2019

Annual Performance

Plan
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 1

U2019 PBGC Annual Performance Plan

PBGC’s current FY 2018-2022 Strategic Plan provides a framework for annual performance 

plans. 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 

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

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

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

• Accountants

• Actuaries

• Attorneys

• Auditors

• Benefits Specialists

• Analysts

• IT and Cybersecurity Experts

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

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

This framework is consistent with requirements outlined in Government Performance and 

Results Modernization Act of 2010.

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

41TUhttps://www.pbgc.gov/about/budget-performance-and-planningU41T

For the FY 2017 PBGC Annual Performance Report, please visit:

41Thttps://www.pbgc.gov/sites/default/files/pbgc-annual-report-2017.pdf41T

The table that follows is a summary of the FY 2018-2022 PBGC Strategic Plan.
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 2

PBGC Strategic Plan

Strategic Goal 1: Preserve Plans and Protect the Pensions of Covered Workers and 

Retirees

Strategic Objectives Performance Strategies

• Encourage the 

continuation and 

maintenance of pension 

plans

• Protect workers and 

retirees when plans are at 

risk

• Assist policy makers in 

addressing the impending 

insolvency crisis in the 

multiemployer insurance 

program

• Reduce the number of 

Missing Participants

• Engage with employers, workers, and pension 

practitioners to encourage pension plan continuation and 

strengthen retirement security 

• Maintain a regulatory environment that serves the interests 

of stakeholders and minimizes the burdens of sponsoring a 

plan 

• 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 

• Research and forecast insurance program activities 

• 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 

• Provide technical assistance, analysis, and options to 

policy makers and Congress to improve the financial 

stability of the Multiemployer Program 

• Continue to provide financial assistance to insolvent 

multiemployer plans 

• Reunite plan participants with their lost pensions 

Goal Leaders:

• Chief of Negotiations and Restructuring

• Chief Policy Officer 

• General Counsel

Performance Measures & Targets

Goal 1 Performance Measures

& Targets

FY 2015 

Result

FY 2016

Result

FY 2017 

Result

FY 2018 

Target

FY 2019 

Target

Participants protected as a 

result of our actions in 

bankruptcy cases where plan 

sponsors emerge from 

bankruptcy with plans 

ongoing 

16,000 55,000 26,700

These 

activities 

are not 

amenable 

to targets

These 

activities 

are not 

amenable 

to targets

Additional payments resulting 

from standard termination 

enforcement actions

$5.8

million to 

1,456 

people

$4.5

million to 

940 

people

$4.6 million

to 435 

people

These 

activities 

are not 

amenable 

to targets

These 

activities 

are not 

amenable 

to targets
PENSION BENEFIT GUARANTY CORPORATION

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PBGC Strategic Plan

Performance Area (Dollars in thousands) FY 2017P 0F

1 FY 

2018P1F

2 FY 2019

Pension Insurance

Total Funding 

(Dollars in thousands) 72,552 79,471 79,684

Total FTE 207 211 213

FY 2019 plan to achieve Goal 1 Performance Objectives: 

1. Communicate benefits of a defined benefit pension lifetime income via PBGC.gov, social 

media, and PBGC leadership speaking engagements.

2. Maximize stakeholder input by holding frequent meetings and/or events with participant 

groups, plan sponsors, practitioner groups, industry associations, and other interested 

stakeholders 

3. Provide technical assistance and practical guidance to plan sponsors on the 

implementation of proposed options to reduce employer risks, while preserving plans and 

benefits.

4. Perform rigorous cost-benefit analysis.

5. Prioritize simplification and transparency.

6. Protect pensioners by proactively monitoring PBGC’s largest exposure for transactions 

that may pose substantial risks to participants and retirees.

7. Represent PBGC’s interest in all bankruptcy cases involving defined benefit pensions 

plans.

8. Reduce administrative and regulatory burdens on plan sponsors.

9. Audit a statistically significant number of plans terminating through standard termination, 

including all plans with more than 300 participants, to ensure pension plan participants 

receive the correct pension benefits.

10. Deliver an annual projections report on the future status of the Single-Employer and 

Multiemployer Programs.

11. Deliver an annual data book to educate stakeholders on the fundamental facts of the 

Single-Employer and Multiemployer Programs

12. Deliver informal guidance to multiemployer plans on the details of requesting early 

financial assistance from PBGC and process applications promptly.

13. Initiate meetings and/or events to educate and inform the multiemployer community 

(participants, plan sponsors, and stakeholders) on the effects of PBGC’s solvency.

14. Monitor all multiemployer plans that are receiving financial assistance from PBGC and 

audit requests for financial assistance, insolvent plans, and higher risk terminated 

multiemployer plans to ensure accurate benefit payments to plan participants, efficient 

management of the remaining assets, and compliance with laws and regulations.

15. Promote the expanded Missing Participants Program, implement robust search 

procedures, and provide prompt payout when the identity of missing participants is 

confirmed.

 1 Enacted amount includes $8.7 million for sequestration. It includes $41.5 million not apportioned in FY 2017.

2 The contingent increase included in the FY 2018 President’s Budget for the costs associated with the acquisition 

and occupancy of a new headquarters space is not included.
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 4

16. Collect pension insurance premiums due.

PBGC Strategic Plan

Strategic Goal 2: Pay Pension Benefits on Time and Accurately

Strategic Objectives Performance Strategies

• Promote exceptional customer 

service to pensioners

• Ensure regular monthly benefit 

payments continue without 

interruption

• Provide accurate and timely benefit 

calculations

• Maintain exemplary customer satisfaction ratings 

• Continue uninterrupted benefit payments in newly 

trusteed plans 

• Process benefit applications timely 

• Improve the accuracy, timeliness, and completeness of 

benefit determinations 

• Provide a timely and efficient appeals process for PBGC 

benefit determinations 

Goal Leaders:

• Chief of Benefits Administration

Performance Measures & Targets

Goal 2 Performance Measures & Targets

FY 2015 

Result 

(Target)

FY 2016 

Result 

(Target)

FY 2017 

Result

(Target)

FY 2018 

Target

FY 2019 

Target

Customer satisfaction rating for retirees 

and beneficiaries receiving benefits 91

(85)

90

(90)

91

(90) 90 90

Retirees in newly trusteed plans receive 

uninterrupted benefit payments 100% 100% (100%) 99% 99%

Benefit applications approved within 45 

days

80% 

(87%)

87% 

(87%)

87%

(87%) 87% 87%

Average time (years waiting) to issue 

benefit determinations (between 

trusteeship and benefit determination 

issuance)

4.8 

(4.3)

6.3 

(4.3) 6.2 6.0 5.5

Estimated benefits within 10 percent of 

final benefit determination

96% 

(95%)

96%

(95%)

93%

(95%) 95% 95%

Performance Area (Dollars in thousands) FY 2017P 2F

3 FY 

2018P3F

4 FY 2019

Pension Plan Termination

Total Funding 

(Dollars in thousands) 164,416 170,040 194,179

Total FTE 336 328 328

 3 Enacted amount includes $8.7 million for sequestration. It includes $41.5 million not apportioned in FY 2017.

4 The contingent increase included in the FY 2018 President’s Budget for the costs associated with the acquisition 

and occupancy of a new headquarters space is not included.
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 5

FY 2019 plan to achieve Goal 2 Performance Objectives:

1. Reduce the number of unissued Benefit Determination Letters (BDLs) by prioritizing the 

oldest and the largest plans for completion.

2. Modernize and consolidate field office operations.

3. Resolve the majority of appeals within one year.

PBGC Strategic Plan

Strategic Goal 3: Maintain High Standards of Stewardship and Accountability

Strategic Objectives Performance Strategies

• Provide exceptional 

customer service

• Meet or exceed the financial 

and ethical standards that 

apply to PBGC as a major 

financial and government 

institution, and monitor cash 

flows

• Maintain effective IT 

Security

• Maintain a high performing 

workforce

• Encourage and support a 

diverse and inclusive work 

environment that encourages 

employee engagement

• Strengthen enterprise risk 

management

• Strengthen transparency, 

disclosure and 

communication

• Strengthen contractor 

oversight to reduce 

enterprise-wide risks

• Maintain exemplary customer satisfaction ratings 

• Manage investments prudently consistent with investment policy 

• Collect insurance premiums due 

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

• Maintain adequate IT security posture based on FISMA guidance and 

as measured by FISMA metrics 

• Retain and train a high-quality multidisciplinary workforce 

• Implement succession planning and workforce management activities 

• Foster a diverse, high-performing workforce 

• Support supervisors and managers on managing employee 

performance

• Foster a culture of inclusion that encourages collaboration, flexibility 

and fairness 

• Implement enterprise risk management strategies 

• Provide effective and timely communication with plan participants 

and other stakeholders 

• Inform stakeholders about provisions of key legislative and 

regulatory proposals 

• Implement an enterprise-wide plan to improve contract oversight 

Goal Leaders: 

• Chief Management Officer

• Chief Financial Officer 

• Chief Information Officer

• General Counsel

Performance Measures & Targets
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 6

PBGC Strategic Plan

Goal 3 Performance 

Measures & Targets

FY 2015 

Result 

(Target)

FY 2016 

Result 

(Target)

FY 2017 

Result 

(Target)

FY 2018 

Target

FY 2019 

Target

Customer satisfaction ratings:

• Plan filers 76

(72)

79

(73)

77

(73) 74 74

• My PAA 80

(78)

83

(79)

85

(79) 80 80

• Overall customer 

satisfaction*

75

(80)

73

(80)

72

(80) 80 80

• PBGC.gov website 74

(74)

74

(74)

72

(75) 75 75

• Participant caller 83

(85)

84

(83)

83

(83) 85 85

• MyPBA 77

(81)

76

(77)

76

(77) 77 77

Financial statement audit Unmodified Unmodified Unmodified Unmodified Unmodified

Compliance with Improper 

Payments Elimination and 

Recovery Act

Yes Yes Yes Yes Yes

Reduce material weaknesses and 

significant deficiency Progress Progress Progress Reduce Reduce

Compliance with the asset 

allocation listed in the current 

Investment Policy Statement

NA (New 

Metric)

NA (New 

Metric)

NA (New 

Metric) Yes Yes

Compliance with EEOC MD 715 

model work environment Yes Yes Yes Yes Yes

Compliance with OMB A-123 

enterprise risk management 

requirements

NA (New 

Metric)

NA (New 

Metric)

NA (New 

Metric) Yes Yes

Score in the top 40% of 

reporting agencies on OMB’s 

Annual FISMA Report

NA (New 

Metric)

NA (New 

Metric)

NA (New 

Metric) Yes Yes

Achieve a 69% positive score for 

employee engagement on the 

Federal Employee Viewpoint 

Survey

69% 72% 75% 69% 69%

Achieve a Diversity and 

Inclusion/New IQ Index score of 

62% on the annual Federal 

Employee Viewpoint Survey

62% 64% 69% 62% 62%
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 7

PBGC Strategic Plan

Develop a succession plan and a 

workforce management plan for 

every office and critical position

NA (New 

Metric)

NA (New 

Metric)

NA (New 

Metric)

75% 

complete

100% 

complete

Performance Area (Dollars in thousands) FY 2017P 4F

5 FY 2018P 5F6 FY 2019

Operational Support

Total Funding 

(Dollars in thousands) 232,289 162,901 171,500

Total FTE 421 425 427

*Targets are set for six-month calendar-year periods and do not necessarily align with the fiscal 

year

FY 2019 plan to achieve Goal 3 Performance Objectives:

1. Conduct quality due diligence on PBGC’s investment portfolios.

2. Continue to develop and implement risk management frameworks with continuous 

monitoring to ensure compliance with OMB circular A-123 to mitigate, reduce or accept 

identified risks.

3. Integrate the Framework for Improving Critical Infrastructure Cybersecurity (M-17-25) 

into the IT management process.

4. Insure legal and regulatory compliance through implementation of appropriate policies, 

procedures, standards and guidance to achieve an unmodified audit opinion.

5. Adhere to GSA guidelines to acquire new office space.

6. Provide ethics training to at least 98% of new employees within 90 days of hiring.

7. Provide privacy training for all new employees and contractors before badging or 

network access 99% of the time.

8. Research and implement at least six targeted improvements per year to agency 

communications (including PBGC.gov) in response to customer feedback and key 

performance indicators (surveys, etc.).

9. Maximize stakeholder education and outreach by holding frequent meetings with 

participant groups, plan sponsors, practitioner groups, industry associations, and other 

interested stakeholders.

10. Provide data-driven communications to stakeholders based on the latest pension research, 

data and projections.

11. Inform plan participant and practitioners of key newly published regulations through 

speaking engagements at stakeholder conferences and through interviews.

12. Implement ongoing workshops or training to improve contractor oversight.

 5 Enacted amount includes $8.7 million for sequestration. It includes $41.5 million not apportioned in FY 2017.

6 The contingent increase included in the FY 2018 President’s Budget for the costs associated with the acquisition 

and occupancy of a new headquarters space is not included.
PENSION BENEFIT GUARANTY CORPORATION

PBGC - 8

 TABLE 1: SUMMARY OF PBGC MEASURES AND ACTIVITIES

2017

Target

2017

Actuals

2016

Actuals

Preserve Plan and Protect Pensioners

People Protected in Plans Emerging From Bankruptcy 26,700 55,000

Standard Termination Audits: Additional Payments $4.6 million

to 435 

people

$4.5 million

to 940 people

Pay Timely and Accurate Benefits

People Receiving Benefits – Single-Employer 840,000 840,000

People to Receive Benefits in Future – Single-Employer 552,000 559,000

People Receiving Benefits in Plans Receiving Financial 

Assistance – Multiemployer 63,000 59,000

People to Receive Benefits in Future in Plans Receiving 

Financial Assistance – Multiemployer 30,000 27,000

New Retiree On-time Payments 100% 100% 100%

Estimated Benefits Within 10 Percent of Final Calculation 95% 93% 96%

Average Time to Provide Benefit Determinations (years) 4.3 6.2 6.3

Improper Payment Rates within OMB ThresholdP6F

7 <1.5% Yes Yes

Applications Processed in 45 Days 87% 87% 87%

Maintain High Standards of Stewardship and Accountability

Retiree Satisfaction – ACSIP7F

8 90 91 90

Caller Satisfaction – ACSI 83 83 84

Premium Filer Satisfaction – ACSI 73 77 79

Overall Customer SatisfactionP8F

9 80 72 73

Contract Awards Fully Competed 77% 75%

Financial Surplus (Deficit) – Single-employer ($10.9 billion) ($20.6 billion)

Financial Surplus (Deficit) – Multiemployer ($65.1 billion) ($58.8 billion)

 12 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 as outlined in OMB 

Circular No. A-123, Management’s Responsibility for Enterprise Risk Management and Internal Control, Appendix 

C, Requirements for Effective Estimation and Remediation of Improper Payments (10/20/2014). 13 The American Customer Satisfaction Index (ACSI) uses a 0-100 scale; 80 or above is considered excellent. 14 Measures customer satisfaction with information and services provided by the Corporation.
PENSION BENEFIT GUARANTY CORPORATION

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Unmodified Audit Opinion Yes Yes Yes

Compliance with EEOC Management Directive 715 Yes Yes Yes