PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC FY 2023 Annual Performance Plan 

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

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

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

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

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

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

on agency goals and priorities. 

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

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

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

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

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

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

x Accountants 

x Actuaries 

x Attorneys 

x Auditors 

x Benefit Specialists 

x Analysts 

x Information Technology and Cybersecurity Experts 

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

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

The framework is consistent with requirements outlined in Government Performance and Results

Modernization Act of 2010.

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

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

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

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

PBGC - 14 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 15 

Strategic Goal 1 

Preserve Plans and Protect the Pensions of Covered Workers and Retirees 

Strategic Objectives Performance Strategies 

1. Encourage the 

continuation and 

maintenance of pension 

plans 

x Engage with employers, workers, and pension practitioners to 

encourage pension plan continuation and strengthen retirement 

security 

x Provide timely, concrete, and practical guidance to plans on 

the implementation of mergers, partitions, and alternate 

withdrawal liability proposals to reduce employer risk, while 

preserving plans and benefits 

x Maintain a regulatory environment that serves the interests of 

stakeholders and minimizes the burdens of sponsoring a plan 

x Educate and inform the multiemployer community 

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

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

2. Protect workers and 

retirees when plans are at 

risk 

x Preserve plans during bankruptcy and other corporate 

transactions 

x Protect the retirement security of workers and retirees and the 

interest of premium payers in federal courts 

x Provide technical assistance, analysis, and options to 

policymakers and Congress to improve the financial stability 

of the Multiemployer Program 

x Continue to provide financial assistance to insolvent 

multiemployer plans 

3. ARP Implementation, 

regulations, guidance to 

multiemployer plans, and 

technical assistance to 

Congress 

x Research and forecast insurance program activities 

x Provide guidance to plans on the implementation of mergers, 

alternate withdrawal liability proposals, and other means to 

reduce employer risk, while preserving plans and benefits 

x Provide confidential technical assistance, analysis, and options 

to Congressional and Executive Branch policy makers to 

improve the financial stability of PBGC’s insurance 

programs 

x Review applications for Special Financial Assistance (SFA) 

from eligible multiemployer plans and requests for financial 

assistance from insolvent multiemployer plans 

x Deliver data tables and the Projections Report to Congress and 

stakeholders 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 16 

x Provide stakeholder education and outreach through meetings 

with stakeholders 

x Continue to provide financial assistance and provide SFA to 

multiemployer plans 

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

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

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

Total FTE 230 230 230 

Communications, Outreach, Research, and Policy activities support Strategic Objective 1 

(Encourage the continuation and maintenance of pension plans) by providing expert analysis and 

forecasting, ensuring exceptional customer service, evaluating policy options, and strengthening 

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

maintenance of pension plans. Results are measured through the following Performance Goals, 

Strategies, and Measures. 

Performance Goal(s): Performance Strategies: 

x Receive stakeholder input 

x Provide technical assistance and 

practical guidance to plan sponsors 

on the implementation of proposed 

options to reduce risks, while 

preserving plans and benefits 

x Perform rigorous cost-benefit 

analysis 

x Prioritize simplification and 

transparency 

x Research and implement 

improvements each year to PBGC’s 

communications (including 

PBGC.gov) in response to customer 

feedback and key performance 

indicators 

x Provide stakeholder education and 

outreach by holding meetings with 

participant groups, plan sponsors, 

practitioner groups, industry 

x Engage with employers, participants, and pension 

practitioners to encourage pension plan 

continuation and strengthen retirement security 

x Provide timely, concrete, and practical guidance to 

plans on the implementation of mergers, partitions, 

and alternate withdrawal liability proposals to 

reduce employer risk, while preserving plans 

x Maintain a regulatory environment that serves 

stakeholders and minimizes the burdens of 

sponsoring a plan 

x Educate and inform the multiemployer community 

(participants, plan sponsors, and other 

stakeholders) on the ARP 

x Inform stakeholders about provisions of key 

regulatory proposals and enacted legislative 

changes 

x Support Congressional and Executive Branch 

policymakers in providing technical assistance 

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

PBGC - 17 

associations, and other interested 

stakeholders 

x Provide data-driven communications 

to stakeholders based on the latest 

pension research, data, and 

projections 

x Inform practitioners and other 

stakeholders of key new regulations 

through speaking engagements at 

stakeholder conferences and meetings 

x Work with stakeholders to promote understanding 

of major program risks and possible mitigation 

strategies 

x Serve as a resource for pension policy analysis and 

pension research products, education, and 

guidance 

x Develop an annual projections report on the future 

status of the Single-Employer and Multiemployer 

Programs 

x Deliver pension insurance data tables annually to 

educate stakeholders on the facts of PBGC’s 

programs 

x Maximize education and outreach through 

meetings with participant groups, plan sponsors, 

practitioner groups, industry associations, and 

other stakeholders 
PENSION BENEFIT GUARANTY CORPORATION (PBGC) 

PBGC - 18 

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

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

participants’ pension benefits, and completing audits to ensure accurate benefit distribution. 

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

Performance Goal(s): Performance Strategy: 

x Protect pensioners by 

proactively monitoring 

PBGC’s largest exposures for 

transactions that may pose 

substantial risks to 

participants and retirees 

x Ensure all plans identified in 

the statistical sample are 

opened for audit during the 

year to ensure that 

participants receive their full 

retirement benefits. 

x Represent PBGC’s interests in 

all bankruptcy cases involving 

defined benefit pension plans 

x Preserve plans during plan sponsor bankruptcies and other 

corporate transactions 

x Protect the retirement security of workers and retirees and 

the interests of premium payers in federal courts 

x Provide technical assistance, analysis, and options to 

policymakers and Congress to improve the financial 

stability of the Multiemployer Program 

x Continue to provide financial assistance to insolvent 

multiemployer plans 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Reportable events resolved within 30 

days 

N/A 

(New 

Measure)

100% 

(95%) 

100% 

(95%) 

N/A 

(95%) 

N/A 

(95%) 

Percent of termination 

recommendations approved by senior 

Agency officials 

N/A 

(New 

Measure) 

100% 

(90%) 

100% 

(90%) 

N/A 

(90%) 

N/A 

(90%) 

Standard termination audits 

completed 

N/A 

(New 

Measure) 

313 

(300) 

246 

(300) 

N/A 

(250) 

N/A 

(225) 

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

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

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

directly to a database) and some via a more traditional email box. In FY 2022, use of the e-filing 

portal became mandatory. The change was implemented to reduce human error associated with 

checking the e-mail box and improve Corporate Financing and Restructuring Department’s 

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

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

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

to produce well-documented and supported recommendations 

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

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

periodically evaluate audit closing count and shifts resources as needed to enable meeting the goal 

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

relevant IRS rules and regulations, and plan provisions

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

guidance to multiemployer plans, and technical assistance to Congress) by issuing regulations, 

evaluating policy options, providing guidance to multiemployer plans, and delivering technical 

assistance to Congress. Results are measured through the following Performance Goals, Strategies, 

and Measures. 

Performance Goal(s): Performance Strategy: 

x Deliver annual projections 

report on the future status of 

the Single-Employer and 

Multiemployer Programs 

x Deliver guidance to plans that 

may be eligible for Special 

Financial Assistance (SFA) 

and process plan applications 

promptly 

x Publish annual pension data to 

educate stakeholders on the 

Single-Employer and 

Multiemployer programs 

x Educate and inform the 

multiemployer community on 

the effects of ARP 

x Monitor all multiemployer 

plans that receive special and 

regular financial assistance for 

compliance with laws and 

regulations 

x For insolvent plans, maintain 

rigorous audit standards to 

ensure accurate benefit 

x Research and forecast insurance program activities 

x Provide guidance to plans on the implementation of 

mergers, alternate withdrawal liability proposals, and 

other means to reduce employer risk, while preserving 

plans and benefits 

x Provide confidential technical assistance, analysis, and 

options to Congressional and Executive Branch policy 

makers to improve the financial stability of PBGC’s 

insurance programs 

x Review applications for Special Financial Assistance 

(SFA) from eligible multiemployer plans and requests 

for financial assistance from insolvent multiemployer 

plans 

x Deliver data tables and the Projections Report to 

Congress and stakeholders 

x Provide stakeholder education and outreach through 

meetings with stakeholders 

x Continue to provide financial assistance and begin to 

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

PBGC - 20 

Strategic Goal 2 

Pay Pension Benefits on Time and Accurately 

Strategic Objectives Performance Strategies 

4. Ensure regular monthly 

benefit payments 

continue without 

interruption 

x Continue uninterrupted benefit payments in newly 

trusteed plans 

x Process benefit applications timely 

x Prioritize processing plans with greatest number of 

participants 

5. Provide accurate and 

timely benefit 

calculations 

x Improve the timeliness and completeness of benefit 

determinations 

x Provide a timely and efficient appeals process for PBGC 

benefit determinations 

x Resolve appeals quickly and fairly 

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

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

Pension Plan 

Termination 

Total Funding 195,913 199,213 212,435 

Total FTE 328 328 328 

payments to plan participants, 

efficient management of any 

remaining assets, and 

compliance with laws and 

regulations 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Number of SFA applications 

processed for ME plans 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

New 

Measure 

 (268) 

Amount of SFA payments to eligible 

ME plans 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

New 

Measure 

(97.2 B) 

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

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

PBGC - 21 

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

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

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

Performance Goal(s): Performance Strategy: 

x Deliver the first payment on 

the requested annuity start 

date 90 percent of time 

x Process benefit applications timely 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Benefit applications approved within 

45 days 

90% 

(87%) 

78% 

(87%) 

76% 

(87%) 

N/A 

(Retire) 

N/A 

(Eliminate) 

First payment delivered on requested 

annuity start date 90 percent of the 

time

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

New 

Measure 

 (90%) 

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

x Regular monitoring of applications in process

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

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

well as reviewing pension plan records to determine the final benefit and issuing a Benefit 

Determination Letter. Results are measured through the following Performance Goals, Strategies, 

and Measures. 

Performance Goal(s): Performance Strategy: 

x Ensure that the average time 

in years to issue a benefit 

determination (time between 

trusteeship and benefit 

determination issuance is 4.5 

years) 

x Improve the timeliness and completeness of benefit 

determinations 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Average time in years to issue a 

benefit determination (time between 

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

PBGC - 22 

trusteeship and benefit determination 

issuance) is 4.5 years 

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

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

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

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

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

well as reviewing pension plan records to determine the final benefit and issuing a Benefit 

Determination Letter. Results are measured through the following Performance Goals, Strategies, 

and Measures. 

Performance Goal(s): Performance Strategy: 

x Provide estimated benefits 

within 10 percent of the final 

benefit determination 95 

percent of the time 

x Improve the accuracy of benefit determinations 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Estimated benefits within 10 percent 

of the final benefit determination 95 

percent of time 

96% 

(95%) 

96% 

(95%) 

98% 

(95%) 

N/A 

(95%) 

N/A 

(95%) 

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

x Continue to monitor estimated benefits to assure accuracy

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

calculations) by providing Appeals Board decisions on appeals and written explanations on all 

other inquiries that do not qualify as appeals. Results are measured through the following 

Performance Goals, Strategies, and Measures. 

Performance Goal(s): Performance Strategy: 

x Resolve majority of appeals 

within one year 

x Provide a timely and efficient appeals process for 

PBGC benefit determinations 

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

PBGC - 23 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Percentage of appeals resolved within 

365 days 

98% 

(N/A) 

99% 

(90%) 

97% 

(90%) 

N/A 

(90%) 

N/A 

(90%) 

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

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

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

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

PBGC - 24 

Strategic Goal 3 

Maintain High Standards of Stewardship and Accountability 

Strategic Objectives Performance Strategies 

6. Provide excellent 

customer service 

x Research and implement improvements each year to 

PBGC’s communications (including PBGC.gov) in 

response to customer feedback and key performance 

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

x Seek opportunities to reach out to retirees and pension 

participants with disabilities, limited English proficiency, 

and limited access to internet 

7. Meet or exceed the 

financial and ethical 

standards that apply to 

PBGC as a major 

financial and government 

institution, and monitor 

cash flows (including 

appropriated funds for 

SFA payments) 

x Manage investments prudently consistent with investment 

policy 

x Collect insurance premiums due 

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

flows 

x Maintain a robust control environment that will prevent, 

detect, and recover improper payments 

x Conduct quality due diligence on the PBGC investment 

portfolios 

8. Maintain effective IT 

Security 

x Maintain adequate IT Security posture based on NIST 

guidance and implement DHS Cybersecurity Directives 

x Ensure on-going authorization of all FISMA reportable 

system by overseeing information security continuous 

monitoring (ISCM) 

x Utilize cloud technology and build towards a Zero-Trust 

Architecture (ZTA) 

x Fully integrate identify and credential access management 

(ICAM) solutions 

9. Retain a highly skilled 

workforce 

x Train a high-quality multidisciplinary workforce 

x Train supervisors and managers on managing telework 

employees 

x Increase and develop innovative virtual management 

training 

x Support supervisors and managers on managing employee 

performance 

x Incorporate in the monthly Work Life and Wellness 

themes with live virtual webinars hosted through Federal 

Occupation and Health (FOH) and Work Life for You 
PENSION BENEFIT GUARANTY CORPORATION

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x Provide live webinars and Department training for 

Employee Assistance Program (EAP) services 

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

Program (SLRP) 

10. Encourage and support a 

diverse and inclusive 

work environment that 

encourages employee 

engagement 

x Foster a diverse, high-performing workforce drawn from 

all segments of American society 

x Foster a culture of inclusion that encourages 

collaboration, flexibility, and fairness 

x Continue to conduct YOUniversity Bias Training to create 

opportunities for individuals to investigate their bias and 

to understand bias’s impact on equal employment 

opportunity 

11. Strengthen transparency, 

disclosure, and 

communication 

x Provide effective and timely communication with plan 

participants and other stakeholders 

x Inform stakeholders about provisions of key legislative 

and regulatory proposals 

x Make improvements to annual communications based on 

quarterly analytics 

x Foster consistent, fair, and impartial treatment of 

participants and stakeholders, including those who belong 

to historically underserved communities 

x Maintain a secure hosting environment, closely monitor 

web logs, and respond quickly to any issues that arise 

12. Strengthen enterprise risk 

management 

x Educate and inform stakeholders on the impact of entitywide risks 

13. Strengthen contractor 

oversight to reduce 

enterprise-wide risks 

x Identify root causes and incorporate lessons-learned to 

improve future acquisitions 

x Improve accountability of acquisition processes 

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

Officer/General Counsel/Chief Policy Officer 

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

Operational 

Support 

Total Funding 164,204 166,410 187,683 

Total FTE 410 410 410 
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PBGC - 26 

Customer Service measurement activities support Strategic Objective 6 (Provide excellent 

customer service) by responding to requests for service and information from pension plan 

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

following Performance Goals, Strategies, and Measures. 

Performance Goal(s): Performance Strategy: 

PBGC actions result in achievement 

of: 

x 80 or higher customer 

satisfaction score on PBGC’s 

online premium filing tool, 

My Plan Administration 

Account (My PAA), by 2022 

x 74 or higher on PBGC’s 

premium filer customer 

satisfaction survey by 2022 

x Research and implement improvements each year to 

PBGC’s communications in response to customer 

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

etc.) 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

PBGC’s actions result in satisfaction 

scores which meet or exceed targets 

for My PAA Online survey 

79 

(80) 

90 

(80) 

71 

(80) 

N/A 

(80) 

N/A 

(80) 

PBGC’s actions result in satisfaction 

scores which meet or exceed targets 

for Premium Filer survey 

74 

(74) 

76 

(74) 

77 

(74) 

N/A 

(74) 

N/A 

(74) 

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

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

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

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

providing an outstanding customer experience

Customer Service Participant activities support Strategic Objective 6 (Provide excellent customer 

service) by operating a customer contact center and web portal My Participant Benefit Access 

(MyPBA) to respond to requests for assistance and provide useful information for pension plan 

participants, requests for service and information from pension plan sponsors, as well as providing 

online tools for plan sponsors. Results are measured through the following Performance Goals, 

Strategies, and Measures. 

Performance Goal(s): Performance Strategy: 
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PBGC - 27 

x Achieve scores which meet or 

exceeds the targets on all 

three Customer Satisfaction 

surveys 

x Frequently promote equity 

through customer outreach 

and communication, 

identifying and educating atrisk elderly customers 

x Research and implement improvements each year to 

PBGC’s communications in response to customer 

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

etc.)

x Seek opportunities to reach out to retirees and pension 

participants with disabilities, limited English proficiency, 

and limited access to internet 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

PBGC’s actions result in achievement 

of a score of 90 or higher on PBGC’s 

Retiree customer satisfaction survey 

91 

(90) 

89 

(90) 

88 

(90) 

N/A 

(90) 

N/A 

(90) 

PBGC’s actions result in achievement 

of a score of 77 or higher on PBGC’S 

MyPBA customer satisfaction survey 

77 

(77) 

78 

(77) 

64 

(77) 

N/A 

(77) 

N/A 

(77) 

PBGC’s actions result in achievement 

of 83 or higher on PBGC’s 

Participant Caller satisfaction survey 

84 

(85) 

81 

(85) 

76 

(85) 

N/A 

(83) 

N/A 

(83) 

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

x Regular monitoring of customer service delivery

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

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

flows) by producing financial statements. Results are measured through the following Performance 

Goals, Strategies, and Measures. 

Performance Goal(s): Performance Strategy: 

x Attain an unmodified audit 

opinion on annual financial 

statements 

x Collect insurance premiums due 

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

flows 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 28 

PBGC’s actions will result in an 

unmodified Financial Statement 

Audit 

Yes 

(Yes) 

Yes 

(Yes) 

Yes 

(Yes) 

N/A 

(Yes) 

N/A 

(Yes) 

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

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

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

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

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

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

adequacy of PBGC’s internal controls

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

exceed the financial and ethical standards that apply to PBGC as a major financial and 

government institution and monitor flows) by providing a written report on results of Improper 

Payment Risk Assessment for selected payment streams. Results are measured through the 

following Performance Goals, Strategies, and Measures. 

Performance Goal(s): Performance Strategy: 

x Compliance with 

the Payment 

Integrity 

Information Act of 

2019 to prevent, 

detect, and recover 

improper payments 

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

recover improper payments 

Performance Measures 

and Targets 

FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

PBGC’s actions will result 

in compliance with the 

Payment Integrity 

Information Act of 2019 

(PIIA) 

Yes 

(Compliance 

with 

Improper 

Payments 

Elimination 

and Recover 

Act of 2012) 

Yes 

(Compliance 

with 

Improper 

Payments 

Elimination 

and Recovery 

Act of 2012) 

Yes 

(Compliance 

with PIIA) 

N/A 

(Compliance 

with PIIA) 

N/A 

(Compliance 

with PIIA) 

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

PBGC - 29 

x Conduct improper payments risk assessment on selected payment streams 

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

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

cash flows) by providing investment management service for plans trusteed by the PBGC and for 

assets managed by the Corporation. Results are measured through the following Performance 

Goals, Strategies, and Measures. 

Performance Goal(s): Performance Strategy: 

x Comply with the asset 

allocation set forth in the 

Investment Policy Statement 

x Manage investments prudently and consistent with 

investment policy 

x Conduct quality due diligence on the PBGC investment 

portfolios 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

PBGC’s actions result in compliance 

with asset allocation listed in current 

Investment Policy Statement 

Yes 

(Yes) 

Yes 

(Yes) 

Yes 

(Yes) 

N/A 

(Yes) 

N/A 

(Yes) 

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

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

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

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

“Managing Risk” ratings for Cybersecurity Framework (CSF) functions (identify, protect, detect, 

respond, and recover), operationalizing an insider-threat program, and automating ICAM 

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

Measures. 

Performance Goal(s): Performance Strategy: 

x Achieve “Managing Risk” 

on OMB’s Annual FISMA 

Report Cybersecurity Risk 

Management Assessment 

(RMA) 

x Maintain or exceed “level 4: 

Managed and Measurable 

Rating” or as determined by 

x Maintain adequate IT Security posture based on NIST 

guidance and implement DHS Cybersecurity Directives 

x Ensure on-going authorization of all FISMA reportable 

system by overseeing ISCM 

x Utilize cloud technology and build towards a ZTA 

x Fully integrate ICAM solutions 
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the IG as effective overall 

on the OIG Cybersecurity 

Framework Functions 

x Align agency resources to 

ensure 100 percent active 

compliance with Executive 

Order 14028 requirements 

and the corresponding 

agency reporting 

Performance Measures and 

Targets 

FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

OMB RMA Yes 

(Managing 

Risk) 

Yes 

(Managing 

Risk) 

Yes 

(Managing 

Risk) 

N/A 

(Managing 

Risk) 

N/A 

(Managing 

Risk) 

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

x Conduct independent control assessments and maximize use of common controls 

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

x Implement applicable CDM requirements utilized for the PBGC cybersecurity dashboard 

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

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

properly address employee performance and misconduct and operate a comprehensive virtual Work 

Life and Wellness Program. Results are measured through the following Performance Goals, 

Strategies, and Measures. 

Performance Goal(s): Performance Strategy: 

x Increase management 

participation in training on 

managing teleworking 

employees by 10 percent 

x Increase participation in the 

SLRP by 5 percent by 

continuing education for 

management recruitment and 

retention incentives, increase 

eligible application pool, and 

increasing the use of marketing 

x Train a high-quality multidisciplinary workforce 

x Train supervisors and managers on managing telework 

employees 

x Increase and develop innovative virtual management 

training 

x Support supervisors and managers on managing employee 

performance 

x Incorporate in the monthly Work Life and Wellness 

themes with live virtual webinars hosted through FOH 

and Work Life for You 
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tools such as program videos, 

cartoons, and intranet presence 

x Provide 10 virtual Work Life 

and Wellness Programs 

annually 

x Provide live webinars and Department training for EAP 

services 

x Update respective policies i.e., SLRP 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Conduct a minimum of two 

performance and employee conduct 

trainings 

8 

(2) 

3 

(2) 

18 

(2) 

N/A 

(2) 

N/A 

(2) 

Participate in a minimum of two 

targeted job fairs 

2 

(2) 

3 

(2) 

4 

(2) 

N/A 

(2) 

N/A 

(2) 

Provide work life balance and 

wellness events 

42 

(20) 

40 

(25) 

97 

(25) 

N/A 

(25) 

N/A 

(25) 

Conduct a minimum of two managing 

telework employee trainings 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

New 

Measure 

(2) 

N/A 

(2) 

Promote retention incentives N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

New 

Measure 

(2) 

N/A 

(2) 

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

x Update the SLRP Directive 

x Continue offering virtual training courses on managing employees 

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

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

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

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

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

and Measures. 

Performance Goal(s): Performance Strategy: 

x Achieve 85 percent positive 

score for employee 

engagement on the Federal 

x Foster a diverse, high-performing workforce drawn from 

all segments of American society 
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Employee Viewpoint Survey 

by 2026 

x By 2026 and per EEOC’s 

benchmark, have GS-15 and 

SL grade representation more 

reflective of the agency’s total 

workforce 

x Foster a culture of inclusion that encourages 

collaboration, flexibility, and fairness 

x Continue to conduct YOUniversity Bias Training to 

create opportunities for individuals to investigate their 

bias and to understand bias’s impact on equal 

employment opportunity 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Increase gradually – half percent each 

year until grade representation for 

these groups increases in GS-15 and 

SL 

Yes 

(Yes) 

No 

(Yes) 

No 

(Yes) 

N/A 

(Yes) 

N/A 

(Yes) 

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

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

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

with the ongoing OEEO point of contact assignment 

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

PBGC’s workforce 

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

educates on anti-discriminatory and anti-harassment behavior 

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

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

employment opportunity and behaviors that help mitigate discrimination 

x Continue to offer the Education & Enrichment Book Club Series and Daring Dialogue and other ad 

hoc workshops that support opportunities for perspective-sharing and to understand another’s 

dimensions of identity in the workplace 

External Corporate Internet Program activities support Strategic Objective 11 (Strengthen 

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

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

participants, and sponsors. Results are measured through the following Performance Goals, 

Strategies, and Measures. 

Performance Goal(s): Performance Strategy: 
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PBGC - 33 

x Comply with all FOIA 

deadlines and maintain model 

disclosure program 

x Research and implement 

improvements each year to 

PBGC’s communications 

(including PBGC.gov) in 

response to customer feedback 

and key performance indicators 

(surveys, etc.) 

x Maximize stakeholder 

education and outreach, 

including published regulation 

by holding frequent meetings 

with participant groups, plan 

sponsors, practitioner groups, 

industry associations, and other 

interested stakeholders 

x Provide annual data-driven 

data tables and projection 

reports to stakeholders based 

on the latest pension research, 

data, and projections 

x Ensure stakeholder access to 

information on PBGC.gov by 

monitoring and improving the 

website’s performance and 

security, and working with its 

host to minimize service 

interruptions 

x Provide effective and timely communication with plan 

participants and other stakeholders 

x Inform stakeholders about provisions of key legislative 

and regulatory proposals 

x Make improvements to annual communications based on 

quarterly analytics 

x Foster consistent, fair, and impartial treatment of 

participants and stakeholders, including those who belong 

to historically underserved communities 

x Maintain a secure hosting environment, closely monitor 

web logs, and respond quickly to any issues that arise 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Number of improvements to the 

usability and content of PBGC.gov per 

year 

N/A 

(New 

Measure) 

7 

(6) 

10 

(8) 

N/A 

(10) 

N/A 

(10) 

PBGC.gov website availability (New 

Measure starting in FY 2022) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(99%) 

N/A 

(99%) 
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PBGC’s actions result in satisfaction 

scores which meet or exceed targets 

website customer satisfaction online 

survey 

75 

(75) 

73 

(75) 

64 

(75) 

N/A 

 (Retire) 

N/A 

(Eliminate) 

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

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

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

monitor web performance to minimize service interruptions 

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

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

Key Risk Indictors, and emerging risks, and promoting Enterprise Risk Management (ERM) 

Integration with budget, organizational performance, and strategic planning. Results are measured 

through the following Performance Goals, Strategies, and Measures. 

Performance 

Goal(s): 

Performance Strategy: 

x Implement 

enterprise risk 

management 

requirements 

by conducting 

a risk 

assessment 

and providing 

risk-related 

training to the 

Risk 

Management 

Council 

(RMC) and 

department 

directors (or 

their 

designees) 

annually 

x Seven FY 

2021 entitywide risks 

identified will 

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

x Continuously seek to improve program maturity level by identifying 

emerging risks 

x Complete annual risk assessment by OMB deadline 

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

x Implement Risk Management Office (RMO) succession planning 

x Deliver ERM training to RMC and Department Directors to ensure 

consistent knowledge base 
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PBGC - 35 

be evaluated 

during the 

annual risk 

assessment 

Performance 

Measures and 

Targets 

FY 2019 

Actual 

(Target) 

FY 2020 Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Identification of 

emerging entity-wide 

risks in a timely 

manner 

N/A 

(N/A) 

Identified 21 emerging 

risks 

(Increased 

identification of 

emerging entity-wide 

risks in a timely 

manner) 

 Yes 

(Increase 

identification 

of entitywide risks in 

a timely 

manner) 

N/A 

(Increase 

identification 

of entitywide risks in 

a timely 

manner) 

N/A 

(Increase 

identification 

of entitywide risks in 

a timely 

manner) 

Continue knowledgesharing related to 

risks 

N/A 

(N/A) 

Considered risks, 

included as decision 

criteria for budget 

decisions. 

Collected risk 

responses from the 

APP Point of Contacts 

(POCs) to identify 

risks that impeded 

delivery on FY 2022 

performance goals and 

reviewed with RMC 

(Increased riskinformed decisionmaking) 

 Yes 

(Increase in 

riskinformed 

decisionmaking) 

N/A 

(Increase in 

riskinformed 

decisionmaking) 

N/A 

(Increase in 

riskinformed 

decisionmaking) 

Constant vigilance to 

foster a risk 

management culture 

N/A 

(N/A) 

RMO webpage 

updated, quarterly 

RMO messages 

distributed to PBGC 

Federal employees 

 Yes 

(Continue to 

communicate 

ERM status) 

N/A 

(Continue to 

communicate 

ERM status 

N/A 

(Continue to 

communicate 

ERM status) 
PENSION BENEFIT GUARANTY CORPORATION

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(Continued 

communication 

regarding ERM) 

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

x Conduct entity-wide risk assessment 

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

x Integrate enterprise risk management with strategic planning and organizational performance 

processes 

x Include risks as a consideration and decision criteria for budget decisions 

Procurement and Acquisition activities support Strategic Objective 13 (Strengthen contractor 

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

community to strengthen contractor oversight. Results are measured through the following 

Performance Goals, Strategies, and Measures. 

Performance Goal(s): Performance Strategy: 

x Ensure 100 percent of contract 

actions marked “applicable” 

undergo legal review 

x Identify root causes and incorporate lessons-learned to 

improve future acquisitions 

x Improve accountability of acquisition processes 

Performance Measures and Targets FY 2019 

Actual 

(Target) 

FY 2020 

Actual 

(Target) 

FY 2021 

Actual 

(Target) 

FY 2022 

Actual 

(Target) 

FY 2023 

Actual 

(Target) 

Number of activities and streamlined 

guidance implemented 

16 

(5) 

6 

(5) 

5 

(5) 

N/A 

(5) 

N/A 

(5) 

Percentage of contract actions marked 

“Applicable” undergo legal review 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(New 

Measure) 

N/A 

 

(100%) 

Percentage of requirements originating 

within OMA sent to CMO for review

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(N/A) 

N/A 

(New 

Measure) 

N/A 

(100%) 

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

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

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

reporting 
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PBGC - 37 

FY 2021 OPERATIONS IN BRIEF6

2022 

Target 

2021 

Actual 

2020 

 Actual 

GOAL 1: Preserve Plans and Protect Pensions 

Single-Employer Plan Participants Protected – 

Employers Emerging from Bankruptcy During the 

Year 

99,345 127,000 

Single-Employer Plan Standard Termination 

Audits: Additional Payments 

$2.6M paid to 

1,462 participants 

$1.9M paid to 

1,909 participants 

Single-Employer Benefit Payments for Terminated 

Plans 

x Participants Receiving Benefits 970,000 984,000 

x Benefits Paid Over $6.4B Over $6.1B 

x Participants Expected to Receive Future 

Benefits 525,000 552,000 

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

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

Multiemployer Participants in Insolvent Plans 

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

o Participants in Plans that have 

Received SFA 

n/a n/a 

o Participants Expected to Receive 

Future FA Benefits 

37,172 27,600 

o Participants in Plans Receiving 

Regular FA 

80,786 79,600 

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

o SFA Payments n/a n/a 

o Regular FA Payments $221M $164M 

6 Numbers in this report have been rounded.
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FY 2021 OPERATIONS IN BRIEF6

GOAL 2: Pay Timely and Accurate Benefits 

Estimated Benefits Within 10% of Final 

Calculation 95% 98% 96% 

Average Time to Provide Benefit Determinations 

(Years) 

4.5 5.9 5.3 

Improper Payment Rates Within OMB Threshold7 <1.5% Yes Yes 

GOAL 3: Maintain High Standards of Stewardship and Accountability 

Retiree Satisfaction – ACSI8 Score 90 88 89 

Participant Caller Satisfaction – ACSI Score 83 76 81 

Premium Filer Satisfaction – ACSI Score 74 77 76 

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

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

Unmodified Financial Statement Audit Opinion Yes Yes Yes 

Achieve “Managing Risk” on OMB’s Annual 

FISMA Report Cybersecurity Risk Management 

Assessment (RMA) 

Yes Yes Yes 

 

7

The OMB threshold for significant improper payment reporting is as follows: amounts that exceed (1) both 1.5 percent and $10 million in improper payments, or (2) 

$100 million in improper payments. 

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