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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 both single-employer and multiemployer 

private-sector pension plans. The 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 paid by companies that sponsor defined 

benefit pension plans, investment income from plan assets trusteed by PBGC and recoveries from companies 

formerly responsible for the plans. The Multiemployer Program is financed by premiums paid by insured 

plans and investment income. Congress sets PBGC premium rates.

In addition, the American Rescue Plan (ARP) Act of 2021 (P.L. 117-2) — a historic law passed by Congress 

and signed by President Biden on March 11, 2021 — established the Special Financial Assistance (SFA) 

Program for financially troubled multiemployer pension plans. The law addresses the solvency of the 

Multiemployer Program, which was projected to become insolvent in 2026. The SFA Program provides 

funding assistance to severely underfunded multiemployer pension plans and will ensure that millions of 

America’s workers, retirees, and their families receive the pension benefits they earned through many years of 

hard work. The SFA payments are derived from appropriated funds and financed by general revenues of the

U.S. Department of the Treasury (Treasury).

Upon approval of an SFA application, PBGC will make a payment to an eligible multiemployer plan to enable 

the plan to pay all benefits through the plan year ending in 2051. 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.
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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 participants and their families. In FY 

2022, the Corporation made benefit payments of over $7.0 billion to more than 960,000 participants as 

highlighted in Table 1: FY 2022 Operations in Brief. 

TABLE 1: FY 2022 OPERATIONS IN BRIEF1

2022

Target

2022

Actual

2021

Actual

GOAL 1: Preserve Plans and Protect Pensions

Single-Employer Plan Participants Protected – Employers

Emerging from Bankruptcy During the Year

999 99,345

Single-Employer Plan Standard Termination Audits:

Additional Payments

$1.03M paid to 663

participants

$2.6M paid to

1,462 participants

Single-Employer Benefit Payments for Terminated Plans

• Participants Receiving Benefits 960,000 970,000

• Benefits Paid Over $7.0B Over $6.4B

• Participants Expected to Receive Future Benefits 496,000 525,0002

Multiemployer Plan Financial Assistance $226M3 to 115

plans

$230M to 109

plans

Multiemployer Participants in Insolvent Plans

• Participants Receiving Benefits 93,525 80,786

• Participants Expected to Receive Future Benefits 46,480 37,172

GOAL 2: Pay Timely and Accurate Benefits

Estimated Benefits Within 10% of Final Calculation 95% 97% 98%

Average Time to Provide Benefit Determinations (Years) 4.5 4.1 5.9

Improper Payment Rates Within OMB Threshold4 <1.5% Yes Yes

Applications Processed in 45 Days or Less 87% 85% 76%5

GOAL 3: Maintaining High Standards of Stewardship and Accountability

Retiree Satisfaction – ACSI Score6 90 86 88

Participant Caller Satisfaction – ACSI Score 83 76 76

Premium Filer Satisfaction – ACSI Score 74 77 77

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

Multiemployer – Financial Net Position $1.1B $0.5B

Unmodified Financial Statement Audit Opinion Yes Yes Yes

1 Numbers in this report have been rounded. 2 This number is a correction from the FY 2021 APR Operations in Brief. 3 The $226 million includes a $9 million payment on a facilitated merger under the Multiemployer Pension Reform Act of 2014 (MPRA). 4 The Office of Management and Budget (OMB) threshold for significant improper payment reporting is as follows: amounts that exceed (1) both 1.5% and

$10 million in improper payments, or (2) $100 million in improper payments. 5 This number is a correction from the FY 2021 APR Operations in Brief. 6 The American Customer Satisfaction Index (ACSI) uses a 0-100 scale; 80 or above is considered excellent.
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STRATEGIC GOALS AND RESULTS

PBGC’s FY 2022 Annual Performance Report highlights the Corporation’s achievements, accomplishments, 

and performance results through the lens of its strategic goals. The Corporation’s priorities are to preserve 

plans and protect pensioners, to pay timely and accurate benefits, and to maintain high standards of 

stewardship and accountability.

GOAL NO. 1: PRESER VE PLANS AND PROTECT PENSION S OF WORKERS AND 

RETIREES

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

programs. The Multiemployer Program protects about 11.2 million workers and retirees in about 1,360 

pension plans. The Single-Employer Program protects about 22.3 million workers and retirees in about 

23,800 pension plans.

MULTIEMPLOYER PROGRAM

The Multiemployer Program covers defined benefit pension plans that are maintained 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, or 

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

and reasonable administrative expenses. PBGC refers to this financial assistance under the Multiemployer 

Program as “traditional financial assistance.”

In FY 2022, PBGC provided $217 million in traditional financial assistance to 115 multiemployer plans 

covering 93,525 participants receiving guaranteed benefits and a final payment of $9 million in financial 

assistance as part of PBGC’s first facilitated merger of two multiemployer plans under the Multiemployer 

Pension Reform Act of 2014 (MPRA). An additional 46,480 participants in the insolvent plans are eligible to 

receive benefits once they retire. Due to SFA payments made under ARP in FY 2022, the number of 

participants relying on traditional financial assistance under section 4261 of ERISA has decreased by 20,916 

for participants receiving guaranteed benefits and by 10,470 participants eligible to receive benefits once they 

retire. These participants are included in the FY 2022 counts but will no longer be receiving traditional 

financial assistance in future years.

The Corporation initiated audits of six insolvent multiemployer plans covering nearly 11,053 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 or 

insolvent plans.

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

applications, alternative withdrawal liability requests, plan insolvency, SFA applications, and ERISA 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
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amount required to pay all benefits due through the plan year ending in 2051. PBGC is currently accepting 

SFA applications. The SFA payments are derived from appropriated funds and financed by general revenues 

of the Treasury. SFA applications approved and paid in FY 2022 reflect the provisions of the interim final 

rule, published in the Federal Register on July 12, 2021.

On July 8, 2022, PBGC published a final rule implementing changes to the program. The changes, which 

became effective on August 8, 2022, are responsive to both public comments received on its interim final rule 

and further review of the statute and will better enable plans to pay benefits through 2051.

The changes under the final rule include the following:

• Allows plans to invest up to 33% of their SFA funds in return-seeking investments (e.g., publicly traded 

common stock and mutual funds, exchange traded funds, and other permitted investment vehicles that 

invest predominantly in publicly traded stock); with the remaining 67% restricted to high-quality fixed 

income investments.

• Modifies the SFA calculation method to use separate interest rates for plans’ SFA and non-SFA assets; 

and aligns the interest rates used to calculate SFA with reasonable expectations of investment returns 

on plans’ SFA assets.

• Provides a different methodology for the calculation of SFA for plans that implemented benefit 

suspensions under the Multiemployer Pension Reform Act of 2014 (MPRA).

• Modifies the conditions (e.g., withdrawal liability, benefit increases, transfers and mergers, etc.) 

imposed on plans receiving SFA.

As of September 30, 2022, PBGC had received 72 SFA applications requesting a total of $45.5 billion in SFA. 

As of September 30, 2022, PBGC had approved 30 applications for $7.6 billion in SFA, all under the interim 

final rule. Additionally, as of September 30, 2022, 38 applications requesting a total of $37.8 billion were 

under PBGC review (including 6 applications submitted under the interim final rule, 10 applications 

submitted under the final rule, and 22 supplemented applications submitted under the final rule by plans that 

previously received SFA payments under the interim final rule). The 72 SFA applications include 4 plans that 

had withdrawn and not yet reapplied.

During FY 2022, PBGC paid $7.5 billion in SFA pursuant to applications approved under the interim final 

rule.

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 2022 with four pending requests for 

approval of alternative rules. A fifth request was received in the third quarter. At the end of the fourth 

quarter, two requests are pending, two have been approved, and one has been rejected.

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 2022 with three pending requests, of which two were later approved, and one was rejected.
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One request, received during FY 2022, remains under review. Special withdrawal liability conditions apply to 

multiemployer plans that receive SFA.

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

withdrawal liability due to a statutory exception for those industries. 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. The Corporation began FY 2022 with no pending requests. As of 

the end of the fourth quarter, one request is pending.

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 2022, PBGC 

received five notices of merger, four of which were accompanied by a request for a compliance

determination. PBGC also received three notices of transfer, two of which were accompanied by a request for 

a compliance determination. All merger requests and one transfer request have been completed. Two merger 

requests and two transfer requests remain under review. Special conditions apply to transfers or mergers 

involving multiemployer plans that receive SFA.

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 liquidates in 

bankruptcy, 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.

Standard Terminations

A standard termination is a termination of a single-employer pension plan that has enough money to pay all 

benefits owed to participants and beneficiaries.

In FY 2022, 1,634 plans, covering approximately 292,500 participants, filed standard terminations with 

PBGC. The number of terminations received last year is consistent with the average of the five previous 

years.

Approximately 1,593 plans with an aggregate of more than 150,000 participants completed standard 

terminations in FY 2022 by paying full plan benefits to participants and beneficiaries in the form of annuities 

or lump sums. Some of the larger standard terminations were Sony Corporation of America Pension Value 

Plan; Sonoco Pension Plan for Inactive Participants; Masco Corporation Pension Plan; and Lifestyle 

Retirement Plan.
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PBGC completed 242 standard termination audits in FY 2022 to verify plan administrators’ calculation of 

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

administrators, resulting in more than $1.03 million in additional benefits distributed to 663 participants and 

beneficiaries in these plans.

Significant Litigation

PBGC protects participants in America’s private-sector pensions through litigation in federal and state courts. 

In FY 2022:

• The U.S. Supreme Court denied the plaintiffs’ petition for certiorari in Black v. PBGC. Plaintiffs

sought review of the amended opinion of the U.S. Court of Appeals for the Sixth Circuit. The

amended opinion was issued 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 pension plan of J.C. Penney Corporation, Inc., with over 39,000 participants, is expected to be 

successfully terminated in a standard termination by the end of calendar year 2022. In November 2020, 

when no purchaser in the bankruptcy asset sale assumed the pension plan, PBGC initiated steps to 

become responsible for the plan and prevent possible cuts to participant benefits. The company 

subsequently entered into an agreement with PBGC under which PBGC would conduct an expedited 

audit of the company’s attempt to effectuate a standard termination. PBGC worked with the company 

to protect the interests of the pension plan’s current and future retirees, and participants ultimately 

should receive their full benefits under the standard termination, with PBGC assuming no liability for 

the pension plan.

Plans Saved

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

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

succeed. In FY 2022, these plans were among those that continued after the bankruptcies of their sponsors or 

controlled group members, protecting the benefits of participants:

• Intelsat S.A. (more than 750 participants).

• MD Helicopters (over 200 participants).

In addition, in the ongoing bankruptcy for Scouts BSA, the Bankruptcy Court for the District of Delaware 

has entered an order partially confirming the plan of reorganization that provides for continuation of the 

pension plan, which has more than 13,800 participants.

Coverage Pilot Program

PBGC first introduced a one-year pilot program in FY 2019 that allowed 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
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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. Since it was launched, PBGC has continued to extend the pilot program every year, and in 

FY 2022, extended the program through September 30, 2022.

Mediation Program

PBGC’s Mediation Program offers mediation to facilitate resolution of fiduciary breach cases, negotiations 

with ongoing plan sponsors as part of its Early Warning and Risk Mitigation Program, and with former plan 

sponsors to help resolve their pension liabilities following termination of underfunded pension plans.

PBGC’s practice is to resolve Early Warning issues, termination liability claims, and fiduciary breach cases on 

a consensual basis without the need for litigation. This gives plan administrators, plan sponsors, and 

fiduciaries of terminated plans the opportunity to resolve these cases with a neutral, professional, and 

independent mediator in a timely and cost-effective manner. PBGC had one fiduciary breach mediation that 

took place during the first quarter of FY 2022. The mediation led to settlement of the matter.

GOAL NO. 2: PAY PENSION BENEFITS ON TIME AND ACCURATELY 

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 2022, PBGC took responsibility for 32 single-employer plans that provide pension benefits 

to nearly 8,000 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 

2022, more than 56,000 retirees continued to receive benefits without interruption from PBGC.

During FY 2022, the Corporation paid over $7.0 billion in benefits to more than 960,000 retirees in singleemployer plans and nearly 41,000 new retirees applied for benefits. For FY 2022, PBGC processed 85 percent 

of all applications within 45 days, just short of the goal of 87 percent. This was primarily due to staffing 

shortages early in the year. However, as staffing levels returned to normal, the figure rose to more than 90 

percent for each month of the second half of the year. PBGC anticipates this figure to trend well above the

87 percent target for FY 2023.

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 prior to final benefit determinations. When the process is complete, participants are 

informed of their exact benefit amount via a benefit determination letter. In FY 2022, over 97 percent of final 

benefit determination amounts issued were within 10 percent of the estimated benefit amount.
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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 30 

percent, when compared to FY 2021, to just over 190 total plans. PBGC also reduced the percentage of 

unissued benefit determinations greater than five years old to less than one percent.

PBGC has been focused on completing the process of reviewing guaranteed benefit amounts for the oldest 

plans in its inventory, which is starting to pay off. PBGC decreased the average age of benefit determinations 

issued from 5.9 years in FY 2021 to 4.1 years in FY 2022, beating its target of 4.5 years.

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 2022, 

the Corporation started with 76 open appeals, accepted 79 new appeals, and closed 108 appeals, with 47 still 

open at the end of the year. More information about PBGC’s Appeals Board is available on PBGC.gov.

GOAL NO. 3: MAINTAIN HIGH STANDARDS OF STEWARDSHIP AND 

ACCOUNTABILITY

Accountability: Measuring and Monitoring Performance

PBGC 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, accurately calculates 

benefits, and invests assets. PBGC conducts surveys to help improve the coordination and cooperation 

essential to meeting customer service goals.

Each quarter, PBGC leadership participates in data-driven discussions covering the Corporation’s progress in 

operations, stewardship and accountability, customer satisfaction, and building and maintaining a model 

workplace. The strategic use of performance data better informs planning and execution of operations, as 

well as corporate and program area decision-making.

PBGC’ S OWN FINANCES MUST BE SOUND

PBGC’s operations are financed by insurance premiums set by Congress and paid by sponsors of PBGCinsured defined benefit pension plans and financed by investment income. In addition, the Single-Employer 

Program is funded by assets from pension plans trusteed by PBGC and recoveries from the companies 

formerly responsible for the plans. The Corporation pays benefits based on federal law and the provisions of 

the plans it trustees. ARP 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 the plan year ending in 2051. The SFA payments are derived 

from appropriated funds and financed by general revenues of the Treasury.
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Financial Position

The financial status of the Single-Employer Program showed improvement and achieved a positive net 

position of $36.6 billion at the end of FY 2022. The Single-Employer Program’s financial status has evolved 

to a positive net financial position which is projected to grow over the next 10 years.

The net financial position of the Multiemployer Program improved during FY 2022 to a positive net position 

of $1.1 billion. Estimates from PBGC’s FY 2021 Projections Report show that the Multiemployer Program is 

likely to remain solvent for more than 40 years, primarily due to the enactment of ARP and PBGC’s 

implementation of the final rule for SFA. The SFA program is expected to protect the benefits of millions of 

participants in financially troubled plans and also reduces the demand on PBGC to provide traditional 

financial assistance to insolvent plans.

Financial Soundness and Financial Integrity

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

more than $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 $128 billion in total assets. In FY 2022, PBGC attained its 

30th consecutive unmodified audit opinion on its financial statements.

Collecting Premiums

Premium rates are set by statute and 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 2022, combined premium cash receipts collected totaled $4.765 billion. Single-Employer Program 

premium cash receipts collected were $4.434 billion. Separately, Multiemployer Program premium cash 

receipts in FY 2022 were $331 million.

In FY 2022, PBGC continued to enhance the new version of My PAA (PBGC’s online premium filing

website), by prioritizing practitioner-based feedback with multiple system updates throughout the fiscal year. 

Specifically, this included redesigning the filing task history page, enabling new filing edits, enabling backward 

navigation with edits during the filing process and streamlining the “import” filing path to certify an errorfree filing directly after uploading. In addition, My PAA has enabled two-factor authentication with Login.gov 

to satisfy new federal login requirements for public-facing websites and to provide a more secure browsing 

experience.

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 

subject to periodic review. 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.
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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 modeled after the American Customer Satisfaction Index 

(ACSI). PBGC listened to its customer feedback and implemented improvements in FY 2022 to enhance 

customer service.

Participant and Retirees

Retirees receiving monthly 

payments from PBGC gave the 

Corporation a satisfaction score 

of 86 out of 100. 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 out of 100. In 

FY 2022, PBGC’s Customer 

Contact Center (CCC)

100

80

60

2016 2017 2018 2019 2020 2021 2022

PBGC Participant Callers PBGC

Retirees Federal Government Aggregate 

experienced higher than normal call volumes and staffing shortages early in the fiscal year which contributed

to very long wait times. However, the CCC is now fully staffed and wait times are routinely under one 

minute. To assist with long wait times at the CCC during peak periods, PBGC added an email box for 

customers to submit forms, questions, and documents, as an alternative to waiting on hold.

PBGC increased the security of its online portal (MyPBA) by implementing a multifactor authentication signon solution sponsored by Login.gov. MyPBA’s FY 2022 customer satisfaction score was 45 out of 100. 

PBGC is looking to improve this score by taking steps to improve users’ experiences. Improvements planned 

for 2023 include easier navigation and additional assistance for users who cannot authenticate using 

Login.gov.

Retiree and Participant Caller Satisfaction

90 91

89

91

89 88

86

84 83 84 84

81

80 = Threshold of Excellence

76 76

68

70 69 68

65

63

American Customer Satisfaction Index
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Premium Filers

Pension plan sponsors and their 

practitioners who file premiums 

with PBGC gave a FY 2022 

Annual Premium Filer 

satisfaction score of 77 out of 

100 (same as last year), exceeding 

the target of 74. This score 

compared very well to similar 

functions, such as IRS smallbusiness and self-employed tax 

filers (65) and large-business and 

international tax filers (62). Filers 

gave excellent scores to PBGC’s 

personal service, written

communication, and filing process.

100

80

60

40

2016 2017 2018 2019 2020 2021 2022

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

Filers IRS Large Bus. & Int'l Filers

My Plan Administration Account (My PAA) is an online application for pension plan practitioners to file

premium information and payments with PBGC. The FY 2022 satisfaction score was 72 out of 100 (up one 

from last year). This score is below the target of 80. During the fiscal year, the ASCI scores rose as 

practitioners became more familiar with the updated My PAA filing system.

In FY 2022, PBGC continued to implement new system enhancements to My PAA for the practitioner 

community. These enhancements were made to improve the user experience and to better align My PAA 

with information technology industry standards and security upgrades.

Engaging With Customers and Stakeholders

PBGC regularly communicates with customers about the Corporation’s ongoing activities and news updates. 

The Corporation uses several communication tools, including PBGC.gov and email notifications to reach its 

various audiences.

As part of the Corporation’s ongoing SFA Program efforts, PBGC continuously published new and updated 

SFA content on PBGC.gov. In FY 2022, there were more than 66,000 visits to the Corporation’s SFA page. 

PBGC also published more than 30 SFA-related news releases regarding program activities and plan 

application approvals. The Corporation hosted four SFA webinars, ranging on various topics including the 

SFA final rule, application process under the final rule, and permissible investments with over 1,100 attendees 

participating over multiple sessions.

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

constituents — and various stakeholders. American Customer Satisfaction Index

Premium Filer Satisfaction

79 77 76

67 64 66

74

67

76

67

77 77

65

59 61 64

60 60 62
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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 continues to successfully manage risks by actively 

monitoring and reporting on its insurance programs and other relevant information.

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 

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

Table 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.

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 peer review was performed

to focus on the development of PBGC’s capital market assumptions, the projection of interest rates and other

macroeconomic variables, and the modeling of plan asset returns.

The peer reviews provide recommendations to improve the data, assumptions, and modeling methodology 

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 and 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 2022, the Corporation continued to maintain its risk management framework and conducted its 

annual agency-wide risk assessment., in accordance with Office of Management and Budget (OMB) Circular 

A-123. Keeping in-line with the requirements of the OMB Circular A-136, PBGC assessed entity-specific 

known and anticipated risks, uncertainties, future events or conditions, and trends that could significantly 

affect the agency’s future financial or operating performance and developed mitigating strategies to address 

the challenges.

The Corporation’s additional top entity-wide risks were associated with recruiting and retaining staff, 

technology modernization, continuing trend away from defined benefit plans, and associated mitigation 

approaches put in place to address them. The Risk Management Council is working with program offices to 

continuously monitor these risks.

The results of the annual risk assessment found that risk was reduced related to the Multiemployer Program 

insolvency and operational planning uncertainty, but addressing long-term risk requires legislation addressing 

structural issues in the multiemployer system. Risk associated with succession planning was also reduced.
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In addition to conducting its agency-wide risk assessment, the Corporation continued to:

• Integrate Enterprise Risk Management (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 awareness culture.

• Identify emerging risks.

Regulatory and other Guidance Activities

ARP added section 4262 to ERISA to create a program to enhance retirement security by providing funding 

to severely underfunded multiemployer pension plans. The program will ensure that millions of America’s 

workers, retirees, and their families receive the pension benefits they earned through many years of hard 

work.

Under section 4262 of ERISA, PBGC was required within 120 days of enactment 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 launched the SFA Program under the interim final rule, posted on PBGC’s website on July 9, 2021, 

and published in the Federal Register on July 12, 2021, with a 30-day comment period. PBGC received over 

100 comments. A final rule was published on July 8, 2022, and became effective on August 8, 2022. The final 

rule included a 30-day comment period on the condition requiring a phased-in recognition of SFA assets for 

purposes of calculating withdrawal liability. PBGC received seven comment letters, which are being reviewed.

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. In conjunction with the final rule, PBGC also released 

updated application instructions and guidance on assumptions used for determining eligibility and the amount 

of SFA.

PBGC also published a proposed rule on October 14, 2022, that would prescribe actuarial assumptions under 

section 4213(a)(2) of ERISA which may be used by a multiemployer plan actuary in determining an

employer’s withdrawal liability. The 30-day comment period closed on November 14, 2022.

In FY 2022, PBGC continued to work on other rulemakings listed on its semiannual regulatory agenda to 

protect plan participants and minimize burdens on pension plans and plan sponsors, as part of its ongoing 

retrospective regulatory review. In FY 2022, PBGC published a final rule that updates PBGC’s regulation on 

requesting, obtaining, and examining records to reflect statutory changes to the Freedom of Information Act 

(FOIA) and current agency practice.

STRENGTHENING A DIVERSE WORKFORCE AND LEADERSHIP

This year, the Partnership for Public Service ranked PBGC number one among the 2021 Best Places to Work 

for small federal agencies.
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PBGC continues to be committed to maintaining a diverse and inclusive workplace that ensures alignment 

with strategic goals and outcomes. In FY 2022, the Corporation continued to focus on strengthening 

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

continuing efforts to recruit and retain disabled veterans.

Federal Employee Viewpoint Survey

The 2022 Federal Employee Viewpoint Survey (FEVS) was administered May 30, 2022, through July 15, 

2022. The Corporation’s 2022 response rate was 70 percent. This is four percentage points higher than the 

2021 participation rate of 66 percent. The results show how PBGC employees rated employee engagement 

and overall satisfaction. The agency’s 2022 Employee Engagement Index score, which measures areas 

including employee development, was 86 percent. The agency’s 2022 Global Satisfaction Index score, which 

measures employees’ satisfaction with their jobs, pay, and organization, was 83 percent.

Recruitment and Outreach

As a result of the ARP, PBGC was required to expeditiously hire several highly skilled employees. The new 

positions support the establishment and maintenance of the SFA Program, ensuring retirees in financially 

distressed multiemployer plans continue to receive their defined benefit payments enacted under ARP.

The Corporation continued its commitment to retain a highly skilled workforce and stay competitive with the 

private sector. PBGC expanded its use of the Recent Graduates Program to broaden its pipeline of entry level 

employees, which strengthened the Corporation’s succession planning efforts. Additionally, PBGC revitalized 

its recruitment outreach strategies to develop partnerships with colleges and universities.

PBGC continued its focus on increasing its Workplace Flexibilities Program. In the current environment, 

PBGC has judged this Program (telework, flexible scheduling, and leave programs) and its Student Loan 

Repayment Program (SLRP) as critical to recruitment and retention in the current competitive job market. In 

FY 2022, PBGC expanded the SLRP, updated the Telework Policy, and focused on broadening the utilization 

of all available recruitment and retention incentives.

Diversity, Equity, Inclusion, and Accessibility

In FY 2022, the Corporation published an agency-wide action plan for Advancing Racial Equity and Support 

for Under Served Communities and submitted the Diversity, Equity, Inclusion, and Accessibility (DEIA) 

Strategic Plan. PBGC is committed to a diverse and inclusive workplace. The Corporation published a bimonthly “DEIA Digest,” provided a “Humanizing Inclusion” management and leadership development 

series and offered a plan that included robust DEIA training and learning events. PBGC provided over 35 

courses and DEIA events. Additionally, the DEIA Council delivered the “Pension Hidden Figures” Series, 

highlighting diverse historical contributors in the pension industry.

To attract a diverse applicant pool, PBGC expanded outreach to include community colleges and developed a 

virtual informational recruitment brochure about PBGC.

The Corporation’s Disabled Veterans Affirmative Action Program (DVAAP) and Disability Awareness Series 

presented “Taking Emotion Out of Emotional Disabilities” and the Veterans Memorial Day “Remembering 

Those Who Served.” Also, the Special Emphasis Program delivered various monthly cultural observances.
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Performance Management

PBGC is a performance-based organization. The Corporation’s Performance Management Program is 

focused on more than just the end of year appraisal. PBGC prides itself on translating goals into results, 

creating an environment that sustains a healthy and effective results-oriented culture. It starts with training 

and transparency, not just for management but for employees as well. In FY 2022, PBGC created a series of 

innovative online training modules covering various performance management topics, geared specifically for 

both supervisory and non-supervisory employees. These modules allowed users to learn at their convenience 

and pace. Additionally, PBGC provided over 30 performance management interactive training courses. A

survey was conducted on PBGC’s performance system and many of the suggestions were implemented. 

Specifically, the e-performance module enhancements to the system were introduced, demonstrating that 

PBGC listens to staff input.

Management and Leadership Development

In FY 2022, Management & Leadership (M&L) Development Programs offered three management 

development series:

• Leading Remote and Hybrid Teams to build supervisors’ skills and confidence in M&L in a

remote/hybrid environment.

• Leadership’s Next Evolution: Body Intelligence to expose supervisors to the knowledge and practice of 

a cutting-edge approach in leadership.

• Humanizing Inclusion to provide knowledge and build cultural competency on diversity, inclusion, 

respect, identity, and belonging from a leadership perspective.

Due to the value leadership has placed on PBGC’s Coaching Program, requests for leadership and executive 

coaching have increased. PBGC understands the importance of building the leadership bench for the future 

and continues to support this program.

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 PBGC. 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 the Equal 

Employment Opportunity Commission’s (EEOC) 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 the program is efficient.

• Is proactive in preventing of unlawful discrimination.
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• 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.

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 offers events and activities that supports equal employment 

opportunity including:

• Ongoing barrier analysis.

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

opportunity and diversity in the workplace.

• Equal Employment Opportunity focused trainings regarding harassment prevention in the workplace.

• Education & Enrichment Real Talk series: a safe space to engage in respectful conversations around 

topics that are important to an organization’s workforce, but are usually not addressed in a work 

environment.

• Education & Enrichment Affinity Chats series: safe, empowering discussions, for each racial and ethnic 

group identified in the MD-715 data tables.

• Collaborations with affirmative employment committees to identify and support the employment needs 

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

those groups.

• EEO developed and implemented a dashboard to support departmental leadership in their EEO 

efforts.

The Corporation met its annual requirements to conduct barrier analysis to identify and mitigate barriers to 

equal employment opportunity and to develop programs that support equal employment opportunities. The 

Corporation also developed its annual MD-715 Annual EEO Program Status report and presented a highlevel overview of information within the document regarding PBGC’s EEO program to the Executive 

Management Committee. The MD-715 report is available on PBGC.gov.

SAFEGUARDING CUSTOMERS’ INTERESTS

Participant and Plan Sponsor Advocate

The PBGC Participant and Plan Sponsor Advocate (the Advocate) is selected by PBGC’s Board of Directors 

(the Board) and reports to the Board and Congress. The Office of the Advocate (the Office) acts as a liaison 

among PBGC, sponsors of insured defined benefit plans, and participants in PBGC-trusteed plans. The

duties of the Office 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.
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The Advocate is statutorily required to submit an annual report each December to PBGC’s congressional 

committees of jurisdiction, the Board, and PBGC’s Director. The Advocate’s annual report, issued on 

December 31, 2021, detailed the Office’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 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

The Office of Information Technology (OIT) continues to mature its policies, processes, systems, and 

operations to ensure that the mission and goals outlined in PBGC’s IT Strategic Plan and PBGC’s Strategic 

Plan continues to result in the effective and efficient delivery of IT services. To strengthen PBGC’s risk and 

security posture, OIT’s Infrastructure Operations Department (ITIOD) enhanced PBGC’s Insider Threat 

Program and risk management capacity by establishing the Risk Level Management Framework, the Security 

Discovery Scan, and the Risk Level Assessment Survey. The Risk Level Management Framework’s critical 

processes ensured PBGC staff were properly vetted for their assigned responsibilities. The Framework also

required default risk level to be assigned to newly established federal position description (PD) and contractor 

staff. The Security Discovery Scan bolstered protection of sensitive agency data, participants’ personally 

identifiable information (PII), and other sensitive agency data from inadvertent or purposeful exposure. The 

Risk Level Assessment Survey ensured individual risk levels were established by employing a streamlined, 

highly automated solution that addressed significant legacy control deficiencies.

Additional accomplishments include completing and implementing modernization for the Customer 

Relationship Management (CRM) and My Pension Benefit Access (MyPBA) systems, My Plan Administration 

Account (My PAA) Multifactor Authentication (MFA), and the budget formulation module of the Budget 

Department Management System (BDMS). Also, the Benefit Calculation and Valuation (BCV) phase 3 will be 

completed in December. Details on PBGC modernization efforts are available at IT Modernization Projects

on PBGC.gov. 

Additional OIT accomplishments:

• PBGC’s Chief Data Officer, PBGC’s Data Governance Board, and the Consumer Financial Protection 

Bureau’s Chief Data Officer engaged interagency cross collaborations which provided opportunities for 

peer insights and lessons learned. Discussions centered around the Federal Data Strategy, data policy 

development, and approaches to better enable data-driven decision making while ensuring compliance 

with regulations, policies, and the Foundations for Evidence Based Policymaking Act (Evidence Act). 

Outcomes included best practices for aligning data management practices with business strategy, 

insights to better understand an organization’s data enterprise for enhanced business value delivery, and 

strategies to foster a successful data-driven culture.

• Complied with all Cybersecurity & Infrastructure Security Agency (CISA) Binding Operational 

Directive (BOD) and Emergency Directive (ED) actions and reporting requirements including BOD 

18-02 (Securing High Value Assets), BOD 20-01 (Vulnerability Disclosure Policy), BOD 22-01
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(Mitigating Known Exploited Vulnerabilities), ED 22-02 (Mitigate Apache Log4j Vulnerability), ED 

22-03 (Mitigate VMWare Vulnerabilities).

• Completed all quarterly and annual Office of Management and Budget (OMB) FY 2021 Annual 

Federal Information Security Modernization Act (FISMA) Reports. For the first time ever, PBGC 

obtained an overall Office of the Inspector General (OIG) FISMA rating of “Effective/ManagedRisk” for its information security program.

• Prioritized Executive Order 14028 requirements and complied with all agency reporting actions, 

including integration status of multi-factor authentication, log management resourcing estimates, and 

completion of zero-trust implementation plan (M-22-09).

• Developed enterprise cloud risk management framework (RMF) guidance for PBGC’s leveraged use of

cloud services and systems and sponsorship of cloud services and systems.

• Implemented a centralized risk register for automated view and monitoring of cybersecurity risks 

throughout the agency.

• Leveraged DHS CISA Cybersecurity Services and implemented digital threat monitoring for visibility 

into the open, deep, and dark web to anticipate threats. This supply chain risk management capability 

also looks for mentions of cyber-attacks on PBGC third party suppliers, which may lead to disruptions, 

breaches, or disclosure of sensitive files.

Ensuring Ethical Practices

In FY 2022, 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 during the fiscal year. PBGC’s ethics team continued its “Ethics in 

Brief” email notices to all PBGC employees on various topics of interest, including rules for interacting with 

former PBGC employees and guidance on ethics issues arising out of holiday activities. PBGC also provided 

live (virtual) Hatch Act training as well as educational material for employees regarding the Hatch Act.

Protecting Privacy Interests

Protecting and preserving the personal information of participants, beneficiaries, employees, and contractors 

remains one of PBGC’s highest priorities. As the primary means of achieving this goal, the Privacy Office in

FY 2022 continued its mission of protecting the privacy information of these individuals by embedding 

privacy protections and promoting transparency. Embedding privacy experts on the various integrated project 

teams (IPT) allowed PBGC to engineer privacy protections into its systems instead of trying to add them

later.

In response to the ever-evolving threat environment, the Privacy Office incorporated a privacy by design 

framework that is aligned with the recent update to the NIST 800-53 Rev 5, “Assessing Security and Privacy 

Controls for Information Systems and Organizations.” This step brings privacy to the forefront and 

strengthens the relationship between security and privacy by ensuring the right controls are in place and 

assessed to meet compliance requirements.
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To better assess how the Privacy Office could optimize privacy operations and ensure our customers were 

receiving the best support, PBGC obtained an Independent Assessment of the Privacy Program. Work is 

under way to assess the resulting recommendations and prioritize a roadmap for achievable outcomes.

Since all PBGC staff have privacy responsibilities, the Privacy Office ensures that everyone receives training. 

This training includes onboarding training, annual privacy awareness training, role-based training, and privacy 

week programs for both contractors and employees. The Privacy Office is also finalizing an Advanced 

Privacy Training course.

Strengthening Transparency & Disclosure

PBGC continued its commitment to transparency and accountability by ensuring agency-wide compliance 

with the Freedom of Information Act (FOIA). In FY 2022, the Disclosure Division surpassed last year’s high 

volume of requests received and processed. This year, PBGC received and processed more than 3,800 

requests while maintaining a median processing time of twenty working days, well under the statutory timelimit. The Disclosure Division continued a nine-year history of ending the fiscal year with zero backlogged 

requests or appeals; less than 0.1% of requests were appealed and no initial disclosure determinations were 

completely overturned. The division conducted 42 virtual training sessions to promote efficiency and 

accuracy, and robust corporate-wide outreach to achieve compliance with FOIA. The division also 

participated in two sponsored training events hosted by the Department of Justice.

The Disclosure Division continued to innovate and foster citizen-centered service by maximizing the use of 

technology and human capital management to maintain agency transparency. PBGC received a perfect score 

of 100 for all five key areas rated by the Department of Justice’s FY 2022 Agency Chief FOIA Officer 

Assessment Report. The assessed areas consist of: steps taken to apply the presumption of openness, 

effective system for responding to requests, proactive disclosures, use of technology, and steps taken to 

improve timeliness in responding to requests and reducing backlog. The Disclosure Division also supported 

the Corporation’s SFA Program transparency efforts by conducting commercial, financial, and PII reviews of 

all applications prior to posting to PBGC.gov.

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

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

timely completion and closure of such 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 the OIG review.

PBGC is committed to addressing the OIG recommendations in a timely manner. During FY 2022, PBGC 

closed 46 audit recommendations. Also, during FY 2022, PBGC received 19 new audit recommendations, 

resulting in 35 open at the end of FY 2022.
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PBGC’s OIG oversaw the annual financial statement audit completed by independent public accounting firm, 

Ernst & Young LLP. In addition, during FY 2022, the OIG performed other audits and evaluations,

including the following:

• Audit of the Pension Benefit Guaranty Corporation’s Fiscal Year 2021 and 2020 Financial 

Statements (AUD-20222) issued November 15, 2021. In this report, the OIG stated this is the 29th 

consecutive unmodified financial statement audit opinion. PBGC maintained, in all material respects, 

effective internal control over financial reporting. In the report, the OIG identified the following 

significant deficiency:

o Lack of Reevaluation of Policies, Procedures and Controls when Significant Changes to 

Programs Occur (this was subsequently resolved during FY 2022 Financial Statement Audit).

• PBCG’s Compliance with the DATA Act (AUD-2022-01), issued October 14, 2021. As required 

by the Digital Accountability and Transparency Act of 2014 (DATA Act), the OIG assessed the (1) 

completeness, accuracy, timeliness, and quality of the financial and award data submitted for 

publication on USASpending.gov; and (2) PBGC’s implementation and use of the government-wide 

financial data standards established by OMB and Treasury. PBGC generally complied with the 

requirements for completeness, timeliness, quality, and accuracy of the data, and implementation and 

use of the government-wide financial data standards established by OMB and Treasury.

Overall, the OIG rated PBGC data results to be of “excellent” quality based on the established 

standards. However, the OIG observed some inconsistencies, variances, and errors that might have 

impacted PBGC’s reporting of reliable and consistent federal spending data for public use. Some of 

these errors were attributable to third parties, such as the Federal Procurement Data System-Next 

Generation (FPDS-NG) and System for Award Management (SAM). In addition, the OIG found that 

although PBGC timely reported the 59 procurement awards in the sample, it did not consistently 

report financial assistance awards timely to comply with the 30-day time limit in the Federal Funding 

Accountability and Transparency Act of 2006. The OIG made one recommendation, which is closed.

• PBGC Can Improve the Effectiveness of the Missing Participants Program (EVAL-2022-04), 

issued January 7, 2022. The OIG concluded that while PBGC has had success locating missing 

participants, the program could be more effective. The OIG determined that PBGC needs to improve 

and emphasize the Missing Participants Program (MPP). Currently, the program (1) does not have 

performance measures, (2) uses unreliable data management practices, and (3) MPP procedures do not 

reflect the actual business practices used in program administration. Without performance measures, 

identifying outliers in performance is difficult, and not having sound data management practices has led 

to a lack of quantitative data available for program evaluation. Further, the lack of MPP procedures 

reflecting actual business practices may lead to ineffective implementation of the program and hinder 

continuity of operations. The OIG made five recommendations to the Corporation and corrective 

actions are ongoing.

• Survey of PBGC Contracting Officers’ Representatives (SR-2022-05), issued January 10, 2022. 

The OIG conducted a survey of PBGC Contracting Officer’ Representatives (CORs) to obtain their 

views of PBGC contract administration and related areas. The survey had positive results overall;

however, respondents identified some areas for improvement. The majority of CORs responding to the 

survey had six or more years of experience and were mid- to senior-level employees. Most respondents

agreed with statements regarding having enough time for COR duties, receiving adequate training, and 
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other areas. Respondents also indicated they were knowledgeable about various areas related to their 

COR duties, such as reviewing contractors’ invoices. One potential area for improvement is the 

timeliness of the source selection process. In addition, turnover among Contracting Officers was the 

most common response to an open-ended question regarding challenges facing CORs.

• Evaluation of PBGC’s Purchase Card Program (EVAL-2022-10), issued April 4, 2022. The OIG 

found that while PBGC internal controls for administering PBGC’s Purchase Card Program are 

adequate to prevent fraud, waste, and abuse, there are several areas where internal controls over the 

program can be strengthened. First, the OIG found instances in which 25 cardholders, in

contravention of OMB Circular A-123, Appendix B and PBGC’s Purchase Card Manual, paid $8,601 in 

state and local sales taxes to vendors. Second, the OIG found that, in contravention of regulations,

laws and policies, documents were missing or incomplete. Specifically, the OIG identified nine trained 

and authorized cardholders, who made transactions in FY 2019, but whose names did not appear on 

the Agency Program Coordinator’s (APC) list of active and closed/inactive accounts. They also

identified five cardholders who did not have a request for appointment document, which PBGC’s 

manual requires the APC to maintain; one Approving Official who did not have a training certificate 

on file; one cardholder who did not have a Delegation of Authority letter; and one Delegation of 

Authority letter that was not signed and dated. The OIG made three recommendations to the 

Corporation. Changes to address two of the recommendations have been submitted to the OIG for 

review and the corrective actions are ongoing for the remaining recommendation.

• Evaluation of PBGC’s Fiscal Year 2021 Compliance with the Payment Integrity Information 

Act of 2019 (EVAL-2022-1111), issued May 12, 2022. As required by the Payment Integrity 

Information Act of 2019 (PIIA), the OIG reviewed PBGC’s compliance with improper payment

reporting requirements. For FY 2021, the OIG reviewed the Improper Payment Reporting section of 

PBGC’s FY 2021 Annual Report, and interviewed PBGC staff to gain an understanding of the 

procedures, oversight, and internal controls in place for the FY 2021 Annual Report Payment Integrity 

section and any accompanying materials related to preparing the required risk assessments, preventing, 

and detecting improper payments, and recapturing improper payments. It was determined that PBGC 

was compliant with the PIIA risk assessment and reporting requirements. The OIG identified one 

recommendation that would improve payment integrity risk assessment of the agency and corrective 

actions are ongoing.

For more information about the 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 its 2021 High Risk Programs Report in March 2022, GAO published a High-Risk Series 

report “Key Practices to Successfully Address High-Risk Areas and Remove Them from the List.” In that report, 

GAO recognized enactment of ARP mitigated certain financial risks facing PBGC. Specifically, it is projected to 

extend the solvency of PBGC’s Multiemployer Program. GAO noted, even with the special financial assistance, 

PBGC’s insurance programs continue to face the potential for large claims that could put stress on the programs’

long-term financial condition and that Congress could take further actions to improve the long-term stability of 

both insurance programs.
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PBGC also monitors progress in addressing GAO recommendations. As of September 30, 2022, PBGC had no open GAO 

recommendations. For more information about GAO’s work on pensions and retirement security issues, visit GAO.gov.
PBGC FY 2024 Annual Performance Plan

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

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

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

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

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

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

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

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

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

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

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

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

• Accountants 

• Actuaries

• Attorneys 

• Auditors 

• Benefit Specialists

• Analysts 

• Information Technology and Cybersecurity Experts

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

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

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

accomplishments. The framework is consistent with requirements outlined in Government 

Performance and Results Modernization Act of 2010. 

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

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

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

PBGC Annual Report 2022
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 1 

Strategic Goal 1

Preserve Plans and Protect the Pensions of Covered Workers and Retirees

Strategic Objectives Performance Strategies

1. Encourage the continuation 

and maintenance of pension 

plans

• Engage with employers, workers, and pension practitioners to 

encourage pension plan continuation and strengthen retirement 

security

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

implementation of mergers, partitions, and alternate withdrawal 

liability proposals to reduce employer risk, while preserving plans 

and benefits

• Maintain a regulatory environment that serves the interests of 

stakeholders and minimizes the burdens of sponsoring a plan

• Continue to educate and inform the multiemployer community 

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

the American Rescue Plan of 2021 (ARP) 

2. Protect workers and retirees 

when plans are at risk

• Preserve plans during bankruptcy and other corporate transactions 

• Protect the retirement security of workers and retirees and the 

interest of premium payers in federal courts

• Provide technical assistance, analysis, and options to policymakers 

and Congress to improve the financial stability of the Multiemployer 

Program 

• Continue to provide financial assistance to insolvent multiemployer 

plans

3. ARP Implementation, 

regulations, guidance to 

multiemployer plans, and 

technical assistance to 

Congress

• Research and forecast insurance program activities 

• Provide guidance to plans on the implementation of mergers, 

alternate withdrawal liability proposals, and other means to reduce 

employer risk, while preserving plans and benefits

• Provide confidential technical assistance, analysis, and options to 

Congressional and Executive Branch policy makers to improve the 

financial stability of PBGC’s insurance programs 

• Review applications for Special Financial Assistance (SFA) from 

eligible multiemployer plans and requests for financial assistance 

from insolvent multiemployer plans

• Deliver data tables and the Projections Report to Congress and 

stakeholders

• Provide stakeholder education and outreach through meetings with 

stakeholders

• Continue to provide financial assistance and provide SFA to 

multiemployer plans 

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

PBGC FY 2024 APP - 2 

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

Pension 

Insurance 

Total Funding 91,330 94,603 95,829

Total Full-time Equivalent (FTE) 230 230 230

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

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

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

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

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

Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategies:

• Receive stakeholder input

• Provide technical assistance and 

practical guidance to plan sponsors on 

the implementation of proposed options 

to reduce risks, while preserving plans 

and benefits

• Perform rigorous cost-benefit analysis

• Prioritize simplification and transparency

• Research and implement improvements 

each year to PBGC’s communications 

(including PBGC.gov) in response to 

customer feedback and key performance 

indicators

• Provide stakeholder education and 

outreach by holding meetings with 

participant groups, plan sponsors, 

practitioner groups, industry 

associations, and other interested 

stakeholders

• Provide data-driven communications to 

stakeholders based on the latest pension 

research, data, and projections

• Inform practitioners and other 

stakeholders of key new regulations 

through speaking engagements at 

stakeholder conferences and meetings

• Engage with employers, participants, and pension 

practitioners to encourage pension plan continuation

and strengthen retirement security

• Provide timely, concrete, and practical guidance to 

plans on the implementation of mergers, partitions, and 

alternate withdrawal liability proposals to reduce 

employer risk, while preserving plans

• Maintain a regulatory environment that serves 

stakeholders and minimizes the burdens of sponsoring 

a plan

• Educate and inform the multiemployer community 

(participants, plan sponsors, and other stakeholders) on 

the ARP

• Inform stakeholders about provisions of key regulatory 

proposals and enacted legislative changes

• Develop and sustain strong communications with 

Congress

• Support Congressional and Executive Branch 

policymakers in providing technical assistance 

regarding PBGC’s programs

• Work with stakeholders to promote understanding of 

major program risks and possible mitigation strategies

• Serve as a resource for pension policy analysis and 

pension research products, education, and guidance

• Develop an annual Projections Report on the future 

status of the Single-Employer and Multiemployer 

Programs 

• Deliver pension insurance data tables annually to 

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

PBGC FY 2024 APP - 3 

• Maximize education and outreach through meetings 

with participant groups, plan sponsors, practitioner 

groups, industry associations, and other stakeholders

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

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

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

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

PBGC FY 2024 APP - 4 

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

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

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

following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Protect pensioners by 

proactively monitoring PBGC’s 

largest exposures for 

transactions that may pose 

substantial risks to participants 

and retirees

• Ensure all plans identified in the 

statistical sample are opened for 

audit during the year to ensure 

that participants receive their full 

retirement benefits

• Represent PBGC’s interests in 

all bankruptcy cases involving 

defined benefit pension plans

• Preserve plans during plan sponsor bankruptcies and other 

corporate transactions

• Protect the retirement security of workers and retirees and the 

interests of premium payers in federal courts

• Provide confidential technical assistance, analysis, and options 

to policymakers and Congress to improve the financial stability 

of the Multiemployer Program

• Continue to provide financial assistance to insolvent 

multiemployer plans

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual

(Target) 

FY 2024

Actual

(Target) 

Reportable events resolved within 30 

days

100%

(95%)

100%

(95%)

100%

(95%)

N/A

(95%)

N/A

(95%) 

Percent of termination recommendations 

approved by senior Agency officials

100%

(90%)

100%

(90%)

100%

(90%)

N/A

(90%)

N/A

(90%) 

Standard termination audits completed 313

(300) 

246

(300)

242

(250) 

N/A

(225) 

N/A

(225) 

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

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

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

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

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

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

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

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

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

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

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

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

PBGC FY 2024 APP - 5 

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

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

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

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

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

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

Performance Goal(s): Performance Strategy:

• Deliver annual Projections 

Report on the future status of the 

Single-Employer and 

Multiemployer Programs

• Deliver guidance to plans that 

may be eligible for SFA and 

process plan applications 

promptly

• Publish annual pension data to 

educate stakeholders on the 

Single-Employer and 

Multiemployer Programs 

• Educate and inform the 

multiemployer community on the 

effects of ARP

• Monitor all multiemployer plans 

that receive special and regular 

financial assistance for 

compliance with laws and 

regulations

• For insolvent plans, maintain 

rigorous audit standards to 

ensure accurate benefit payments 

to plan participants, efficient 

management of any remaining 

assets, and compliance with laws 

and regulations

• Research and forecast insurance program activities

• Provide guidance to plans on the implementation of mergers, 

alternate withdrawal liability proposals, and other means to 

reduce employer risk, while preserving plans and benefits

• Provide confidential technical assistance, analysis, and 

options to Congressional and Executive Branch policy makers 

to improve the financial stability of PBGC’s insurance 

programs 

• Review applications for SFA from eligible multiemployer 

plans and requests for financial assistance from insolvent 

multiemployer plans

• Deliver data tables and the Projections Report to Congress and 

stakeholders

• Provide stakeholder education and outreach through meetings 

with stakeholders

• Continue to provide financial assistance and provide SFA to 

multiemployer plans

Performance Measures and Targets FY 2020

Actual

FY 2021

Actual 

FY 2022

Actual 

FY 2023

Actual 

FY 2024

Actual 

Number of SFA applications processed 

(approved or denied) for ME plans

within 120-day statutory deadline

(revised) 

N/A N/A 30

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

PBGC FY 2024 APP - 6 

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

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

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

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

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

PBGC FY 2024 APP - 7 

Strategic Goal 2

Pay Pension Benefits on Time and Accurately

Strategic Objectives (SO) Performance Strategies

4. Ensure regular monthly 

benefit payments continue 

without interruption

• Continue uninterrupted benefit payments in newly trusteed 

plans 

• Process benefit applications timely

• Prioritize processing plans with greatest number of participants

5. Provide accurate and timely 

benefit calculations

• Improve the timeliness and completeness of benefit 

determinations

• Provide a timely and efficient appeals process for PBGC 

benefit determinations

• Resolve appeals quickly and fairly

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

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

Pension Plan 

Termination

Total Funding 200,979 199,479 209,682

Total FTE 328 328 328

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

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

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

Performance Goal(s): Performance Strategy:

• Approve benefit applications 

within 45 days 87 percent of the 

time 

• Process benefit applications timely

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

Benefit applications approved within 45 

days

78% 

(87%)

76% 

(87%)

85%

(87%) 

N/A

(87%) 

N/A 

(87%) 

First payment delivered on requested 

annuity start date 90 percent of the time

N/A 

(N/A)

N/A

(N/A)

N/A

(N/A)

N/A

(remove) 

N/A

(eliminate) 

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

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

PBGC FY 2024 APP - 8 

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

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

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

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

Performance Goal(s): Performance Strategy:

• Ensure that the average time in 

years to issue a benefit 

determination (time between 

trusteeship and benefit 

determination issuance)) is 4.5 

years

• Improve the timeliness and completeness of benefit 

determinations 

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

Average time in years to issue a benefit 

determination (time between trusteeship 

and benefit determination issuance) is 4.5 

years

5.3

(5.5)

5.9

(5.0) 

4.1

(4.5) 

N/A

(4.5)

N/A

(4.5) 

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

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

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

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

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

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

Performance Goal(s): Performance Strategy:

• Provide estimated benefits 

within 10 percent of the final 

benefit determination 95 percent

of the time

• Improve the accuracy of benefit determinations

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

Estimated benefits within 10 percent of 

the final benefit determination 95 percent

of time

96%

(95%)

98%

(95%)

97%

(95%)

N/A

(95%)

N/A

(95%) 

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

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

PBGC FY 2024 APP - 9 

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

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

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

Measures.

Performance Goal(s): Performance Strategy:

• Resolve majority of appeals 

within one year 

• Provide a timely and efficient appeals process for PBGC 

benefit determinations

• Resolve appeals quickly and fairly

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

Percentage of appeals resolved within 

365 days

99%

(90%) 

97%

(90%)

94%

(90%)

N/A

(90%)

N/A

(90%) 

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

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

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

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

based on current workload.
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 10

Strategic Goal 3

Maintain High Standards of Stewardship and Accountability

Strategic Objectives (SO) Performance Strategies

6. Provide an excellent 

customer experience by 

providing excellent service 

• Research and implement improvements each year to PBGC’s 

communications (including PBGC.gov) in response to 

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

surveys, etc.) 

• Seek opportunities to reach out to retirees and pension 

participants with disabilities, limited English proficiency, and 

limited access to internet

7. Meet or exceed the financial 

and ethical standards that 

apply to PBGC as a major 

financial and government 

institution, and monitor cash 

flows (including appropriated 

funds for SFA payments)

• Manage investments prudently consistent with investment 

policy

• Collect insurance premiums due

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

• Maintain a robust control environment that will prevent, 

detect, and recover improper payments 

• Conduct quality due diligence on the PBGC investment 

portfolios

8. Maintain effective 

Information Technology (IT)

Security

• Maintain adequate IT Security posture based on National 

Institute of Standards and Technology (NIST) guidance and 

implement Department of Homeland Security (DHS)

Cybersecurity Directives

• Ensure ongoing authorization of all Federal Information 

Security Modernization Act (FISMA) reportable system by 

overseeing information security continuous monitoring 

(ISCM) 

• Fully comply with quarterly/annual FISMA reporting 

requirements per Office of Management and Budget (OMB)

guidance to maintain awareness of cybersecurity program 

performance and deficiencies

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

Toward Zero Trust Cybersecurity Principles pertaining to 

zero trust architecture implementation

• Fully integrate identify and credential access management 

(ICAM) solutions

9. Retain a highly skilled 

workforce 

• Train a high-quality multidisciplinary workforce 

• Train supervisors and managers on managing telework 

employees

• Increase and develop innovative virtual management training

• Support supervisors and managers on managing employee 

performance
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 11

• Incorporate in the monthly Work Life and Wellness themes 

with live virtual webinars hosted through Federal Occupation 

and Health (FOH) and Work Life for You

• Provide live webinars and department training for Employee 

Assistance Program (EAP) services

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

Program (SLRP) 

10. Encourage and support a 

diverse and inclusive work 

environment that encourages 

employee engagement

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

segments of American society 

• Foster a culture of inclusion that encourages collaboration, 

flexibility, and fairness

• Deliver Diversity, Equity, Inclusion, and Accessibility 

(DEIA) training opportunities to all PBGC staff to create 

opportunities for individuals to investigate their bias and to 

understand bias’s impact on equal employment opportunity

11. Strengthen transparency, 

disclosure, and 

communication

• Provide effective and timely communication with plan 

participants and other stakeholders

• Inform stakeholders about provisions of key legislative and 

regulatory proposals

• Make improvements to annual communications based on 

quarterly analytics 

• Foster consistent, fair, and impartial treatment of participants 

and stakeholders, including those who belong to historically 

underserved communities

• Maintain a secure hosting environment, closely monitor web 

logs, and respond quickly to any issues that arise

12. Strengthen enterprise risk 

management (ERM) 

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

risks

13. Strengthen contractor 

oversight to reduce 

enterprise-wide risks

• Continue to improve accountability of acquisition processes

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

Counsel/Chief Policy Officer 

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

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

Total FTE 410 410 412
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 12

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

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

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

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

Performance Goal(s): Performance Strategy:

PBGC actions result in achievement of:

• 78 or higher customer 

satisfaction score on PBGC’s 

online premium filing tool, My 

Plan Administration Account 

(My PAA), by 2023 

• 74 or higher on PBGC’s 

premium filer customer 

satisfaction survey by 2023 

• Research and implement improvements each year to PBGC’s 

communications in response to customer feedback and key 

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

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

PBGC’s actions result in satisfaction 

scores that meet or exceed targets for My 

PAA Online survey 

90

(80)

71

(80)

72

(80)

N/A

(78) 

N/A

(78) 

PBGC’s actions result in satisfaction 

scores that meet or exceed targets for 

Premium Filer survey 

76

(74)

77

(74)

77

(74)

N/A

(74)

N/A

(74) 

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

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

updates, issues, or concerns

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

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

PBGC FY 2024 APP - 13

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

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

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

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

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

Performance Goals, Strategies, and Measures. 

Performance Goal(s): Performance Strategy:

• Achieve scores that meet or 

exceeds the targets on all three 

Customer Satisfaction surveys 

• Frequently promote equity 

through customer outreach and 

communication, identifying and 

educating at-risk elderly 

customers

• Research and implement improvements each year to PBGC’s 

communications in response to customer feedback and key 

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

• Seek opportunities to reach out to retirees and pension 

participants with disabilities, limited English proficiency, and 

limited access to internet

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

PBGC’s actions result in achievement of 

a score of 90 or higher on PBGC’s 

Retiree customer satisfaction survey 

89

(90)

88

(90)

86

(90)

N/A

(90)

N/A

(90) 

PBGC’s actions result in achievement of 

a score of 77 or higher on PBGC’S 

MyPBA customer satisfaction survey

78

(77)

64

(77)

45

(77)

N/A

(77) 

N/A

(77) 

PBGC’s actions result in achievement of 

83 or higher on PBGC’s Participant 

Caller satisfaction survey

81

(85)

76

(85)

76

(83) 

N/A

(83)

N/A

(83) 

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

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

PBGC FY 2024 APP - 14

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

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

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

and Measures.

Performance Goal(s): Performance Strategy:

• Attain an unmodified audit 

opinion on annual financial 

statements 

• Collect insurance premiums due

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

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual 

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

PBGC’s actions will result in an 

unmodified Financial Statement Audit 

Yes

(Yes)

Yes

(Yes)

Yes

(Yes)

N/A

(Yes)

N/A

(Yes) 

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

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

Manual and key internal controls.

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

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

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

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

Measures.

Performance Goal(s): Performance Strategy:

• Compliance with the 

Payment Integrity 

Information Act of 

2019 (PIIA) to 

prevent, detect, and 

recover improper 

payments 

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

recover improper payments

Performance Measures and 

Targets

FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

PBGC’s actions will result in 

compliance with the 

Payment Integrity 

Information Act of 2019 

(PIIA) 

Yes

(Compliance 

with Improper 

Payments 

Elimination 

Yes

(Compliance 

with PIIA) 

Yes

(Compliance 

with PIIA)

N/A

(Compliance 

with PIIA) 

N/A

(Compliance 

with PIIA) 
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 15

and Recovery

Act of 2012)

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

• Conduct payment integrity risk assessments on selected payment streams.

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

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

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

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

Performance Goal(s): Performance Strategy:

• Comply with the asset allocation 

set forth in the Investment Policy 

Statement

• Manage investments prudently and consistent with investment 

policy

• Conduct quality due diligence on the PBGC investment 

portfolios

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual 

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

PBGC’s actions result in compliance 

with asset allocation listed in current 

Investment Policy Statement

Yes

(Yes)

Yes

(Yes)

Yes

(Yes)

N/A

(Yes) 

N/A

(Yes)

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

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

PBGC FY 2024 APP - 16

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

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

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

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

and Measures.

Performance Goal(s): Performance Strategy:

• Maintain or exceed “level 4: 

Managed and Measurable 

Rating” or as determined by 

the Inspector General (IG) as 

effective overall on the Office 

of the Inspector General (OIG) 

Cybersecurity Framework 

Functions 

• Align agency resources to 

ensure 100 percent active 

compliance with Executive 

Order 14028 requirements and 

the corresponding agency 

reporting

• Maintain adequate IT Security posture based on NIST guidance 

and implement DHS Cybersecurity Directives

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

overseeing ISCM

• Fully comply with quarterly/annual FISMA reporting 

requirements per OMB guidance to maintain awareness of 

cybersecurity program performance and deficiencies

• Prioritize Executive Order 14028 initiatives 

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

Zero Trust Cybersecurity Principles pertaining to zero trust 

architecture implementation

• Fully integrate ICAM solutions

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target) 

Conduct OMB RMA

(No longer a measure, Cybersecurity 

& Infrastructure Security Agency 

discontinued use of RMA in 2021) 

Yes

(Managing 

Risk)

Yes

(Managing 

Risk)

N/A

(Discontinued) 

N/A

(Discontinued) 

N/A

(Discontinued) 

Maintain or exceed a level 4 rating on 

the CMM Rating/IG FISMA 

Evaluation

(New measure replaces OMB RMA)

Yes

(Managing 

Risk)

Yes

(Managing 

Risk)

Effective

(CMM 

Rating 4 

Effective) 

TBD

(CMM 

Rating 4 

Effective)

TBD

(CMM 

Rating 4 

Effective)

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

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

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

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

cybersecurity dashboard. 

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

PBGC FY 2024 APP - 17

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

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

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

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

Performance Goal(s): Performance Strategy:

• Increase leadership understanding 

of Diversity, Equity, Inclusion, 

and Accessibility

• Increase management 

participation in training on 

managing teleworking employees 

by 10 percent

• Increase participation in the

Student Loan Repayment 

Program (SLRP) by 5 percent by 

continuing education for 

management recruitment and 

retention incentives, increase 

eligible application pool, and 

increasing the use of marketing 

tools, such as program videos, 

cartoons, and intranet presence

• Provide 10 virtual Work Life and 

Wellness Programs annually

• Train and educate supervisors and managers on the impacts of 

Diversity, Equity, Inclusion, and Accessibility (DEIA)

• Train a high-quality multidisciplinary workforce 

• Train supervisors and managers on managing telework 

employees

• Increase and develop innovative virtual management training

• Support supervisors and managers on managing employee 

performance

• Incorporate in the monthly Work Life and Wellness themes 

with live virtual webinars hosted through FOH and Work Life 

for You

• Provide live webinars and Department training for EAP 

services

• Update respective policies, e.g., SLRP

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual

(Target) 

Provide a minimum of two DEIA 

trainings or informational 

communications to supervisors and 

managers

New 

Measure

2

(2) 

8

(4) 

N/A

(2) 

N/A

(2) 

Conduct a minimum of two performance 

and employee conduct trainings

3

(2) 

18

(2) 

44

(2) 

N/A

(2) 

N/A

(2) 

Participate in a minimum of two targeted 

job fairs

3

(2) 

4

(2) 

7

(2) 

N/A

(4) 

N/A

(4) 

Provide work-life balance and wellness 

events

40

(20)

97

(25)

93

(25)

N/A

(25)

N/A

(25) 

Conduct a minimum of two managing 

telework employee trainings 

N/A

(N/A)

N/A

(N/A)

4 N/A

(2) 

N/A

(2) 
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 18

(2)

Promote retention incentives N/A

(N/A)

N/A

(N/A)

5

(2) 

N/A

(2) 

N/A

(2) 

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

• Promote participation of the Student Loan Repayment Program. 

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

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

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

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

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

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

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

Performance Goal(s): Performance Strategy:

• By 2026 and per Federal Equal 

Employment Opportunity 

Commission’s (EEOC) 

benchmark, have General 

Schedule (GS)-15 and Senior 

Level (SL) grade representation 

more reflective of the agency’s 

total workforce

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

segments of American society 

• Foster a culture of inclusion that encourages collaboration, 

flexibility, and fairness

• Deliver DEIA training opportunities to all PBGC staff to create 

opportunities for individuals to investigate their bias and to 

understand bias’s impact on equal employment opportunity

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual

(Target) 

Increase gradually – half percent each 

year until grade representation for these 

groups increases in GS-15 and SL

No

(Yes)

No

(Yes)

No

(Yes)

N/A

(Yes)

N/A

(Yes) 

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

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

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

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

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

planning, and DEIA efforts. 

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

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

diverse groups.
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 19

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

anti-discriminatory and anti-harassment behavior. 

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

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

mitigate discrimination. 

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

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

another’s dimensions of identity in the workplace. 

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

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

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

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

Performance Goal(s): Performance Strategy:

• Comply with all FOIA deadlines 

and maintain model disclosure 

program

• Research and implement 

improvements each year to 

PBGC’s communications 

(including PBGC.gov) in response 

to customer feedback and key 

performance indicators (surveys, 

etc.)

• Maximize stakeholder education 

and outreach, including published 

regulation by holding meetings 

with participant groups, plan 

sponsors, practitioner groups, 

industry associations, and other 

interested stakeholders

• Provide annual data-driven data 

tables and projection reports to 

stakeholders based on the latest 

pension research, data, and 

projections

• Ensure stakeholder access to 

information on PBGC.gov by 

monitoring and improving the 

website’s performance and 

security, and working with its host 

to minimize service interruptions 

• Provide effective and timely communication with plan 

participants and other stakeholders

• Inform stakeholders about provisions of key legislative and 

regulatory proposals

• Make improvements to annual communications based on 

quarterly analytics

• Foster consistent, fair, and impartial treatment of participants 

and stakeholders, including those who belong to historically 

underserved communities

• Maintain a secure hosting environment, closely monitor web 

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

PBGC FY 2024 APP - 20

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

Number of improvements to the usability 

and content of PBGC.gov per year

7

(6) 

10

(8) 

12

(10) 

N/A

(10)

N/A

(10) 

PBGC.gov website availability (new 

measure started in FY 2022) 

N/A

(N/A) 

N/A

(N/A) 

99%

(99%) 

N/A

(99%)

N/A

(99%) 

PBGC’s actions result in satisfaction 

scores which meet or exceed targets 

website customer satisfaction online 

survey 

73

(75)

64

(75)

63

(75)

N/A

 (Retire) 

N/A 

(Eliminate)

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

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

experience at PBGC.gov. 

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

resolve any service issues. 

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

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

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

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

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

Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Implement enterprise 

risk management 

requirements by 

conducting a risk 

assessment and 

providing risk-related 

training to the Risk 

Management Council

(RMC) and department 

directors (or their 

designees) annually

• The FY 2022 and FY 

2023 entity-wide risks 

identified will be 

evaluated during the 

annual risk assessment 

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

• Continuously seek to improve program maturity level by identifying 

emerging risks

• Complete annual risk assessment by OMB deadline

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

• Implement Risk Management Office (RMO) succession planning

• Deliver ERM training to RMC and Department Directors to ensure 

consistent knowledge base
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 21

Performance Measures and 

Targets

FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

Identification of emerging 

entity-wide risks in a timely 

manner

Identified 21 

emerging risks

(Increased 

identification 

of emerging 

entity-wide 

risks in a 

timely manner)

Yes

(Increased 

identification 

of emerging 

entity-wide 

risks in a 

timely 

manner)

Yes

Identified 23 

emerging risks

(Increase 

identification 

of entity-wide 

risks in a 

timely 

manner)

N/A

(Identify 

entity-wide 

risks in a 

timely 

manner)

N/A

(Identify 

entity-wide 

risks in a 

timely 

manner) 

Continue knowledge-sharing 

related to risks

Considered 

risks, included 

as decision 

criteria for 

budget 

decisions.

Collected risk 

responses from 

the APP Point 

of Contacts 

(POCs) to 

identify risks 

that impeded 

delivery on FY 

2022 

performance 

goals and 

reviewed with 

RMC 

(Increased riskinformed 

decisionmaking)

 Yes

(Increase in 

risk-informed 

decisionmaking)

Yes

(Increase in 

risk-informed 

decisionmaking)

N/A

(Continue 

risk-informed 

decisionmaking)

N/A

(Continue 

risk-informed 

decisionmaking) 

Constant vigilance to foster a 

risk management culture

RMO webpage 

updated, 

quarterly RMO 

messages 

 Yes

(Continue to 

communicate 

ERM status)

Yes 

(Continue to 

communicate 

ERM status

N/A

(Continue to 

communicate 

ERM status)

N/A

(Continue to 

communicate 

ERM status)
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 22

distributed to 

PBGC Federal 

employees

(Continued 

communication 

regarding 

ERM) 

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

• Conduct entity-wide risk assessment. 

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

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

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

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

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

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

Measures.

Performance Goal(s): Performance Strategy:

• Ensure 100 percent of contract 

actions marked “applicable” 

undergo legal review

• Identify root causes and incorporate lessons-learned to improve 

future acquisitions

• Improve accountability of acquisition processes

Performance Measures and Targets FY 2020

Actual 

(Target) 

FY 2021

Actual 

(Target) 

FY 2022

Actual

(Target) 

FY 2023

Actual 

(Target) 

FY 2024

Actual 

(Target) 

Number of activities and streamlined 

guidance implemented

6

(5) 

5

(5) 

5

(5) 

N/A

(5) 

N/A

(3) 

Percentage of contract actions marked 

“Applicable” undergo legal review 

N/A

(N/A)

N/A

(N/A)

100%

(New 

Measure)

N/A

(100%) 

N/A 

(100%) 

Percentage of requirements originating 

within OMA sent to CMO for review

N/A

(N/A)

N/A

(N/A)

100%

(New 

Measure)

N/A

(100%) 

N/A

(100%) 
PENSION BENEFIT GUARANTY CORPORATION

PBGC FY 2024 APP - 23

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

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

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

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

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

offices. 
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 24

FY 2022 OPERATIONS IN BRIEF

2022

Target

2022

Actual

2021

Actual

GOAL 1: Preserve Plans and Protect Pensions

Single-Employer Plan Participants Protected – 

Employers Emerging from Bankruptcy During the 

Year

999 99,345

Single-Employer Plan Standard Termination 

Audits: Additional Payments

$1.03M paid to 663 

participants

$2.6M paid to 1,462

participants

Single-Employer Benefit Payments for Terminated 

Plans

• Participants Receiving Benefits 960,000 970,000

• Benefits Paid Over $7.0B Over $6.4B 

• Participants Expected to Receive Future 

Benefits 496,000 525,000

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

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

Multiemployer Participants in Insolvent Plans

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

o Participants in Plans that Have 

Received Special Financial 

Assistance (SFA)

149,855 n/a

o Participants Expected to Receive 

Future FA Benefits 46,480 37,172

o Participants in Plans Receiving 

Regular FA 93,525 80,786

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

o SFA Payments $7.6B n/a

o Regular FA Payments $217.4M $221M

GOAL 2: Pay Timely and Accurate Benefits

Estimated Benefits Within 10 Percent of Final 

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

PBGC FY 2024 APP - 25

FY 2022 OPERATIONS IN BRIEF

Average Time to Provide Benefit Determinations 

(Years) 4.5 4.1 5.9 

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

Improper Payment Rates Within OMB Threshold1 <1.5% Yes Yes

GOAL 3: Maintain High Standards of Stewardship and Accountability2

Retiree Satisfaction – ACSI3 Score 90 86 88

Participant Caller Satisfaction – ACSI Score 83 76 76

Premium Filer Satisfaction – ACSI Score 74 77 77

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

Multiemployer – Financial Net Position $1.1B $0.5B

Unmodified Financial Statement Audit Opinion Yes Yes Yes

Maintain or exceed a level 4 rating on the CMM 

Rating/IG FISMA Evaluation

Effective Effective Yes

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

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

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

PBGC FY 2024 APP - 26

Glossary of Acronyms 

ACSI American Customer Satisfaction Index IRS Internal Revenue Service

APP Annual Performance Plan ISCM Information Security Continuous Monitoring

ARP American Rescue Plan Act of 2021 IT Information Technology

BPIT Budget and Planning Integration Team ITPRB Information Technology Portfolio Review 

Board

CCC Customer Contact Center ME Multiemployer

CDM Continuous Diagnostics and Mitigation My PAA My Plan Administration Account

CFRD Corporate Financing and Restructuring 

Department 

MyPBA My Participant Benefit Access

CMM Capability Maturity Model NIST National Institute of Standards and Technology

CMO Chief Management Officer OEEO Office of Equal Employment Opportunity

CSF Cybersecurity Framework OIG Office of the Inspector General

CX Customer Experience OMA Office of Management and Administration

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

DHS Department of Homeland Security ONR Office of Negotiations and Restructuring

EAP Employee Assistance Program OPEA Office of Policy & External Affairs

EEO Equal Employment Opportunity PD Procurement Department

EEOC Equal Employment Opportunity Commission PIIA Payment Integrity Information Act

ERM Enterprise Risk Management POC Point of Contact

FA Financial Assistance PRO Problem Resolution Officer

FISMA Federal Information Security Modernization 

Act of 2014

PRISM Procurement Information System for 

Management

FMFIA Federal Managers Financial Integrity Act of 

1982

RMA Risk Management Assessment

FOH Federal Occupational Health RMC Risk Management Council

FOIA Freedom of Information Act RMO - Risk Management Officer

FTE Full-time Equivalent SFA Special Financial Assistance

GS General Schedule SL Senior Level

ICAM Identify and Credential Access Management SLRP Student Loan Repayment Program

ICC Internal Corporate Controls SO Strategic Objective

IG Inspector General
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2024 APP - 27