC also monitors progress in addressing GAO recommendations. As of September 30, 2021, PBGC had 

two open GAO recommendations. One relates to a multiagency effort to revise the Form 5500 and the other 

relates to FOIA. The Corporation has addressed the FOIA open recommendation and will work with GAO 

to seek closure. For more information about GAO’s work on pensions and retirement security issues, visit 

GAO.gov. 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC FY 2023 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 

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

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

x Accountants 

x Actuaries 

x Attorneys 

x Auditors 

x Benefit Specialists 

x Analysts 

x Information Technology and Cybersecurity Experts 

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

America’s pensions. 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/pbgc-fy-2022-2026-strategic-plan.pdf

For the PBGC FY 2021 Annual Performance Report (APR), please visit: 

https://www.pbgc.gov/about/annual-reports/pbgc-annual-performance-financial-report-2021

PBGC - 14 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 15 

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 

x Engage with employers, workers, and pension practitioners to 

encourage pension plan continuation and strengthen retirement 

security 

x 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 

x Maintain a regulatory environment that serves the interests of 

stakeholders and minimizes the burdens of sponsoring a plan 

x Educate and inform the multiemployer community 

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

effects of the American Rescue Plan Act of 2021 (ARP) 

2. Protect workers and 

retirees when plans are at 

risk 

x Preserve plans during bankruptcy and other corporate 

transactions 

x Protect the retirement security of workers and retirees and the 

interest of premium payers in federal courts 

x Provide technical assistance, analysis, and options to 

policymakers and Congress to improve the financial stability 

of the Multiemployer Program 

x Continue to provide financial assistance to insolvent 

multiemployer plans 

3. ARP Implementation, 

regulations, guidance to 

multiemployer plans, and 

technical assistance to 

Congress 

x Research and forecast insurance program activities 

x 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 

x Provide confidential technical assistance, analysis, and options 

to Congressional and Executive Branch policy makers to 

improve the financial stability of PBGC’s insurance 

programs 

x Review applications for Special Financial Assistance (SFA) 

from eligible multiemployer plans and requests for financial 

assistance from insolvent multiemployer plans 

x Deliver data tables and the Projections Report to Congress and 

stakeholders 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 16 

x Provide stakeholder education and outreach through meetings 

with stakeholders 

x Continue to provide financial assistance and provide SFA to 

multiemployer plans 

Goal Leaders: Chief of Negotiations and Restructuring/Chief Policy Officer/General Counsel 

Performance Area ($ in thousands) FY 2021 FY 2022 FY 2023 

Pension Insurance Total Funding 97,446 91,713 93,197 

Total 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, and strengthening 

transparency, disclosure, and communication 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: 

x Receive stakeholder input 

x Provide technical assistance and 

practical guidance to plan sponsors 

on the implementation of proposed 

options to reduce risks, while 

preserving plans and benefits 

x Perform rigorous cost-benefit 

analysis 

x Prioritize simplification and 

transparency 

x Research and implement 

improvements each year to PBGC’s 

communications (including 

PBGC.gov) in response to customer 

feedback and key performance 

indicators 

x Provide stakeholder education and 

outreach by holding meetings with 

participant groups, plan sponsors, 

practitioner groups, industry 

x Engage with employers, participants, and pension 

practitioners to encourage pension plan 

continuation and strengthen retirement security 

x 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 

x Maintain a regulatory environment that serves 

stakeholders and minimizes the burdens of 

sponsoring a plan 

x Educate and inform the multiemployer community 

(participants, plan sponsors, and other 

stakeholders) on the ARP 

x Inform stakeholders about provisions of key 

regulatory proposals and enacted legislative 

changes 

x Support Congressional and Executive Branch 

policymakers in providing technical assistance 

regarding PBGC’s programs 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 17 

associations, and other interested 

stakeholders 

x Provide data-driven communications 

to stakeholders based on the latest 

pension research, data, and 

projections 

x Inform practitioners and other 

stakeholders of key new regulations 

through speaking engagements at 

stakeholder conferences and meetings 

x Work with stakeholders to promote understanding 

of major program risks and possible mitigation 

strategies 

x Serve as a resource for pension policy analysis and 

pension research products, education, and 

guidance 

x Develop an annual projections report on the future 

status of the Single-Employer and Multiemployer 

Programs 

x Deliver pension insurance data tables annually to 

educate stakeholders on the facts of PBGC’s 

programs 

x Maximize education and outreach through 

meetings with participant groups, plan sponsors, 

practitioner groups, industry associations, and 

other stakeholders 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 18 

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: 

x Protect pensioners by 

proactively monitoring 

PBGC’s largest exposures for 

transactions that may pose 

substantial risks to 

participants and retirees 

x Ensure all plans identified in 

the statistical sample are 

opened for audit during the 

year to ensure that 

participants receive their full 

retirement benefits. 

x Represent PBGC’s interests in 

all bankruptcy cases involving 

defined benefit pension plans 

x Preserve plans during plan sponsor bankruptcies and other 

corporate transactions 

x Protect the retirement security of workers and retirees and 

the interests of premium payers in federal courts 

x Provide technical assistance, analysis, and options to 

policymakers and Congress to improve the financial 

stability of the Multiemployer Program 

x Continue to provide financial assistance to insolvent 

multiemployer plans 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Reportable events resolved within 30 

days 

N/A 

(New 

Measure)

100% 

(95%) 

100% 

(95%) 

N/A 

(95%) 

N/A 

(95%) 

Percent of termination 

recommendations approved by senior 

Agency officials 

N/A 

(New 

Measure) 

100% 

(90%) 

100% 

(90%) 

N/A 

(90%) 

N/A 

(90%) 

Standard termination audits 

completed 

N/A 

(New 

Measure) 

313 

(300) 

246 

(300) 

N/A 

(250) 

N/A 

(225) 

What actions will you take in FY 2023 to achieve the targets described above? 

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

submitted electronically by pension plan sponsors, some via an e-filing portal (that is linked 

directly to a database) and some via a more traditional email box. 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 Corporate Financing and Restructuring Department’s 

(CFRD) ability to resolve the events timely 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 19 

x Termination Recommendations – A multi-layered review process for termination recommendation 

will be used (detailed in CFRD FMFIA statement) and CFRD will continue to rely on this process 

to produce well-documented and supported recommendations 

x 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 count and shifts resources as needed to enable meeting the goal 

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

relevant 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: 

x Deliver annual projections 

report on the future status of 

the Single-Employer and 

Multiemployer Programs 

x Deliver guidance to plans that 

may be eligible for Special 

Financial Assistance (SFA) 

and process plan applications 

promptly 

x Publish annual pension data to 

educate stakeholders on the 

Single-Employer and 

Multiemployer programs 

x Educate and inform the 

multiemployer community on 

the effects of ARP 

x Monitor all multiemployer 

plans that receive special and 

regular financial assistance for 

compliance with laws and 

regulations 

x For insolvent plans, maintain 

rigorous audit standards to 

ensure accurate benefit 

x Research and forecast insurance program activities 

x 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 

x Provide confidential technical assistance, analysis, and 

options to Congressional and Executive Branch policy 

makers to improve the financial stability of PBGC’s 

insurance programs 

x Review applications for Special Financial Assistance 

(SFA) from eligible multiemployer plans and requests 

for financial assistance from insolvent multiemployer 

plans 

x Deliver data tables and the Projections Report to 

Congress and stakeholders 

x Provide stakeholder education and outreach through 

meetings with stakeholders 

x Continue to provide financial assistance and begin to 

provide SFA to multiemployer plans 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 20 

Strategic Goal 2 

Pay Pension Benefits on Time and Accurately 

Strategic Objectives Performance Strategies 

4. Ensure regular monthly 

benefit payments 

continue without 

interruption 

x Continue uninterrupted benefit payments in newly 

trusteed plans 

x Process benefit applications timely 

x Prioritize processing plans with greatest number of 

participants 

5. Provide accurate and 

timely benefit 

calculations 

x Improve the timeliness and completeness of benefit 

determinations 

x Provide a timely and efficient appeals process for PBGC 

benefit determinations 

x Resolve appeals quickly and fairly 

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

Performance Area ($ in thousands) FY 2021 FY 2022 FY 2023 

Pension Plan 

Termination 

Total Funding 195,913 199,213 212,435 

Total FTE 328 328 328 

payments to plan participants, 

efficient management of any 

remaining assets, and 

compliance with laws and 

regulations 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Number of SFA applications 

processed for ME plans 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

New 

Measure 

 (268) 

Amount of SFA payments to eligible 

ME plans 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

New 

Measure 

(97.2 B) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Action has not been determined
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 21 

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: 

x Deliver the first payment on 

the requested annuity start 

date 90 percent of time 

x Process benefit applications timely 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Benefit applications approved within 

45 days 

90% 

(87%) 

78% 

(87%) 

76% 

(87%) 

N/A 

(Retire) 

N/A 

(Eliminate) 

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 

(N/A) 

New 

Measure 

 (90%) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Regular monitoring of applications in process

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: 

x Ensure that the average time 

in years to issue a benefit 

determination (time between 

trusteeship and benefit 

determination issuance is 4.5 

years) 

x Improve the timeliness and completeness of benefit 

determinations 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Average time in years to issue a 

benefit determination (time between 

5.6 5.3 5.9 N/A N/A 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 22 

trusteeship and benefit determination 

issuance) is 4.5 years 

(5.5) (5.5) (5.0) (4.5) (4.5) 

What actions will you take in FY 2023 to achieve the targets described above? 

x 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: 

x Provide estimated benefits 

within 10 percent of the final 

benefit determination 95 

percent of the time 

x Improve the accuracy of benefit determinations 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Estimated benefits within 10 percent 

of the final benefit determination 95 

percent of time 

96% 

(95%) 

96% 

(95%) 

98% 

(95%) 

N/A 

(95%) 

N/A 

(95%) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Continue to monitor estimated benefits to assure accuracy

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: 

x Resolve majority of appeals 

within one year 

x Provide a timely and efficient appeals process for 

PBGC benefit determinations 

x Resolve appeals quickly and fairly 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 23 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Percentage of appeals resolved within 

365 days 

98% 

(N/A) 

99% 

(90%) 

97% 

(90%) 

N/A 

(90%) 

N/A 

(90%) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Based on current inventory and expected FY 2022 and FY 2023 incoming appeals, the FY 2022 

and FY 2023 target of closing 90 percent of all appeals in 365 days is achievable. FY 2022 and 

FY 2023 of 90 percent is reasonable based on current workload
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 24 

Strategic Goal 3 

Maintain High Standards of Stewardship and Accountability 

Strategic Objectives Performance Strategies 

6. Provide excellent 

customer service 

x 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.) 

x 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) 

x Manage investments prudently consistent with investment 

policy 

x Collect insurance premiums due 

x Continue to monitor the efficient use of PBGC’s cash 

flows 

x Maintain a robust control environment that will prevent, 

detect, and recover improper payments 

x Conduct quality due diligence on the PBGC investment 

portfolios 

8. Maintain effective IT 

Security 

x Maintain adequate IT Security posture based on NIST 

guidance and implement DHS Cybersecurity Directives 

x Ensure on-going authorization of all FISMA reportable 

system by overseeing information security continuous 

monitoring (ISCM) 

x Utilize cloud technology and build towards a Zero-Trust 

Architecture (ZTA) 

x Fully integrate identify and credential access management 

(ICAM) solutions 

9. Retain a highly skilled 

workforce 

x Train a high-quality multidisciplinary workforce 

x Train supervisors and managers on managing telework 

employees 

x Increase and develop innovative virtual management 

training 

x Support supervisors and managers on managing employee 

performance 

x 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 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 25 

x Provide live webinars and Department training for 

Employee Assistance Program (EAP) services 

x Update respective policies i.e., Student Loan Repayment 

Program (SLRP) 

10. Encourage and support a 

diverse and inclusive 

work environment that 

encourages employee 

engagement 

x Foster a diverse, high-performing workforce drawn from 

all segments of American society 

x Foster a culture of inclusion that encourages 

collaboration, flexibility, and fairness 

x Continue to conduct YOUniversity Bias Training 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 

x Provide effective and timely communication with plan 

participants and other stakeholders 

x Inform stakeholders about provisions of key legislative 

and regulatory proposals 

x Make improvements to annual communications based on 

quarterly analytics 

x Foster consistent, fair, and impartial treatment of 

participants and stakeholders, including those who belong 

to historically underserved communities 

x Maintain a secure hosting environment, closely monitor 

web logs, and respond quickly to any issues that arise 

12. Strengthen enterprise risk 

management 

x Educate and inform stakeholders on the impact of entitywide risks 

13. Strengthen contractor 

oversight to reduce 

enterprise-wide risks 

x Identify root causes and incorporate lessons-learned to 

improve future acquisitions 

x 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 2021 FY 2022 FY 2023 

Operational 

Support 

Total Funding 164,204 166,410 187,683 

Total FTE 410 410 410 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 26 

Customer Service measurement activities support Strategic Objective 6 (Provide excellent 

customer 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: 

x 80 or higher customer 

satisfaction score on PBGC’s 

online premium filing tool, 

My Plan Administration 

Account (My PAA), by 2022 

x 74 or higher on PBGC’s 

premium filer customer 

satisfaction survey by 2022 

x 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 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

PBGC’s actions result in satisfaction 

scores which meet or exceed targets 

for My PAA Online survey 

79 

(80) 

90 

(80) 

71 

(80) 

N/A 

(80) 

N/A 

(80) 

PBGC’s actions result in satisfaction 

scores which meet or exceed targets 

for Premium Filer survey 

74 

(74) 

76 

(74) 

77 

(74) 

N/A 

(74) 

N/A 

(74) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Continue to provide a Problem Resolution Officer to monitor and assist practitioners with system 

or regulatory updates, issues, or concerns. Review and update the My PAA annual filing system 

to improve functionality, technical enhancements, and security to ensure PBGC continues 

providing an outstanding customer experience

Customer Service Participant activities support Strategic Objective 6 (Provide 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: 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 27 

x Achieve scores which meet or 

exceeds the targets on all 

three Customer Satisfaction 

surveys 

x Frequently promote equity 

through customer outreach 

and communication, 

identifying and educating atrisk elderly customers 

x Research and implement improvements each year to 

PBGC’s communications in response to customer 

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

etc.)

x 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 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

PBGC’s actions result in achievement 

of a score of 90 or higher on PBGC’s 

Retiree customer satisfaction survey 

91 

(90) 

89 

(90) 

88 

(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 

77 

(77) 

78 

(77) 

64 

(77) 

N/A 

(77) 

N/A 

(77) 

PBGC’s actions result in achievement 

of 83 or higher on PBGC’s 

Participant Caller satisfaction survey 

84 

(85) 

81 

(85) 

76 

(85) 

N/A 

(83) 

N/A 

(83) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Regular monitoring of customer service delivery

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: 

x Attain an unmodified audit 

opinion on annual financial 

statements 

x Collect insurance premiums due 

x Continue to monitor the efficient use of PBGC’s cash 

flows 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 28 

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 2023 to achieve the targets described above? 

x Continue to provide accounting, financial reporting and management, as well as premium filing 

services to the practitioner community and PBGC’s financial information to external users 

x Perform the following: ascertain and report PBGC’s financial condition, perform financial related 

tasks in compliance with laws and regulations, fulfill premium filing and payment obligations, 

adhere to applicable accounting principles, and support management’s representation as to the 

adequacy of PBGC’s 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: 

x Compliance with 

the Payment 

Integrity 

Information Act of 

2019 to prevent, 

detect, and recover 

improper payments 

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

recover improper payments 

Performance Measures 

and Targets 

FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

PBGC’s actions will result 

in compliance with the 

Payment Integrity 

Information Act of 2019 

(PIIA) 

Yes 

(Compliance 

with 

Improper 

Payments 

Elimination 

and Recover 

Act of 2012) 

Yes 

(Compliance 

with 

Improper 

Payments 

Elimination 

and Recovery 

Act of 2012) 

Yes 

(Compliance 

with PIIA) 

N/A 

(Compliance 

with PIIA) 

N/A 

(Compliance 

with PIIA) 

What actions will you take in FY 2023 to achieve the targets described above? 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 29 

x Conduct improper payments risk assessment 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: 

x Comply with the asset 

allocation set forth in the 

Investment Policy Statement 

x Manage investments prudently and consistent with 

investment policy 

x Conduct quality due diligence on the PBGC investment 

portfolios 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

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 2023 to achieve the targets described above? 

x Continue to meet the requirements under the Board approved Investment Policy Statement 

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

producing Annual and quarterly Federal Information Security Management Act (FISMA) reports, 

“Managing Risk” 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: 

x Achieve “Managing Risk” 

on OMB’s Annual FISMA 

Report Cybersecurity Risk 

Management Assessment 

(RMA) 

x Maintain or exceed “level 4: 

Managed and Measurable 

Rating” or as determined by 

x Maintain adequate IT Security posture based on NIST 

guidance and implement DHS Cybersecurity Directives 

x Ensure on-going authorization of all FISMA reportable 

system by overseeing ISCM 

x Utilize cloud technology and build towards a ZTA 

x Fully integrate ICAM solutions 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 30 

the IG as effective overall 

on the OIG Cybersecurity 

Framework Functions 

x Align agency resources to 

ensure 100 percent active 

compliance with Executive 

Order 14028 requirements 

and the corresponding 

agency reporting 

Performance Measures and 

Targets 

FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

OMB RMA Yes 

(Managing 

Risk) 

Yes 

(Managing 

Risk) 

Yes 

(Managing 

Risk) 

N/A 

(Managing 

Risk) 

N/A 

(Managing 

Risk) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Conduct independent control assessments and maximize use of common controls 

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

x Implement applicable CDM requirements utilized for the PBGC cybersecurity dashboard 

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: 

x Increase management 

participation in training on 

managing teleworking 

employees by 10 percent 

x Increase participation in the 

SLRP by 5 percent by 

continuing education for 

management recruitment and 

retention incentives, increase 

eligible application pool, and 

increasing the use of marketing 

x Train a high-quality multidisciplinary workforce 

x Train supervisors and managers on managing telework 

employees 

x Increase and develop innovative virtual management 

training 

x Support supervisors and managers on managing employee 

performance 

x Incorporate in the monthly Work Life and Wellness 

themes with live virtual webinars hosted through FOH 

and Work Life for You 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 31 

tools such as program videos, 

cartoons, and intranet presence 

x Provide 10 virtual Work Life 

and Wellness Programs 

annually 

x Provide live webinars and Department training for EAP 

services 

x Update respective policies i.e., SLRP 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Conduct a minimum of two 

performance and employee conduct 

trainings 

8 

(2) 

3 

(2) 

18 

(2) 

N/A 

(2) 

N/A 

(2) 

Participate in a minimum of two 

targeted job fairs 

2 

(2) 

3 

(2) 

4 

(2) 

N/A 

(2) 

N/A 

(2) 

Provide work life balance and 

wellness events 

42 

(20) 

40 

(25) 

97 

(25) 

N/A 

(25) 

N/A 

(25) 

Conduct a minimum of two managing 

telework employee trainings 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

New 

Measure 

(2) 

N/A 

(2) 

Promote retention incentives N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

New 

Measure 

(2) 

N/A 

(2) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Update the SLRP Directive 

x Continue offering virtual training courses on managing employees 

Equal Employment Opportunity 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: 

x Achieve 85 percent positive 

score for employee 

engagement on the Federal 

x Foster a diverse, high-performing workforce drawn from 

all segments of American society 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 32 

Employee Viewpoint Survey 

by 2026 

x By 2026 and per EEOC’s 

benchmark, have GS-15 and 

SL grade representation more 

reflective of the agency’s total 

workforce 

x Foster a culture of inclusion that encourages 

collaboration, flexibility, and fairness 

x Continue to conduct YOUniversity Bias Training to 

create opportunities for individuals to investigate their 

bias and to understand bias’s impact on equal 

employment opportunity 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Increase gradually – half percent each 

year until grade representation for 

these groups increases in GS-15 and 

SL 

Yes 

(Yes) 

No 

(Yes) 

No 

(Yes) 

N/A 

(Yes) 

N/A 

(Yes) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Continue to conduct barrier analysis to identify potential barriers to equal employment opportunity 

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

with the ongoing OEEO point of contact assignment 

x Continue to leverage affirmative employment committees to assist in determining the needs of 

PBGC’s workforce 

x Continue to be proactive in mitigating complaints by providing EEO training that informs and 

educates on anti-discriminatory and anti-harassment behavior 

x Continue to offer YOUniversity Bias Awareness Training and other programs that support 

inclusivity in an effort to guide individuals in identifying workplace behaviors that support equal 

employment opportunity and behaviors that help mitigate discrimination 

x Continue to offer the Education & Enrichment Book Club Series and Daring Dialogue 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: 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 33 

x Comply with all FOIA 

deadlines and maintain model 

disclosure program 

x Research and implement 

improvements each year to 

PBGC’s communications 

(including PBGC.gov) in 

response to customer feedback 

and key performance indicators 

(surveys, etc.) 

x Maximize stakeholder 

education and outreach, 

including published regulation 

by holding frequent meetings 

with participant groups, plan 

sponsors, practitioner groups, 

industry associations, and other 

interested stakeholders 

x Provide annual data-driven 

data tables and projection 

reports to stakeholders based 

on the latest pension research, 

data, and projections 

x 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 

x Provide effective and timely communication with plan 

participants and other stakeholders 

x Inform stakeholders about provisions of key legislative 

and regulatory proposals 

x Make improvements to annual communications based on 

quarterly analytics 

x Foster consistent, fair, and impartial treatment of 

participants and stakeholders, including those who belong 

to historically underserved communities 

x Maintain a secure hosting environment, closely monitor 

web logs, and respond quickly to any issues that arise 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Number of improvements to the 

usability and content of PBGC.gov per 

year 

N/A 

(New 

Measure) 

7 

(6) 

10 

(8) 

N/A 

(10) 

N/A 

(10) 

PBGC.gov website availability (New 

Measure starting in FY 2022) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(99%) 

N/A 

(99%) 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 34 

PBGC’s actions result in satisfaction 

scores which meet or exceed targets 

website customer satisfaction online 

survey 

75 

(75) 

73 

(75) 

64 

(75) 

N/A 

 (Retire) 

N/A 

(Eliminate) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Continue to implement site improvements as informed by customer feedback, audit results, security 

enhancements, and web best practices. Continue to host in a FedRAMP environment and closely 

monitor web performance to minimize service interruptions 

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: 

x 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 

x Seven FY 

2021 entitywide risks 

identified will 

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

x Continuously seek to improve program maturity level by identifying 

emerging risks 

x Complete annual risk assessment by OMB deadline 

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

x Implement Risk Management Office (RMO) succession planning 

x Deliver ERM training to RMC and Department Directors to ensure 

consistent knowledge base 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 35 

be evaluated 

during the 

annual risk 

assessment 

Performance 

Measures and 

Targets 

FY 2019 

Actual 

(Target) 

FY 2020 Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Identification of 

emerging entity-wide 

risks in a timely 

manner 

N/A 

(N/A) 

Identified 21 emerging 

risks 

(Increased 

identification of 

emerging entity-wide 

risks in a timely 

manner) 

 Yes 

(Increase 

identification 

of entitywide risks in 

a timely 

manner) 

N/A 

(Increase 

identification 

of entitywide risks in 

a timely 

manner) 

N/A 

(Increase 

identification 

of entitywide risks in 

a timely 

manner) 

Continue knowledgesharing related to 

risks 

N/A 

(N/A) 

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 

riskinformed 

decisionmaking) 

N/A 

(Increase in 

riskinformed 

decisionmaking) 

N/A 

(Increase in 

riskinformed 

decisionmaking) 

Constant vigilance to 

foster a risk 

management culture 

N/A 

(N/A) 

RMO webpage 

updated, quarterly 

RMO messages 

distributed to PBGC 

Federal employees 

 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 - 36 

(Continued 

communication 

regarding ERM) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Conduct entity-wide risk assessment 

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

x Integrate enterprise risk management with strategic planning and organizational performance 

processes 

x 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: 

x Ensure 100 percent of contract 

actions marked “applicable” 

undergo legal review 

x Identify root causes and incorporate lessons-learned to 

improve future acquisitions 

x Improve accountability of acquisition processes 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Number of activities and streamlined 

guidance implemented 

16 

(5) 

6 

(5) 

5 

(5) 

N/A 

(5) 

N/A 

(5) 

Percentage of contract actions marked 

“Applicable” undergo legal review 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(New 

Measure) 

N/A 

 

(100%) 

Percentage of requirements originating 

within OMA sent to CMO for review

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(New 

Measure) 

N/A 

(100%) 

What actions will you take in FY 2023 to achieve the targets described above? 

x Launching the new Acquisition Lifecycle Management System (ALMS) requirements. ALMS will 

be preceded by streamlining the Procurement Department’s website, processes, documentation, and 

reporting 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 37 

FY 2021 OPERATIONS IN BRIEF6

2022 

Target 

2021 

Actual 

2020 

 Actual 

GOAL 1: Preserve Plans and Protect Pensions 

Single-Employer Plan Participants Protected – 

Employers Emerging from Bankruptcy During the 

Year 

99,345 127,000 

Single-Employer Plan Standard Termination 

Audits: Additional Payments 

$2.6M paid to 

1,462 participants 

$1.9M paid to 

1,909 participants 

Single-Employer Benefit Payments for Terminated 

Plans 

x Participants Receiving Benefits 970,000 984,000 

x Benefits Paid Over $6.4B Over $6.1B 

x Participants Expected to Receive Future 

Benefits 525,000 552,000 

Multiemployer Plan Financial Assistance (FA) $230M to 109 plans $173M to 95 plans 

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

Multiemployer Participants in Insolvent Plans 

x Total Participants in Plans Receiving FA 117,958 107,200 

o Participants in Plans that have 

Received SFA 

n/a n/a 

o Participants Expected to Receive 

Future FA Benefits 

37,172 27,600 

o Participants in Plans Receiving 

Regular FA 

80,786 79,600 

x Total Amount of FA Paid to ME Plans $230M $173M 

o SFA Payments n/a n/a 

o Regular FA Payments $221M $164M 

6 Numbers in this report have been rounded.
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 38 

FY 2021 OPERATIONS IN BRIEF6

GOAL 2: Pay Timely and Accurate Benefits 

Estimated Benefits Within 10% of Final 

Calculation 95% 98% 96% 

Average Time to Provide Benefit Determinations 

(Years) 

4.5 5.9 5.3 

Improper Payment Rates Within OMB Threshold7 <1.5% Yes Yes 

GOAL 3: Maintain High Standards of Stewardship and Accountability 

Retiree Satisfaction – ACSI8 Score 90 88 89 

Participant Caller Satisfaction – ACSI Score 83 76 81 

Premium Filer Satisfaction – ACSI Score 74 77 76 

Single-Employer - Financial Net Position $30.9B $15.5B 

Multiemployer - Financial Net Position $0.5B ($63.7B) 

Unmodified Financial Statement Audit Opinion Yes Yes Yes 

Achieve “Managing Risk” on OMB’s Annual 

FISMA Report Cybersecurity Risk Management 

Assessment (RMA) 

Yes Yes Yes 

 

7

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. 

8 The American Customer Satisfaction Index (ACSI) uses a 0-100 scale; 80 or above is considered excellent.