PENS ION BENEFIT GUARANTY CORPORATION 1 F Y 2 0 2 3 | ANNUAL REPORT

ANNUAL PERFORMANCE REPORT

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

over 31 million of America’s 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 (Public Law 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 defined benefit pension plans and will enable 

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

many years of hard work. The SFA program is funded entirely by an appropriation from the General Fund of 

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

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

benefit pension plan in the amount that is projected to enable the plan to pay all benefits through the last day 

of the plan year ending in 2051. The SFA Program also assist such plans by providing funds to reinstate 

previously suspended benefits, including back payments to retirees, and repaying financial assistance that was 

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

retirement security by preserving plans and protecting pensions for participants and their families. In FY 

2023, the Corporation made benefit payments of over $6.0 billion to 917,185 participants in single-employer 

plans and provided over $175.8 million in traditional financial assistance to multiemployer plans covering 

122,082 participants, as highlighted in Table 1: FY 2023 Operations in Brief.

TABLE 1: FY 2023 OPERATIONS IN BRIEF1

2023

Target

2023

Actual

2022

Actual

GOAL 1: Preserve Plans and Protect Pensions

Single-Employer Plan Participants Protected – Employers 

Emerging from Bankruptcy During the Year

32,038 999

Single-Employer Plan Standard Termination Audits:

Additional Payments

$2.3M to 1,306

participants

$1.03M paid to 663

participants

Single-Employer Benefit Payments for Terminated Plans

• Participants Receiving Benefits 920,000 960,000

• Benefits Paid Over $6.0B Over $7.0B

• Participants Expected to Receive Future Benefits 473,000 496,000

Multiemployer Plan Traditional Financial Assistance $176M to 100 plans $226M2 to 115 plans

Multiemployer Plan SFA Payments $45.6B $7.6B

Multiemployer Participants in Insolvent Plans

• Participants Receiving Benefits 80,421 93,525

• Participants Expected to Receive Future Benefits 41,661 46,480

GOAL 2: Pay Timely and Accurate Benefits

Estimated Benefits Within 10% of Final Calculation 95% 96% 97%

Average Time to Provide Benefit Determinations (Years) 4.5 4.4 4.1

Improper Payment Rates Within OMB Threshold3 <1.5% Yes Yes

Applications Processed in 45 Days or Less 87% 98% 85%

GOAL 3: Maintain High Standards of Stewardship and Accountability

Retiree Satisfaction – ACSI Score4 90 87 86

Participant Caller Satisfaction – ACSI Score 83 81 76

Premium Filer Satisfaction – ACSI Score 74 77 77

Single-Employer – Financial Net Position $44.6B $36.6B

Multiemployer – Financial Net Position $1.5B $1.1B

Unmodified Financial Statement Audit Opinion Yes Yes Yes

1 Some numbers in this report have been rounded. 2 The $226 million in 2022 includes a $9 million payment on a facilitated merger under the Multiemployer Pension Reform Act of 

2014 (MPRA).

3 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.

4 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 2023 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 pensions of workers and retirees, to pay timely and accurate benefits, and to maintain high 

standards of stewardship and accountability.

GOAL NO. 1: PRESERVE PLANS AND PROTECT PENSIONS 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 11.0 million workers and retirees in about 1,360 

pension plans. The Single-Employer Program protects about 20.6 million workers and retirees in about 

23,500 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 

participating 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 2023, PBGC provided $175.8 million in traditional financial assistance to 100 multiemployer plans 

covering 80,421 participants (including beneficiaries) receiving guaranteed benefits. An additional 41,661 

participants in the insolvent plans are eligible to receive benefits once they retire. Due to SFA payments made 

under ARP in FY 2023, the number of participants relying on traditional financial assistance under section 

4261 of ERISA has decreased by 7,483 for participants receiving guaranteed benefits and by 5,383 

participants eligible to receive benefits once they retire. These participants are included in the FY 2023 counts 

but will no longer be receiving traditional financial assistance in future years.

The Corporation initiated audits of seven insolvent multiemployer plans covering nearly 10,826 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 

amount required to pay all benefits due through 2051. The SFA payments are derived from appropriated 

funds and financed by the general revenues of the Treasury.
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On July 8, 2022, PBGC published a final rule implementing changes to the SFA Program, which include 

changes to permissible investments of SFA funds and the SFA calculation method. The rule also requires 

plans to submit with their SFA applications documentation of a death audit to identify deceased participants. 

The audit must be completed no earlier than one year before the plan’s SFA measurement date. It must 

identify the service provider conducting the audit and include a copy of the results of the audit provided to 

the plan administrator by the service provider. In the July 8, 2022, SFA final rule, PBGC requested comments 

on the condition requiring a phased recognition of SFA assets for purposes of calculating withdrawal liability. 

PBGC received seven comments, six of which discussed the withdrawal liability condition. PBGC published a 

final rule in the Federal Register, effective on January 26, 2023, amending the SFA regulation to add an 

exception process for the withdrawal liability conditions under narrow circumstances.

In FY 2023, PBGC updated the SFA application instructions and provided other guidance. On March 8, 

2023, PBGC issued guidance on the application process for non-priority group plans. On July 19, 2023, 

PBGC issued two sets of questions and answers. The first set clarifies and provides examples of permissible 

investments of SFA funds, and the second set clarifies the calculation methodology under the withdrawal 

liability phase-in condition for plans that paid make-up payments of previously suspended benefits. On July 

27, 2023, PBGC released updates to several documents in the SFA information collection. These updates 

include changes to the application instructions requiring the submission of census data to enable PBGC to 

perform an independent death audit to identify deceased pension plan participants and the submission of an 

assumptions’ summary. In addition, PBGC has provided a process for plans to request expedited processing 

of revised applications and a process for plans to submit revised lock-in applications in limited circumstances.

As of September 30, 2023, PBGC had received 135 SFA applications requesting a total of $71.0 billion in 

SFA and had approved 100 applications for $53.5 billion in SFA. Twenty-five applications, requesting a total 

of $8.5 billion, were under PBGC review as of September 30, 2023, and another 10 applications had been 

withdrawn but not yet resubmitted as of September 30, 2023. During FY 2023, PBGC paid $45.6 billion in 

SFA, of which $1.4 billion was paid pursuant to applications approved under the interim final rule (i.e., 

applications received prior to August 8, 2022), and $44.2 billion was paid under the final rule (including $1.8 

billion in supplemented SFA for plans that initially applied under the interim final rule).

Special Financial Assistance Program Litigation

In FY 2023, the Board of Trustees of the Bakery Drivers Local 550 and Industry Pension Fund sued PBGC, 

challenging PBGC’s determination that the plan was not eligible for SFA. The plan terminated by mass 

withdrawal in 2016. PBGC denied the application based on its conclusion that a plan terminated by mass 

withdrawal cannot be restored and is therefore not eligible for SFA. After September 30, 2023, on October 

26, the New York Federal District Court ruled in favor of PBGC in this lawsuit. The matter is ongoing.

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 2023 with two pending requests for 

approval of alternative rules. At the end of the fourth quarter, two requests were pending and two were 

approved.
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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 2023 with one pending request, which remains under review. Special withdrawal liability 

conditions apply to multiemployer plans that receive SFA.

Under a statutory exception, an employer that withdraws from a construction or entertainment industry plan 

is generally not subject to withdrawal liability. PBGC may, by regulation, authorize plans 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 2023 with one pending request. No requests were received during 

FY 2023. 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 (in accordance with applicable statutory and regulatory provisions). 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 2023, PBGC received 15 notices of merger, 14 of 

which were accompanied by a request for a compliance determination. By the end of the fourth quarter, 

seven compliance determinations were issued, three were withdrawn, and seven remain under review. The 

Corporation began FY 2023 with two pending transfer compliance determination requests. Both were 

withdrawn in the first quarter. PBGC did not receive any notices of transfer during FY 2023. 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 pays benefits up to the legal limits.

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

risks to participants and beneficiaries. 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. 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.

In FY 2023, 1,868 plans, covering approximately 315,540 participants, filed standard terminations with 

PBGC. The number of filings in FY 2023 is 12 percent more than the average number of terminations filed 

in the five years prior to that.

Approximately 1,510 plans with an aggregate of more than 226,700 participants completed standard 

terminations in FY 2023 by paying full plan benefits to participants and beneficiaries in the form of annuities
PENS ION BENEFIT GUARANTY CORPORATION 6 F Y 2 0 2 3 | ANNUAL REPORT

or lump sums. Some of the larger standard terminations were J.C. Penney Corporation, Inc. Pension Plan, 

Electrolux Home Products, Inc. Pension Plan, Louisiana-Pacific Corporation Retirement Account Plan, and 

Western Union Pension Plan.

PBGC completed 232 standard termination audits in FY 2023 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 $2.3 million in additional benefits distributed to 1,306 participants and 

beneficiaries in these plans.

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 2023, these plans were among those that continued after the bankruptcies of their sponsors or 

controlled group members, protecting the benefits of participants and beneficiaries:

• Scouts BSA.

• Revlon, Inc.

• Avaya Holdings Corporation.

• Talen Energy Corporation.

Mediation Program

PBGC’s Mediation Program offers mediation to facilitate resolution of fiduciary breach1 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 after 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 no mediations in FY 2023.

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

Nearly 1.4 million current and future retirees in trusteed single-employer pension plans rely on PBGC for 

their pension benefits. PBGC’s benefits administration and plan processing teams are committed to paying 

benefits accurately and on time.

Benefits Administration

The PBGC assumes the role of trustee for single-employer pension plans when plan sponsors lack the

resources to pay benefits according to their plan’s provisions. In FY 2023, PBGC trusteed 26 single-employer 

plans, which provide pension entitlements to approximately 4,500 current and future retirees. Upon

1 As the statutory trustee of a terminated single-employer pension plan, PBGC has authority under Title IV to collect amounts due the plan and to bring suits on

behalf of the plan. Pursuant to this authority, PBGC pursues recovery actions against former fiduciaries to recover amounts lost by the plan as result of a breach

of fiduciary duties..Before filing an action in court, PBGC offers mediation to the former fiduciaries in an effort to reach a settlement.
PENS ION BENEFIT GUARANTY CORPORATION 7 F Y 2 0 2 3 | ANNUAL REPORT

trusteeship, PBGC’s foremost responsibility is to ensure uninterrupted benefit payment to existing retirees. In 

FY 2023, PBGC successfully maintained uninterrupted benefit payment to nearly 2,100 retirees.

Over the course of FY 2023, PBGC disbursed more than $6.0 billion in benefits to nearly 920,000 retirees in 

single-employer pension plans. Additionally, over 28,000 new retirees applied for benefits during the fiscal 

year. The PBGC achieved an impressive 98 percent rate for processing all applications within 45 days, 

surpassing its target rate of 87 percent.

After PBGC becomes trustee of a terminated pension plan, it begins a multifaceted, multi-year endeavor that 

involves the valuation of plan assets, comprehensive analysis of plan and participant data, and calculation of 

benefits payable by the PBGC. At the end of the process, participants are notified of their benefit 

determination. Prior to the completion of this process and as eligible participants request to commence their 

benefits, PBGC pays estimated benefit amounts. In FY 2023, over 96 percent of benefit determinations 

issued were within 10 percent of the estimated benefit amount.

PBGC has concentrated its efforts on the thorough review of payable benefit amounts associated with the 

oldest plans in its portfolio, an endeavor that has achieved significant success. Notably, PBGC has shortened 

the average age of benefit determinations issued from 5.9 years in FY 2021 to 4.4 years in FY 2023, 

outperforming 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 2023, 

the Corporation started with 47 open appeals, accepted 147 new appeals, and closed 72 appeals, with 122 still 

open at the end of the year. More information about PBGC’s Appeals Board is available at 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.
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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 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. In 2021, ARP added section 4262 of ERISA, which created the SFA Program, covering both 

administrative and operating expenses, for certain financially troubled multiemployer defined benefit pension 

plans. This Special Financial Assistance will enable eligible multiemployer plans to pay retirement benefits 

without reduction for many years into the future. The SFA payments are derived from appropriated funds 

and financed by general revenues of the Treasury.

Financial Position

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

position of $44.6 billion at the end of FY 2023. 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 2023 to a positive net position 

of $1.5 billion. Estimates from PBGC’s FY 2022 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 to reduce the demand on PBGC to provide traditional financial 

assistance to insolvent plans.

Financial Soundness and Financial Integrity

The Corporation protects the pensions of over 31 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 $135 billion in total assets. In FY 2023, PBGC attained its 31st consecutive 

unmodified audit opinion on its financial statements.

Collecting Premiums

Premium rates are set by statute. The Bipartisan Budget Act of 2013, the Multiemployer Pension Reform Act 

of 2014 (MPRA), the Bipartisan Budget Act of 2015, and the SECURE 2.0 Act of 2022 specify premium 

rates or premium increases for certain years. In FY 2023, combined premium cash receipts collected totaled

$4.942 billion. Single-Employer Program premium cash receipts collected were $4.595 billion. Separately, 

Multiemployer Program premium cash receipts in FY 2023 were $347 million.

In FY 2023, PBGC continued to enhance the new version of My Plan Administration Account (My PAA), 

PBGC’s online premium filing website, by prioritizing practitioner-based feedback with multiple system 

updates throughout the fiscal year. Specifically, this included: adding and increasing capability for an 

authorized plan filing coordinator to establish a filing team member’s access and user role permissions to
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Retiree and Participant Caller Satisfaction 91 89 91 89 88 86 87

83 84 84

81 81

80 = Threshold of Excellence

70

76

69 76

68

65 66

63

multiple plans in a single request; revamping the upload process to streamline the submission process if

filings are error free; customizing the plan list view to allow users to view, search, and find information from 

each plan’s most recent filing; creating a customizable routing feature that allows filing team members to send 

or receive a filing notification email indicating the action required to complete the filing submission; and 

adding the My PAA payment ID to the Filing Details webpage.

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 VIII Investment Activities.

OUTREACH AND CUSTOMER SERVICE

Central to PBGC’s mission are its valued customers. In its unwavering commitment to offering the highest 

level of service, PBGC relies on surveys to actively engage customers, identify opportunities for 

enhancement, implement procedural refinements, and continually assess satisfaction levels. Survey scoring 

methodology aligns with the criteria of the American Customer Satisfaction Index (ACSI). In FY 2023, 

PBGC took proactive measures based on customer feedback to enhance the quality of services rendered.

Retirees and Participants

PBGC’s satisfaction score among retirees 

remains consistently high. Satisfaction surveys 

indicate that retirees receiving monthly 

payments from PBGC rated their satisfaction at 

87 out of 100.

Pension plan participants who engaged with 

PBGC by phone and participated in a survey 

provided an overall satisfaction rating of 81 out 

of 100. This marks a notable improvement over 

the FY 2022 score of 76. In FY 2023, the 

increased staffing level of PBGC’s Customer

100

80

60

2017 2018 2019 2020 2021 2022 2023

PBGC Participant Callers PBGC Retirees

Federal Government Aggregate

Contact Center (CCC) reduced wait times and helped to significantly improve the satisfaction score in 

comparison to FY 2022.

In FY 2021, PBGC increased the security of its online portal, My Pension Benefit Access (MyPBA), by 

instituting a multi-factor authentication sign-on solution sponsored by Login.gov. MyPBA achieved a 

satisfaction score of 54 out of 100 in FY 2023. The improvement of this score over the FY 2022 score of 45 

was achieved through the implementation of user-friendly navigation and additional support for users facing 

challenges in establishing a Login.gov account. PBGC continues to provide constructive feedback to 

Login.gov while simultaneously seeking avenues for further improvement of the login experience for 

customers.

American Customer Satisfaction Index
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Premium Filer Satisfaction

77

64

76

66

74

6

76

67

77 77 77

65 63

61 60 60

64 62 60

Premium Filers

Pension plan sponsors and their practitioners who 

file premiums with PBGC gave a FY 2023 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 Internal Revenue Service small-business and selfemployed 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

2017 2018 2019 2020 2021 2022 2023

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 2023 satisfaction score was 69 out of 100 (down 

three from last year). This score is below the target of 78. Based on My PAA online survey responses, the 

lower score is due primarily to practitioners continued challenges with the updated My PAA system, especially 

for infrequent users who use the system once a year.

In FY 2023, PBGC continued to implement new system enhancements to My PAA for the practitioner 

community. The Corporation made these enhancements to improve the user experience and better align My 

PAA with information technology industry standards and security upgrades.

ENGAGING WITH CUSTOMERS AND STAKEHOLDERS

PBGC regularly communicates with customers about 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 2023, there were nearly 55,000 visits to the Corporation’s SFA page. 

PBGC also published more than 60 SFA-related news releases regarding program activities and plan 

application approvals. Additionally, the Corporation hosted a webinar on the SFA application filing process 

for non-priority groups.

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

constituents — and various stakeholders.

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 on its programs and policy alternatives to its Board 

of Directors, policymakers, and external stakeholders, including the public. The Pension Insurance Data American Customer Satisfaction Index
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Table — a collection of data on 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). In FY 2023, PBGC initiated a comprehensive 

Model Risk Management and governance review of its PIMS forecasting models in an effort to assess and 

support its model-related goals of conceptual soundness, operational validity, efficacy in functionality and 

performance, transparency and sufficiency in documentation, and effectiveness in model governance.

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 2023, 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. As a part of the effort, PBGC assessed entity-specific known and anticipated risks, uncertainties,

future events/conditions, and trends that could significantly affect the agency’s future financial or operating 

performance and developed mitigating strategies to address the challenges. This process was in-line with the 

requirements of OMB Circular A-136.

One of the Corporation’s recently identified top entity-wide risks related to the rapid pace and magnitude of 

change across the government and at PBGC, was precipitated by the relocation of PBGC’s headquarters.

Additional top risks were associated with the SFA Program, recruiting and retaining staff, technology 

modernization, and continuing trends away from defined benefit plans. Program offices throughout PBGC 

worked to review, mitigate, and continuously monitor these risks.

The results of the annual risk assessment found that the Multiemployer Program insolvency and operational 

planning uncertainty risk were reduced. Additionally, the Government Accountability Office (GAO) removed 

the high-risk designation for PBGC’s insurance programs.

Regulatory and other Guidance Activities

In FY 2023, PBGC issued regulations and other guidance under the SFA Program. PBGC published a final 

rule, effective on January 26, 2023, that amended the SFA regulation to provide an exception process for the 

withdrawal liability conditions imposed on plans that receive SFA. PBGC also released on July 19, 2023,
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questions and answers that provide guidance on the investment of SFA funds and calculation methodology 

under the withdrawal liability phase-in condition, and on July 27, 2023, updated the SFA instructions.

PBGC continued to develop other rulemakings and guidance to protect plan participants and minimize 

burdens on pension plans and plan sponsors.

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

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

employer’s withdrawal liability. The comment period closed on December 13, 2022, and PBGC plans to 

publish a final rule that responds to public comments received on the proposed rule.

PBGC published a final rule on July 11, 2023, to increase transparency of PBGC benefits administration for 

terminated single-employer pension plans that PBGC trustees. The final rule, which became effective on 

August 10, 2023, makes clarifications and codifies policies involving benefit payments and valuation of plan 

assets.

On August 7, 2023, PBGC issued Technical Update 23-1, a one-time waiver of the 4010-filing requirement 

(annual financial and actuarial information reporting requirements under section 4010 of ERISA and 29 CFR 

part 4010 of PBGC’s regulations). The waiver of the reporting requirement for filers meeting specified criteria 

recognizes the atypical market conditions of late 2022 and early 2023 and the way those conditions impacted 

plan assets and liabilities for purposes of determining whether a 4010 filing is required. This is a one-time 

waiver of the reporting requirement for filers meeting specified criteria.

Lastly, PBGC published a proposed rule on August 18, 2023, which would amend its regulation on Allocation 

of Assets in Single-Employer Plans to update the interest, mortality, and expense assumptions used to 

determine the present value of benefits for a single-employer pension plan ending in a distress or involuntary 

termination. The assumptions are also used for certain multiemployer withdrawal liability calculations and for 

other purposes. The rulemaking included a 60-day public comment period that closed on October 17, 2023.

STRENGTHENING A DIVERSE WORKFORCE AND LEADERSHIP

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

with strategic goals and outcomes. In FY 2023, 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 FEVS was administered May 30, 2022, through July 15, 2022. The agency’s response rate was 70 

percent, up from 66 percent of employees who completed the survey in 2021. The results not only show how 

PBGC employees rate employee engagement; global satisfaction; and diversity, equity, inclusion, and 

accessibility (DEIA); but that PBGC ranked number one in each index for small agencies and government 

wide. PBGC’s employee engagement index score, which measures areas including employee development, 

was 86 percent. The score for this index increased from previous years. The agency’s global satisfaction index 

score, which measures employee satisfaction with jobs, pay, organization, and if they would recommend 

PBGC as a good place to work, was 83 percent, which also increased from the previous year. The agency’s
PENS ION BENEFIT GUARANTY CORPORATION 13 F Y 2 0 2 3 | ANNUAL REPORT

DEIA index score was 86 percent. As a result of the high index scores, PBGC ranked as Top Agency among 

small agencies in these categories.

As a result of the FEVS scores, PBGC ranked number two in the small agency category for Best Places to

Work in the Federal Government for 2022.

Additionally, PBGC had three business units that ranked in the top 10 subcomponent category out of 432 

agency subcomponents:

• The Office of Negotiations & Restructuring ranked number 1.

• The Office of Benefits Administration ranked number 7.

• The Office of Information Technology ranked number 8.

Recruitment and Outreach

As a result of ARP, PBGC continues to expeditiously hire highly skilled employees. The Corporation 

successfully filled almost 90 percent of the positions. These new positions support the maintenance of the 

SFA Program, ensuring that retirees in multiemployer plans that receive SFA continue to receive their full 

plan benefit payments.

PBGC’s recruitment efforts include participating in the Office of Personnel Management’s (OPM) efforts to 

improve the Pathways Internship Program. As a result, PBGC has enhanced the experience for interns that 

will promote growth within the Corporation, leading to an increased number of interns filling permanent 

federal positions. Additionally, the Corporation’s Disabled Veterans Affirmative Action Program (DVAAP) 

participated in the virtual U.S. Department of Veterans Affairs Job Fair.

PBGC has a robust Workplace Flexibilities Program. In 2023, the Corporation continued increasing its focus 

on employee services and benefits, and expanding wellness activities to include stress, mental health, 

childcare, and caregiver tools.

Diversity, Equity, Inclusion, and Accessibility

In FY 2023, the Corporation submitted updates to OMB, OPM, and the Domestic Policy Council (DPC) for 

the Action Plan for Advancing Racial Equity and Support for Underserved Communities.

The Corporation continued publishing bi-monthly editions of the “Diversity, Equity, Inclusion and 

Accessibility (DEIA) Digest” to managers and supervisors, with articles highlighting best practices,

knowledge of what other agencies are doing, and videos to reinforce DEIA principles and upcoming cultural 

events.

PBGC delivered 13 DEIA awareness and cultural events.

PBGC conducted a series of listening sessions with the DEIA Council members to gather ideas and 

information for FY 2024 agency-wide DEIA activities and initiatives. The DEIA Council along with 

leadership explored ways of “Viewing Diversity Through Various Lenses” to educate and connect the 

workforce with DEIA. This included two days of enriching videos, facilitating discussions, and engaging 

dialogues.
PENS ION BENEFIT GUARANTY CORPORATION 14 F Y 2 0 2 3 | ANNUAL REPORT

PBGC offered 33 DEIA trainings.

To attract a diverse applicant pool, PBGC conducted outreach with organizations serving underrepresented 

populations, such as Historically Black Colleges and Universities and professional associations. To recruit a 

workforce representing the Nation’s diversity, PBGC continues to attend minority serving events, internship 

career fairs, and Veterans career fairs to market federal employment opportunities.

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, and 

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

performance plan which is the foundation of a rigorous performance management program. In FY 2023, 

PBGC reviewed 100 percent of its departments performance plans and provided feedback to managers on 

plans needing improvements. Additionally, training modules were developed for both employees and 

managers on performance management to aid in ensuring the employees were educated and well informed on 

performance matters.

Management and Leadership Development

The Corporation continued its commitment to training and developing its workforce to ensure employees 

were prepared for the rapid changes in technology and policy. In FY 2023, PBGC’s Management & 

Leadership (M&L) Development Program designed and offered four major learning events that focused on 

preparing PBGC leadership for leading hybrid teams, addressing the challenges posed by the future of work, 

and building trust and promoting collaboration in a remote work environment. The Leadership/Executive 

Coaching Program continues to be popular and highly successful.

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 job applicants, regarding the federal government's equal opportunity program.

OEEO continues to build a Model EEO Program.

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

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

opportunity.

The Affirmative Employment Program (AEP) sponsored by the OEEO continued to promote equal 

employment opportunity by identifying discriminatory employment policies, practices, and procedures that 

impede equal employment opportunity for all workforce demographics.

The AEP Team presented numerous PBGC-wide events and activities that support equal employment 

opportunity, including the innovative YOUniversity, a Bias Awareness Program administered by OEEO.
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SAFEGUARDING CUSTOMERS’ INTERESTS

Participant and Plan Sponsor Advocate

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

(the Board) and responsible to the Board and Congress, acts as a liaison among PBGC, sponsors of insured 

defined benefit plans, and participants in PBGC-trusteed plans. The duties of the Office of the Advocate 

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 problems dealing with PBGC and may propose changes in

PBGC’s administrative practices and recommend legislative changes to mitigate problems.

The Advocate submitted the statutorily required annual report to PBGC’s congressional committees of 

jurisdiction, the Board, and PBGC’s Director on December 31, 2022. The report noted that PBGC had made 

many changes and improvements over the years in response to the Advocate’s recommendations and 

observations, yet certain systemic issues persist, presenting themselves in different forms through various 

participant and plan sponsor assistance requests. Additionally, the report noted that the Corporation needs to 

understand internal inefficiencies and how interdepartmental coordination can be maximized. The report also 

noted that understanding this will enhance the Corporation’s ability to review PBGC’s critical 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 Agency. The report also indicated that 

PBGC has done good work in implementing its SFA Program.

Strengthening E-Government and Information Technology

PBGC’s Office of Information Technology (OIT) published the FY 2022-2026 PBGC IT Strategic Plan. 

Driven by evidence and data, the plan aligns with PBGC’s strategic vision and goals, and reflects IT support 

for PBGC’s business units short and long-term plans. As described in the plan, OIT focusses on strategic 

thinking, collaborative business partnerships, and innovative IT solutions that support the PBGC’s mission.

Partnering with the Workplace Solutions Department (WSD), OIT played a pivotal role supporting the

PBGC’s Return to Office initiative at the new Portals II headquarters in FY 2023. From entering the building, 

to workspace arrival, to circulating and navigating around the building, OIT and WSD organized the 

headquarters environment to welcome returning workforce and to mitigate and manage risks. For example, 

OIT and WSD released episodes of the Portals II headquarters animated mini-series that provided employees 

and contractors with workplace protocols to include workspace direction, navigating Portals II security, and 

geographically familiarizing PBGC workforce with the new internal and external environment.

Further demonstrating partnerships and adaptation to flexible work strategies, OIT and the Office of 

Management and Administration collaboratively developed a customized Reservation Onsite Workspace 

system for PBGC workspace reservation management. The solution supports the Corporation’s telework 

strategy through enabling as-needed workspace reservations.

Ensuring all pertinent IT systems were functioning properly, OIT adapted the IT infrastructure to facilitate 

the transition to Portals II headquarters, to include relocating technology and infrastructure and modernizing 

the IT in workspaces, conference rooms, and common areas.
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OIT bolstered its modernization efforts by successfully completing Phase 3 of the Benefit Calculation and 

Valuation (BCV) project. Modernizing BCV improved participants customer service, enhanced application 

security, and optimized PBGC internal operation efficiencies. Additionally, significant progress was made

with IT Modernizations such as Case/Legal Management System, BCV Phase 4 which included online benefit 

estimates capability for select participants, and replacing U.S. Environmental Protection Agency’s 

FOIAOnline system with a new solution which are scheduled to go live by year end. Continued progress is 

being made with the Transformational Pension Insurance Modeling System and Acquisition Management 

System modernizations. Detailed modernization data are available at IT Modernization Projects on 

PBGC.gov.

PBGC’s Chief Data Officer (CDO) and the Data Governance Board (DGB) continued to implement the 

Foundations for Evidence Based Policymaking Act. To improve the Corporation’s ability to leverage data as a 

strategic asset and account for data assets across the Corporation, the CDO and DGB developed

a comprehensive data inventory (CDI). The CDI supports the Corporation’s data maturation efforts through 

unifying agency data and enabling opportunities for traditional and emerging analytical methods.

OIT completed all quarterly and annual OMB FY 2023 Annual Federal Information Security Modernization 

Act (FISMA) Reports. Notably, for the third consecutive year, PBGC obtained an overall Office of Inspector 

General (OIG) FISMA rating of “Effective/Managed-Risk” for its information security program.

Ensuring Ethical Practices

In FY 2023, PBGC continued to ensure that 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 ethics issues arising out of holiday activities and provided 

informational guidance regarding the Hatch Act.

Protecting Privacy Interests

PBGC’s Privacy Program implements the requirements that all federal agencies must meet under the Privacy 

Act, which governs the collection, maintenance, use, and dissemination of information about individuals that 

is maintained in systems of records by federal agencies. PBGC’s Privacy Program protects the personally 

identifiable information (PII) it maintains on participants, beneficiaries, employees, and contractors by 

educating its workforce on the applicable laws and regulations, implementing various controls, and limiting 

the amount of PII collected and maintained.

As the primary means of achieving this goal in FY 2023, the Privacy Office continued embedding privacy 

experts within various integrated project teams related to ongoing and new technology modernizations, data 

migrations, and commercial software/technology procurements. The Privacy Office has partnered with the 

OIT in assessing emerging technologies such as generative artificial intelligence products for use at PBGC.

The Privacy Office also established a new Privacy Common Control baseline that is aligned with the recent 

update to the NIST 800-53 Rev 5, “Assessing Security and Privacy Controls for Information Systems and 

Organizations.” Additionally, the Privacy Office continued its partnership with PBGC’s Enterprise 

Cybersecurity Department which strengthens the relationship between security and privacy by ensuring the
PENS ION BENEFIT GUARANTY CORPORATION 17 F Y 2 0 2 3 | ANNUAL REPORT

right controls are working and effective. Going forward, the Privacy Office will prioritize privacy-related 

performance measures and technology-enabled strategies and develop more specific metrics and performance 

measures.

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 2023, PBGC received 2,682 and processed more than 

2,643 requests while maintaining a median processing time of 17 working days, three days under the statutory 

time-limit. The Disclosure Division continued a 10-year history of ending the fiscal year with zero backlogged 

requests or appeals; less than 0.01 percent of requests were appealed and no initial disclosure determinations 

were completely overturned. The division conducted 45 virtual training sessions to promote efficiency and 

accuracy, and co-created corporate-wide outreach and awareness, achieving cultural compliance with FOIA. 

The Disclosure Division was recognized by the Department of Justice, which awarded the Disclosure 

Division the 2023 Exceptional Service Award in appreciation of exemplary performance by a team of agency 

professionals in helping to carry out the agency’s administration of FOIA, while receiving a score of 100 

percent from DOJ for compliance.

The Disclosure Division continued to focus on citizen-centered service by maximizing the use of technology 

and human capital management to maintain agency transparency. The Disclosure Division continued to 

support the SFA Program’s transparency efforts by conducting commercial, financial, and PII reviews of 103 

SFA applications prior to publishing the applications to PBGC.gov.
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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 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 2023, PBGC 

closed 34 audit recommendations. Also, during FY 2023, PBGC received 33 new audit recommendations, 

resulting in 34 open at the end of FY 2023.

PBGC’s OIG oversaw the annual financial statement audit completed by independent public accounting firm, 

Ernst & Young LLP. In addition, during FY 2023, the OIG performed other audits and evaluations,

including the following:

• Audit of the Pension Benefit Guaranty Corporation’s Fiscal Year 2022 and 2021 Financial 

Statements (AUD-2023-02), issued November 15, 2022. In this report, the OIG stated this is the 30th 

consecutive unmodified financial statement audit opinion.

• Evaluation of Hotline Compliances Regarding a PBGC Contract (EVAL-2023-04), issued 

November 22, 2022. The OIG received two hotline complaints that alleged fraud regarding a PBGC 

Contract. The OIG determined the fraud allegations in the complaints were unsubstantiated. However, 

the OIG found two concerns related to PBGC’s oversight of the labor-hour contacts that warrant 

management action. Specifically, a contracting officer’s representative (COR) approved invoices without 

verifying supporting documentation. As a result of the lack of adequate COR oversight, the labor hours 

charged to the two task orders and paid by PBGC may not be accurate. The OIG made two 

recommendations to the Corporation. Corrective actions to address one of the recommendations has 

been completed and submitted to the OIG for review and the corrective actions are ongoing for the 

remaining recommendation.

• PBGC Should Exclude Deceased Terminated Vested Participants from SFA Calculations 

(EVAL-2023-05), issued March 22, 2023. PBGC continues to strengthen its internal controls, policies, 

and procedures, to maintain high standards of stewardship, accountability, and integrity within its 

programs. Furthermore, PBGC has revised its guidance and application instructions to strengthen the 

Special Financial Assistance (SFA) Program. The OIG made six recommendations to the Corporation,

three of which are closed. Corrective actions for two of the recommendations have been submitted to the 

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

• PBGC Should Improve Its Special Financial Assistance Review Procedures (EVAL-2023-08), 

issued February 24, 2023. Since the OIG’s review, PBGC completed its risk assessment of the SFA 

Program and refined its SFA application review procedures. The OIG made eight recommendations to
PENS ION BENEFIT GUARANTY CORPORATION 19 F Y 2 0 2 3 | ANNUAL REPORT

the Corporation, four of which are closed. Corrective actions for the four remaining recommendations 

have been submitted to the OIG for review.

• Evaluation of PBGC’s Fiscal Year 2022 Compliance with the Payment Integrity Information Act 

of 2019 (EVAL-2023-09), issued May 18, 2023. As required by the Payment Integrity Information Act 

of 2019 (PIIA), the OIG reviewed PBGC’s compliance with improper payment reporting requirements. 

For FY 2022, the OIG determined that PBGC complied with the applicable PIIA requirements outlined 

in M-21-19, Transmittal of Appendix C to OMB Circular A-123, Requirements for Payment Integrity 

Improvement, dated March 5, 2021. However, PBGC did not include a hyperlink to 

PaymentAccuracy.gov in the Annual Financial Report for access to the accompanying materials. The 

OIG made one recommendation and corrective actions are ongoing.

• Audit of PBGC’s Review of Initial Special Financial Assistance Applications (AUD-2023-11), 

issued June 30, 2023. OIG assessed whether PBGC adequately reviewed applications for SFA prior to 

approving them. For the three applications reviewed, OIG found that PBGC had many procedures in 

place to review SFA applications, including eligibility checks, completeness checks, actuarial and business 

assumption reviews, actuarial calculation reviews, legal reviews of plan amendments, and reviews by 

upper management. Upon examining application files in PBGC’s TeamConnect system, OIG verified all 

three plans in its sample submitted documentation required by PBGC. OIG also verified PBGC 

performed its eligibility checks, completeness checks, and legal reviews of plan amendments, and 

documented these steps in the concurrence packages. Finally, OIG confirmed that each of the three 

plans was eligible for SFA. However, OIG found the following areas for PBGC to improve in its review 

of SFA applications. First, PBGC should better document its analysis of potential application issues and 

management concurrence regarding the resolution of those issues to better ensure management 

oversight. Second, to improve PBGC’s ability to detect discrepancies in plan calculations for suspended 

benefits and a plan’s reported Contribution Base Unit (CBU) history, the Corporation should develop 

and implement additional controls to assess plan calculations for previously suspended benefits and a

plan’s reported CBU history. The OIG made three recommendations 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)

In its April 2023 High-Risk Series Report, GAO removed the insurance programs from the High-Risk List. 

In that Report, GAO noted that while currently financially healthy, the Single-Employer Program will 

continue to face potentially substantial financial risks and that PBGC’s experience shows that the financial 

position of the program can change quickly and precipitously. Similarly, GAO noted that although SFA 

significantly extended the life of the Multiemployer Program, the Multiemployer Program still faces 

fundamental financial risks, such as inadequate plan funding, premiums that do not fully cover the cost of 

insurance, and uncertainty regarding future investment returns. GAO stated that it will continue to monitor 

the insurance programs’ finances and other issues. PBGC also monitors progress in addressing GAO 

recommendations. As of September 30, 2023, PBGC had no open GAO recommendations. For more 

information about GAO’s work on pensions and retirement security issues, visit GAO.gov.
PBGC FY 2025 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 enhance 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. PBGC publishes an annual performance report of the agency’s 

accomplishments. The framework is consistent with requirements outlined in the Government 

Performance and Results Modernization Act of 2010.

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

PBGC FY 2022-2026 Strategic Plan

To view the PBGC FY 2023 Annual Performance Report, please visit:

FY 2023 PBGC Annual Report
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 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 multiemployer 

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 maintain the financial stability of PBGC’s insurance 

programs

• 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 
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 2

Performance Area ($ in thousands) FY 2023 FY 2024 FY 2025

Pension 

Insurance

Total Funding 94,603 95,829 96,982

Total Full-time Equivalent (FTE) 230 227 227

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 

• Support 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 and the implementation of the SFA Program 

• 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

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

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 3

• 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

• 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 2025 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 

analysis and research products.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 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’slargest 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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Reportable events resolved within 30 days 100% 100% 100% N/A N/A

(95%) (95%) (95%) (95%) (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 246 242 232 N/A N/A

(300) (250) (225) (225) (225)

What actions will you take in FY 2025 to achieve the targets described above?

• Reportable Events – Ensure sufficient staff are assigned to the processing of reportable events to meet the target 

time frame. Also, continue submission of reportable events electronically by pension plan sponsors via 

mandatory e-filing portal (that is linked directly to a database). This improves the Corporate Financing and 

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

• Termination Recommendations – Maintain use of a multi-layered review process for termination 

recommendation (as detailed in CFRD annual Federal Managers Financial Integrity Act, FMFIA, statement). 

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

• Standard Termination Audits – Supervisors monitor case submissions to ensure a consistent inventory of audits to

review and close. Management will periodically evaluate audit closing counts and shift resources as needed to
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 5

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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Number of SFA applications processed 

(approved or denied) for ME plans within 120- 

day statutory deadline (revised) 

N/A 

(N/A)

30

(Baseline)

70 1

(40)

N/A 

(40)

N/A 

(40)

1 Includes 35 supplemented applications.

enable meeting the goal of 225 completed audits. Additionally, a supervisor/technical reviewer will continue to 

examine each audit performed to ensure compliance with PBGC regulations, relevant Internal Revenue Service 

(IRS) rules and regulations, and plan provisions. 
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 6

What actions will you take in FY 2025 to achieve the targets described above?

• In FY 2025 ONR will closely monitor the pace at which SFA applications are reviewed and completed to ensure 

progress toward overall goals. Adjustments to process, staffing, and support levels will be made to the extent 

necessary.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 7

Strategic Goal 2 

Pay Pension Benefits on Time and Accurately

Strategic Objectives (SO) Performance Strategies

4. Unite more missing participants 

with their pensions

• Attempt to locate Missing Participants on a regular basis

5. 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

6. 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 2023 FY 2024 FY 2025

Pension Plan 

Termination

Total Funding 199,479 212,801 210,345

Total FTE 328 323 323
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 8

Benefit Administration activities support Strategic Objective 4 (Unite more missing participants with their 

pensions) by attempting to locate Missing Participants on a regular basis. Results are measured through the 

following Performance Goals, Strategies, and Measures.

Performance Goal(s): Performance Strategy:

• Send an annual outreach letter to 

Missing Participants with unclaimed 

benefits of $1,000 or more, age 65 and 

over, notifying them of their benefits

• Attempt to locate Missing Participants on a regular basis

Performance Measures and Targets FY 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Percent of Missing Participants with unclaimed 

benefits of $1,000 or more, age 65 and over, 

sent annual notification letter of benefits

N/A

(N/A)

N/A

(N/A)

64%

(50%)

N/A

(80%)

N/A

(90%)

Note: New measure for FY 2023

What actions will you take in FY 2025 to achieve the targets described above?

• Regular monitoring of the missing participant program.

Benefit Administration activities support Strategic Objective 5 (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

• Process benefit applications timely

Performance Measures and Targets FY 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Percent of benefit applications approved within 

45 days 

76%

(87%)

85%

(87%)

98%

(87%)

N/A

(87%)

N/A

(95%)

First payment delivered on requested annuity 

start date 90 percent of the time

N/A 

(N/A)

N/A 

(N/A)

N/A 

(Removed)

N/A 

(Removed)

N/A 

(Removed)

What actions will you take in FY 2025 to achieve the targets described above?
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 9

Final Benefit Determination activities support Strategic Objective 6 (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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Average time in years to issue a benefit 

determination (time between trusteeship and 

benefit determination issuance) is 4.5 years 

5.9

(5.0)

4.1

(4.5)

4.4

(4.5)

N/A 

(4.5)

N/A 

(4.5)

What actions will you take in FY 2025 to achieve the targets described above?

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

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

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 10

Initial Benefit Estimation activities support Strategic Objective 6 (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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Estimated benefits within 10 percent of the final 

benefit determination 95 percent of time 

98%

(95%)

97%

(95%)

96%

(95%)

N/A

(95%)

N/A

(95%)

What actions will you take in FY 2025 to achieve the targets described above?

• Continue to monitor estimated benefits to assure accuracy.

The Appeals Program supports Strategic Objective 6 (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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Percentage of appeals resolved within 365 days 97% 94% 93% N/A N/A

(90%) (90%) (90%) (90%) (90%)

What actions will you take in FY 2025 to achieve the targets described above?

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

2024 and FY 2025 incoming appeals, the FY 2024 and FY 2025 target of closing 90 percent of all appeals in 

365 days is achievable. The FY 2024 and FY 2025 target of 90 percent is reasonable based on current workload.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 11

Strategic Goal 3 

Maintain High Standards of Stewardship and Accountability

Strategic Objectives (SO) Performance Strategies

7. 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

8. 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

9. 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
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 12

10. 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

• 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)

11. 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

12. 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

13. Strengthen enterprise risk 

management (ERM)

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

risks

14. Strengthen contractor oversight to 

reduce enterprise-wide risks

• Continue to improve accountability of acquisition processes
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 13

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

Counsel/Chief Policy Officer

Performance Area ($ in thousands) FY 2023 FY 2024 FY 2025

Operational Support Total Funding 190,638 204,271 206,737

Total FTE 410 420 420

Customer Experience and Service measurement activities support Strategic Objective 7 (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 2026 

• 74 or higher on PBGC’s premium filer

customer satisfaction survey by 2026

• 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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

PBGC’s actions result in satisfaction scores that 

meet or exceed targets for My PAA Online 

survey

71

(80)

72

(80)

69

(78)

N/A 

(78)

N/A 

(78)

PBGC’s actions result in satisfaction scores that 

meet or exceed targets for Premium Filer survey

77

(74)

77

(74)

77

(74)

N/A

(74)

N/A

(74)

What actions will you take in FY 2025 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)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 14

Customer Experience and Service Participant activities support Strategic Objective 7 (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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

PBGC’s Retiree customer satisfaction survey 

score

88

(90)

86

(90)

87

(90)

N/A

(90)

N/A

(90)

PBGC’S MyPBA customersatisfaction survey 

score

64

(77)

45

(77)

54

(77)

N/A

(77)

N/A

(65)

PBGC’s Participant Caller satisfaction survey 

score

76

(85)

76

(83)

81

(83)

N/A

(83)

N/A

(83)

What actions will you take in FY 2025 to achieve the targets described above?

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

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 15

Financial Operations activities support Strategic Objective 8 (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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

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 2025 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 8 (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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

PBGC’s actions will result in 

compliance with the Payment 

Integrity Information Act of 2019 

(PIIA)

Yes

(Compliance 

with PIIA)

Yes

(Compliance 

with PIIA)

Yes

(Compliance 

with PIIA)

N/A

(Compliance 

with PIIA)

N/A

(Compliance 

with PIIA)
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 16

Corporate Investment activities support Strategic Objective 8 (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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

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 2025 to achieve the targets described above?

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

Information Technology activities support Strategic Objective 9 (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

• 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

What actions will you take in FY 2025 to achieve the targets described above?

• Conduct payment integrity risk assessments on selected payment streams.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 17

Executive Order 14028 requirements 

and the corresponding agency 

reporting

• 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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Conduct OMB RMA

(No longer a measure, Cybersecurity & 

Infrastructure Security Agency discontinued 

use of RMA in 2021) 

Yes

(Managing 

Risk)

N/A 

(Discontinued)

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 

(CMM

Rating 4 

Effective)

Yes 

(CMM

Rating 4 

Effective)

N/A 

(CMM

Rating 4 

Effective)

N/A 

(CMM

Rating 4 

Effective)

What actions will you take in FY 2025 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.

Human Resources activities support Strategic Objective 10 (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 

• 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
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 18

• 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

• 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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Provide a minimum of two DEIA trainings or 

informational communications to supervisors 

and managers

2 

(2)

8 

(4)

7 

(2)

N/A 

(2)

N/A 

(2)

Conduct a minimum of two performance and 

employee conduct trainings 

18

(2)

44

(2)

115

(2)

N/A

(2)

N/A

(2)

Participate in a minimum of two targeted job 

fairs

4 

(2)

7 

(2)

4 

(4)

N/A

(4)

N/A

(4)

Provide work-life balance and wellness events 97 93 108 N/A N/A

(25) (25) (25) (25) (25)

Conduct a minimum of two managing telework N/A 4 3 N/A N/A

employee trainings (N/A) (2) (2) (2) (2)

Promote retention incentives N/A

(N/A)

5 

(2)

5 

(2)

N/A 

(2)

N/A 

(2)

What actions will you take in FY 2025 to achieve the targets described above?

• Broaden utilization of the Student Loan Repayment Program.

• Host management round tables to address specific management concerns.

• Continue to research and implement best practices for work-life balance initiatives.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 19

Office of Equal Employment Opportunity (OEEO) activities support Strategic Objective 11 (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 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

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 2025 to achieve the targets described above?

• Continue to conduct barrier analysis with special emphasis on analysis of demographics for GS-15 and SL that 

have not made incremental increases and/or declined in representation over a 3-year period to identify potential 

barriers to equal employment opportunity.

• Conduct annual management briefings and 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. 

• Continue to be proactive in mitigating complaints by providing EEO training that informs and educates on antidiscriminatory and anti-harassment behavior.

• Continue to offer agency-wide Bias Awareness Trainings and programs that support inclusivity in an effort to 

guide individuals in identifying workplace behaviors that support equal employment opportunity, DEIA, and 

behaviors that help mitigate discrimination.

• Continue to offer the YOUniversity Bias Awareness Program, Education & Enrichment Book Club Series, Real 

Talk Series, and Affinity Chats Series and other ad hoc workshops that support opportunities for perspectivesharing and to understand another’s dimensions of identity in the workplace.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 20

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): 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

• Improve 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

Performance Measures and Targets FY 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Number of improvements to the usability and 

content of PBGC.gov per year 

10

(8)

12

(10)

12

(10)

N/A

(10)

N/A

(10)

PBGC.gov website availability (new measure 

started in FY 2022) 

N/A 

(N/A)

99%

(99%)

99%

(99%)

N/A

(99%)

N/A

(99%)
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 21

PBGC’s actions result in satisfaction scores 

which meet or exceed targets website customer 

satisfaction online survey 

64

(75)

63

(75)

N/A 

(Retire)

N/A 

(Eliminate)

N/A

(Discontinued)

What actions will you take in FY 2025 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 13 (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

Performance Measures and Targets FY 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 22

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

(Increased 

identification 

of entitywide risks in 

a timely 

manner)

Yes, Identified 

41 emerging 

and existing 

risks

(Identify 

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

Yes

(Increase in 

risk-informed 

decisionmaking)

Yes

(Increase in 

risk-informed 

decisionmaking)

Yes

(Continue 

risk-informed 

decisionmaking)

N/A

(Continue 

risk-informed 

decisionmaking)

N/A

(Continue 

risk-informed 

decisionmaking)

Constant vigilance to foster a risk 

management culture

Yes

(Continue to 

communicate 

ERM status)

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)

What actions will you take in FY 2025 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 14 (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
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 23

What actions will you take in FY 2025 to achieve the targets described above?

• Implementation leading to data migration for the PRISM (Acquisition Management System) is underway and will 

be completed in FY 2025. Data migration testing will be complete in FY 2024, and PRISM will be fully operational 

by FY 2025. Once data migration is complete in FY 2025, the Procurement Department will work with Unison to 

finalize customized reports. As PD continues the implementation process, the Department will: ensure to effectively 

communicate technology updates to the Corporation; ensure PD operations align throughout implementation across 

processes, procedures, and technology; ensure SOP and other process documentation are updated to reflect 

technology shifts; and focus on improved reporting working with Unison (PRISM’s Contractor) to develop 

customized procurement reports and future metrics that help continue to improve the quality of operations and 

streamline processes.

Performance Measures and Targets FY 2021

Actual 

(Target)

FY 2022

Actual 

(Target)

FY 2023

Actual 

(Target)

FY 2024

Actual 

(Target)

FY 2025

Actual 

(Target)

Number of activities and streamlined guidance 

implemented

5 

(5)

5 

(5)

5 

(5)

N/A

(3)

N/A

(1)

Percentage of contract actions marked 

“Applicable” undergo legal review

N/A 

(N/A)

100%

(New 

Measure)

100%

(100%)

N/A 

(100%)

N/A 

(100%)

Percentage of requirements originating within N/A 100% 100% N/A N/A

OMA sent to CMO for review (N/A) (New 

Measure)

(100%) (100%) (100%)
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 24

FY 2023 OPERATIONS IN BRIEF

2023

Target

2023

Actual

2022

Actual

GOAL 1: Preserve Plans and Protect Pensions

Single-Employer Plan Participants Protected – Employers

Emerging from Bankruptcy During the Year 32,038 999

Single-Employer Plan Standard Termination Audits: Additional

Payments $2.3M to 1306 participants $1.03M paid to 663 participants

Single-Employer Benefit Paymentsfor Terminated Plans

• Participants Receiving Benefits 920,000 960,000

• Benefits Paid Over $6.0B Over $7.0B

• Participants Expected to Receive Future Benefits 473,000 496,000

Multiemployer Plan Traditional Financial Assistance $176M to 100 plans $226M2 to 115 plans

Multiemployer Plan SFA Payments $45.6B $7.6B

Multiemployer Participants in Insolvent Plans

• Participants Receiving Benefits 80,421 93,525

• Participants Expected to Receive Future Benefits 41,661 46,480

GOAL 2: Pay Timely and Accurate Benefits

Estimated Benefits Within 10 Percent of Final Calculation 95% 96% 97%

Average Time to Provide Benefit Determinations (Years) 4.5 4.4 4.1

Benefit Applications Processed in 45 Days 87% 98% 85%

Improper Payment Rates Within OMB Threshold13 <1.5% Yes Yes

GOAL 3: Maintain High Standards of Stewardship and Accountability4

Retiree Satisfaction – ACSI5 Score 90 87 86

Participant Caller Satisfaction – ACSI Score 83 81 76

Premium Filer Satisfaction – ACSI Score 74 77 77

Single-Employer – Financial Net Position $44.6B $36.6B

Multiemployer – Financial Net Position $1.5B $1.1B

Unmodified Financial Statement Audit Opinion Yes Yes Yes

Maintain or exceed a level 4 rating on the CMM Rating/IG FISMA

Evaluation

Effective Yes Effective

2 The $226 million in 2022 includes a $9 million payment on a facilitated merger under the Multiemployer Pension Reform Act of 2014 (MPRA). 3 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.

4 In March 2020, PBGC retired the Customer Satisfaction survey and is now piloting a new PBGC.gov Feedback button. 5 The American Customer Satisfaction Index (ACSI) uses a 0-100 scale; 80 or above is considered excellent.
PENSION BENEFIT GUARANTY CORPORATION (PBGC)

PBGC FY 2025 APP Final Draft w/fiscal yearend (FYE) updates - 25

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 MPP Missing Participants Program

CFRD Corporate Financing and Restructuring Department My PAA My Plan Administration Account

CMM Capability Maturity Model MyPBA My Participant Benefit Access

CMO Chief Management Officer NIST National Institute of Standards and Technology

CSF Cybersecurity Framework OEEO Office of Equal Employment Opportunity

CX Customer Experience OGC Office of the General Counsel

DEIA Diversity, Equity, Inclusion, and Accessibility OIG Office of the Inspector General

DHS Department of Homeland Security OMA Office of Management and Administration

EAP Employee Assistance Program OMB Office of Management and Budget

EEO Equal Employment Opportunity ONR Office of Negotiations and Restructuring 

EEOC Equal Employment Opportunity Commission OPEA Office of Policy & External Affairs 

ERM Enterprise Risk Management PD Procurement Department

FA Financial Assistance PIIA Payment Integrity Information Act

FISMA Federal Information Security Modernization Act of 

2014

POC Point of Contact

FMFIA Federal Managers Financial Integrity Act of 1982 PRISM Procurement Information System for

Management

FOH Federal Occupational Health RMA Risk Management Assessment

FOIA Freedom of Information Act RMC Risk Management Council

FTE Full-time Equivalent RMO Risk Management Officer

GS General Schedule SFA Special Financial Assistance

ICAM Identify and Credential Access Management SL Senior Level

ICC Internal Corporate Controls SLRP Student Loan Repayment Program

IG Inspector General SO Strategic Objective

IPS Investment Policy Statement