STRATEGIC PLAN

FY 2018-2022
INTENTIONALLY

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Message from the Director 

Our mission at the Pension Benefit Guaranty Corporation is to protect the 

retirement security of nearly 40 million Americans in defined benefit pension 

plans. For over 40 years, we’ve served to protect the lifetime retirement incomes 

of workers and retirees whose companies could no longer afford to keep their 

pension promises. We’re also doing what we can to help employers keep their 

traditional pension plans and continue providing the security of lifetime income 

to their workers and retirees. 

We actively engage with our stakeholders on the issues we face. We are 

committed to working with our customers and stakeholders to find ways to 

strengthen and sustain both the Single-Employer and Multiemployer Insurance 

Programs so that people can rely on them long into the future. 

This strategic plan for fiscal years 2018-2022 is our roadmap to enhance PBGC’s 

mission and operations. Built upon best practices, stakeholder feedback and 

lessons learned, the strategic plan outlines our vision, values and the long-term 

goals we aim to achieve. 

PBGC and its employees remain committed to our core strategic goals: to 

preserve plans and protect the pensions of covered workers and retirees, pay 

benefits on time and accurately, and maintain high standards of stewardship and 

accountability. 

With these goals in mind, we will continue to work with others in the retirement 

community to enhance the security of lifetime pension promises. 

W. Thomas Reeder
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Table of Contents

PBGC and Its Mission ..................................................................................................................................1 

Strategic Plan ................................................................................................................................................2

Mission, Vision and Values .......................................................................................................................2

Overview of PBGC’s Insurance Programs .............................................................................................3

Strategic Planning and Enterprise Risk Management ....................................................................3

Management Priorities and Factors Affecting PBGC’s Insurance Programs ...........................4

Performance Management Framework ...............................................................................................7

Overview of Strategic Goals .....................................................................................................................7

PBGC Program Evaluations ................................................................................................................... 16

Appendix A: PBGC Customer Service Plan ....................................................................................... 18

Appendix B: PBGC Contextual Data and Performance Measures ............................................ 21

Appendix C: PBGC Organizational Structures and Functions .................................................. 23

Appendix D: Evidence Building ............................................................................................................27
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Strategic Plan FY 2018-2022 1

PBGC and Its Mission

The Pension Benefit Guaranty Corporation (PBGC or 

the Corporation) is a federal corporation established 

under the Employee Retirement Income Security Act 

of 1974 (ERISA). Congress established PBGC to insure 

the pension benefits of workers and retirees. 

ERISA Section 4002(a) states that PBGC is to carry out

these purposes:

• Encourage the continuation and maintenance of 

voluntary private pension plans for the benefit of 

their participants

• Provide for the timely and uninterrupted 

payment of pension benefits to participants and 

beneficiaries under plans to which this title applies

• Maintain premiums established by the Corporation 

under ERISA Section 4006 at the lowest level 

consistent with carrying out its obligations under 

ERISA Title IV

Today, the Corporation guarantees payment of basic 

pension benefits earned by approximately 40 million 

American workers and retirees in nearly 24,000 plans. 

While PBGC encourages companies to maintain 

their plans, the Corporation will pay benefits when 

companies cannot. Since 1974, PBGC has become 

responsible for payment of guarantee amounts that 

currently cover more than 1.5 million people in over 

4,900 failed single-employer and multiemployer plans, 

making payments of $5.8 billion annually as of FY 2017.

PBGC operations are financed by insurance premiums

paid by companies that sponsor defined benefit 

pension plans, investment income, assets from plans 

trusteed by PBGC and recoveries from companies 

formerly responsible for the plans. Congress sets 

PBGC premium rates. PBGC receives no funds from 

general tax revenues.

 

PBGC’s business operations, information technology 

(IT) 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. These highly skilled 

professionals, committed to the work of PBGC’s 

mission include:

• Accountants 

• Actuaries

• Attorneys

• Auditors

• Benefits Specialists

• Financial Analysts

• IT and Cybersecurity Experts 

Each PBGC employee has an important role

in the Corporation’s mission of protecting

America’s pensions. 
2 Strategic Plan FY 2018-2022

Strategic Plan

The strategic plan describes the mission, longterm goals and end-results that PBGC will 

strive to accomplish by FY 2022, and how the 

Corporation will monitor its progress. Additionally, 

the strategic plan outlines the actions PBGC 

will take to realize its goals and the approach 

for addressing challenges and risks. Overall 

success will be measured by how effectively the 

Corporation meets its statutory requirements and 

serves its customers.

The Government Performance and Results Act 

Modernization Act of 2010 (GPRAMA) requires 

federal agencies to develop a new strategic plan 

every four years. PBGC’s FY 2018-2022 strategic 

plan includes updated mission and vision 

statements and enhanced strategies to improve the 

financial status of its insurance programs, as well as 

promote retirement security for Americans.

PBGC’s strategic planning process is informed 

by current external and internal environments, 

its corporate risk profile and their impact on the 

Corporation’s programs. Senior leaders provided 

direct input into the strategic plan and will remain 

committed to its execution. 

The Corporation also reached out to Congress, the 

public and stakeholder groups for feedback on its 

draft plan through its website, social media and 

email. PBGC received and reviewed the feedback, 

which helped shape this strategic plan. 

Mission, Vision and Values

Mission: Enhance retirement security by preserving 

and encouraging the continuation of private 

pension plans and protecting the benefits of 

workers and retirees in traditional pension plans.

Vision: A sustainable pension insurance program 

that supports a robust system of voluntary private 

plans that provide lifetime retirement income. 

Values: Our core values include: 

• Excellence is Our Commitment. We seek 

results that embody integrity, professionalism, 

transparency and accountability. 

• Customer Service is Our Passion. We strive

to provide information that is timely and 

accurate to workers and retirees, stakeholders 

and partners. 

• People are Our Priority. Our success depends on 

the diversity, collaboration and commitment of 

our workforce. 

• Integrity is Our Touchstone. We perform 

our duties honestly, ethically and with a 

commitment to protecting personal privacy.

• Innovation Guides Our Work. We work diligently 

to improve our technological operations, work 

products and processes. 
Strategic Plan FY 2018-2022 3

Overview of PBGC’s Insurance Programs

PBGC runs two programs to insure different types of 

defined benefit pension plans: single-employer plans 

and multiemployer plans. 

The Single-Employer Program covers plans that 

are generally sponsored by one employer. When 

an underfunded single-employer plan terminates, 

PBGC steps in to pay guaranteed benefits. This 

typically occurs when the employer sponsoring an 

underfunded plan goes bankrupt or out of business 

and can no longer afford to keep the plan going. 

In such cases, PBGC will take over the plan’s assets 

and payment of plan benefits up to the legal limits. 

The plan sponsor of a single-employer plan may 

terminate the plan in a standard termination if the 

plan has enough money to pay all benefits owed to 

its participants. 

The Multiemployer Program covers plans created 

through a collective bargaining agreement between 

employers and a union. Employers are usually in 

the same or related industries. Multiemployer plans 

provide benefits for people in several industries 

such as transportation, construction, mining and 

hospitality. PBGC provides financial assistance to 

insolvent multiemployer plans and offers technical 

assistance to multiemployer plan administrators, 

service providers and other stakeholders. 

The two insurance programs are operated and 

financed separately. Premium rates, the events that 

trigger PBGC’s guarantee, and the level of benefit 

guarantees are set by Congress and differ between 

the two programs. Each program presents its own 

set of challenges. However, PBGC’s general goals and 

commitment to the programs remain the same.

Strategic Planning and 

Enterprise Risk Management

Enterprise risk management is an important part of 

strategic planning. PBGC is currently implementing 

a program that will focus on four categories of risk: 

strategic (including structural), operational, reporting 

and compliance. 

As PBGC developed its strategic plan for 2018-2022, 

the Corporation considered risks that may impact the 

realization of its mission, strategic goals and objectives. 

Current risks and how these risks may change over 

time were considered. Although the Corporation’s work 

and focus could be influenced by unpredictable events, 

such as the economy, the Corporation uses trend data, 

forecasting models and other proven techniques to 

assist in identifying risks. 

The Corporation will continually evaluate and monitor 

risks to determine how changes could affect its mission 

and statutory functions. To reduce the impact on 

achievement of the Corporation’s mission, goals and 

objectives, identified entity-wide risks will be considered 

in executive management’s decision making. 
4 Strategic Plan FY 2018-2022

Management Priorities and Factors 

Affecting PBGC’s Insurance Programs

PBGC has identified five priorities to effectively manage its insurance programs. These priorities are directly related 

to the Corporation’s core mission. Focusing on these five priorities will help the Corporation strengthen its insurance 

programs, manage resources and improve customer service.

Encourage Continuation and Maintenance of Voluntary 

Private Pension Plans for the Benefit of their Participants

Traditional Single-Employer Pension Plans Are 

Available to Fewer People. While some new defined 

benefit plans continue to be created, the number 

of participants in plans leaving the defined benefit 

system outnumber those entering. This has resulted in 

a drop in the number of plans and participants insured 

by PBGC, primarily in the Single-Employer Program. 

As noted in PBGC’s Pension Insurance Data Tables, 

the total number of PBGC insured single-employer 

pension plans was 112,208 in 1985. As noted in the 

Corporation’s 2017 Annual Report, that number has 

declined to about 22,500 plans in 2017. The SingleEmployer Program covers about 27.5 million people 

(excluding those in plans that PBGC has trusteed), 

down from the 28.4 million people PBGC covered in 

FY 2016. This decline may continue as sponsors are 

increasingly interested in “risk transfer.” Pension plan 

risk transfer is a method employers use to reduce 

pension liability and administrative costs. Risk transfer 

lessens the volatile effects of pension benefits on 

operating budgets and financial statements, while 

simultaneously shifting responsibility for retirement 

security to retirees and other parties. Methods of risk 

transfer include:

• Freezing pension benefits and barring new entrants

• Offering pension plan participants lump sums instead 

of lifetime income 

• Purchasing annuities for retirees

From 2009 to 2010, PBGC observed a 17 percent increase 

in the number of plans filing a standard termination. 

 

A company can end a fully funded plan in a standard 

termination by paying all the benefits it owes to plan 

participants. Since 2010, the number of plans filing a 

standard termination has been relatively consistent, 

ranging from 1,340 to 1,480 plans per year. However, 

starting in 2014, PBGC noticed an increase in the number 

of large plans filing standard terminations. 

To encourage the continuation and maintenance of 

voluntary private pension plans, PBGC will provide 

research and lead engagement and outreach methods to 

help create a more favorable climate for these plans. PBGC 

will continue its work to support sponsors by using its 

existing tools and encouraging the creation of additional 

options. In addition, the Corporation will provide technical 

assistance and practical guidance to plan sponsors on the 

implementation of proposed options to reduce employer 

risks, while preserving plans and benefits.

The Multiemployer Program Is at High Risk of Running 

Out of Money. Multiemployer plans were weakened by 
Strategic Plan FY 2018-2022 5

two recessions in 2001 and 2008, decreasing rates of 

unionization and overall decreases in employment

within some industries. Bankruptcies and plan 

withdrawals resulted in a decrease in employer 

contributions to multiemployer plans. In addition, many 

smaller employers ceased operations during this period, 

while others laid off workers and/or reduced work hours. 

As a result, plan contributions, which are based on hours 

worked, decreased. 

The significant underfunding in these plans placed 

pressure on employers to increase contributions. 

Minimum required contributions rose precipitously

and there were fears that hourly contribution rates 

for some plans would have to triple or quadruple to 

avoid a funding deficiency. A significant number of 

employers responded to these pressures by ending their 

participation in one or more of the multiemployer plans 

they previously supported.

Many sponsors of multiemployer plans have now told 

participants that, absent change, the plans will become 

insolvent. The timing of insolvency differs for each plan, 

but in total over 1.2 million participants are in plans

that expect to run out of money within the next 20

years. When plans become insolvent, PBGC provides 

financial assistance. As the number of participants in 

insolvent plans rise dramatically over the next two 

decades, so do the demands on PBGC’s Multiemployer 

Insurance Program.

The Multiemployer Insurance Program is likely to run 

out of money by the end of 2025. While the scope of the 

problem is beyond the resources or authority of PBGC, 

the Corporation will provide options to policy makers 

to improve the financial stability of the Multiemployer 

Program. The Corporation will also use plan partitions, 

mergers and other tools to support the financial position 

of the Multiemployer Program.

Enhance Production Quality and Reduce the Inventory

of Unissued Benefit Determination Letters 

During the FY 2014-2018 strategic planning period, 

PBGC focused on calculating final benefits for 

participants in some of its oldest, largest or most 

complex single-employer plans. Additionally, PBGC 

focused on addressing audit recommendations from 

the Office of Inspector General (OIG) concerning the 

quality of work products. As a result, PBGC changed how 

it processes terminated plans. While processing its old 

inventory and improving the effectiveness and quality 

of its benefit administration program, PBGC experienced 

an increase in the time to issue benefit determinations. 

In FY 2017, the average number of years between plan 

trusteeship and benefit determination letter issuance 

reached 6.2 years, up from 3.5 years in FY 2012. Although 

the processing time increased, the inventory of unissued 

benefit determination letters decreased. The number 

of unissued benefit determination letters was nearly 

311,000 at the end of FY 2012. By the end of FY 2017, the 

number of unissued letters decreased to almost 218,000, 

thus achieving a reduction of 30 percent. 

 

PBGC will remain dedicated to processing terminated 

plans more rapidly, while maintaining quality. The 

Corporation will continue to explore and implement 

process improvements to support these efforts.
6 Strategic Plan FY 2018-2022

Complete Implementation of Enterprise Risk Management 

In 2016, the Office of Management and Budget (OMB) 

issued guidance requiring all federal agencies to 

implement Enterprise Risk Management (ERM). PBGC 

recognizes the benefit of having an effective ERM 

program and has established an ERM program to 

address its internal and external risks.

To accomplish an effective risk management 

program, PBGC hired a Risk Management Officer to 

oversee the Corporation’s management of enterprisewide risks and ensure that strategic and missionlevel risks are considered in PBGC’s business and 

strategic planning. The Corporation also established 

a Risk Management Council which supports

the Risk Management Officer and provides risk 

advisory services to PBGC’s executive management 

and Director. 

The Risk Management Officer and the Risk 

Management Council will continue to work together 

to develop and implement an enterprise risk 

management framework. They will also provide 

advice to PBGC’s executive management and Director 

on managing the Corporation’s highest-level risks 

and manage the processes to identify, evaluate, 

quantify, mitigate and monitor risks.

Address Workforce Challenges to Prevent an Impact on the 

Corporation’s Ability to Carry Out Its Mission

PBGC’s workforce includes federal employees who 

are assisted by private-sector contractors. Federal 

employees provide PBGC with a well-trained, 

experienced core of experts who keep the Corporation 

operating and are capable of responding to the base 

level of operations. 

In FY 2017, 36 percent of PBGC’s workforce was eligible 

to retire within the next five years. Employees who leave 

represent a loss of talent and institutional knowledge 

across a broad range of skill sets including technical, 

professional, managerial and executive competencies. 

As such, PBGC must continue to increase succession 

planning efforts throughout the Corporation. PBGC will 

continue to develop departmental succession plans that 

address not just mission critical positions, but all key 

positions as identified by management. This includes 

back-ups for key positions, roles and responsibilities 

of key positions and knowledge transfer strategies to 

prevent a loss of institutional knowledge.

Continue to Improve the Internal Control Environment

In the FY 2017 Annual Report, PBGC’s OIG reported that 

the independent auditor CliftonLarsonAllen LLP opined 

that the financial statements are presented fairly in 

all material respects and that PBGC maintained in all 

material respects effective internal control over financial 

reporting. The improvements in internal controls led 

to the resolution of one significant deficiency – “Entitywide Security Program Planning and Management.”

PBGC maintains an Internal Control Committee 

(ICC) to support compliance with government-wide 

requirements, including OMB-Circular A-123, as 

well as coordinate resolution of OIG findings and 

recommendations. Chaired by the Chief Financial 

Officer, the ICC includes members from each major 

area of the Corporation, including a representative 

of the OIG as a non-voting member. PBGC will 

continue to focus on resolving the four internal 

control weaknesses identified by the OIG. The 

Corporation has already begun to coordinate 

its internal controls process with the Risk 

Management Council.
Strategic Plan FY 2018-2022 7

Performance Management Framework 

PBGC conducts regular data-driven performance 

reviews and strategic reviews. The Corporation’s 

leaders review performance data and status reports 

on a quarterly basis. The continuous evaluation of 

performance data and customer feedback helps PBGC 

leadership monitor what is working well and what 

performance measures may need to be adjusted 

or revisited. These performance reviews allow the 

Corporation’s leaders to realign or adjust human 

capital and other resources to influence progress on 

goals and priorities. 

The Corporation has a multidisciplinary professional 

workforce that is committed to the work of PBGC’s mission. 

Every employee has a performance plan with objectives 

tied to the Corporation’s strategic goals. Employees review 

their performance objectives and performance outcomes 

with their supervisor of record every 120 days. 

The Corporation publishes an annual performance 

report of its accomplishments. This framework is 

consistent with requirements outlined in GPRAMA 

and OMB Circular No. A-11 Part 6.

Overview of Strategic Goals

PBGC’s three strategic goals flow directly from the purposes the Corporation was created to 

accomplish. These strategic goals are:

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

• Pay pension benefits on time and accurately

• Maintain high standards of stewardship and accountability

Strategic Goal 1:

Preserve Plans and Protect the Pensions of Covered Workers and Retirees 

PBGC protects pensioners and supports the 

continuation and maintenance of voluntary private 

pension plans for the benefit of its participants by:

• Encouraging plan sponsors to continue to maintain 

their defined benefit plans

• Protecting workers and retirees when plans are at risk

• Creating a regulatory environment that

minimizes burden

• Uniting more missing participants with

their pensions

• Encouraging flexibility to preserve plans through 

changes in legislation and regulations

• Aiding policy makers to address the impending 

insolvency crisis in the Multiemployer

Insurance Program

Sponsoring a defined benefit plan requires plan 

sponsors to take on significant commitments to the 

long-term retirement security of their workforce. The 

costs of making long-term promises have grown in 

today’s environment of low long-term interest rates. 

To encourage the continuation and financial stability 

of voluntary private pension plans, PBGC works 

toward maintaining a regulatory environment that 

serves the interest of all its stakeholders and avoids 

creating additional burdens on plans. PBGC also 

provides technical expertise to plan sponsors, the 

pension community, Congress and other stakeholders 

on ways to strengthen the system.

To protect the interests of plan participants and 

beneficiaries, PBGC monitors more than 1,500 
8 Strategic Plan FY 2018-2022

companies to identify transactions and events that 

potentially pose a risk to the financial viability of 

single-employer plans. When appropriate, PBGC will 

work with plan sponsors to arrange agreements for 

suitable protections to safeguard benefits. 

Another component of protecting pensions is reducing 

the burden and complexity of regulations. PBGC has a 

robust retrospective review program designed to ensure 

that regulations are achieving their objectives with no 

more burden than is necessary. This program has resulted 

in burden reductions in premium filing, reporting and 

multiemployer regulation. PBGC will continue to focus 

on regulatory activity that provides a net benefit to its 

stakeholders. A prime example is the simplification and 

expansion of its Missing Participant Program. 

Missing participants are those who cannot be located 

by their plan administrator when a plan is terminated 

and those participants are owed money. PBGC currently 

administers a program that searches for missing 

participants in single-employer defined benefit plans. 

Recognizing the value of this program, Congress gave 

PBGC the authority to broaden the program. PBGC 

has published a regulation to expand the program to 

include missing participants in defined contribution 

plans, multiemployer defined benefit plans and defined 

benefit plans not covered by the Corporation’s insurance 

program. This expansion will strengthen the current 

program and enable PBGC to reunite more participants 

with their pensions. 

PBGC projects that its Multiemployer Insurance 

Program will likely run out of money by the end of 

2025. While the majority of multiemployer plans are 

projected to remain solvent over the next 20 years, 

over 100 plans that cover more than 1.2 million 

participants have told their participants they expect 

to become insolvent.

PBGC will continue to use the tools available to 

improve the financial status of its Multiemployer 

Program. One of the most important things PBGC 

can do for participants is to ensure that options 

are evaluated to help improve the overall solvency 

of multiemployer plans, reducing the demands on 

PBGC’s limited multiemployer fund. The Corporation 

will strive to ensure that all stakeholders are aware 

of the value of its guarantee programs to the 

participants who are covered.

The Corporation serves as a resource to policy makers 

in the Administration and Congress as they consider 

changes to increase the revenue available to cover 

the financial obligations of the Multiemployer 

Program and other changes to stabilize the solvency, 

funding and benefit security of multiemployer plans. 

PBGC’s work on implementing the Multiemployer 

Pension Reform Act of 2014 (MPRA) will continue, 

as well as its partnerships with the Administration, 

Congress, multiemployer plan sponsors and other 

stakeholders to find solutions and stabilize the 

Multiemployer Program. 
Strategic Plan FY 2018-2022 9

Summary of Strategic Goal 1:

Preserve Plans and Protect the Pensions of Covered Workers and Retirees

Strategic Objectives Performance Strategies FY 2022 Performance Goals

Encourage the 

continuation and 

maintenance of 

pension plans

• Engage with employers, 

workers and pension 

practitioners to encourage 

pension plan continuation 

and strengthen

retirement security 

• Maintain a regulatory 

environment that serves 

stakeholders and minimizes 

the burdens of sponsoring

a plan 

• Communicate benefits of a defined benefit 

pension lifetime income via PBGC.gov,

social media and PBGC leadership

speaking engagements 

• Maximize stakeholder input by holding 

frequent meetings and/or events with 

participant groups, plan sponsors, practitioner 

groups, industry associations, and other 

interested stakeholders 

• Provide technical assistance and practical 

guidance to plan sponsors on the 

implementation of proposed options to 

reduce employer risks, while preserving plans 

and benefits 

• Perform rigorous cost-benefit analysis 

• Prioritize simplification and transparency

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 interests

of premium payers in 

federal courts 

• Protect pensioners by proactively monitoring 

PBGC’s largest exposures for transactions

that may pose substantial risks to participants 

and retirees 

• Conduct a statistically significant number 

of audits of plans ending in standard 

terminations to ensure that participants 

receive their full retirement benefits

• Represent PBGC’s interests in all bankruptcy 

cases involving defined benefit pension plans
10 Strategic Plan FY 2018-2022

Strategic Objectives Performance Strategies FY 2022 Performance Goals

Assist policy 

making to address 

the impending 

insolvency crisis in 

the Multiemployer 

Insurance Program

• 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 

• Deliver an annual projections report on the 

future status of the Single-Employer and 

Multiemployer Programs

• Deliver informal guidance to plans on the 

details of requesting early financial assistance 

from PBGC and process applications promptly

• Deliver an annual data book to educate 

stakeholders on the fundamental

facts of the Single-Employer and 

Multiemployer Programs

• Initiate regular meetings and/or events 

to educate and inform the multiemployer 

community (participants, plan sponsors, and 

stakeholders) on the effects of the insolvency 

• Research options and produce a study of 

new plan formations that could contribute to 

reversing the decline of the defined benefit 

pension market

• Monitor all multiemployer plans that receive 

financial assistance and audit a statistical 

sample of the plans to ensure accurate 

benefit payments to plan participants, 

efficient management of the remaining assets 

and compliance with laws and regulations

Reduce the 

number of missing 

participants

• Reunite plan participants 

with their lost pensions 

• Promote existence of program, implement 

robust search procedures and provide 

prompt payout when the identity of missing 

participants is confirmed
Strategic Plan FY 2018-2022 11

Strategic Goal 2:

Pay Pension Benefits on Time and Accurately

Protecting retiree income by paying benefits on time and 

accurately is both a statutory requirement and one of the 

fundamental reasons for PBGC’s existence. To meet this 

requirement, PBGC will focus on the following:

• Providing exceptional customer service to pensioners

• Ensuring regular monthly benefit payments continue 

without interruption

• Providing accurate and timely benefit calculations 

subject to the limits set by law

When a single-employer plan insured by PBGC 

terminates with insufficient funds to pay promised 

benefits, PBGC will step in as the plan’s trustee to 

protect the retirement income of plan participants and 

beneficiaries. As a result, the Corporation has been able 

to enhance the retirement security of workers, retirees 

and their families. 

In FY 2017, PBGC paid $5.7 billion in benefits to almost 

840,000 retirees in more than 4,845 failed singleemployer plans. An additional 552,000 participants are 

scheduled to receive benefits in the future. PBGC ensures 

that existing retirees in newly trusteed plans continue 

to receive retirement benefits without interruption. In 

addition, the Corporation ensures that applications for 

retirement benefits are processed and benefits start in a 

timely manner. 

 

PBGC’s commitment to paying retirees accurately and 

timely is validated by its customers. Since 2013, retirees 

have rated their satisfaction with the Corporation at 90 

or higher. The Corporation recognizes that even with 

those high satisfaction ratings, there are still challenges 

that lie ahead and room for improvement.

When PBGC becomes the trustee of a pension plan, its 

first priority is to continue uninterrupted payments to 

retirees and beneficiaries. PBGC pays estimated benefits, 

while a complex, detailed and multi-year process begins. 

To make final benefit determinations, PBGC is required 

to collect and analyze plan and participant data, value 

plan assets and complete an actuarial valuation. 

PBGC Retiree Satisfaction

 

Between FY 2009 and FY 2012, PBGC experienced a 

surge in workload, with an average intake of 145 plans 

each year, adding over 400,000 new participants during 

the four year period. This surge included some of the 

largest and most complex plans in terms of plan assets 

and benefit structures in PBGC’s history. In FY 2017, the 

average time to provide a benefit determination reached 

6.2 years as the Corporation focused on its oldest, largest 

and most complex plans. With changes made over the 

last few years to both processes and organizational 

structure, the Corporation has taken steps to improve 

plan processing time. 

PBGC will continue to ensure a seamless transition of 

benefits when a plan terminates, and will continue to 

place retirees and beneficiaries in estimated pay until a 

benefit determination is completed. On average, over

the last six years, PBGC’s benefit estimates remained 

within 10 percent of the final benefit amount 95 percent

of the time. 
12 Strategic Plan FY 2018-2022

Summary of Strategic Goal 2:

Pay Pension Benefits on Time and Accurately

Strategic Objectives Performance Strategies FY 2022 Performance Goals

Promote exceptional 

customer service

to pensioners

• Maintain exemplary 

customer satisfaction 

ratings 

• Achieve a score of 90 or higher on

PBGC’s retiree and beneficiary customer 

satisfaction survey

Ensure regular 

monthly benefit 

payments continue 

without interruption

• Continue uninterrupted 

benefit payments in newly 

trusteed plans 

• Process benefit

applications timely 

• Ensure uninterrupted benefit payments

to retirees in newly trusteed plans 99% of

the time

• Approve benefit applications within 45 days 

87% of the time

Provide accurate 

and timely benefit 

calculations

• Improve the accuracy, 

timeliness and 

completeness of

benefit determinations 

• Provide a timely and 

efficient appeals

process for PBGC

benefit determinations

• Provide estimated benefits within 10 percent 

of the final benefit determination 95% of

the time

• Ensure that the average time in years to 

issue a benefit determination (time between 

trusteeship and benefit determination 

issuance) is 4.5 years

• Resolve majority of appeals within one year 
Strategic Plan FY 2018-2022 13

Strategic Goal 3:

Maintain High Standards of Stewardship and Accountability

PBGC is responsible for insuring the pensions of tens 

of millions of people, whose benefits are valued at 

hundreds of billions of dollars, while collecting over $6 

billion in premiums per year. The Corporation holds itself 

to the highest standards of care in the management 

of over $100 billion in assets and has attained 25 

consecutive unmodified audit opinions on its financial 

statements. PBGC will continue to work in ways that 

maintain the trust of its customers and the public. PBGC 

remains committed to the highest standards of service, 

professionalism, accountability and ethics. PBGC will 

demonstrate its commitment by:

• Providing exceptional customer service

• Seeking opportunities to improve PBGC’s finances

• Maintaining a high performance workforce

• Maintaining effective information technology (IT) and 

security programs

PBGC’s first priority is to its customers. Whether it is 

a participant in a pension plan PBGC insures, a plan 

sponsor or a partner in the pension community, PBGC 

actively and continuously solicits customer feedback. 

Generally, customer satisfaction among the Corporation’s 

seven customer surveys is good, with some groups rating 

PBGC higher than others. Using comments generated 

from customer surveys, PBGC is actively working toward 

improving and increasing the level of services and 

resources it offers to its customers.

To effectively serve its customer base, PBGC’s finances 

must be sound. To support PBGC’s work to improve 

the financial condition of both the Single-Employer 

and Multiemployer Programs, the Corporation will 

continue to diligently collect premiums, efficiently 

assume the assets of terminated plans, invest assets 

prudently, follow internal controls and monitor risks. The 

Corporation will continue its work to prevent, detect and 

recover improper payments.

PBGC recognizes that it must invest in human capital 

to serve its customers and achieve its mission. PBGC 

maintains a core multidisciplinary workforce of just 

under 1,000 federal employees and a comparable 

number of contractors to respond to the anticipated 

base level of long-term operations. To execute its work 

at the highest level, it is important for PBGC to seek 

skilled professionals, often in competitive career fields, 

by recruiting diverse candidates from all segments of 

American society. The Corporation believes that this 

approach will result in a diverse, high performing, 

engaged and valued workforce.

PBGC employees use technology and other resources 

to execute their assigned duties and responsibilities. 

As IT capabilities evolve, PBGC anticipates delivering 

modernized IT resources to support business operations, 

while effectively maintaining an adequate level 

of security to protect the privacy of its customers, 

employees and contractors. PBGC’s Office of Information 

Technology leverages technology to improve Federal 

Information Security Management Act (FISMA) 

compliance and to maximize federal strategies and 

priorities for a digital government. PBGC’s suite of 

IT tools capitalize on a cost-effective mix of cloud 

technologies, shared services and internal solutions. 

These tools will allow PBGC to meet or exceed goals, 

objectives and performance measures.

Finally, accountability requires transparency. PBGC 

will continue to maintain its Freedom of Information 

Act (FOIA) program in full compliance with all legal 

deadlines and maintain its status as a model small 

agency program.
14 Strategic Plan FY 2018-2022

Summary of Strategic Goal 3: 

Maintain High Standards of Stewardship and Accountability

Strategic Objectives Performance Strategies FY 2022 Performance Goals

Provide exceptional 

customer service

• Maintain exemplary 

customer satisfaction 

ratings 

Achieve a score of:

• 83 or higher on PBGC’s Customer Satisfaction 

survey by FY 2022

• 77 or higher on PBGC’s MyPBA customer 

satisfaction survey by FY 2022

• 84 or higher customer satisfaction score on 

PBGC’s online premium filing tool, My PAA, 

by FY 2022

• 78 or higher on PBGC’s premium filer 

customer satisfaction survey by FY 2022

• 78 or higher on PBGC’s website customer 

satisfaction survey by FY 2022

• 83 or higher on PBGC’s participant caller 

customer satisfaction survey by FY 2022

Meet or exceed 

the financial and 

ethical standards 

that apply to PBGC 

as a major financial 

and government 

institution, and 

monitor cash flows 

• 

• 

• 

Manage investments 

prudently consistent with 

investment policy 

Collect insurance

premiums due 

Continue to monitor the 

efficient use of PBGC’s

cash flows 

• Comply with the asset allocation set forth in 

the Investment Policy Statement

• Conduct quality due diligence on the PBGC 

investment portfolios

• Attain an unmodified audit opinion on annual 

financial statements 

• Comply with the Improper Payments 

Elimination and Recovery Act of 2010

to prevent, detect and recover

improper payments 

Maintain effective

IT security 

• Maintain adequate IT 

security posture based on 

FISMA guidance and as 

measured by FISMA metrics

• Consistently score in the top 40% of reporting 

agencies on OMB’s Annual FISMA Report

• Reduce or eliminate existing OIT significant 

deficiencies by the end of fiscal year 2022
Strategic Plan FY 2018-2022 15

Strategic Objectives Performance Strategies FY 2022 Performance Goals

Maintain a high 

performing 

workforce

• Retain and train a highquality multidisciplinary 

workforce 

• Implement succession

and workforce

planning activities 

• Support supervisors and 

managers on managing 

employee performance 

and conduct 

• Transition from a pilot program to a permanent 

mentoring program 

• Develop a succession and workforce plan for 

every office and critical position

• Ensure supervisors and managers are trained on 

managing employee performance and conduct 

• Ensure employee relations specialists are 

proficient in the Performance Management

and Employee and Labor Relations Programs 

Encourage and 

support a diverse 

and inclusive 

work environment 

that encourages 

employee 

engagement

• Foster a diverse, highperforming workforce 

• Foster a culture of 

inclusion that encourages 

collaboration, flexibility 

and fairness 

Achieve a: 

• 69% positive score for employee engagement 

on the Federal Employee Viewpoint Survey

• 62% or higher for the Diversity and Inclusion/

New Inclusion Quotient on the annual Federal 

Employee Viewpoint Survey

Strengthen enterprise 

risk management

• Implement enterprise risk 

management strategies 

• Implement OMB A-123 enterprise risk 

management requirements

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 

• 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 

by holding frequent 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 plan participant and practitioners of key 

newly published regulations through speaking 

engagements at stakeholder conferences and 

media interviews 

Strengthen contract 

oversight to reduce 

enterprise-wide risk

• Implement an enterprisewide plan to improve 

contract oversight 

• Implement ongoing workshops or training to 

improve contractor oversight
16 Strategic Plan FY 2018-2022

PBGC Program Evaluations

PBGC conducts rigorous internal program evaluations. The Corporation frequently uses independent consultants 

to help make continuous improvements to programs and support operations. In the following sections, PBGC has 

outlined current and recent evaluations initiated by the Corporation and its external stakeholders to ensure that 

programs are operating effectively, efficiently and with integrity. 

Internal Evaluations 

Internal Control Committee – PBGC has established its 

own Internal Control Committee to oversee the testing 

and reporting of management controls for key business

processes. PBGC maintains an active internal control 

program to ensure that financial reporting, IT and 

other controls are in place and effective. This program 

includes performing improper payment and other risk 

assessments where controls should be continuously 

reviewed for adequacy. Each year, senior managers sign 

an annual assurance statement regarding compliance 

with the Federal Managers’ Financial Integrity Act. This 

statement is included in PBGC’s annual report. 

Operational Reviews – PBGC periodically assesses the 

effectiveness of its operations to identify opportunities 

for improvement. The Corporation collaborates 

with other federal agencies through inter-agency 

agreements to review services, operating practices 

and security. PBGC also has a Quality Management 

Department that serves as a resource for PBGC 

executives and managers to review programs and 

processes. These resources are used to identify 

potential improvements, update or develop new 

procedures and improve the effectiveness and 

efficiency of corporate operations and customer 

support through process mapping and improvement 

and automation activities. 

Regulatory Reviews – PBGC strives to have open 

exchanges of information with stakeholders, 

including other government officials, experts and the 

public. With input from stakeholders, the Corporation 

continues to focus on reducing burden in various 

areas including reporting and disclosure, premiums, 

plan terminations and liability for business 

shutdowns and layoffs. In July 2017, PBGC issued a 

Request for Information to obtain public input on 

future regulatory and deregulatory activities. The 

public is encouraged to submit comments on PBGC 

policy proposals via email to reg.comments@pbgc.

gov as PBGC continuously reviews regulations. 

External Evaluations 

American Customer Satisfaction Index (ACSI) and 

ForeSee Customer Experience Analytics (CXA) –

PBGC uses ACSI and CXA survey methodologies to 

solicit input from all customer segments about their 

experiences with the Corporation. Because these 

methodologies are research-backed and widely used 

throughout government and industry, PBGC is able 

to compare itself to other government and private 

organizations, as well as gauge the effectiveness of its 

efforts to improve customers’ experiences.

Annual Financial Statement Audit – An independent 

firm audits PBGC’s financial statement each year. 

For 25 consecutive years, PBGC has attained an 

unmodified audit opinion on its financial statements. 

These audits point out areas for improvement in 

controls and processes. 

Equal Employment Opportunity Commission (EEOC) –

EEOC evaluates the operation of PBGC’s equal 

employment opportunity programs. EEOC reviews 

PBGC’s employment data, policies and practices to 

ensure compliance with EEO laws and regulations 

and advance equal opportunity and affirmative 

employment in the federal workplace. 
Strategic Plan FY 2018-2022 17

Government Accountability Office (GAO) – GAO 

routinely studies the effectiveness and efficiency of 

the federal pension insurance program administered 

by PBGC. Its studies and recommendations have led 

to legislative and policy changes, as well as process 

improvements. PBGC management will continue 

to rely upon the GAO for guidance to help improve 

performance and ensure accountability. 

Office of Government Ethics (OGE) – PBGC leadership 

continues to integrate ethics into the daily work 

of the Corporation. OGE periodically reviews the 

effectiveness of PBGC’s ethics program. In 2016, 

OGE performed an inspection review of PBGC’s 

program and found it to be effectively administered 

and in compliance with applicable laws, regulations 

and policy. The Corporation’s program is a past 

recipient of the Office of Government Ethics’ Program 

Excellence and Innovation Award presented at the 

National Government Ethics Conference.

Office of Inspector General (OIG) – OIG is an 

independent office within PBGC, established under 

the Inspector General Act of 1978 to promote 

program integrity, efficiency and effectiveness. The 

OIG initiates program reviews and conducts the 

annual financial audit.

Office of Management and Budget (OMB) – OMB in 

accordance with the Federal Information Security 

Modernization Act of 2014 (FISMA) publishes a 

report for the Executive Office of the President 

that provides agency cybersecurity performance 

summaries. PBGC is included as a one of the agencies 

in this government-wide assessment. 

Office of Personnel Management (OPM) – OPM 

monitors the effectiveness and compliance of 

PBGC’s human capital practices and systems 

to ensure all federal employees operate in a 

fair and discrimination-free environment. Its 

recommendations and evaluations have led to policy 

changes and process improvements. OPM provides 

guidance in recruiting, developing and maintaining 

a high-performing workforce that draws from all 

segments of society and values fairness, diversity

and inclusion. 

Peer Reviews – In response to the Moving Ahead 

for Progress in the 21st Century Act of 2012, PBGC 

works with a capable agency or organization that is 

independent from PBGC to conduct an annual peer 

review of the Single-Employer Pension Insurance 

Modeling System and the Multiemployer Pension 

Insurance Modeling System. 
18 Strategic Plan FY 2018-2022

Appendix A:

PBGC Customer Service Plan

PBGC guarantees the pension benefits of workers

and retirees in covered defined benefit pension

plans. The Corporation has built a strong culture of 

providing services to meet the needs of its customers.

PBGC considers the customer in all related

activities and decisions. 

PBGC’s key customers are:

• Workers, retirees and beneficiaries in pension plans

• Pension plan sponsors, administrators, premium filers 

and practitioners

• Visitors to PBGC’s website

Engaging Customers

Participants: PBGC hosts meetings with representatives 

of the participant community to educate and solicit 

feedback. PBGC also actively engages participants 

using a dynamic corporate communications program 

that includes website transactions, newsletters, 

subscriptions and social media. 

• Promote Website Transactions: PBGC.gov provides 

multiple resources for finding insured or trusteed 

pension plans, as well as locating lost pensions. 

MyPBA (My Pension Benefit Account), PBGC’s online 

transactional tool, lets customers handle routine 

transactions such as address changes, updates to tax 

withholdings, and direct deposit changes at any time 

of day or night.

• Provide Newsletters and Subscriptions: Retiree 

newsletters provide options on how to interact with 

PBGC and include topics such as tax information and 

identity protection. The newsletter for future retirees 

includes topics such as applying for benefits and 

requesting benefit estimates. An online subscription 

service allows interested parties to receive news 

releases and blog entries, as well as updated content 

on selected topics, such as the Health Coverage

Tax Credit.

• Use Social Media: PBGC has an active presence

on social media, sharing both PBGC-specific news

and stories of general interest to the retirement 

security community.

ractitioners: PBGC actively engages practitioners in 

 number of ways including regular communication, 

n online premium filing tool, a toll-free number and 

ndustry event participation.

• Invite Participation: Industry experts are invited to 

comment on PBGC proposals to make compliance 

simpler and easier.

• Promote Frequent Communication: PBGC 

communicates regularly with practitioners 

primarily via email and the website. The popular 

What’s New for Practitioners feature alerts 

practitioners to changes in regulations, filing due 

dates and technical guidance. Monthly interest 

rates are posted online. Free email alerts are 

available for both features.

P

a

a

i
• Provide an Online Premium Filing Tool: My PAA 

(My Plan Administration Account) is PBGC’s online 

premium filing tool. My PAA provides round-theclock filing capability and access to plan information. 

PBGC’s website also provides extensive information 

on premium filings and regulations.

• Participate in Industry Events: PBGC services to 

the practitioner community include participation 

in conferences provided by relevant professional 

organizations. PBGC regularly provides and solicits 

information at these events to help practitioners 

successfully comply with their responsibilities and to 

address PBGC-related questions. PBGC maintains a 

speakers bureau of experts willing and available to 

speak to interested groups.

Website Visitors: PBGC actively engages visitors by 

providing the most frequently requested information 

and soliciting feedback. 

• Provide Requested Resources Online: PBGC.gov 

provides extensive resources of interest to varied 

audiences including laws and regulations, listings of 

trusteed and insured pension plans, phone numbers 

and email addresses, and the popular unclaimed 

pension search tool.

• Make Regular Improvements: PBGC.gov incorporates 

customer feedback and web analytics information into 

improvements to site content, navigation and design. 

The site is redesigned as needed to keep up with 

customers’ changing needs and expectations.

Talking with Customers

PBGC operates customer contact centers to provide 

individual attention and experienced assistance. PBGC’s 

problem resolution officers help customers resolve 

complex problems.

• Operate Customer Contact Centers: During business 

hours, PBGC’s toll-free customer contact centers 

handle participant and practitioner inquiries in both 

English and Spanish. To accommodate high-volume 

periods, expanded hours are periodically offered. 

• Dedicate Problem Resolution Officers: PBGC has 

long employed two dedicated problem resolution 

officers. Each officer is assigned to a customer group 

of participants or practitioners to resolve individual 

questions and concerns.

Listening to Customers

PBGC actively listens to its customers, hears their 

concerns and ideas, and maintains accountability for 

providing customers with the highest level of service.

• Listen to Participants: PBGC uses three surveys to 

invite feedback from monthly payees, users of MyPBA 

and participants who call its toll-free number. All three 

surveys provide a “please contact me” option so that 

PBGC can respond to individual questions and concerns. 

PBGC further ensures the quality of service provided to 

its customers by monitoring calls and following up with 

a sample of customers to ensure their concerns were 

handled promptly, courteously and correctly.

• Listen to Practitioners: PBGC listens and seeks to build 

on its successes with ever-improving service. PBGC 

hosts forums to air practitioners’ varying perspectives 

on PBGC regulations and policies, and solicits 

feedback via surveys of premium filers and users

of My PAA. The Office of the General Counsel also 

staffs a general inquiry line to field legal questions 

from practitioners.

• Listen to Website Visitors: PBGC works to improve the 

visitor experience by asking customers to evaluate 

their experience and provide comments using the 

Customer Satisfaction and PBGC.gov surveys. PBGC 

uses the feedback from these surveys to identify 

customer needs and improve programs and services.

Strategic Plan FY 2018-2022 19
Benchmarking Performance

Customer service is intrinsic to PBGC’s mission.

PBGC sets targets, measures performance and 

compares results to the best in the private sector

and government, then uses this information to 

reinforce its commitment.

• Set Targets: PBGC maintains service targets

for customer groups and regularly reports on 

performance against goals. Customer satisfaction 

scores reflect the success of PBGC’s efforts to serve 

both the people who count on the Corporation, and 

the companies and professionals that sponsor and 

administer ongoing pension plans.

• Compare PBGC Service to the Best: PBGC uses 

the objective third-party American Customer 

Satisfaction Index and ForeSee Customer 

Experience Analytics survey methodologies to 

compare its performance to the services provided 

by both government and private entities. Feedback 

from the surveys is used to allocate resources and 

to make informed decisions and improvements that 

matter to customers.

• Reinforce PBGC’s Commitment: Supervisors 

evaluate all employees against a customer service 

performance standard. PBGC employees are

kept aware of customer needs, wants and 

perceptions. PBGC routinely performs the

following to promote awareness:

» Post customer survey data daily on the internal 

website for all employees to view

» Train customer service representatives and 

conduct quality reviews of customer calls

» Review policies and regulations to assure ease 

of use by customers

» Use customer and employee suggestions to 

improve service

» Highlight customer feedback and

satisfaction levels in quarterly and annual 

performance reports

Planning for the Future

PBGC will continue providing outstanding customer 

service. Initiatives underway will: 

• Reduce the time it takes to notify participants of their 

final benefit

• Add frequently requested functions to MyPBA, the 

online self-service tool for participants and retirees

• Simplify navigation and search features of PBGC.gov 

so customers can quickly get to the information

they need

• Reunite plan participants with their lost pensions 

PBGC will continue to listen to its customers in 

order to appropriately allocate resources and deliver 

outstanding customer service.

20 Strategic Plan FY 2018-2022
Strategic Plan FY 2018-2022 21

Appendix B: PBGC Contextual Data 

and Performance Measures

The following table provides historical data about PBGC’s performance measures, workload drivers and other activities.

Measure FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Goal 1: Preserve Plans and Protect Pensioners

Workers and retirees in 

insured pension plans

42 Million 41 Million 40 Million 40 Million 40 Million

Reportable events received 

Participants protected in bankruptcy 

cases with plans ongoing

1,122 954 789 703 704

161,000 163,000 16,000 55,000 26,700

Additional payments resulting from 

standard termination enforcement 

actions

$3.7 M to 

1,539 people 

$6.5 M to 

938 people 

$5.8 M to 

1,456 people 

$4.5M to 

940 people 

$4.6M to

435 people

Goal 2: Pay Pension Benefits on Time and Accurately 

Customer satisfaction of workers 

and retirees who call PBGC

87 85 83 84 83

Customer satisfaction of people 

receiving benefits

90 90 91 90 91

Customer satisfaction of workers 

and retirees who use MyPBA

81 77 77 76 76

New underfunded plan terminations 111 86 69 67 76

People in new underfunded 

plan terminations

57,000 40,000 29,000 45,000 16,000

People receiving benefits – 

single-employer plans

851,000 813,000 826,000 840,000 840,000

People to receive benefits in 

future –single-employer

596,000 595,000 560,000 559,000 552,000

People in plans receiving financial 

assistance – multiemployer plans

50,000 52,000 54,000 59,000 63,000

People to receive benefits in future 

in plans receiving financial

assistance - multiemployer

21,000 23,000 25,000 27,000 30,000

People waiting to receive a 

benefit determination

279,000 257,000 243,000 219,000 218,000

Average time (years waiting) to issue 

benefit determinations from trusteeship

4.0 4.3 4.8 6.3 6.2
22 Strategic Plan FY 2018-2022

Measure FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Average age (years) of unissued 

benefit determinations

2.81 3.08 3.48 3.06 3.39

Estimated benefits within 10 percent 

of final benefit determination

96% 97% 96% 96% 93%

Benefit applications processed 

within 45 days

88% 75% 80% 87% 87%

Benefits paid to pensioners 

in single-employer plans

$5.5 B $5.5 B $5.6 B $5.7 B $5.7 B

Financial assistance to 

multiemployer plans

$89 M $97 M $103 M $113 M $141 M

Goal 3: Maintain High Standards of Stewardship and Accountability

Customer satisfaction 

of premium filers

74 73 76 79 77

Customer satisfaction of pension 

practitioners who perform online

transactions using My PAA

80 81 80 83 85

Overall customer satisfaction of 

people seeking information

and services

71 76 75 73 72

Customer satisfaction of visitors 

to PBGC.gov

72 73 74 74 72

Financial surplus/deficit – 

Single-Employer Program

($27.4 B) ($19.3 B) ($24.1 B) ($20.6 B) ($10.9B)

Financial surplus/deficit – ($8.3 B ) ($42.4 B) ($52.3 B) ($58.8 B) ($65.1B) 

Multiemployer Program

Audit opinion on PBGC’s 

financial statements

Unmodified Unmodified Unmodified Unmodified Unmodified

Improper Payments Elimination 

and Recovery Act of 2010 compliance

Yes Yes Yes Yes Yes

Premium collection (cash basis) $3.2 B $1.8B $3.7B $5.5B $7.2B

Average time (days) to complete 

hiring process

119 120 111 130 66

Employee engagement index 64% 65% 69% 72% 75%

Contract Awards Fully Competed 86% 91% 92% 75% 77%
Strategic Plan FY 2018-2022 23

Appendix C: PBGC Organizational 

Structures and Functions

PBGC is administered by a Director, who is appointed 

by the President and confirmed by the United States 

Senate. Policy oversight is provided by a Board of 

Directors, which consists of the Secretaries of Labor 

(Chair), Treasury and Commerce. 

The Corporation is aided by a seven-member 

Advisory Committee appointed by the President to 

represent the interests of labor, employees and the 

general public. The Advisory Committee advises 

PBGC on its investments, regulations and other 

matters. PBGC is organized by departments

and offices assigned various functions to carry out 

its mission. 

PBGC Offices

The Office of the Director (OD) plans, administers 

and directs PBGC’s programs in accordance with the 

requirements of Title IV of the Employee Retirement 

Income Security Act of 1974 and is subject to the 

direction of the Chairman of the Board of Directors 

to implement the policies of the Board of Directors; 

and provides appropriate advice and assistance to 

the Chairman and the Board of Directors. 

• Equal Employment Opportunity Office assists in 

the eradication of employment discrimination, 

improves diversity in the workplace and creates 

an environment where all PBGC employees are 

valued, respected and free to develop and perform 

to their fullest potential. 

• Risk Management Officer oversees enterprise-wide 

risks, ensuring that risk assessment is considered 

in the strategic planning process, and that 

governance and controls are in place to manage 

and quantify risks.

The Office of Benefits Administration (OBA) manages the 

termination process for defined benefit plans, provides 

participant services (including calculation and payment 

of benefits) for PBGC-trusteed plans, provides actuarial 

support for PBGC and carries out PBGC’s responsibilities 

under settlement agreements. 

• The Actuarial Services and Technology Department 

(ASTD) provides actuarial oversight and expertise 

supporting PBGC benefit calculation, valuation 

and administration, and provides programmatic 

management, technical support and quality assurance 

for OBA IT systems. 

• The Participant Services Department (PSD) ensures 

that cases are processed timely and efficiently in 

accordance with the law, regulations and operational 

needs; provides oversight for case management 

activities and policy development, and determines 

operational impact; coordinates with departments 

internal and external to OBA and PBGC on case 

processing activities and policy; forecasts results to 

inform senior leadership decisions; facilitates the 

resolution of issues affecting case processing or 

policy; and provides post-approval benefit payment 

services for trusteed plans, settlement agreements 

and assigned non-trusteed plans in accordance with 

PSD standards for quality and timeliness. 

• The Plan Asset and Data Management Department 

(PADMD) provides oversight of the asset evaluation 

branches and determines the value of assets and nonactuarial liabilities for all PBGC trusteed pension plans, 

as of their date of plan termination. 

The Office of the Chief Financial Officer (CFO) plans 

and directs the efficiency and effectiveness of the 

financial management programs and operations of 

the Corporation; oversees the investment portfolio 

and serves as principal advisor to the Director on the 
24 Strategic Plan FY 2018-2022

establishment and maintenance of adequate internal 

controls; and ensures program compliance with 

respect to premium and financial assistance. The CFO 

includes three departments: 

• Corporate Controls and Reviews Department (CCRD) 

performs evaluations and management advisory 

services for PBGC management and provides objective 

reports and other products to PBGC management. 

• Corporate Investment Department (CID) provides 

investment management services for plans trusteed 

by PBGC and assets managed by the Corporation. 

• Financial Operations Department (FOD) administers 

the Corporation’s financial and accounting programs. 

The Office of the General Counsel (OGC) provides legal 

advice and counsel for the Director and the Corporation 

on all legal issues pertaining to ERISA, bankruptcy 

related legal actions, insolvency proceedings, and 

settlement decisions. OGC also decides administrative 

appeals of benefit coverage and other determinations, 

and administers the disclosure and other requirements 

of the Freedom of Information Act and the Privacy 

Act. OGC consists of four departments: General Law 

and Operations; Program Law and Policy; Bankruptcy, 

Litigation and Terminations; and Bankruptcy, 

Transactions and Terminations.

• The Bankruptcy, Litigation and Terminations 

Department and the Bankruptcy, Transactions and 

Terminations Department provide the legal support 

for the Single-Employer Program work of the Office of 

Negotiations and Restructuring by advising on ERISA, 

bankruptcy, and administrative law issues, performing 

legal work for transactions to mitigate program risk, 

and conducting litigation in all federal, state and 

bankruptcy courts. 

• The General Law and Operations Department is the 

catch-all department within OGC. It is responsible 

for FOIA, privacy, ethics, procurement, personnel and 

labor law, appropriations questions, and includes 

the Appeals Division, which reviews decisions on 

participants’ benefits and employer liability. 

• The Program Law and Policy Department provides 

comprehensive legal advice and counsel for 

the General Counsel and the Corporation with 

respect to legislative, regulatory and policy issues 

pertaining to PBGC’s mission; comprehensive legal 

services with respect to PBGC’s Multiemployer 

Program; and legal advice with respect to PBGC’s 

benefit determinations.

The Chief Information Officer is responsible for the 

Corporation’s IT program. The CIO provides IT and 

electronic communications services and support to 

PBGC; plans, directs and coordinates the allocation 

of corporate resources for IT services, support and 

related activities; delivers IT business solutions driven 

by customer requirements; operates, maintains and 

safeguards PBGC business and infrastructure systems; 

and oversees the acquisition of IT resources for PBGC. 

The Office of the CIO consists of three departments and 

one division that executes the Chief Information Security 

Officer function: 

• Business Innovation Services Department (BISD) 

delivers IT solutions and support systems for the 

Corporation. This includes the modernization of key 

systems and the execution of technology to support 

business process improvements across

the Corporation. 

• Enterprise Cybersecurity Division (ECD) under the 

leadership of the Chief Information Security Officer 

(CISO), implements, manages and oversees all aspects 

of cybersecurity for PBGC. This includes developing 

and promulgating corporate-wide security policies, 

standards, procedures, training and guidance, while 

monitoring and assessing the compliance of those 

security policies and procedures within the PBGC 

business areas. 

• Enterprise Governance Department (EGD) develops 

and manages the strategic planning, policy, enterprise 

architecture, capital planning and budget formulation 

and execution for IT investments functions. 

Collectively, these activities form the cradle to grave 

governance structure for IT products and services for 

the Corporation.

• Information Technology Infrastructure Operations 

Department (ITIOD) manages the delivery of the 

infrastructure systems and services, measuring 
Strategic Plan FY 2018-2022 25

capabilities to ensure service levels are met and 

ensure the delivery of a secure, cost effective and 

sustained level of availability that supports the overall 

business continuity.

The Office of Management and Administration (OMA) 

plans and directs the efficiency and effectiveness of the 

Corporation’s management and administrative policies 

and programs including strategic planning, customer 

service, budget, procurement, human resources, quality 

management, and facilities and services. The OMA 

includes five departments: 

• Budget Department (BD) plans, administers and 

reports on the Corporation’s budget. BD manages the 

formulation and execution of PBGC’s budget, ensuring 

that it is executed within resources provided and 

manages the allocation and reallocation of resources, 

including full-time-equivalent work years. BD serves 

as PBGC’s primary contact for budget matters at OMB, 

DOL and Congress. 

• Human Resources Department (HRD) fosters 

an inclusive work environment by formulating, 

coordinating and executing human capital initiatives, 

programs and policies that support the Corporation’s 

mission, goals, and business objectives. HRD 

implements strategies to attract and retain a diverse 

and highly skilled workforce to include persons 

with disabilities and disabled veterans, while also 

supporting PBGC supervisors, managers and senior 

leaders by providing a robust Management and 

Leadership (M&L) Training Program designed to 

strengthen leadership and individual performance. 

• Procurement Department (PD) is responsible for the 

acquisition of all goods and contract services used by 

PBGC to accomplish its mission. 

• Quality Management Department (QMD) develops 

the Corporation’s strategic plan, annual performance 

plan and annual performance report, while assessing 

business processes and customer feedback to identify 

improvements and opportunities for learning and 

development. QMD uses performance data to inform 

corporate decisions and employs business analytics to 

support continuous process improvement in support 

of PBGC’s mission. 

• Workplace Solutions Department (WSD) plans and 

administers PBGC’s facility management, including its 

lease administration and space utilization programs, 

office support, building safety, Continuity of Operations 

(COOP), disaster preparedness and recovery programs, 

and records management program. 

The Office of Negotiations and Restructuring (ONR) 

works with companies, both in and out of bankruptcy, to 

preserve their pension plans by monitoring, conducting 

financial, legal, and actuarial analysis and negotiating 

protections. When plans cannot be preserved, ONR 

pursues claims to recover additional assets that 

help PBGC pay benefits. ONR’s responsibilities also 

include PBGC’s review of standard terminations 

and management of the Multiemployer Insurance 

Program and actuarial analysis of single-employer and 

multiemployer plan transactions to enable PBGC to 

mitigate risks to both of its insurance programs. 

• The Corporate Finance and Restructuring Department 

(CFRD) monitors the corporate events and 

transactions of insured, defined benefit pension plan 

sponsors and provides financial analysis, actuarial 

analysis and negotiations support to enable PBGC 

to mitigate risk exposure to the defined benefit 

insurance program, participants and PBGC. 

The Office of Policy and External Affairs (OPEA) 

oversees and directs outreach to PBGC’s external 

stakeholders, including the press; interacts with the 

Congress, Executive Branch agencies and industry 

and labor groups on ERISA and PBGC issues; and 

coordinates analysis, research and recommendations 

for the development of policy, regulations and 

legislation. OPEA includes two departments: 

• Communications Outreach and Legislative 

Affairs (COLA) organizes, directs, and implements 

a comprehensive external and internal 

communications program to enhance the knowledge 

and understanding of the PBGC mission, programs 

and services through the various public entities 

it serves. Stakeholders include participants, the 

pension community (e.g., practitioners, plan sponsors, 
26 Strategic Plan FY 2018-2022

plan administrators), Congress and closely allied 

groups and organizations. 

• Policy, Research and Analysis Department (PRAD) 

develops policy for PBGC’s insurance programs and 

conducts related research and modeling. Policy 

activity encompasses legislative and regulatory 

analysis and proposal development related to 

benefit guarantees, employer liability and premiums. 

Research addresses actuarial and financial issues to 

support policy development and involves modeling 

for forecasting purposes. 

The Office of Inspector General (OIG) is an 

independent entity within PBGC. OIG’s mandate 

is to detect and prevent fraud, waste, abuse and 

violations of law, and promote economy, efficiency 

and effectiveness in PBGC programs and operations. 

The OIG provides independent, positive engagement 

through its audits, investigations, inspections, reviews 

and evaluations. In addition, the OIG provides 

objective information on significant conditions and 

events to improve PBGC management and program 

operations. The OIG reports directly to PBGC’s 

Board of Directors and Congress regarding major 

developments associated with audit and investigative 

missions, including a required semi-annual report

of accomplishments. 

The Office of Participant and Plan Sponsor Advocate 

(OPPSA) is an independent entity within PBGC. The 

Advocate is selected by PBGC’s Board of Directors and 

reports to PBGC’s Board of Directors and Congress. The 

Advocate acts as a liaison between PBGC, sponsors 

of insured defined benefit plans and participants 

in PBGC-trusteed plans. The duties of the position 

include advocating for the full attainment of the rights 

of participants in trusteed plans, as well as assisting 

participants and plans sponsors in resolving disputes 

with the Corporation. The Advocate also identifies 

areas where participants and plan sponsors have 

persistent problems in dealings with PBGC and may 

propose changes in PBGC’s administrative practices and 

recommend legislative changes to mitigate problems. 

The Advocate provides an annual report to PBGC’s 

congressional committees of jurisdiction, PBGC’s Board 

of Directors and PBGC’s Director.
Strategic Plan FY 2018-2022 27

Appendix D: Evidence Building

PBGC maintains a robust suite of research tools 

that provide evidence to support strategic and 

annual planning, as well as monitor progress toward 

achieving performance objectives and strategic goals.

Long-Term Forecasting

Projections Report

The Projections Report provides multi-year 

projections of the financial condition of PBGC’s 

Single-Employer and Multiemployer Insurance 

Programs. The Projections Report starts from the 

current financial position and then simulates 

PBGC’s financial condition 10 or more years into the 

future based on different economic scenarios. The 

projections are estimates, not predictions. 

Pension Insurance Modeling System (PIMS)

To make projections on the future status of PBGC’s 

insurance programs, PBGC uses two stochastic 

modeling systems: the Multiemployer Pension 

Insurance Modeling System (ME-PIMS) and the 

Single-Employer Pension Insurance Modeling 

System (SE-PIMS). Each model relies on running 

many simulations under differing economic 

scenarios to derive a range of possible future 

outcomes. However, there is no single projection

that represents the expected results under

either program.

Pension Insurance Data Tables

To provide historical perspective on the long-term 

trends in PBGC’s insurance program, PBGC annually 

prepares charts showing basic financial and coverage 

data, as well as time series information regarding 

important aspects of the insurance programs.

Intermediate Planning

Early Warning

An important aspect of the pension preservation 

mission is PBGC’s Early Warning Program (EWP) for 

single-employer plans, which dates back more than 20 

years. Under the EWP, PBGC works with employers to 

preserve their pension plans and protect the retirement 

security of their workers and retirees, while maintaining 

premiums at the lowest level consistent with carrying 

out its obligations under ERISA Title IV.

To protect participants, PBGC regularly monitors 

corporate transactions or events that could affect a plan 

sponsor’s ability to continue to support its pension plan. 

PBGC internally identifies about 100 transactions or 

events each year that could potentially be of concern, 

and engages the plan sponsors to obtain additional 

information. The regular monitoring of corporate 

transactions also helps PBGC project its workload, 

manage its resources and mitigate program risks.

Near-Term Operational

Corporate Performance Systems Program

The Corporate Performance Systems Program consists 

of two applications: the Corporate Data Management 

System (CDMS) for data capture from multiple systems 

across PBGC, and the Corporate Performance Reporting 

System (CPRS) for calculating performance metrics and 

reporting for multiple departments.

CDMS is the corporate data warehouse that stores data 

from major systems for a variety of uses across the 

corporation. It provides access to historical premium and 

plan filing information. 
28 Strategic Plan FY 2018-2022

CPRS delivers corporate performance measurement, 

analysis and reporting. This performance reporting 

fosters and facilitates corporate-wide understanding 

of established performance measures and outcomes. It 

also improves the overall level of information sharing 

between departments. 

Both systems are used to improve the efficiency and 

effectiveness of PBGC’s programs and to improve 

customer service.

Surveys

Federal Employee Viewpoint Survey (FedView)

The FedView Survey is an OPM sponsored tool that 

measures employees’ perceptions of whether, and to 

what extent, conditions that characterize successful 

organizations are present in their agencies. The survey 

results are used to support employee engagement, 

foster a diverse work culture and improve the

work environment.

Telephone Surveys

PBGC uses telephone surveys to gather feedback 

from its customers including retirees, premium filers, 

and callers to the Corporation’s Customer Contact 

Center. Surveys are conducted by Claes Fornell 

International (CFI) using The American Customer 

Satisfaction Index (ACSI) methodology to evaluate 

PBGC’s services to these customers. ACSI surveys use 

a proven statistical methodology to identify where 

improvements can be made.

Online Surveys

PBGC conducts four online surveys measuring user 

satisfaction. These surveys cover: 

• Online service for participants using My Pension 

Benefit Account (MyPBA)

• Online service for practitioners using My Plan 

Administration Account (My PAA)

• The PBGC.gov website

• Overall satisfaction of all customers 

These surveys provide valuable benchmarking 

insight and track trends in customer satisfaction. 

Online surveys collect continuous feedback, enabling 

PBGC to promptly address customer concerns.

Online surveys are conducted by a private

third-party vendor, ForeSee using the ForeSee 

Customer Experience Analytics. 
INTENTIONALLY

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