PENSION BENEFIT GUARANTY CORPORATION

PBGC - 15 

FY 2022 PBGC Annual Performance Plan 

PBGC’s current FY 2018-2022 Strategic Plan provides the framework for this annual 

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

reviews. Agency leaders review performance data and status reports on a quarterly basis. The 

continuous evaluation of performance data and customer feedback helps agency leadership to 

monitor what is working well and what may need to be adjusted. These performance reviews 

allow agency leaders to realign or adjust human capital and other resources to influence progress 

on agency goals and priorities. 

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

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

administrative staff. The current workforce consists of just under 1,000 federal employees, who 

are supported by about 1,260 contractors. Every federal employee has a performance plan with 

objectives tied to the agency’s strategic goals. Employees review their performance objectives 

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

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

• Accountants,

• Actuaries,

• Attorneys,

• Auditors,

• Benefits Specialists,

• Analysts, and

• IT and Cybersecurity Experts.

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

America's pensions. We publish an annual performance report of the agency’s accomplishments. 

This framework is consistent with requirements outlined in Government Performance and 

Results Modernization Act of 2010. 

For the full FY 2018-2022 PBGC Strategic Plan, please visit: 

https://www.pbgc.gov/documents/pbgc-strategic-plan-2022-2026.pdf

For the FY 2020 PBGC Annual Performance Report (APR), please visit:

https://www.pbgc.gov/sites/default/files/pbgc-annual-report-2020.pdf
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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, 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 

and benefits

• Maintain a regulatory environment that serves the interests of 

stakeholders and minimizes the burdens of sponsoring a plan

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 policy 

makers and Congress to improve the financial stability of the 

Multiemployer Program 

• Continue to provide financial assistance to insolvent 

multiemployer plans 

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

Performance Area ($ in thousands) FY 2020 FY 2021 FY 2022

Pension Insurance Total Funding 83,457 97,446 89,035

Total FTE 230 230 230

Communications and Outreach activities support Strategic Objective 1 (Encourage the continuation and 

maintenance of pension plans) by providing exceptional customer service and strengthening 

transparency, disclosure, and communication in order to encourage the continuation and maintenance of 

pension plans. Results are measured through the following Performance Goals, Strategies, and 

Measures.

Performance Goal(s):

• 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

• Achieve a score of 78 or higher on PBGC’s 

website customer satisfaction survey by FY 

2022

Performance Strategy:

• Engage with employers, participants, and 

pension practitioners to encourage pension plan 

continuation and strengthen retirement security

• Maintain a regulatory environment that serves 

stakeholders and minimizes the burdens of 

sponsoring a plan

• Maintain exemplary customer satisfaction 

ratings

• Provide effective and timely communication 

with plan participants and other stakeholders 

• Inform stakeholders about provisions of key 

regulatory proposals and enacted legislative 

changes
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• 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

• 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 

• Deliver 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

• Educate and inform the multiemployer 

community (participants, plan sponsors, and 

other stakeholders) on the effects of ARPA 

• Maximize education and outreach through 

meetings with participant groups, plan sponsors, 

practitioner groups, industry associations, and 

other stakeholders 

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:

• Protect pensioners by proactively 

monitoring PBGC’s largest exposures for 

transactions that may pose substantial 

risks to participants and retirees

• Conduct a statistically significant number 

of audits of plans ending in standard 

terminations to ensure that participants 

receive their full retirement benefits

• Represent PBGC’s interests in all 

bankruptcy cases involving defined 

benefit pension plans

Performance Strategy:

• Preserve plans during plan sponsor bankruptcies and 

when plan sponsors undertake transactions which 

may impair their ability to maintain their pension 

plan(s)

• Complete accurate and auditable compliance reviews 

of standard terminations

• Protect the retirement security of workers and retirees 

and the interests of premium payers in federal courts

Performance Measure & Targets FY 2018

Actual 

(Target)

FY 2019 

Actual

(Target)

FY 2020 

Actual 

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

Reportable events resolved within 30 days N/A

New 

Measure

N/A

New 

Measure

100%

(95%)

(95%) (95%)
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Percent of termination recommendations 

approved by senior Agency officials

N/A

New 

Measure

N/A

New 

Measure

100%

(90%)

(90%) (90%)

Standard termination audits completed N/A

New 

Measure

N/A

New 

Measure

313

(300)

(300) (250)

What actions will you take in FY 2022 to achieve the targets described above?

• Ensure adequate staffing and cross-training

• Fulfill hiring goals

• Enhance database capabilities

Multiemployer activities support Strategic Objective 1 and 2 (Encourage the continuation and 

maintenance of pension plans and Protect workers and retirees when plans are at risk) by issuing 

regulations implementing ARPA, 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):

• Deliver annual projections report on the future 

status of the Single-Employer and Multiemployer 

Programs

• Deliver guidance to plans that may be eligible for 

special financial assistance 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 ARPA 

• 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

Performance Strategy:

• 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 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 
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Strategic Goal 2

Pay Pension Benefits on Time and Accurately

Strategic Objectives Performance Strategies

3. Promote exceptional customer 

service to pensioners 

• Maintain exemplary customer satisfaction ratings

4. Ensure regular monthly benefit 

payments continue without 

interruption

• Continue uninterrupted benefit payments in newly trusteed 

plans 

5. Provide accurate and timely 

benefit calculations

• Process benefit applications timely

• Improve the accuracy, timeliness, and completeness of benefit 

determinations 

• Provide a timely and efficient appeals process for PBGC benefit 

determinations

Goal Leader: Chief of Benefits Administration / General Counsel

Performance Area ($ in thousands) FY 2020 FY 2021 FY 2022

Pension Plan Termination Total Funding 204,518 195,913 209,781

Total FTE 328 328 328

Customer Service activities support Strategic Objective 3 (Promote exceptional customer service to 

pensioners) by operating a call center and web portal to respond to requests for assistance and provide 

useful information for pension plan participants. Results are measured through the following 

Performance Goals, Strategies, and Measures.

Performance Goal:

• Achieve a score of 90 or higher on 

PBGC’s retiree and beneficiary customer 

satisfaction survey

Performance Strategy:

• Maintain exemplary customer satisfaction ratings

Performance Measure & Targets FY 2018

Actual 

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

Customer satisfaction rating for retirees and 

beneficiaries receiving benefits

89 

(90)

91

(90)

89

(90)

(90) (90)

What actions will you take in FY 2022 to achieve the targets described above?

• Continue use of existing customer service best practices
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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:

• Approve benefit applications within 45 

days 87% of the time

Performance Strategy:

• Process benefit applications timely

Performance Measure & Targets FY 2018

Actual 

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

Benefit applications approved within 45 days

91%

(87%)

90%

(87%)

78%

(87%)

(87%) (87%)

What actions will you take in FY 2022 to achieve the targets described above?

• Regular monitoring of applications in process

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

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: 

• Ensure that the average time in years to issue a 

benefit determination (time between 

trusteeship and benefit determination issuance) 

is 4.5 years

Performance Strategy:

• Improve the timeliness and completeness of 

benefit determinations

Performance Measure & Targets FY 2018

Actual 

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

Average time (years waiting) to issue benefit 

determinations (between trusteeship and benefit 

determination issuance)

6.1

(6.0)

5.6

(5.5)

5.3

(5.5)

(5.0) (4.5)

What actions will you take in FY 2022 to achieve the targets described above?

• Prioritize plans based on age and size, assign resources, and monitor the progress
PENSION BENEFIT GUARANTY CORPORATION

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

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:

• Provide estimated benefits within 10 percent of 

the final benefit determination 95% of the time 

Performance Strategy:

• Improve the accuracy of benefit determinations

Performance Measure & Targets FY 2018

Actual 

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

Estimated benefits within 10 percent of final 

benefit determination

93%

(95%)

96%

(95%)

96%

(95%)

(95%) (95%)

What actions will you take in FY 2022 to achieve the targets described above?

• Traditionally, benefit estimates have been close to the target of 95%. Continue to monitor estimated benefits 

to assure accuracy

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

by providing Appeals Board decisions on appeals and written explanations on all other inquiries that do 

not qualify as appeals. Results are measured through the following Performance Goals, Strategies, and 

Measures.

Performance Goal:

• Resolve appeals quickly and fairly

Performance Strategy:

• Provide a timely and efficient appeals process for 

PBGC benefit determinations

Performance Measure & Targets

FY 2018

Actual 

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual 

(Target)

FY 2021 

(Target)

FY 2022

(Target)

Percentage of appeals resolved within 365 days 81%

(N/A)

98%

(N/A)

99%

(90%)

(90%) (90%)

What actions will you take in FY 2022 to achieve the targets described above?

• The Appeals Division has a fixed staff with a fluctuating workload. In any given year, if the number of 

appeals on-hand as of October 1st is high, then so will be the number of incoming appeals over the course of 

the new fiscal year. Based on current inventory and expected FY 2021 incoming appeals, the FY 2021 target 

of closing 90% of all appeals in 365 days is achievable. The FY 2022 of 90% is reasonable based on current 

workload.
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Strategic Goal 3

Maintain High Standards of Stewardship and Accountability

Strategic Objectives Performance Strategies

6. Provide exceptional customer service • Maintain exemplary customer satisfaction ratings

7. Meet or exceed the financial and ethical 

standards that apply to PBGC as a major 

financial and government institution, and 

monitor cash flows

• Manage investments prudently consistent with 

investment policy 

• Collect insurance premiums due 

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

flows 

8. Maintain effective IT Security • Maintain adequate IT security posture based on FISMA 

guidance and as measured by FISMA metrics 

9. Maintain a high performing workforce • Retain and train a highly skilled multidisciplinary 

workforce

• Foster a diverse, high-performing workforce 

• Support supervisors and managers on managing 

employee performance

10. Encourage and support a diverse and 

inclusive work environment that 

encourages employee engagement

• Foster a culture of inclusion that encourages 

collaboration, flexibility, and fairness

11. Strengthen enterprise risk management • Implement enterprise risk management strategies 

12. Strengthen transparency, disclosure, and 

communication

• Provide effective and timely communication with plan 

participants and other stakeholders 

• Inform stakeholders about provisions of key regulatory 

proposals and enacted legislative changes

• Foster consistent, fair, and impartial treatment of 

participants and stakeholders, including those who 

belong to historically underserved communities

13. Strengthen contractor oversight to reduce 

enterprise-wide risks

• Implement an enterprise-wide plan to improve contract 

oversight 

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

Counsel / Chief Policy Officer

Performance Area ($ in thousands) FY 2020 FY 2021 FY 2022

Operational Support Total Funding 156,869 164,204 174,139

Total FTE 410 410 410
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Customer Service measurement activities support Strategic Objective 6 (Provide exceptional customer 

service) by responding to 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):

• Achieve 80 or higher customer satisfaction 

score on PBGC’s online premium filing tool, 

My PAA, by FY 2022

• Achieve 74 or higher on PBGC’s premium 

filer customer satisfaction survey by FY 2022

Performance Strategy:

• Maintain exemplary customer satisfaction 

ratings

Performance Measures & Targets FY 2018

Actual 

(Target)

FY 2019 

Actual

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

PBGC’s actions result in satisfaction scores which 

meet or exceed targets for My PAA online survey

84

(80)

79

(80)

90

(80)

(80) (80)

PBGC’s actions result in satisfaction scores which 

meet or exceed targets for Premium Filer survey

76

(74)

74

(74)

76

(74)

(74) (74)

What actions will you take in FY 2022 to achieve the targets described above?

• Continue use of existing customer service best practices

Customer Service Response activities supports Strategic Objective 6 (Provide exceptional customer 

service) by responding to requests for service and information from pension plan participants as well as 

providing online tools for plan participants. Results are measured through the following Performance 

Goals, Strategies, and Measures.

Performance Goal(s):

• Achieve 77 or higher on PBGC’s MyPBA customer 

satisfaction survey by FY 2022

• Achieve 83 or higher on PBGC’s participant caller 

customer satisfaction survey by FY 2022

Performance Strategy:

• Maintain exemplary customer 

satisfaction ratings

Performance Measure & Targets FY 2018 

Actual 

(Target

FY 2019 

Actual 

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

PBGC’s actions result in satisfaction scores which 

meet or exceed targets for MyPBA Customer 

Satisfaction Survey

77

(77)

77

(77)

78

(77)

(77) (77)

PBGC’s actions result in satisfaction scores which 

meet or exceed targets Participant Caller survey

84

(85)

84

(85)

81

(85)

(85) (83)

What actions will you take in FY 2022 to achieve the targets described above?

• Regular monitoring of customer service delivery
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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 cash flows) by 

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

and Measures.

Performance Goal:

• Attain an unmodified audit opinion on 

annual financial statements

Performance Strategy:

• Collect insurance premiums due

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

flows

Performance Measures & Targets FY 2018

Actual

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

PBGC’s actions will result in an unmodified 

Financial Statement Audit

Yes

(Yes)

Yes

(Yes)

Yes

(Yes)

(Yes) (Yes)

Corporate Controls and Reviews 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 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:

• Compliance with the 

Payment Integrity 

Information Act of 2019*, 

to prevent, detect, and 

recover improper payments

Performance Strategy:

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

recover improper payments

Performance Measure & Targets FY 2018

Actual

(Target)

FY 2019 

Actual

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

PBGC’s actions result in 

compliance with the Payment 

Integrity Information Act of 2019

(PIIA)

N/A Yes

(Compliance 

with Improper 

Payments 

Elimination 

and Recovery 

Act of 2012)

Yes

(Compliance 

with Improper 

Payments 

Elimination 

and Recovery 

Act of 2012)

(Compliance 

with PIIA)

(Compliance 

with PIIA)

What actions will you take in FY 2022 to achieve the targets described above?

• Conduct improper payments risk assessment on selected payment streams

* On March 2, 2020, the Payment Integrity Information Act of 2019 (Public Law 116-117, 134 

STAT. 113) repealed The Improper Payments Information Act of 2002 and the Improper 

Payments Elimination and Recovery Act of 2012, but set forth similar improper payment 

reporting requirements. 
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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 services 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:

• Comply with the asset allocation set forth in the 

Investment Policy Statement

• Conduct quality due diligence on the PBGC 

investment portfolios

• Follow investment guidance specified in ARPA 

Performance Strategy:

• Manage investments prudently and consistent 

with investment policy

Performance Measure & Targets FY 2018

Actual

(Target)

FY 2019 

Actual

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

PBGC’s actions result in compliance with asset 

allocation listed in current Investment Policy Statement

Yes

(Yes)

Yes

(Yes)

Yes

(Yes)

(Yes) (Yes)

What actions will you take in FY 2022 to achieve the targets described above?

• Continue to meet the requirements under the Board approved Investment Policy Statement (IPS) and 

provisions of the ARPA

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

by producing Annual and quarterly FISMA reports, “Managing Risk” ratings for Cybersecurity 

Framework (CSF) functions (identify, protect, detect, respond, and recover), operationalizing an insiderthreat program, and automating ICAM functions. Results are measured through the following 

Performance Goals, Strategies, and Measures.

Performance Goal:

• Achieve “Managing Risk” on OMB’s 

Annual FISMA Report Cybersecurity 

Risk Management Assessment (RMA)

• Achieve 90% or higher overall average 

on the Cybersecurity Cross-Agency 

Priority (CAP) goals

• Maintain or exceed “Level 4: Managed 

and Measurable Rating” or as 

determined by the IG as effective 

overall on the OIG Cybersecurity 

Framework Functions

Performance Strategy:

• 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 information security continuous 

monitoring (ISCM)

• Fully integrate identify and credential access 

management (ICAM) solutions

Performance Measure & Targets FY 2018

Actual

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual 

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

OMB Risk Management Assessment (RMA) Yes

(Yes)

Yes

(Managing 

Risk)

Yes

(Managing 

Risk)

(Managing 

Risk)

(Managing 

Risk)

What actions will you take in FY 2022 to achieve the targets described above?

• Conduct independent control assessment of the established ISCM/Core-controls
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 26

• Assess FISMA compliance of FISMA reportable systems

• Integrate DHS CDM Dashboard

Equal Employment Opportunity activities support Strategic Objective 10 (Encourage and support a diverse 

and inclusive work environment that encourages employee engagement) by assisting in the eradication of 

employment discrimination, improving diversity in the workplace, and creating an environment where all 

PBGC employees are valued, respected, and free to develop and perform to their fullest potential. Results 

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

Performance Goal:

• Achieve an increase in Persons with 

Disabilities and Targeted Disabilities, Asian, 

Black and Hispanic Representation in GS-15 

and SL positions by 1- 2% within 3 years for 

each category, per the EEOC’s benchmark of 

having grade representation more reflective of 

• Continue to conduct YOUniversity Bias Training 

to create opportunities for individuals to 

investigate their bias and to understand bias’s 

impact on equal employment opportunity

• Foster a culture of inclusion that encourages 

understanding, collaboration, fairness, and equal 

opportunity

Human Resources activities support Strategic Objective 9 (Maintain a high performing 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 Work Life and Wellness Program. 

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

Performance Goal(s):

• Recruit a diverse workforce

• Train supervisors and managers on managing 

employee performance and conduct

• Ensure employee relations specialists are proficient 

in the Performance Management and Employee and 

Labor Relations Programs

• Maintain a robust Management and Leadership 

Training Program

• Increase participation in Work Life and Wellness 

Programs

• Achieve a diverse and inclusive work environment

Performance Strategy:

• Attend job fairs and visit colleges and universities

• Support supervisors and managers on managing 

employee performance and conduct

• Provide managers with necessary leadership tools 

and training 

• Promote and encourage Work Life and Wellness 

activities 

• Foster a culture of inclusion that encourages 

collaboration, flexibility, and fairness

Performance Measures & Targets FY 2018

Actual

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

Conduct a minimum of two performance and 

employee conduct trainings

2

(2)

8

(2)

3

(2)

(2) (2)

Participate in a minimum of two targeted job 

fairs 

2

(2)

2

(2)

3

(2)

(2) (2)

Provide work life balance and wellness events 26

(20)

42

(20)

40

(25)

(25) (25)

What actions will you take in FY 2022 to achieve the targets described above?

• Increase marketing and training on the Telework Program

• Automate management training on addressing employee performance and conduct 

• Continue participating in outreach recruitment activities
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 27

the representation in the agency’s total 

workforce

• Continue to develop programs and trainings that 

will provide PBGC’s workforce with information 

that will assist with career development

Performance Measure & Targets FY 2018

Actual 

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

Increase gradually – 1⁄2% each year until grade 

representation for these groups increase in GS-15 and 

SL

Yes

(Yes)

Yes

(Yes)

No

(Yes)

(Yes) (Yes)

What actions will you take in FY 2022 to achieve the targets described above?

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

• Continue to leverage affirmative employment committees to develop programs that support professional 

development of diverse groups 

• Continue to be proactive in mitigating complaints by providing EEO trainings that inform and educate

Enterprise Risk Management activities support Strategic Objective 11 (Strengthen enterprise risk 

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

Risk Indicators and emerging risks, and promoting ERM Integration with budget, organizational 

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

Strategies, and Measures.

Performance Goal(s):

• Implement OMB A-123 enterprise risk management 

requirements

Performance Strategy:

• Implement enterprise risk management 

strategies 

Performance Measures & Targets FY 2018

Actual

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

Identification of emerging entitywide risks in a timely manner

N/A N/A

During FY 

2020, 21 

emerging 

risks were 

identified

(Increased 

identification 

of emerging 

entity-wide 

risks in a 

timely 

manner)

(Increased 

identification 

of emerging 

entity-wide 

risks in a 

timely manner)

(Increased 

identification 

of emerging 

entity-wide 

risks in a 

timely manner)

Continued knowledge sharing 

related to risks

N/A N/A

During FY 

2020, risks 

were 

considered 

and included 

as decision 

criteria for 

(Increase in 

risk-informed 

decisionmaking)

(Increase in 

risk-informed 

decisionmaking)
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 28

budget 

decisions. In 

addition, 

collected risk 

information 

from APP 

POCs on 

risks that 

could impede 

the delivery 

of the FY 

2022 

performance 

goals and 

reviewed 

with RMC

(Increase in 

riskinformed 

decisionmaking)

Constant vigilance to foster a risk 

management culture

N/A N/A

During FY 

2020, the

RMO 

webpage was 

updated and 

quarterly 

RMO 

messages 

were 

distributed to 

PBGC 

Federal 

employees

(Continued 

communicati

on regarding 

ERM)

(Continued 

communication 

regarding 

ERM)

(Continued 

communication 

regarding 

ERM)

What actions will you take in FY 2022 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
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 29

External Corporate Internet Program activities support Strategic Objective 12 (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):

• Achieve a score of 78 or higher on PBGC’s 

website customer satisfaction survey by FY 

2022

• Research and implement improvements each 

year to PBGC’s communications (including 

PBGC.gov) in response to customer feedback

and key performance indicators (surveys, 

etc.) 

Performance Strategy:

• Engage with employers, workers, and pension 

practitioners to encourage pension plan 

continuation and strengthen retirement security

• Maintain exemplary customer satisfaction ratings

• Provide effective and timely communication with 

plan participants and other stakeholders

Performance Measures & Targets FY 2018 

Actual 

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

Actual

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

A target level number of improvements to the 

usability and content of PBGC.gov per year

N/A N/A

New 

Measure

7

(6)

(8) (10)

PBGC’s actions result in satisfaction scores which 

meet or exceed targets website customer satisfaction 

online survey

75

(75)

75

(75)

73

(75)

(75) (78)

What actions will you take in FY 2022 to achieve the targets described above?

• Research and implement at least ten targeted improvements per year to agency communications 

(including in response to customer feedback and key performance indicators (surveys, etc.)) 

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:

• Implement an enterprise-wide plan to 

improve contract oversight

Performance Strategy:

• Implement ongoing activities and training to streamline 

and improve contractor oversight

Performance Measure & Targets FY 2018 

Actual 

(Target)

FY 2019 

Actual 

(Target)

FY 2020 

(Target)

FY 2021 

(Target)

FY 2022 

(Target)

Number of activities and streamlined 

guidance implemented

5

(5)

16 

(5)

6

(5)

(5) (5)

What actions will you take in FY 2022 to achieve the targets described above?

• Provide continuous training and communication for and between Contract Officers (COs) and Contract 

Officers Representatives (CORs)
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 30

FY 2020 OPERATIONS IN BRIEF

2020

Target

2020 

Actual

2019

Actual

GOAL 1: Preserve Plans and Protect Pensions

Single-Employer Plan Participants Protected –

Employers Emerging from Bankruptcy During the Year 127,000 12,000

Single-Employer Plan Standard Termination Audits: 

Additional Payments

$1.9M paid to 

1,909 participants

$5.1M paid to 

993 participants

Single-Employer Benefit Payments for Terminated Plans

• Participants Receiving Benefits 984,000 932,000

• Benefits Paid Over $6.1B Over $6B 

• Participants Expected to Receive Future Benefits 552,000 591,000

Multiemployer Plan Financial Assistance $173M to 95 

plans

$160M to 89 

plans 

Multiemployer Participants in Insolvent Plans

• Participants Receiving Benefits 79,600 66,900

• Participants Expected to Receive Future Benefits 27,600 27,300

GOAL 2: Pay Timely and Accurate Benefits

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

Average Time to Provide Benefit Determinations (Years) 5.5 5.3 5.6

Improper Payment Rates Within OMB Threshold7 <1.5% Yes Yes

Applications Processed in 45 Days 87% 78% 90%

GOAL 3: Maintain High Standards of Stewardship and Accountability8

Retiree Satisfaction – ACSI9 Score 90 89 91

Caller Satisfaction – ACSI Score 85 81 84

Premium Filer Satisfaction – ACSI Score 74 76 74

Single-Employer - Financial Net Position $15.5B $8.7B

Multiemployer - Financial Net Position ($63.7B) ($65.2B)

Unmodified Financial Statement Audit Opinion Yes Yes Yes

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

payments, or (2) $100 million in improper payments. 8 In March 2020, PBGC retired the Customer Satisfaction survey and is now piloting a new PBGC.gov Feedback button.

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

PBGC - 31

CONSOLIDATED ADMINISTRATIVE ACTIVITIES

PBGC - 33

BUDGET AUTHORITY BEFORE THE COMMITTEE

(Dollars in Thousands)

FY 2020 

Revised 

Enacted

FY 2021 

Enacted

FY 2022 

Request

Diff. FY22 

Request /

FY21 

Enacted

Activity Appropriation 444,844 457,563 472,955 15,392

FTE 929 952 968 16

NOTE: FY 2020 reflects actual FTE. Authorized FTE for FY 2020 was 968.

Introduction

Consolidated Administrative Activity

PBGC’s administrative activities support the following areas:

• Preserve plans and protect pensioners

• Pay pension benefits on time and accurately

• Maintain high standards of stewardship and accountability

These operations are conducted by:

The Office of the Director (OD) plans, administers, and directs PBGC’s programs in 

accordance with the requirements of Title IV of ERISA and is subject to the direction of the 

Board of Directors to implement the policies of the Board of Directors; and provides appropriate 

advice and assistance to the Board of Directors. Within the OD, there is the Equal Employment 

Opportunity Office, which assists in the eradication of employment discrimination and improves 

diversity in the workplace. 

The Office of Policy and External Affairs (OPEA) oversees and directs outreach to and 

interactions with Congress and Executive Branch agencies, the press, stakeholder groups, and the 

public. It also manages the development, analysis, and review of legislative and policy proposals. 

OPEA includes two departments, Communications, Outreach, and Legislative Affairs (COLA) 

and Policy, Research, and Analysis Department (PRAD). COLA is responsible for implementing 

a comprehensive external and internal communications program and PRAD develops policy for 

PBGC’s insurance programs, conducts related research and modeling, and provides legislative 

and regulatory analysis.

 

The Office of the Chief Financial Officer (OCFO) includes three PBGC departments that plan 

and oversee the Corporation's financial and internal control and review functions. The Contracts 

and Controls Review Department (CCRD) prepares reports relating to the effectiveness of 

internal controls and compliance and serves as the agency’s liaison for audits conducted by the 

OIG and the Government Accountability Office. The Corporate Investment Department (CID) 

provides investment management services for plans trusteed by the PBGC and for assets 

managed by the Corporation. The Financial Operations Department (FOD) establishes and 
CONSOLIDATED ADMINISTRATIVE ACTIVITIES

PBGC - 34

maintains PBGC’s financial and accounting systems, financial management policy, and financial 

operations, as well as premium operations and collections.

The Office of the Chief Information Officer (OCIO) is responsible for the Corporation’s IT 

program. The OCIO provides IT and electronic communications services and support to PBGC; 

plans, directs, and coordinates the allocation of corporate resources for IT services, support, and 

related activities; delivers IT business solutions driven by customer requirements; operates, 

maintains, and safeguards PBGC business and infrastructure systems; manages cybersecurity; 

administers agency IT governance structures; and oversees the acquisition of IT resources for 

PBGC. To accomplish its functions, the OCIO has three departments and one division: Business 

Innovation Services Department (BISD), Enterprise Governance Department (EGD), 

Information Technology Infrastructure Operations Department (ITIOD), and the Enterprise 

Cybersecurity Division (ECD).

The Office of Management and Administration (OMA) plans and directs the efficiency and 

effectiveness of the Corporation’s management and administrative policies and programs 

including formulation and execution of the budget, procurement of all goods and services for the 

Agency, recruitment and various human capital initiatives, quality and performance 

management, strategic planning, customer service, and facility management. OMA includes the 

Budget Department (BD), Human Resources Department (HRD), Procurement Department (PD), 

Quality Management Department (QMD), and Workplace Solutions Department (WSD).

The Office of the General Counsel (OGC) provides legal advice and counsel for the Director 

and the Corporation on all legal issues confronting the Corporation, including ERISA and 

bankruptcy related legal actions; decides administrative appeals of benefits, coverage, and other 

determinations; and administers the disclosure and other requirements of the Freedom of 

Information Act (FOIA) and the Privacy Act. OGC represents PBGC in all state, federal, and 

administrative litigation and manages PBGC’s regulatory program. OGC is composed of the 

Bankruptcy, Litigation, and Terminations Department; Bankruptcy, Transactions, and 

Terminations Department; General Law and Operations Department; and Program Law and 

Policy Department.

The Office of Negotiations & Restructuring (ONR) works with pension plan sponsors of 

single-employer plans and with trustees and administrators of multiemployer plans to preserve 

their pension plans by monitoring, conducting financial and actuarial analysis, and negotiating 

plan protections. When plans cannot be preserved, ONR coordinates termination and collection 

of liabilities of single-employer plans and payment of financial assistance to multiemployer 

plans. ONR's responsibilities also include reviewing standard terminations of single-employer 

plans to ensure that participants receive their promised benefits and actuarial analysis of singleemployer and multiemployer plan transactions to enable PBGC to mitigate risks to both of its 

insurance programs.

The Office of Benefits Administration (OBA) performs audit, actuarial, and benefit 

administration work for the Corporation’s Single-Employer Benefits Administration Programs. 

When a single-employer plan is terminated and trusteed, OBA collects all of the data on the plan, 

takes over the payments for retirees and adjusts individual benefit payments to an estimated 

amount, taking into account the legal limits. Next, the Plan Asset and Data Management 
CONSOLIDATED ADMINISTRATIVE ACTIVITIES

PBGC - 35

Department (PADMD) audits all of the participant data to correctly determine the plan 

population and all of the data elements required to calculate each participant’s benefits. At the 

same time, PADMD audits the asset data to ensure the correct asset amounts at plan termination 

and to provide the asset allocations to the actuaries to properly calculate each participant’s 

benefits. Next, the Actuarial Services and Technology Department (ASTD) will perform the 

actuarial work to value each individual’s benefit. Finally, our Participant Services Department 

(PSD) will provide participants with a final benefit determination letter and make any 

adjustments to benefits for participants that are already in pay status at an estimated amount. 

PSD also performs ongoing benefit administration activities for all of PBGC’s trusteed plans. 

This includes customer communications through our call center and online application, 

calculating and providing estimates for future retirees, processing applications, and making 

monthly and one-time payments to retirees and beneficiaries. 

The Office of Inspector General (OIG) is an independent entity within PBGC. The OIG’s 

mandate is to detect and prevent fraud, waste, abuse, and violations of law, and to promote 

economy, efficiency and effectiveness in PBGC programs and operations. As an agent of 

positive change, the OIG provides management advice and makes recommendations to improve 

PBGC management and program operations as a result of independently conducted audits, 

evaluations, and investigations. The OIG reports directly to PBGC’s Board of Directors and 

Congress regarding major developments associated with audit and investigative missions, 

including a required semiannual report of accomplishments. 

The Office of the Participant and Plan Sponsor Advocate (OPPSA), appointed by the PBGC 

Board of Directors, acts as a liaison between PBGC and sponsors of defined benefit plans and 

participants in plans trusteed by the PBGC. OPPSA helps resolve disputes between PBGC and 

sponsors or participants and advocates for the rights of people in plans trusteed by PBGC. 

OPPSA provides an annual report summarizing issues raised and making recommendations for 

legislative and administrative changes.

Five-Year Budget Activity History

Fiscal Year Funding

(Dollars in Thousands)

FTE

2017 $510,757 964

2018 $415,823 966

2019 $437,018 951

2020 $444,844 968

2021 $457,563 952

FY 2022 Goals:

• Deliver guidance to plans that may be eligible for special financial assistance and process 

plan applications promptly 

• Provide timely, accurate, and responsive customer service and self-service tools 

demonstrated by providing high quality customer service, streamlining process, and 

implementing legislative changes 
CONSOLIDATED ADMINISTRATIVE ACTIVITIES

PBGC - 36

• Establish and strengthen cybersecurity programs to perform ongoing security monitoring 

and assessment activities for PBGC information system

• Ensure compliance with laws and regulation through program evaluations and 

management accountability demonstrated by ensuring legal and regulatory compliance

• Preserve plans and protect the pensions of covered workers and retirees

• Manage Enterprise Cybersecurity/Risk Management Program consistent with Federal 

laws, regulations, and PBGC directives and policies

• Provide timely, accurate, and auditable payment of over $160,000,000 million in 

continuing financial assistance 

• Pay pension benefits on time and accurately

• Implement Risk Management Framework 

• Mature IT governance to foster business agility 

• Maintain high standards of stewardship and accountability 

• Release the 2023 revision to the PBGC Premium Payment instructions 

• Implement the Investment Policy Statement (IPS) and glide path

FY 2021 Priorities:

 

• Deliver, within 120 days of enactment, regulations or guidance on the requirements and 

timing for applications for special financial assistance 

• Fully transition Sears plans to PBGC administration contracts by May 31, 2021 

• Implement solutions identified in Customer Relationship Management/MyPBA, and 

integrate new call technology to provide more customer self-service and automated 

options by September 30, 2021 

• Implement a 2-tier Performance Management System for all employees 

• Continue to manage and strengthen PBGC Wellness and Benefit programs 

• Conduct statutorily required audits, including financial statements, FISMA, Vulnerability 

Assessments, Improper Payments Elimination and Recover Act (IPERA), and Digital 

Accountability and Transparency Act (Data Act) 

• Conduct investigations that are impactful to our stakeholders, especially in the areas of 

preventing financial abuse of vulnerable participants, procurement fraud, and employee 

integrity

• Maintain high standards in ethics and privacy, providing legal advice in every area, and 

continue efficient FOIA and Appeals program 

• Ensure compliance in all programs, specifically maintaining a high level of integrity in 

the distribution of proper payments with the Time and Attendance program and the travel 

program 

• Support new requirements for Digital Accountability and Transparency Act of 2014 

(Data Act)

• Continue to support new development, enhancement, and modernizations of activities 

• Rebalance of the Investment Portfolio with assets being re-allocated within the overall 

portfolio 

• Enhance federally mandated complaint processing activities, plans, and strategies as 

mandated by MD-175 
CONSOLIDATED ADMINISTRATIVE ACTIVITIES

PBGC - 37

• Provide corporate-wide training and education, as well as trend and barrier analyses of 

PBGC employment policies, procedures, and practices including recruitment, hiring, and 

the selection process of the multiemployer insurance program

FY 2020 Accomplishments:

• Supported the Corporation in its effort to protect the retirement income of America 

workers through facilitation and synchronization of business operations and operational 

support 

• Successfully upgraded PPS to Oracle 12c middle tier platform 

• Created a new Service Request type and process flow for processing Agency Direct 

Payments from US Treasury 

• Stopped payments for 24,000 deceased retirees and quickly placed beneficiaries in pay or 

recovered overpayments made after death 

• Updated EA Program Plan, EA Customer Satisfaction survey 

• Answered 500,000 calls from participants and processed over 300,000 resulting 

transactions such as address changes and electronic deposit elections

• Fulfilled 70,000 benefit calculation requests for non-retirees, including approximately 

7,500 manual benefit calculations 

• Published third update to EA Value Metrics 3.0 

• Developed a protocol for tracking the lifecycle of contractors from onboarding to 

separation 

• Established an HRD liaison cadre to provide support and information-sharing amongst 

designated departments POC’s 

• Completed improper payment risk assessment and reporting on payments to federal 

employees

• Continued addressing OMB Memorandum M-17-22, Comprehensive Plan for Reforming 

the Federal Government and Reducing the Federal Civilian Workforce

• Increased enterprise common control offerings – adjudicated 187 security controls for 

enterprise system inheritance 

• Significantly increased independent security control assessments to ensure oversight, 

consistency, and reduced business area compliance burden 

• Completed HR Business Needs Analysis (BNA) without the use of contractors

• Rated in the top 40% of agencies based upon IG FISMA ratings

• Responded to thousands of requests for advice, both internally and externally 

• Provided technical assistance to Congress, defended PBGC’s position in bankruptcy 

courts, pursued fiduciary breach claims, and responded to the shifting landscape as a 

result of COVID-19

• Updated key controls and cycle documentations for the 12 major business cycles 

• Maintained an unmodified audit opinion on PBGC’s financial statement and maintained

an unqualified audit opinion on the internal controls over PBGC financial reporting

• Delivered all PBGC deliverables on time and issued the Corporation’s monthly, 

quarterly, and annual financial reports in an accurate and timely manner 

• Tested business level and entity-wide controls in accordance with OMB Circular A-123 

and GAO Green Book 
CONSOLIDATED ADMINISTRATIVE ACTIVITIES

PBGC - 38

• Recoded the Multiemployer (ME-PIMS) stochastic forecasting model to provide 

additional flexibility, capacity, and speed 
CONSOLIDATED ADMINISTRATIVE ACTIVITIES

PBGC - 39

Workload Summary

Implementing ARPA’s SFA program will require PBGC to draft and publish new regulations 

and make extensive operational changes to stand up a new program within several months. These 

implementation efforts will significantly increase PBGC’s resource requirements. Additional 

resources will be deployed to promulgate rules, implement systems changes, create new 

budgetary and accounting processes, create a SFA application process, scale up operations to 

conduct review of incoming plan applications over several years, and execute payments of SFA.

PBGC also faces significant risks and challenges in its existing insurance programs that reflect 

those of the defined benefit plans we insure. The need for financial and actuarial analysis, along 

with a combination of skilled litigation and negotiation activities, remain critical to the 

Corporation’s success in preserving and protecting the retirement security of the millions of 

Americans who rely on PBGC. The need to closely monitor insured pension plans is rooted in 

the substantial risks related to plan failure that are borne by PBGC’s stakeholders -- plan 

participants, workers, and employers in the defined benefit pension system and taxpayers.

The scale of PBGC’s future workload changes remains subject to factors largely beyond the 

Corporation’s control, but significant exposure to future losses, coupled with the urgent 

implementation mandates under ARPA, will create higher demands on PBGC’s policy, legal, 

operations, accounting, and administrative units, particularly in the Multiemployer Program.
CONSOLIDATED ADMINISTRATIVE ACTIVITIES

PBGC - 40

BUDGET ACTIVITY BY OBJECT CLASS

(Dollars in Thousands)

FY 2020

Revised 

Enacted 

FY 2021 

Enacted

FY 2022

Request 

Diff. FY22 

Request /

FY21 

Enacted

11.1 Full-time permanent 119,372 121,070 123,610 2,540

11.3 Other than full-time permanent 2,494 3,010 3,010 0

11.5 Other personnel compensation 2,940 3,997 3,997 0

11.9 Total personnel compensation 124,806 128,077 130,617 2,540

12.1 Civilian personnel benefits 40,270 42,131 44,657 2,526

13.0 Benefits for former personnel 40 40 40 0

21.0 Travel and transportation of persons 1,241 1,116 1,116 0

22.0 Transportation of things 0 0 0 0

23.2 Rental payments to others 27,438 27,714 27,714 0

23.3

Communications, utilities, and miscellaneous 

charges 3,346 3,740 3,740 0

24.0 Printing and reproduction 147 149 149 0

25.1 Advisory and assistance services 0 0 0 0

25.2 Other services from non-Federal sources 234,120 242,287 252,613 10,326

25.3

Other goods and services from Federal sources 

1/ 8,315 8,777 8,777 0

26.0 Supplies and materials 1,029 989 989 0

31.0 Equipment 4,092 2,543 2,543 0

33.0 Investments and Loans 0 0 0 0

42.0 Insurance claims and indemnities 0 0 0 0

Total 444,844 457,563 472,955 15,392

1/Other goods and services from Federal sources

Services by Other Government Departments 8,315 8,777 8,777 0
CONSOLIDATED ADMINISTRATIVE ACTIVITIES

PBGC - 41

CHANGES IN FY 2022

(Dollars in Thousands)

Activity Changes

Built-In

To Provide For:

Costs of pay adjustments $2,540

Personnel benefits 2,526

Benefits for former personnel 0

Travel and transportation of persons 0

Transportation of things 0

Rental payments to others 0

Communications, utilities, and miscellaneous charges 0

Printing and reproduction 0

Advisory and assistance services 0

Other services from non-Federal sources 0

Other goods and services from Federal sources 0

Supplies and materials 0

Equipment 0

Insurance claims and indemnities 0

Investment and Loans 0

Built-Ins Subtotal $5,066

Net Program $10,326

Direct FTE 0

Estimate FTE

Base $462,629 952

Program Increase $12,326 0

Program Decrease -$2,000 0

OFFICE OF INSPECTOR GENERAL

PBGC - 43

BUDGET AUTHORITY BEFORE THE COMMITTEE

(Dollars in Thousands)

FY 2020 

Revised 

Enacted

FY 2021 

Enacted

FY 2022 

Request

Diff. FY22 

Request /

FY21 

Enacted

Activity Appropriation 6,917 7,287 7,431 144

FTE 20 25 25 0

NOTE: FY 2020 reflects actual FTE. Authorized FTE for FY 2020 was 25.

Introduction

The Office of Inspector General (OIG) was established at the PBGC by the 1988 amendments to 

the Inspector General Act of 1978 (IG Act). Under the IG Act, the OIG is an independent office 

within PBGC and has no programmatic responsibility. The OIG provides objective written work 

products to the PBGC Board of Directors, agency management, and Congress about PBGC 

programs and operations. These work products include audits, evaluations, inspections, 

investigations, reviews, and risk advisories. In addition to conducting statutorily-required 

projects and reports, the OIG responds to Hotline complaints and requests from Members of 

Congress and conducts other projects as necessary to address operational, financial, Information 

Technology (IT), and programmatic risks.

Under the IG Act, the agency head is the PBGC Board of Directors. The OIG communicates 

with Board Representatives through regular monthly conference calls and participates in formal 

Board meetings usually once per quarter. On a day-to-day basis, the IG communicates with the 

PBGC Director, Executive Management Committee members, and department directors about 

risks, problems, and deficiencies in programs administered by PBGC and the need for timely 

corrective action. The OIG keeps Congress informed through the IG's Semiannual Report to the 

Congress, audit reporting requirements, meetings and briefings with Members and their staffs, 

and congressional testimony.

In accordance with section 6(f)(1) of the IG Act, as amended, 5 U.S.C. App. 3, the IG provides 

the following information:

• The aggregate request for the operations of the OIG for FY 2022 is $7,431,000, 

which includes a request for additional funds to complete the Financial Statement 

Audit and provide cybersecurity oversight. Of that amount, $70,000 is requested for 

training, and $24,434 is requested to support the Council of Inspectors General on 

Integrity and Efficiency.

• I certify that $70,000 will satisfy the training requirements for FY 2022.
OFFICE OF INSPECTOR GENERAL

PBGC - 44

FY 2022

• Conduct statutorily-required audits, including financial statements, FISMA, PIIA, and 

DATA Act, and to address whistleblower complaints and congressionally-requested 

work.

• Conduct investigations that are impactful to our stakeholders, especially in the areas of 

preventing financial abuse of vulnerable participants, procurement fraud, and employee 

integrity.

• Conduct periodic assessment of PBGC’s compliance with the Government Charge Card 

Abuse Prevention Act of 2012.

• Potentially initiate engagements in Multiemployer Pension Insurance Modeling Systems 

and Projections Reporting, PBGC’s Use of Interagency Agency Agreements, Data Center 

Management, PBGC’s Implementation of Fraud Reduction and Data Analytics Act,

and/or PBGC’s Management of Mobile Devices.

FY 2021

Planned OIG Activities Include:

• Conduct statutorily-required audits, including financial statements, FISMA, Payment 

Integrity Information Act (formerly Improper Payment Elimination and Recovery 

Improvement Act of 2012), and Data Accountability and Transparency Act of 2014. 

• Complete engagements to address whistleblower complaints and congressionallyrequested work.

• Conduct investigations that are impactful to our stakeholders, especially in the areas of 

preventing financial abuse of vulnerable participants, procurement fraud, and employee 

integrity.

• Provide oversight in the conduct of contracted work associated with the information 

technology vulnerability assessment and penetration testing.

• Survey ongoing IT modernization projects and determine time and cost schedule status.

• Conduct periodic assessment of PBGC’s compliance with the Government Charge Card 

Abuse Prevention Act of 2012.

FY 2020 

Notable OIG Accomplishments Include:

OIG work products with a focus on the three Top Management Challenges include: (1) 

Information Technology, (2) Transparency and Accountability of Professional Services 

Contracting, and (3) Modernization of PBGC’s Key Benefits-Related Technology Systems and 

other statutorily-required and risk-based projects.
OFFICE OF INSPECTOR GENERAL

PBGC - 45

Financial Audits and Evaluations

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

Financial Statements, issued December 9, 2020. The OIG issued the audit report of the 

financial statements of the Single-Employer and Multiemployer Program Funds 

administered by PBGC as of and for the years ended September 30, 2020 and 2019, 

including the 28th consecutive unqualified opinion on the financial statements.

The Auditors stated that the financial statements present fairly, in all material respects,

the financial position of the Single-Employer and Multiemployer Program Funds and the 

results of their operations and cash flows for the years then ended. PBGC maintained, in 

all material respects, effective internal control over financial reporting as of September 

30, 2020: 

o PBGC continues to develop and execute corrective actions to remediate 

previously reported internal control deficiencies related to its actuarial liability 

estimates. PBGC has improved its identity and access management and 

configuration management controls for information technology (IT) systems 

supporting the financial reporting environment. 

o PBGC has two significant deficiencies: (1) Controls over Actuarial Liability 

Estimates and (2) Controls over Information Systems - Segregation of Duties.

• PBGC’s Audit Management Letter Report. This management letter summarized the 

findings and recommendations related to internal control deficiencies and other matters. 

The issues noted in the report were not significant; therefore, the deficiencies were not 

required to be reported in the Independent Auditor’s Report. In addition to the seven open 

recommendation from the prior years, in FY 2020 EY had issued nine new 

recommendations with the total of 16 open recommendation at the end of FY 2020. 

PBGC will continue working with EY to resolve these recommendations. 

• Audit of PBGC’s Limited Purpose Financial Statements for FY 2020. In this report, 

OIG found that Supplemental Information (Note 44) is fairly stated, in all material 

respects, in relation to the financial statements as a whole.

• Pension Benefit Guaranty Corporation’s Implementation of the Federal 

Information Security Modernization Act of 2014 for FY 2020. We contracted with 

Ernst and Young LLP (E&Y), an independent public accounting firm, to perform an 

evaluation of PBGC’s information security program as required by FISMA. Our 

independent public accountants concluded PBGC’s security program, as in the prior year, 

fell below the specified threshold of effectiveness, Managed and Measurable (Level 4). 

PBGC’s information security program achieved an overall Consistently Implemented 

(Level 3) maturity level. However, E&Y did note improvement in the configuration 

management and security training – each moving up one level. In addition, two 

functional areas, Detect and Respond, were found to meet the Managed and Measurable 

(Level 4) maturity level. E&Y issued recommendations and noted weaknesses in five of 

the eight Inspector General FISMA Metric Domains and have made a total of 17 new 
OFFICE OF INSPECTOR GENERAL

PBGC - 46

recommendations and 1 repeated recommendation to assist PBGC in strengthening its 

information security program. The financial statements audit report included 6 new 

recommendations; the 11 new remaining recommendations are issued in this report. 

PBGC agreed with all 11 new recommendations.

• PBGC Security Assessment Report. During the financial statement audit, OIG’s 

contracted independent public accountant, Ernst and Young, assessed PBGC’s network 

for technical weaknesses that may allow employees or outsiders to cause harm or impact 

PBGC’s business processes and information. This report includes no formal 

recommendations as they are consolidated and presented in the FY2020 FISMA report. 

The Office of Inspector General has determined that this report is for official use only. 

The report detailing the security assessment has been redacted in its entirety because it 

contains privileged and confidential information.

• Evaluation of PBGC’s Fiscal Year 2019 Compliance with Improper Payments 

Elimination and Recovery Act Requirements (IPERA). In accordance with the 

Improper Payment Information Act (IPIA) (P.L. 107-300), as amended, we reviewed 

PBGC's compliance with the IPIA’s requirements. PBGC has taken actions to comply 

with all applicable requirements established in OMB Circular A-123, Appendix C. For 

FY 2019, PBGC assessed Contractor and Purchase Card payments and Multiemployer 

Financial Assistance payments and determined both payment streams were not 

susceptible to significant improper payments. We determined that PBGC is compliant 

with the improper payment requirements. 

Performance Audits and Related Work

• PBGC’s Agreed Upon Procedures for Contract Closeout. We found that PBGC’s 

Procurement Department (PD) could have conducted better monitoring of the agreedupon procedures during the period of performance and did not follow-up on findings 

from the contract closeout reports. Specifically, PD should have evaluated the status of 

the contracts included in the Vendor contract closeout pool to verify that such contracts 

were ready for closeout. By failing to do so, PD incurred unnecessary expenses in having 

the contractor conduct a premature closeout review. Additionally, PD has not followedup on the recommendations provided in the final agreed-upon procedures (AUP) reports 

and has not recouped funds due to overpayments, disallowed direct costs, or de-obligated 

funds. This inaction exposed PBGC to future liability. Without proper follow-up on the 

contract closeout AUP reports, PBGC is limited in its ability to prevent, detect, and 

recover from acquisition risks, such as property loss, financial liability, and 

overpayments. We identified $293,000 of funds put to better use and $173,000 of 

questioned costs and we made seven recommendations to which PBGC agreed.

• PBGC’s FY2018 Annual Performance Report. While we found no material 

misstatements, we did find several errors in the 2018 Annual Performance Report (APR). 

We also determined that PBGC has not implemented OMB Circular A-11, Part 6; 

specifically, PBGC does not have an agency-wide validation and verification policy in 

place to ensure data accuracy. In addition, PBGC did not, as required, disclose its 
OFFICE OF INSPECTOR GENERAL

PBGC - 47

assessment of the reliability and completeness of the performance data in the FY 2018 

APR. As a result, the APR may not accurately reflect the Corporation's progress towards 

performance goals and fulfilling the requirements of OMB A-11 Part 6. This failure 

increases the reputational risk that the APR could contain a material misstatement. We 

made two recommendations in the report, which PBGC agreed with. The 

recommendations were closed in February and March, 2021.

• PBGC Needs to Improve Incentive Contracting Practices. We found that PBGC’s 

Procurement Department (PD) administered the Cost-Plus Award Fee contract in a 

manner inconsistent with the FAR by not designing performance metrics for two key 

factors required for an aggregate measure of performance. Based on the absence of 

support for the cost and schedule elements, we classified the $5.1 million for award fees 

paid under the contract as unsupported. Further, PD allowed the contractor, in violation 

of the contract terms, to misclassify labor as “other direct cost,” and did not take 

corrective action on a key person provided by the contractor who did not meet the 

minimal educational qualifications identified in the contractor’s proposal. Lastly, PD 

lacked internal controls over contract file maintenance, as it did not follow the existing 

file room check-in/out procedure. As a result, PBGC’s position in contract administration 

was weakened. We made seven recommendations in the report, which PBGC agreed 

with.

Reviews and Special Reports

• Special Report: Summary and Analysis of Corporations FY 2018 Federal 

Information Security Modernization Act (FISMA) Performance and Update on IT 

Remediation Efforts. While the Corporation improved its performance in the Protect 

and Respond functions from the prior year, its overall cybersecurity performance 

independent assessment rating remained at “not effective” based on the OMB scoring 

criteria. In FY 2018, 97 agencies were included in the report to Congress, but only 84 

agencies had IG and independent auditor assessments. By comparison, 42 of the 97 

agencies whose data is included in the OMB report were assessed at “effective.” In FY 

2018, the Corporation’s cybersecurity performance independent assessment ranked above 

average in comparison to both other small agencies and to CFO Act agencies. This was 

an improvement in PBGC’s performance relative to other agencies. While more work 

remains and continued vigilance is required, we recognized management’s attention and 

efforts to improve the Corporation’s information security program, controls, and 

practices.

• Additional Measures to Address Fraud Vulnerabilities in Benefits Administration.

We provided PBGC Management with a non-public version of this Risk Advisory noting 

our observations regarding increases in certain fraud vulnerabilities. We also provided 

suggestions for PBGC management to consider that could potentially prevent additional 

losses to PBGC or participants.

• FY2019 Purchase Card Risk Assessment. We issued this special report to fulfill the 

requirements of the Government Charge Card Abuse Prevention Act of 2012. In general, 
OFFICE OF INSPECTOR GENERAL

PBGC - 48

we found that PBGC’s policies procedures and internal controls are designed to provide 

reasonable assurance for implementing and managing the PBGC charge card program 

and to mitigate the potential for fraud and misuse. However, because of limited and 

delayed program oversight, we elevated the level of risk of illegal, improper, or erroneous 

purchases from low to medium. We also determined this elevated risk warrants a separate 

OIG engagement of PBGC’s charge card program in the near future.

Investigative Activity. OIG focused investigative attention on pension theft and deceased 

participant fraud issues.

• Florida Woman Sentenced. On January 22, 2020, a Miami, Florida woman was 

sentenced in U.S. District Court, Southern District of Florida, to 32 months in prison after 

redirecting a pension payment to a bank account she controlled. On October 30, 2019, the 

defendant pleaded guilty to one count of wire fraud and one count of aggravated identity 

theft. The investigation revealed that on November 8, 2018, the defendant called the 

PBGC Customer Contact Center and impersonated a pension plan participant. At the 

time, the defendant was employed as a contractor at PBGC’s Miami field office. During 

the call, the defendant requested that PBGC update the participant’s electronic direct 

deposit information and provided PBGC with a new routing number and checking 

account number that the defendant controlled. Subsequently, on December 3, 2018, the 

participant’s direct deposit in the amount of $4,763.75 was wired from State Street Bank 

in Quincy, Massachusetts to the defendant’s bank account located in the Southern District 

of Florida.

• Former PBGC Procurement Director and Two Contracting Executives Plead Guilty 

to Bribery Conspiracy. On May 4, 2020, the former Director of Procurement for PBGC 

and the President and Chief Executive Officer (CEO) of a government contracting firm 

pleaded guilty to conspiring to bribe a public official before U.S. District Judge Anthony 

J. Trenga of the Eastern District of Virginia. The former Director served as a PBGC 

Supervisory Contract Administrator and then as the Director of the Procurement 

Department from March 2014 to February 2020. From at least 2015 through August 

2017, the then Director solicited and received cash payments and other things of value, 

including the promise of a job valued at $1 million, from the CEO of the company. In 

exchange, the PBGC official agreed to steer PBGC contracts to the company. 

On August 26, 2020, the Chief Operating Officer (COO) of the government contracting 

firm pleaded guilty in U.S. District Court, Eastern District of Virginia to one count to 

bribe a public official as part of the same conspiracy. On January 27, 2021, U.S. District 

Judge Anthony J. Trenga sentenced this defendant to 2 years probation, including 6 

months home confinement, 200 hours of community service, and $100 Special 

Assessment. The defendant was also ordered to pay a forfeiture money judgment of 

$293,788.

On September 9, 2020, U.S. District Court Judge Trenga of the Eastern District of 

Virginia sentenced the former PBGC Procurement Director to 3 years probation, 

including 15 months home confinement, 500 hours of community service, a $15,000 fine, 
OFFICE OF INSPECTOR GENERAL

PBGC - 49

and $100 special assessment. He was also given a consent order of forfeiture of $48,000. 

On this same date, Judge Trenga sentenced the CEO of the government contractor to 2 

years probation, including 6 months home confinement, 200 hours of community service, 

$100 Special Assessment, and a forfeiture money judgment of $1,114,491.10. 

• Ohio Woman Arrested for Impersonating PBGC Participant and Theft of Pension 

Benefits. On July 30, 2020, a 38-year-old woman from Dayton, Ohio was arrested by the 

Michigan State Police in Lansing, Michigan as a result of an indictment alleging she stole 

the identity of a 72-year old PBGC participant and redirected his $919 monthly pension 

benefits to a bank account she controlled. On one occasion, the woman allegedly called 

PBGC, identified herself as a relative of the victim, and had someone impersonate the 

victim on the phone call. The indictment charged the defendant with one count of bank 

fraud, which is punishable by up to 30 years in prison, one count of aggravated identity 

theft that carries a mandatory two-year prison term which must be served consecutive to 

any other prison time, and one count of use of another person’s Social Security number, a 

crime punishable by up to five years in prison. On October 2, 2020, the defendant 

pleaded guilty to one count of Aggravated Identity Theft. On February 8, 2021, she was 

sentenced to 24-months incarceration at Federal Prison Camp Alderson and will also 

serve 1-year supervised probation upon release from Bureau of Prisons custody. 

Additionally, the defendant was ordered to pay PBGC restitution in the amount of 

$2,758.59. The case was prosecuted as part of the Justice Department’s Elder Fraud 

initiative.

• Florida Man Sentenced for Theft of PBGC and SSA Payments. On September 21, 

2020, a man from Orlando, Florida was sentenced in U.S. District Court, Middle District 

of Florida to 3 years probation, including 8 months of home detention, restitution to the 

Social Security Administration (SSA) for $48,750, restitution to PBGC for $3,501.54, 

and a $200 Special Assessment. The defendant’s mother, who died on or about June 17, 

2016, received Retirement Insurance Benefits from SSA and a monthly pension benefit 

from PBGC. The defendant previously pleaded guilty in March 2020 and admitted that, 

between approximately July 2016 and in or around June 2019, the money deposited by 

SSA and PBGC was withdrawn via ATM withdrawals, debit card transactions, and 

checks drawn on the account. This case was initiated as a result of the deceased 

participant data matching project of PBGC OIG’s Investigations Division.

• Washington Woman Pleads Guilty to Theft of Government Funds. On September 30, 

2020, a 73-year-old Bainbridge Island, Washington woman entered a plea of guilty to a 

charge of Theft of Public Funds in violation of 18 U.S.C. Section 641 for fraudulently 

collecting her mother’s PBGC pension benefits after she passed away in March 2011. 

PBGC did not receive notice of her mother’s death and continued to pay monthly benefits 

of $896.54. The woman deposited the checks from PBGC into a joint bank account by 

forging her mother’s signature. By converting to her own use benefits intended for her 

mother, the defendant collected approximately $84,200 in PBGC benefits to which she 

was not entitled. On December 18, 2020, the defendant was sentenced to 3-years of 

supervised probation and ordered to pay $84,200 in restitution to PBGC. This case was 
OFFICE OF INSPECTOR GENERAL

PBGC - 50 

initiated as a result of the deceased participant data matching project of PBGC OIG’s 

Investigations Division. 

• Deceased Participants Program. We continued our efforts under the fraud 

detection/computer matching initiative to identify deceased participants in the singleemployer program. In addition, we expanded this initiative to include the multiemployer 

program. As of September 30, 2020, we identified 198 instances of improper payment or 

fraud relating to deceased participants in the single-employer and multiemployer 

programs and referred those cases to PBGC for coordination to terminate benefit 

payments and seek recoupment. 

On-Going OIG Work Includes:

• Review of OBA’s Actuarial Support Services Contract. We are conducting a review 

of OBA’s Actuarial Support Services Contract to determine: (1) whether PBGC is in 

compliance with applicable Federal Acquisition Regulations and PBGC policies, and (2) 

did PBGC’s acquisition planning ensure the contract met PBGC’s needs in an effective, 

economical, and timely manner.

• PBGC’s IT Modernization Projects. We are conducting this engagement to: (1) 

describe the ongoing PBGC IT modernization projects, significant within PBGC's 

mission; (2) identify the status of the efforts, particularly related to cost and schedule; (3) 

identify the challenges and risks of these projects; and (4) evaluate how these projects 

address PBGC's strategic goals.

• PBGC’s Enterprise Risk Management Program. In partnership with Ernst and Young, 

we are assessing PBGC’s implementation of the Enterprise Risk Management program.
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BUDGET ACTIVITY COMPONENT BY OBJECT CLASS

(Dollars in Thousands)

FY 2020

Revised 

Enacted 

FY 2021 

Enacted

FY 2022

Request 

Diff. FY22 

Request /

FY21 

Enacted

11.1 Full-time permanent 2,976 3,033 3,114 81

11.3 Other than full-time permanent 36 0 0 0

11.5 Other personnel compensation 36 60 60 0

11.9 Total personnel compensation 3,048 3,093 3,174 81

12.1 Civilian personnel benefits 1,055 1,072 1,135 63

13.0 Benefits for former personnel 0 0 0 0

21.0 Travel and transportation of persons 48 40 40 0

22.0 Transportation of things 0 0 0 0

23.2 Rental payments to others 0 0 0 0

23.3

Communications, utilities, and miscellaneous 

charges 0 1 1 0

24.0 Printing and reproduction 0 0 0 0

25.1 Advisory and assistance services 0 0 0 0

25.2 Other services from non-Federal sources 442 601 601 0

25.3

Other goods and services from Federal sources 

1/ 2,308 2,462 2,462 0

26.0 Supplies and materials 12 13 13 0

31.0 Equipment 4 5 5 0

Total 6,917 7,287 7,431 144

1/Other goods and services from Federal sources

Services by Other Government Departments 2,308 2,462 2,462 0
OFFICE OF INSPECTOR GENERAL

PBGC - 52

CHANGES IN FY 2022

(Dollars in Thousands)

Activity Changes

Built-In

To Provide For:

Costs of pay adjustments $81

Personnel benefits 63

Benefits for former personnel 0

Travel and transportation of persons 0

Transportation of things 0

Rental payments to others 0

Communications, utilities, and miscellaneous charges 0

Printing and reproduction 0

Advisory and assistance services 0

Other services from non-Federal sources 0

Other goods and services from Federal sources 0

Supplies and materials 0

Equipment 0

Built-Ins Subtotal $144

Net Program $0

Direct FTE 0

Estimate FTE

Base $7,431 25

Program Increase $0 0

Program Decrease $0 0
INVESTMENT MANAGEMENT FEES PROGRAM

PBGC - 53

BUDGET AUTHORITY BEFORE THE COMMITTEE

(Dollars in Thousands)

FY 2020 

Revised 

Enacted

FY 2021 

Enacted

FY 2022 

Request

Diff. FY22 

Request /

FY21 

Enacted

Activity Appropriation 124,300 129,700 138,000 8,300

FTE 0 0 0 0

Five-Year Budget Activity History

Fiscal Year Funding

(Dollars in Thousands)

FTE

2017 $113,484 0

2018 $110,630 0

2019 $117,400 0

2020 $124,300 0

2021 $129,700 0
INVESTMENT MANAGEMENT FEES PROGRAM

PBGC - 54

BUDGET ACTIVITY BY OBJECT CLASS

(Dollars in Thousands)

FY 2020

Revised 

Enacted 

FY 2021 

Enacted

FY 2022

Request 

Diff. FY22 

Request /

FY21 

Enacted

25.1 Advisory and assistance services 124,300 129,700 138,000 8,300

Total 124,300 129,700 138,000 8,300
INVESTMENT MANAGEMENT FEES PROGRAM

PBGC - 55

CHANGES IN FY 2022

(Dollars in Thousands)

Activity Changes

Built-In

To Provide For:

Advisory and assistance services $0

Built-Ins Subtotal $0

Net Program $8,300

Direct FTE 0

Estimate FTE

Base $129,700 0

Program Increase $8,300 0

Program Decrease $0 0

SINGLE-EMPLOYER PROGRAM BENEFIT PAYMENTS

PBGC - 57

BUDGET AUTHORITY BEFORE THE COMMITTEE

(Dollars in Thousands)

FY 2020 

Revised 

Enacted

FY 2021 

Enacted

FY 2022 

Request

Diff. FY22 

Request /

FY21 

Enacted

Activity Appropriation 6,855,000 7,289,000 7,311,000 22,000

FTE 0 0 0 0

Five-Year Budget Activity History

Fiscal Year Funding

(Dollars in Thousands)

FTE

2017 $6,287,590 0

2018 $6,576,000 0

2019 $6,974,000 0

2020 $6,855,000 0

2021 $7,289,000 0
SINGLE-EMPLOYER PROGRAM BENEFIT PAYMENTS

PBGC - 58

BUDGET ACTIVITY BY OBJECT CLASS

(Dollars in Thousands)

FY 2020

Revised 

Enacted 

FY 2021 

Enacted

FY 2022

Request 

Diff. FY22 

Request /

FY21 

Enacted

42.0 Insurance claims and indemnities 6,855,000 7,289,000 7,311,000 22,000

Total 6,855,000 7,289,000 7,311,000 22,000
SINGLE-EMPLOYER PROGRAM BENEFIT PAYMENTS

PBGC - 59

CHANGES IN FY 2022

(Dollars in Thousands)

Activity Changes

Built-In

To Provide For:

Insurance claims and indemnities $0

Built-Ins Subtotal $0

Net Program $22,000

Direct FTE 0

Estimate FTE

Base $7,289,000 0

Program Increase $22,000 0

Program Decrease $0 0

MULTIEMPLOYER PROGRAM FINANCIAL ASSISTANCE

PBGC - 61

BUDGET AUTHORITY BEFORE THE COMMITTEE

(Dollars in Thousands)

FY 2020 

Revised 

Enacted

FY 2021 

Enacted

FY 2022 

Request

Diff. FY22 

Request /

FY21 

Enacted

Activity Appropriation 190,000 350,000 399,000 49,000

FTE 0 0 0 0

Five-Year Budget Activity History

Fiscal Year Funding

(Dollars in Thousands)

FTE

2017 $148,600 0

2018 $167,000 0

2019 $189,000 0

2020 $190,000 0

2021 $350,000 0
MULTIEMPLOYER PROGRAM FINANCIAL ASSISTANCE

PBGC - 62

BUDGET ACTIVITY BY OBJECT CLASS

(Dollars in Thousands)

FY 2020

Revised 

Enacted 

FY 2021 

Enacted

FY 2022

Request 

Diff. FY22 

Request /

FY21 

Enacted

33.0 Investments and Loans 190,000 350,000 399,000 49,000

Total 190,000 350,000 399,000 49,000
MULTIEMPLOYER PROGRAM FINANCIAL ASSISTANCE

PBGC - 63

CHANGES IN FY 2022

(Dollars in Thousands)

Activity Changes

Built-In

To Provide For:

Investment and Loans $0

Built-Ins Subtotal $0

Net Program $49,000

Direct FTE 0

Estimate FTE

Base $350,000 0

Program Increase $49,000 0

Program Decrease $0 0