Strategic Plan 

"'" 

PBGC Pension Benefit

Guaranty Corporation 

FY 2022-2026 
2

Table of Contents 

Message from the Director – 3 

PBGC’s Overview – 4 

Strategic Plan FY 2022-2026 – 4 

Mission and Vision – 5 

Agency Strategic Goals – 5 

Overview of Biden Administration and PBGC Priorities – 5 

Overview of PBGC’s Insurance Programs – 6 

Biden Administration and PBGC Priorities – 6 

 Building A Bridge to Economic Recovery: Ensuring Financially Troubled Multiemployer Plans Receive the Funds to Provide Increased

Economic Security to Over Three Million Participants – 6

 Information Technology Modernization and Cybersecurity Enhancements that Will Increase the Effectiveness and Efficiency of PBGC’s

Overall Operations – 7

 Advancing the Customer Experience: Building on Recent Enhancements to My Pension Benefit Access and My Plan Administration

Account as Reflected by Customer Survey Results – 8

 Promoting Equity: By Employing Strategies That Improve Customer Outreach, Identify At-Risk Participants And Expand Access To

Contracting Opportunities – 9

 Making Data-Driven Decisions Based on Evidence – 10

External Environmental Factors Affecting PBGC’s Insurance Programs – 10 

 Post 2021 Outlook for Single-Employer Program – 10

PBGC Insurance Program Priorities – 11 

 Enhance Production Quality and Reduce the Inventory of Unissued Benefit Determination Letters – 11

 Address Workforce Challenges to Prevent and Impact on the Corporation’s Ability to Carry Out Its Mission – Workforce 3 R’s –12

 Continue to Improve the Internal Control Environment – 12

 Addressing COVID-19 Safety and Economic Impacts – 13

 Enterprise Risk Management – 13

Performance Management Framework –14 

Overview of Strategic Goals – 14 

 Strategic Goal 1: Preserve Plans and Protect the Pensions of Covered Workers and Retirees – 14

 Summary of Strategic Goal 1: Objectives, Goals, and Strategies – 15

 Strategic Goal 2: Pay Pension Benefits on Time and Accurately –16

 Summary of Strategic Goal 2: Objectives, Goals, and Strategies – 17

 Strategic Goal 3: Maintain High Standards of Stewardship and Accountability – 18

 Summary of Strategic Goal 3: Objectives, Goals, and Strategies – 19

PBGC’s Operations-in-Brief – 23 

PBGC Internal and External Program Evaluations – 24 

 Internal Evaluations – 24

 External Evaluations – 24

 Benchmarking Customer Service Performance – 25

 Planning for the Future – 26

Appendix A: PBGC Organizational Structures and Functions – 27 

 PBGC Offices – 27 

Appendix B: Evidence Building – 31 

Appendix C: Customer Service Plan – 32
MESSAGE FROM THE DIRECTOR

Established in 1974 by the Employee Retirement Income Security Act (ERISA), the Pension Benefit Guaranty Corporation 

(PBGC or the Corporation) guarantees the hard-earned pension benefits of over 33 million of America’s workers and retirees

covered by single-employer and multiemployer defined benefit pension plans. PBGC’s Single-Employer Insurance Program 

pays guaranteed benefits directly to retirees and beneficiaries in failed plans, while the Multiemployer Insurance Program

provides financial assistance to insolvent plans to allow them to pay guaranteed benefits and reasonable administrative

expenses. The Corporation’s two insurance programs are legally separate and operationally and financially independent. For

the first time in almost twenty years, both PBGC’s Multiemployer and Single-Employer Programs have a positive net position 

at fiscal year-end. Keeping the Corporation on a strong financial path helps strengthen the safety net for over 33 million

American workers and retirees. They will continue to receive their promised pension benefits for years to come.

PBGC’s retirement security mission is supported by three 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. The Strategic Plan for Fiscal Years 2022 – 2026 is a roadmap to achieving those goals and enhancing PBGC’s

mission and operations. Built upon best practices, stakeholder feedback and lessons learned, the strategic plan outlines the

agency’s mission, vision, and long-term goals.

Among our top priorities is implementation of the Special Financial Assistance (SFA) Program of the American Rescue Plan

Act of 2021 (ARP). This historic law passed by Congress and signed by President Biden on March 11, 2021, contains

provisions to provide financial assistance to eligible multiemployer plans that are severely underfunded and reinstate previously

suspended benefits. PBGC issued an interim final rule, along with complementary guidance, to expeditiously implement the

SFA Program. PBGC is also developing internal controls to mitigate risks, and processing applications for financial assistance.

Another key element in the strategic plan focuses on the workers and retirees that PBGC serves by providing the highest-level 

of customer service. This includes our work with customers and stakeholders to find ways to strengthen and sustain both the

Single-Employer and Multiemployer Insurance Programs so that they can rely on these programs into the future.

This strategic plan also includes information technology (IT) modernization efforts that streamline processes and strengthens

security to improve customer experience. We recently released a new version of My Plan Administration Account, a premium

filing application for practitioners, and a new version of our My Pension Benefits Access, a portal for participants in PBGC

trusteed plans. We will continue to provide further advancements into the future.

We also have a strong commitment to our people. We take pride in PBGC being named one of the “Best Places to Work in

the Federal Government” among small agencies over the past few years. It is an honor and privilege to lead PBGC’s talented

staff as we strive to fulfill our vital mission.

I am proud to lead PBGC to provide the highest-level of customer support to workers and retirees, ensure its viability, and

help it prepare for the future. Our achievements are due to the efforts of PBGC’s talented staff, and the ongoing support of

our Board and their staff.

Gordon Hartogensis 

3
PBGC’S OVERVIEW

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 over 33 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 5,300 failed single-employer and multiemployer plans, making payments of $6.4 billion 

annually as of FY 2021. 

PBGC’s insurance programs are financed differently. The single-employer program is financed by insurance premiums paid by 

companies that sponsor defined benefit pension plans, investment income from plan assets trusteed by PBGC and recoveries 

from companies formerly responsible for the plans. Congress sets PBGC premium rates. The multiemployer program is 

financed by premiums and investment income. The American Rescue Plan (ARP) Act of 2021 enacted on March 11, 2021, 

allows certain financially troubled multiemployer plans to apply for Special Financial Assistance (SFA) payments. Upon 

approval of an application, PBGC will make a single, lump-sum payment to an eligible multiemployer plan to enable the plan 

to pay benefits at plan levels. These payments are derived from appropriated funds. SFA is financed by general 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.

STRATEGIC PLAN FY 2022-2026

This strategic plan describes the mission, long-term goals, and results that PBGC seeks to accomplish by FY 2026. It explains

how the Corporation will monitor its progress. Additionally, this strategic plan outlines the actions PBGC will take to address

challenges and risks. Key indicators of success are how well the Corporation performs and customers’ satisfaction with their

PBGC experience.

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 2022-2026 strategic plan includes its mission, vision, and how PBGC supports 

4
5

Biden Administration priorities and promotes 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 provide direct input into the strategic plan and will remain 

committed to its execution. 

The Corporation reached out to Congress, the public, and stakeholder groups for feedback on its draft plan through its 

website, social media, and internal intranet. The draft Strategic Plan was posted prominently on PBGC’s external internet site 

pbgc.gov and on the homepage Corporation’s intranet. An article about the Strategic Plan was featured on the intranet page. 

We also provided opportunities for the draft Strategic Plan to be reviewed by the Chairs and Ranking Members of our four 

committees of jurisdiction: the Senate Committees on Finance and Health Education Labor and Pensions and the House 

Committees on Ways and Means and Education and Labor.

MISSION AND VISION

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. 

PBGC measures performance by how effectively the Corporation meets its statutory requirements and serves its customers. 

AGENCY STRATEGIC GOALS 

PBGC’s three strategic goals are derived directly from the purposes the Corporation was created to accomplish. The 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

OVERVIEW OF BIDEN ADMINISTRATION AND PBGC PRIORITIES

In recent years, PBGC’s highest priority has been to encourage policymakers to stabilize the multiemployer pension system, 

better protect workers’ earned pensions, reduce risks to retirees, participating employers, and taxpayers, and ensure the 

solvency of the multiemployer insurance program. Enactment of ARP in March 2021 addresses the immediate financial crisis 

threatening the retirement security of over three million American workers, retirees, and their families. The Special Financial 

Assistance (SFA) to be provided to eligible plans will effectively address the near-term crisis faced by the Multiemployer 

Program, but ARP was not designed to address the underlying structural issues, such as underfunding, in the multiemployer 

system, that contributed to the crisis. While future reforms would help improve the long-term health and resilience of the 

multiemployer system, ARP has provided a financial lifeline, and the effects of that are clear. 

Implementation of the SFA program supports the Biden Administration’s priority of Building a Bridge to Economic 

Recovery. For the next four years, implementing ARP’s Special Financial Assistance (SFA) provisions will be PBGC’s highest 

priority. The Biden Administration priorities which align with PBGC Priorities include: 

• Building a Bridge to Economic Recovery: Ensuring Financially Troubled Multiemployer Plans Receive the Funds to

Provide Increased Economic Security to over 3 million multiemployer participants

• Information Technology Modernization and Cybersecurity Enhancements That Will Increase the Effectiveness and

Efficiency of PBGC’s Overall Operations
• Advancing the Customer Experience by Building Upon the FY 2021 Implementation of the new My Participant

Benefit Access (MyPBA) system and the new My Plan Administration Account (My PAA) which improve customer

experience with plan management and premium filling submissions

• Promoting Equity: By Employing Strategies That Improve Customer Outreach, Identify At-Risk Participants And

Expand Access To Contracting Opportunities

• Making Data-Driven Decisions Based on Evidence

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 two programs differ significantly in the level of benefits guaranteed, the insurable event that triggers the guarantee,

and premiums paid by insured plans. Single-employer plans and multiemployer plans have separate funding rules and

requirements. 

The Single-Employer Program covers plans that are generally sponsored by one employer. When an underfunded singleemployer 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 two or more employers

and a union. Employers are usually in the same or related industries. Multiemployer plans provide retirement benefits for

people in 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. As the number of participants in insolvent plans rises dramatically over the next two decades, so will the

demands on PBGC.

BIDEN ADMINISTRATION AND PBGC PRIORITIES

BUILDING A BRIDGE TO ECONOMIC RECOVERY: ENSURING FINACIALLY TROUBLED

MULTIEMPLOYER PLANS RECEIVE THE FUNDS TO PROVIDE INCREASED ECONOMIC SECURITY TO

OVER THREE MILLION PARTICIPANTS

For additional information see Strategic Goal 1, pages 14 and 15. 

The Special Financial Assistance Program will provide an estimated $94 billion in assistance to more than 200 eligible 

plans that are severely underfunded. The program is available to certain financially troubled multiemployer plans. The

SFA provisions of ARP address the immediate financial crisis threatening the retirement security of over 3 million participants

and protect the pensions of hardworking Americans whose retirement income was put at risk through no fault of their own.

These provisions give hardworking Americans the retirement security they earned through many years of hard work.

The program is funded by Department of the Treasury general revenue transfers and not through PBGC premiums. The

window for eligible plans to apply is July 9, 2021, through December 31, 2025. Plans will have until 2026 to submit a revised

application.

ARP enables eligible multiemployer plans to apply to PBGC for SFA. Eligibility is limited to the most financially troubled

plans based on specific criteria set by statute. The SFA is calculated to be the amount required for the plan to pay all benefits

due through the end of the last plan year ending in 2051, generally based on statutorily mandated assumptions. The SFA,

which is funded by uncapped appropriations of general revenues, is paid by PBGC to each eligible plan in a one-time lump 

sum and is not subject to repayment. 

6
Under ARP, PBGC must process applications received within 120 days. PBGC’s application review will be thorough and 

expeditious. Under PBGC’s interim final rule, priority is given to plans that are already insolvent or those plans projected to 

become insolvent by March 11, 2022. The rule also outlines a processing system, which will accommodate the filing and 

review of many applications in a limited amount of time. 

PBGC’s interim final rule specifies permissible investments for SFA funds, establishes certain restrictions and conditions on 

plans that receive SFA, and requires annual reporting to ensure compliance. 

INFORMATION TECHNOLOGY MODERNIZATION AND CYBERSECURITY ENHANCEMENTS THAT WILL 

INCREASE THE EFFECTIVENESS AND EFFICIENCY OF PBGC’S OVERALL OPERATIONS 

For additional information see Strategic Goal 3, pages 18 and 19 about 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 IT modernization efforts encompass the three core elements: people, process, and technology (see Figure below), that 

are responsible for organizational success or failure. From 2018 to 2022, PBGC’s IT modernization efforts supported mission 

objectives in a secure and cost-effective manner. These efforts used cloud computing, shared and managed services, and inhouse systems to enable a flexible, reliable, scalable, secure, and cost-effective IT infrastructure. PBGC’s IT modernization 

efforts are designed to leverage technology to facilitate data driven-driven decisions throughout the deployment of enterprisewide platforms and solutions that provide secure and reliable access to PBGC’s IT systems to stakeholders at any time and 

from anywhere. Further support for data driven decisions included the appointment of a Chief Data Officer and the 

deployment of enterprise-wide reporting tools.

Examples of recent system modernization efforts included Integrated Present Value of Future Benefits (IPVFB), Benefit

Calculation and Valuation (BCV) phases 1 and 2, My Plan Administration Account (My PAA) and telephony infrastructure

modernization. A synopsis of these and all significant IT modernization efforts can be found on PBGC’s public website.

PBGC enhanced the security and reliability of its IT services and solutions through investments in infrastructure, moving to

co-located data centers, enabling multi-factor authentication for internal and external facing customer solutions, modernization

of mission critical systems, and migrating systems to the cloud. These activities enabled PBGC staff to effectively conduct

business during maximum telework necessitated by the COVID-19 pandemic. PBGC became the first small federal agency to

deploy a privileged access management solution, CyberArk, through the DHS Continuous Diagnostics and Mitigation (CDM) 

7
Program. Today, managing privileged access through CyberArk has become an important part of PBGC's overall IT 

cybersecurity defense and Insider Threat program. 

During FY 2022-2026, PBGC will continue to strengthen security through DHS Cybersecurity Directives, leverage IT 

modernization efforts by increasing the use of cloud computing to enhance the efficiency and effectiveness of operations and

provide secure access to PBGC IT solutions at any time and from anywhere. Systems modernization efforts will continue with 

the implementation of BCV phases 3-6. Examples of systems that will be migrated to the cloud are the Pension Insurance 

Modeling System (PIMS), the Acquisition Lifecycle Management System (ALMS), and the Budget Department Management 

System (BDMS). PBGC will continue to leverage the Federal Data Strategy and data sharing and interface capacities of 

modernized applications. To enable secure access to IT systems at any time and from anywhere, PBGC will continue to 

enhance IT infrastructure, complete implementation of the Enterprise Identify Management Program, and respond to the 

requirements of Executive Order 14028 on Improving the Nation’s Cybersecurity. In order to establish a modern and scalable 

network infrastructure and to ensure compliance with OMB memo M-21-07, "Completing the Transition to Internet Protocol 

Version 6 (IPv6)", PBGC will update its infrastructure hardware and configuration to transition from IPv4 to IPv6. The 

transition to IPv6, to be completed by FY 2025 to the extent possible and practical, will allow PBGC to take advantage of the

benefits inherent in this new protocol like simplified routing, flow labeling, built-in authentication and more. 

On the process front, one of the Office of Information Technology’s priorities is the implementation of Continuous 

Integration and Continuous Delivery Operations (Development/Operations). This capability, available during FY 2022-2026, 

will allow PBGC to leverage its enterprise platform solutions more fully and to be platform/product focused rather than 

project focused in its delivery of IT functionality and value. Focusing PBGC efforts on products as opposed to projects will 

allow technology to be more efficiently integrated and leverage IT capabilities to improve operational efficiency and 

effectiveness at an even faster rate. 

To ensure that IT priorities are fully aligned with the Corporation’s three strategic goals, PBGC’s IT Portfolio Review Board 

(ITPRB) meets to conduct formal evaluations of how proposed IT initiatives support the Corporation’s three strategic goals 

and the ITPRB makes appropriate funding recommendations to the Budget and Planning Integration Team (BPIT) on an 

annual basis. In addition, the ITPRB serves as PBGC's IT Portfolio Management (ITPfM) governance body executing the 

external submissions of OMB Agency IT Portfolio and Major IT Business Cases (E53 & E300).

On the personnel front, the Office of Information Technology continues to build and sustain a skilled IT workforce in the 

increasingly competitive market by continuing to identify and close skill gaps – both technical and non-technical, making use 

of an appropriately blended workforce to support PBGC business and technology needs, and making effective use of the 

annual Federal Employee Viewpoint Survey Results. In fact, PBGC’s Office of Information Technology moved up two places 

to first as the top-ranked IT department, up from third place on the 2019 Federal Employee Viewpoint Survey.

ADVANCING THE CUSTOMER EXPERIENCE: BUILDING ON RECENT ENHANCEMENTS TO MY

PENSION BENEFIT ACCESS AND MY PLAN ADMINISTRATION ACCOUNT AS REFLECTED BY CUSTOMER

SURVEY RESULTS 

For additional information see Strategic Goal 3, page 19 about providing excellent customer service and pages 32-34 about Customer Service for 

Participants. 

Customers are at the core of PBGC’s mission. To provide customers with the highest level of customer service, for more than 

20 years PBGC has used surveys to actively listen, identify opportunities for enhancements, implement process improvements,

and monitor customers’ experiences. PBGC uses the widely recognized American Customer Satisfaction Index (ACSI) as a

basis to compare its customer experience across government. Responses to the Retiree Satisfaction survey have consistently

placed PBGC among the highest scoring organizations in business or government.

PBGC collects daily feedback from its public facing website pbgc.gov, My Pension Benefit Access (MyPBA) and My Plan

Administrator Account (My PAA) web portals. Lastly, PBGC collects results from Retiree, Participant Caller, and Premium 

8
9

Filer surveys. All feedback and results are displayed daily on PBGC’s intranet page. Additionally, daily customer satisfaction 

scores are provided to 25 senior Agency leaders and staff every day – including nearly all members of the Agency’s executive 

leadership.

On a continuous basis, PBGC uses customer satisfaction information to enhance customers’ experiences. For example, every 

month a cross-agency working group meets to review survey scores and identify areas for improvement. 

In addition to monitoring customers’ experiences, PBGC has recently implemented service improvements to the My Pension 

Benefit Access (MyPBA) and the My Plan Administration Account (My PAA) systems that will benefit customers during the 

FY 2022-2026 Strategic Plan period. The new MyPBA provides all the same functionality of PBGC’s former system but with 

added security features. PBGC users now access MyPBA through Login.gov, a secure multifactor authentication sign-on 

solution for government websites. This makes MyPBA more secure for customers. The updated version of My PAA has a new 

modern look and feel. Updates include multiple enhancements to improve customer experience with plan management and 

premium filling submissions, such as the ability to send messages to filing team members directly from within the application 

and enhanced status tracking of uploaded XML files. Additionally, the new My PAA has simplified processes for: (1) initial 

plan filings; (2) adding a new person to the filing team; and (3) updating information about the plan administrator (e.g., 

address, telephone number, etc.). Lastly, the new My PAA’s training materials are easier to access in the system. Training 

materials include modules about how to navigate the system, file premiums and make payments, and answers to common 

premium-related questions are provided in a separate “published answers” (e.g., Instruction articles) section that is searchable 

by key words. Additional information about plans to monitor and improve customers’ experiences can be found in the 

Customer Service Plan at Appendix C. 

PROMOTING EQUITY: BY EMPLOYING STRATEGICES THAT IMPROVE CUSTOMER OUTREACH, 

IDENTIFY AT-RISK PARTICIPANTS AND EXPAND ACCESS TO CONTRACTING OPPORTUNTIES

For additional information see Strategic Goal 3, page 19 about promoting equity through customer outreach and communication, and pages 32-34 about 

Participant Customer Service. 

PBGC has formed a task force with the goal of identifying barriers that plan participants and retirees in underserved 

communities may experience when accessing agency benefits, services, and contracting opportunities. During FY 2022-2026, 

PBGC will collaborate with similar teams across government to implement and develop best practices towards advancing 

racial equity. PBGC will focus on the following areas:

 Customer Outreach and Communication – seeking opportunities to reach out to retirees and pension

participants with disabilities, limited English proficiency, and limited access to internet via multiple

communication methods to ensure they are informed of and can access benefits to which they are entitled by law.

Strategies will focus on finding ways to identify these communities by interviewing internal and external

stakeholders and reviewing customer survey data

 Identify and Educate At-risk Elderly Retirees and Participants – seeking opportunities to reach out to and

educate elderly, at-risk retirees and pension participants who may be vulnerable to scams designed to access their

personal information and retirement savings. In order to educate about retirement fraud, strategies will focus on

finding ways to identify this population by interviewing internal and external stakeholders and reviewing customer

survey data

 Small and Disadvantaged Business Utilization Program – evaluating PBGC’s Small and Disadvantaged

Business Utilization Program to determine whether there are opportunities to expand access for women and

minority owned businesses to PBGC contracting opportunities. PBGC will explore opportunities to expand

access to small disadvantaged, woman-owned, and veteran businesses. Strategies will focus on engaging internal

and external stakeholders to identify and maximize existing authorities and opportunities for small businesses
MAKING DATA-DRIVEN DECISIONS BASED ON EVIDENCE

For additional information see Appendix B, Evidence Building on page 31. 

As a small agency, PBGC uses data to inform internal and external decision-making and to promote learning among PBGC 

staff regarding data sources. 

Key data sources used to inform internal and external decision-making include: 

• The Pension Insurance Modeling System (PIMS) is used 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)

• The Quinquennial Report is required by ERISA section 4022A(f) concerning the adequacy of current multiemployer

premium rates to maintain current guarantee levels

• The Pension Insurance Data Tables provide historical perspective on the long-term trends in PBGC’s insurance

programs, PBGC annually prepares charts showing basic financial and coverage data

• PBGC’s Annual Report provides financial information on the financial position of the Single-Employer and

Multiemployer programs, Investments, Operations, Estimates of Reasonably Possible Contingencies, and Financial

and Program Risks

• Information on Quarterly Performance is discussed during Quarterly Performance meetings and included in the

Annual Performance Information included in the Annual Performance Plan and Performance Reports

Since September 2019, PBGC’s Data Governance Board (DGB) has asked PBGC’s departments and open dataset owners to 

make presentations on the data they maintain. These presentations have promoted learning across the agency’s departments 

and disciplines about available PBGC data and its uses. PBGC has also adopted the Federal Data Maturity Model to promote 

continued learning about data to inform good decision-making. 

EXTERNAL ENVIRONMENTAL FACTORS AFFECTING PBGC’S INSURANCE 

PROGRAMS

POST 2021 OUTLOOK FOR SINGLE-EMPLOYER PROGRAM

Plan sponsor defaults are low. Many plan sponsors have indicated that revenues declined substantially during COVID-19, but

the Paycheck Protection Plan funding provided by the CARES Act allowed plan sponsors to maintain operations and avoid 

layoffs. The Federal Reserve reduced interest rates to near-zero and purchased large amounts of corporate debt and other 

securities, helping companies reduce their cost of borrowing. ARP implementation allows single-employer plan sponsors to 

elect interest rate and amortization relief, which will lower their minimum required funding retroactively to 2019 filings and for 

future years. 

Positive Economic Forecast

• The Single-Employer Program has improved in recent years due to relatively few large claims, increases in premium

rates, and positive investment results under PBGC’s liability-driven investment policy

• PBGC’s long-term projections show continued improvement in the financial condition of the Single-Employer

Program, but significant uncertainty and risk remain

• ARP implementation may result in a decrease in the minimum required contributions for single-employer pension

plans. PBGC will continue to review the impact of ARP’s funding relief provisions on plan funding levels,

particularly for troubled plans in the open case inventory

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 

10
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 has 

declined from 112,208 in 1985 to 23,694 in 2019. 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 to the plan

• Offering pension plan participants lump sums instead of lifetime income

• Purchasing annuities for retirees to transfer the benefit obligation to a private insurer

In FY 2020, 1,725 plans, covering approximately 190,000 participants, filed standard termination applications with PBGC. The

number of terminations received last year is higher than the average of the five previous years. Approximately 1,597 plans with 

an aggregate of more than 289,000 participants completed standard terminations in FY 2020 by paying full plan benefits to

participants and beneficiaries in the form of annuities or lump sums.

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.

PBGC INSURANCE PROGRAM PRIORITIES

ENHANCE PRODUCTION QUALITY AND REDUCE THE INVENTORY OF UNISSUED BENEFIT

DETERMINATION LETTERS

During the FY 2018-2022 strategic planning period, PBGC focused on calculating final benefits for participants in some of its

oldest, largest, or most complex single-employer plans. At the end of FY 2018, the annual average age (the average number of

years between PBGC being responsible for paying pension benefits and the issuance of benefit determination letters) for

benefit determinations issued was 6.1 years; as a result of benefit determinations being issued in those oldest, largest plans. In

FY 2019 and FY 2020 the average age improved, decreasing to 5.6 and 5.3 years, respectively. However, that average age

increased again to 5.9 years at the end of FY 2021 due to continued issuance of benefit determinations in PBGC’s oldest,

largest plans. Over the next five years, PBGC expects the average age for benefit determination issuance to decrease, as

unissued benefit determinations older than five years now account for only two percent of the more than 230,000 unissued

benefit determinations in inventory.

Between FY 2019 and FY 2021, PBGC trusteed more than 160 plans adding nearly 200,000 participants to its inventory. This

includes 5 large plans with nearly 5,000 participants or more. For example, PBGC trusteed the Sears Plans in FY 2019 with

more than 92,000 participants. More recently, almost 30% of the plans trusteed in FY 2021 had over 500 participants. In a

typical year, that number is between 10 – 20%.

These trusteeships had an impact on PBGC’s inventory of unissued benefit determination letters. The number of unissued

benefit determination letters was just over 210,000 at the end of FY 2018. By the end of FY 2021, the number of unissued

letters increased to over 230,000. However, the average age of unissued benefit determination letters decreased from 3.5 years

in FY 2018 to only 2.3 years at FY 2021 yearend.

In addition to addressing the time to issue benefit determination letters and the time plan participants have been waiting to

receive a benefit determination letter, PBGC also decreased its inventory of terminated defined benefit plans. At the end of 

11
FY 2018, PBGC’s backlog of plans in estimated status awaiting a final benefit determination numbered 445 plans. By the end

of 2021, that backlog had fallen more than 35% to less than 275 plans. PBGC also reduced the percentage of unissued benefit

determinations greater than five years old to two percent, down from 14 percent in FY 2020. The Corporation is better

prepared for future economic shifts which may result from the pandemic and may have an impact on the financial health of

defined benefit pension plans.

While the long-term economic impact the pandemic may have on the solvency of defined benefit pension plans is unknown,

PBGC will remain dedicated to processing terminated plans more rapidly, while maintaining quality. The Corporation will 

continue to modernize technology and implement process improvements to support these efforts.

ADDRESS WORKFORCE CHALLENGES TO PREVENT AN IMPACT ON THE CORPORATION’S ABILITY TO

CARRY OUT ITS MISSION – WORKFORCE 3 R’S

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 2021, 36.1 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 and broaden the utilization of

available recruitment and retention incentives throughout the Corporation.

PBGC will continue to develop departmental succession plans and increase access to available recruitment and retention

incentives that address not just mission critical occupations, including those identified as key by management. This includes

identifying the readiness of employees to serve as back-ups for key positions; identifying roles and responsibilities of key

positions; and identifying knowledge transfer strategies to prevent a loss of institutional knowledge. PBGC will continue to

offer a robust training program for its employees.

CONTINUE TO IMPROVE THE INTERNAL CONTROL ENVIRONMENT

In the FY 2020 Annual Report, PBGC’s Office of Inspector General (OIG) reported PBGC’s sixth consecutive year of an

unmodified audit opinion on internal control over financial reporting. The OIG determined that although certain internal

controls could be improved, PBGC is currently maintaining effective internal control over financial reporting. Management 

remains committed to enhancing internal controls to better service the workers and retirees PBGC serves. PBGC maintains an 

Internal Control Committee (ICC) to support compliance with government-wide requirements, including OMB-Circular A123, as well as to 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. As part of PBGC’s mature internal control program, the ICC oversees the assessment and reporting of management 

controls for key business processes and key entity-wide controls which include internal controls over reporting (financial and

non-financial), operations, and compliance with laws and regulations. In 2021, the ICC finalized controls pertaining to SFA

payments.

PBGC maintains an Internal Controls Program designed to support compliance with the requirements of the Federal

Managers’ Financial Integrity Act (FMFIA) of 1982, the Government Accountability Office (GAO) Standards for Internal

Control in the Federal Government (Green Book), the Office of Management and Budget (OMB) Circular A-123,

Management's Responsibility for Enterprise Risk Management, Internal Control and its appendices, as applicable, and other

laws, and regulations. PBGC will continue implementing the requirements specified in the last revision to the GAO Green

Book and OMB Circular A-123 and performing a number of corporate-wide activities that support the FMFIA Statement of

Assurance. For FY 2020, PBGC provided an unmodified FMFIA Statement of Assurance. 

12
13

ADDRESSING COVID-19 SAFETY AND ECONOMIC IMPACTS

The Corporation remains committed to protecting the retirement security of over 34 million American workers, retirees, and 

beneficiaries. PBGC is committed to ethically and effectively carrying out the agency’s critical mission, as well as ensuring the 

agency’s employees and contractors operate responsibly and transparently. As coronavirus disease 2019 (COVID-19) 

continues to impact families and individuals across the country, PBGC ensures its strategic goals (preserve plans and protect

pensioners, pay timely and accurate benefits, and maintain high standards of stewardship and accountability) are achieved.

During the COVID-19 pandemic PBGC processed Distress Termination applications. Over the next four years PBGC will 

encourage plan sponsors to schedule pre-filing consultations to aid in determining the appropriateness of a distress 

termination based on the facts and circumstances of each case. PBGC recognizes that the impact of COVID-19 on plan 

sponsors is not fully known, and financial projections may change as a result. 

ENTERPRISE RISK MANAGEMENT 

For additional information see Strategic Goal 3, page 22. 

The Enterprise Risk Management (ERM) program is an important part of strategic planning. PBGC has implemented a robust 

ERM program that focuses on nine categories of risk: external, financial, human capital, insurance, legal, operational, 

reputational, strategic, and technology. 

As PBGC developed its strategic plan for FY 2022-2026, the Corporation considered risks that may impact the realization of 

its mission, strategic goals, and objectives. Additionally, each year when formulating the Annual Performance Plan, 

departments are surveyed about their risks. The agency recently completed its annual risk assessment, resulting in development 

of the FY 2021 risk profile, which is the list of top entity-wide risks. Integrating the results of the risk assessment into strategic 

planning and organizational performance management processes helps improve budgeting, operational, and resource 

allocation planning. Although the Corporation’s work could be influenced by unpredictable events, such as a downturn in the 

economy, the Corporation uses trend data, forecasting models and other proven techniques to assist in identifying risks. 

The Risk Management Officer and the Risk Management Council will continue to work together to implement an enterprise 

risk management framework, provide advice to the Executive Management Committee and Director on managing the 

Corporation’s highest-level risks and manage the processes to identify, evaluate, quantify, mitigate, monitor, and communicate 

about risks. 

During the FY 2021 annual risk assessment, PBGC identified several entity-wide risks that will be focused on over the next 

four years. Those risk areas include: 

• Recruitment and Retention - PBGC's ability to attract, hire and retain candidates with specialized skills is negatively

impacted by federal government limitations on pay and benefits compared to the private sector and certain other

federal agencies

• Technology Modernization – If technology modernization is limited and enterprise solutions are not consistently

working, stable and reliable, then PBGC operations and delivery of its mission may be negatively impacted

• Defined Benefit Market – If sponsors of and contributors to pension plans continue their exit from the system, and

new sponsors and contributors do not enter, PBGC’s ability to promote retirement security could be undermined

• Succession Planning – If there is a lack of a strategic approach to workforce planning, then it could lead to reactive,

sub-optimal responses to workforce changes and missed opportunities to prepare for change
• Planning Uncertainty related to Large Influx of Plans - Uncertainty caused by a large influx of plans and participants

could pose critical operational planning challenges and have adverse impacts on PBGC's ability to perform its mission

• ARP Implementation Oversight – Sufficient operational, monitoring, oversight, operations and/or other conditions

are necessary for the special financial assistance program in order to mitigate risks, including errors in the calculation

of the amount of payment, misuse of funds by plans and/or reputational damage to PBGC

• Infectious airborne diseases (covers COVID-19, Influenza, and other bio-risks that could potentially occur) may

adversely impact staff and contractors’ ability to work

PBGC has made substantial progress in implementing its ERM program. Since its inception in 2016, the program’s maturity 

has advanced with the establishment of policies and procedures for all activities, organizational recognition, management 

engagement with the program, and preparedness related to anticipating risks. An automated Risk Dashboard was recently 

implemented, which will facilitate discussions with leadership and moves the organization forward in demonstrating 

effectiveness of the program. Additional areas of Risk Management focus include integration of strategic planning, succession 

planning, delivering ERM-related training for those directly involved with the program, and updating all related risk 

management directives.

PERFORMANCE MANAGEMENT FRAMEWORK 

PBGC conducts regular data-driven strategic performance reviews. The Corporation’s leaders review performance data on a 

quarterly basis. The continuous evaluation of performance data and customers’ experience helps PBGC’s leadership monitor 

what is working well and what may need to be adjusted. 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

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

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. 

14
15

To protect the interests of plan participants and beneficiaries, PBGC monitors more than 1,500 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 regulation. 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 regulations. PBGC 

will continue to focus on regulatory activity that provides a net benefit to its stakeholders. 

SUMMARY OF STRATEGIC GOAL 1: OBJECTIVES, GOALS, AND STRATEGIES 

Also see page 6, about Building a Bridge to Economic Recovery. 

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

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

Strategic Objectives FY 2026 Performance Goals Performance Strategies

Encourage the 

continuation and 

maintenance of 

pension plans

• 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

• Engage with employers, workers, and

pension practitioners to encourage pension

plan continuation and strengthen retirement

security

• Provide timely, concrete, and practical

guidance to plans on the implementation of

mergers, partitions, and alternate withdrawal

liability proposals to reduce employer risk,

while preserving plans and benefits

• Maintain a regulatory environment that

serves stakeholders and minimizes the

burdens of sponsoring a plan

• Educate and inform the multiemployer

community (participants, plan sponsors, and

other stakeholders) on the effects of the

American Rescue Plan Act of 2021 (ARP)

Protect workers 

and retirees when 

plans are at risk 

• Protect pensioners by proactively

monitoring PBGC’s largest exposures for

transactions that may pose substantial risks

to participants and retirees

• Ensure all plans identified in the statistical

sample are opened for audit during the year

to ensure that participants receive their full

retirement benefits

• Represent PBGC’s interests in all

bankruptcy cases involving defined benefit

pension plans

• Preserve plans during bankruptcy and other

corporate transactions

• Protect the retirement security of workers

and retirees and the interests of premium

payers in federal courts

• Provide technical assistance, analysis, and

options to policy makers and Congress to

improve the financial stability of the

Multiemployer Program

• Continue to provide financial assistance to

insolvent multiemployer plans
ARP 

Implementation, 

regulations, 

guidance to 

multiemployer 

plans, and 

technical 

assistance to 

Congress

• Deliver annual projections report on the

future status of the Single-Employer and

Multiemployer Programs

• Deliver guidance to plans that may be

eligible for special financial assistance and

process plan applications timely

• Publish annual pension data to educate

stakeholders on the Single-Employer and

Multiemployer Programs

• Educate and inform the multiemployer

community on the effects of ARP

Implementation

• Monitor all multiemployer plans for

compliance with laws and regulations

• For insolvent plans, maintain rigorous audit

standards to ensure accurate benefit

payments to plan participants, efficient

management of any remaining assets, and

compliance with laws and regulations

• Research and forecast insurance program

activities

• Provide guidance to plans on the

implementation of mergers, alternate

withdrawal liability proposals, and other

means to reduce employer risk, while

preserving plans and benefits

• Provide confidential technical assistance,

analysis, and options to Congressional and

Executive Branch policy makers to improve

the financial stability of PBGC’s insurance

programs

• Review applications for Special Financial

Assistance (SFA) from eligible

multiemployer plans and requests for

financial assistance from insolvent

multiemployer plans

• Deliver data tables and the Projections

Report to Congress and stakeholders

• Provide stakeholder education and outreach

through meetings with stakeholders

• Continue to provide financial assistance and

begin to provide SFA to multiemployer

plans

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:

• 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 2021 PBGC paid $6.4 billion in benefits to almost 970,000 retirees in more than 5,300 failed single-employer plans. An 

additional 570,000 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 an average of 90 percent. The Corporation recognizes that even with those high satisfaction 

ratings, there are still challenges that lie ahead and room for improvement. 

16
17

When PBGC becomes the trustee of a pension plan, its 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. 

After the economic downturn in 2008, and 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. As a result of 

this experience, PBGC made changes to both processes and its organizational structure to improve plan processing time. 

PBGC’s Office of Benefits Administration (OBA), primarily responsible for issuing benefit determinations, went from 

horizontally aligned business units conducting end-to-end case processing, to vertically aligned business units focused on a 

functional specialization. OBA also made changes to its operational processes focused on streamlining case processing 

activities. Various initiatives were developed and implemented aimed at applying a risk-based approach to identifying and 

removing low risk, low value activities in the case processing workflow. 

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 eight years, PBGC’s benefit 

estimates remained within 10 percent of the final benefit amount 95 percent of the time. The Corporation will remain focused 

on the needs of its customers and improving services, processes, and systems to meet statutory requirements.

SUMMARY OF STRATEGIC GOAL 2: OBJECTIVES, GOALS, AND STRATEGIES 

Strategic Goal 2: Pay Pension Benefits on Time and Accurately

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

Strategic Objectives FY 2026 Performance Goals Performance Strategies

Ensure regular 

monthly benefit 

payments 

continue without 

interruption

• Ensure uninterrupted benefit payments to

retirees in newly trusteed plans 99 percent

of the time

• Continue uninterrupted benefit payments in

newly trusteed plans

• Process benefit applications timely

• Prioritize processing plans with greatest

number of participants

Provide accurate 

and timely benefit 

calculations 

• Provide estimated benefits within 10

percent of the final benefit determination

95 percent 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

• Improve the timeliness and completeness of

benefit determinations

• Provide a timely and efficient appeals process

for PBGC benefit determinations

• Resolve appeals quickly and fairly
18

STRATEGIC GOAL 3: MAINTAIN HIGH STANDARDS OF STEWARDSHIP AND

ACCOUNTABILITY

PBGC is responsible for ensuring the pensions of tens of millions of people, whose benefits are valued at hundreds of billions 

of dollars, while collecting over $6.1billion in premiums per year. The Corporation holds itself to the highest standards of care

in the management of approximately $147 billion in total assets and has attained 28 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 excellent customer service -- including outreach and communication to participants with disabilities, limited

English proficiency, and limited access to internet

• Seeking opportunities to improve PBGC’s finances

• Maintaining a high performing workforce

• Maintaining effective information technology (IT) and security programs

• Improving procurement activities

PBGC’s first priority is 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 highly 

skilled professionals, often in competitive career fields, by recruiting 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 will maintain and continue to improve its procurement and contracting oversight through the following: 

• Strengthening internal controls surrounding people, processes, and technology

• Investing in the development and sustainment of a qualified, competent procurement workforce

• Establishing new policy for requirements originating within the Procurement Department (PD) (i.e., requirements that

support the PD) to ensure proper oversight, separation of duties, and compliance

• Increasing transparency by clarifying that ratifications arising under PD contracts will be approved by the General

Counsel, the CMO, and the CFO

• Performing strategic assessments of PBGC contracts portfolio, aligning PD resources appropriately and conducting

program portfolio reviews
19

• Streamlining processes and procedures to enhance procurement outcomes

• Ensuring compliance with the legal review policy for solicitations, contracts, and modifications

• Incorporating new internal controls into modernized technology systems

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 Modernization Act of 2014 (FISMA) compliance 

and to maximize federal strategies and priorities for a digital government. PBGC’s suite of IT tools capitalize on a costeffective 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.

SUMMARY OF STRATEGIC GOAL 3: OBJECTIVES, GOALS, AND STRATEGIES

Also see page 7 about Information Technology and Cybersecurity Enhancements, pages 8 and 9 about Advancing the Customer Experience and 

Promoting Equity and page 13 about Strengthening Enterprise Risk Management. 

Strategic Goal 3: Maintain High Standards of Stewardship and Accountability

Goal Leaders: Chief Management Officer, Chief Financial Officer, Chief Information Officer, General Counsel, 

Chief Policy Officer, Chief of Benefits Administration

Strategic Objectives FY 2026 Performance Goals Performance Strategies

Provide excellent 

customer service

• Achieve a score of:

- 90 or higher customer satisfaction score on PBGC’s

retiree customer satisfaction survey

- 80 or higher customer satisfaction score on PBGC’s

online premium filing tool, My PAA by FY 2026

- 74 or higher on PBGC’s premium filer customer

satisfaction survey by FY 2026

- 77 or higher on PBGC’s MyPBA customer

satisfaction survey by FY 2026

- 83 or higher on PBGC’s participant caller customer

satisfaction survey by FY 2026

• Frequently promote equity through customer outreach

and communication, identifying and educating at-risk

elderly customers

• Research and implement

improvements each year to

PBGC’s communications in

response to customer

feedback and key

performance indicators (e.g.,

surveys, etc.)

• Seek opportunities to reach

out to retirees and pension

participants with disabilities,

limited English proficiency,

and limited access to internet

Meet or exceed the 

financial and 

ethical standards 

that apply to 

PBGC as a major 

• Comply with the asset allocation set forth in the

Investment Policy Statement

• Attain an unmodified audit opinion on annual financial

statements

• Manage investments

prudently consistent with

investment policy
20

financial and 

government 

institution, and 

monitor cash 

flows (including 

appropriated funds 

for SFA payments) 

• Comply with the Payment Integrity Information Act of

2019, to prevent, detect, and recover improper payments

• Collect insurance premiums

due

• Continue to monitor the

efficient use of PBGC’s cash

flows

• Maintain a robust control

environment that will

prevent, detect, and recover

improper payments

• Conduct quality due diligence

on the PBGC investment

portfolios

Maintain effective 

IT security 

• Achieve “Managing Risk” on OMB’s Annual FISMA

Report Cybersecurity Risk Management Assessment

(RMA)

• Maintain or exceed “Level 4: Managed and Measurable

Rating” or as determined by the IG as effective overall on

the Cybersecurity Framework Functions

• Align agency resources to ensure 100 percent active

compliance with Executive Order 14028 requirements and

the corresponding agency reporting

• Maintain adequate IT security

posture based on NIST

guidance and implement

DHS Cybersecurity

Directives

• Ensure on-going

authorization of all FISMA

reportable system by

overseeing information

security continuous

monitoring (ISCM)

• Utilize cloud technology and

build towards a Zero-Trust

Architecture (ZTA)

• Fully integrate Identify and

Credential Access

Management (ICAM)

solutions

Retain a highly 

skilled workforce

• Increase management participation in training on

managing teleworking employees by 10 percent

• Increase participation in the Student Loan Repayment

Program (SLRP) by 5 percent by continuing education for

management recruitment and retention incentives,

increasing eligible application pool, and increasing the use

of marketing tools such as program videos, cartoons, and

intranet presence

• Provide 10 virtual Work Life and Wellness Programs

annually

• Train a high-quality

multidisciplinary workforce

• Train supervisors and

managers on managing

telework employees

• Increase and develop

innovative virtual

management training

• Support supervisors and

managers on managing

employee performance

• Incorporate in the monthly

Work Life and Wellness

themes with live virtual

webinars hosted through
21

Federal Occupation and 

Health (FOH) and Work Life 

for You 

• Provide live webinars and

Department training for

Employee Assistant Program

(EAP) services

• Update respective policies

i.e., Student Loan Repayment

Program (SLRP)

Encourage and 

support a diverse 

and inclusive work 

environment that 

encourages 

employee 

engagement

• Achieve 85 percent positive score for employee

engagement on the Federal Employee Viewpoint Survey

by 2026

• By 2026 and per EEOC’s benchmark, have GS-15 and SL

grade representation more reflective of the agency’s total

workforce

• Foster a diverse, highperforming workforce drawn

from all segments of

American society

• Foster a culture of inclusion

that encourages

collaboration, flexibility, and

fairness

• Continue to conduct

YOUniversity Bias Training

to create opportunities for

individuals to investigate

their bias and to understand

bias’s impact on equal

employment opportunity

Strengthen 

transparency, 

disclosure, and 

communication

• Comply with all FOIA deadlines and maintain model

disclosure program

• Research and implement improvements each year to

PBGC’s communications (including PBGC.gov) in

response to customer feedback and key performance

indicators (surveys, etc.)

• Maximize stakeholder education and outreach, including

published regulation

• Provide annual data-driven data tables and projection

reports to stakeholders based on the latest pension

research, data, and projections

• Ensure stakeholder access to information on PBGC.gov

by monitoring and improving the website’s performance

and security, and working with its host to minimize service

interruptions

• Provide effective and timely

communication with plan

participants and other

stakeholders

• Inform stakeholders about

provisions of key legislative

and regulatory proposals

• Make improvements to

annual communications

based on quarterly analytics

• Foster consistent, fair, and

impartial treatment of

participants and stakeholders,

including those who belong

to historically underserved

communities

• Maintain a secure hosting

environment, closely monitor

web logs, and respond

quickly to any issues that

arise
22

Strengthen 

enterprise risk 

management

• Implement enterprise risk management requirements by

conducting a risk assessment and providing risk-related

training to the risk management council and department

directors (or their designees) annually. The seven FY 2021

entity-wide risks identified on page 15, will be evaluated

during annual risk assessments

• Educate and inform

stakeholders on the impact of

entity-wide risks

Strengthen 

contract oversight 

to reduce 

enterprise-wide 

risk

• Ensure 100 percent of contract actions marked

“applicable” undergo legal review

• Identify root causes and

incorporate lessons-learned

to improve future

acquisitions

• Improve accountability of

acquisition processes
23

OPERATIONS IN BRIEF

FY 2021 OPERATIONS-IN-BRIEF 1

2022

Target

2022 

Actual

2021

Actual

GOAL 1: Preserve Plans and Protect Pensions

Single-Employer Plan Participants Protected – Employers Emerging from 

Bankruptcy During the Year TBD 99,345

Single-Employer Plan Standard Termination Audits: Additional Payments TBD

$2.6M 

paid to 1,462 participants

Single-Employer Benefit Payments for Terminated Plans

• Participants Receiving Benefits TBD 970,000

• Benefits Paid TBD Over $6.4B 

• Participants Expected to Receive Future Benefits TBD 525,000

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

• Regular FA payments TBD $221M

• FA payments for facilitated mergers TBD $9M

Multiemployer Participants in Insolvent Plans 

• Total Participants in Plans Receiving FA TBD 80,786

o Participants expected to receive future FA benefits TBD 37,172

o Participants in plans receiving regular FA TBD 52,982

GOAL 2: Pay Timely and Accurate Benefits

Estimated Benefits Within 10% of Final Calculation 95% TBD 98% 

Average Time to Provide Benefit Determinations (Years) 4.5 TBD 5.9 

Improper Payment Rates Within OMB Threshold2 <1.5% TBD Yes

GOAL 3: Maintain High Standards of Stewardship and Accountability

Retiree Satisfaction – ACSI3 Score 90 TBD 88

Participant Caller Satisfaction – ACSI Score 83 TBD 76

Premium Filer Satisfaction – ACSI Score 74 TBD 77

Single-Employer - Financial Net Position TBD $30.9B 

Multiemployer - Financial Net Position TBD ($0.5B)

Unmodified Financial Statement Audit Opinion Yes TBD Yes

Achieve “Managing Risk” on OMB’s Annual FISMA Report Cybersecurity Risk 

Management Assessment (RMA)

Yes TBD Yes

1 Numbers in this report have been rounded.

2The 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

3 The American Customer Satisfaction Index (ACSI) uses a 0-100 scale; 80 or above is considered excellent.
PBGC INTERNAL AND EXTERNALPROGRAM 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’s Internal Control Committee oversees 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 the public, experts, 

and policymakers. 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. PBGC 

continuously reviews regulations and obtains public input on future regulatory and deregulatory activities. 

Data Verification and Validation Assurance – In compliance with OMB Circular A-11, Part 6, PBGC implemented new 

data verification procedures. The Corporation implemented rigorous data verification and validation actions to provide 

reasonable assurance that data information is reliable. Using an interactive Excel spreadsheet, departments: 

• Indicate whether the data source is internal or external

• Insert data source references from credible data source reports and/or electronic links for any source document data

• Provide brief explanation of efforts taken to verify and validate performance data including oversight and

certifications

• Provide a data quality rating of either high, medium, or low

PBGC recognizes the importance of collecting complete, accurate, and reliable performance data, because it helps determine

progress toward achieving program and agency goals and objectives. This new process will ensure data is reliable and accurate. 

EXTERNAL EVALUATIONS

American Customer Satisfaction Index (ACSI) and Verint 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 – PBGC has contracted one of the top four independent accounting firms to audit its

financial statements each year. For 28 consecutive years, PBGC has attained an unmodified audit opinion on its financial

statements. These audits point out areas for improvement in controls and processes. 

24
25

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. 

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 2020, 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. 

BENCHMARKING CUSTOMER SERVICE PERFORMANCE

Customer service is inherent 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 to excellent customer service.

• 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:

o Post customer survey data daily on the internal website for all employees to view

o Train customer service representatives and conduct quality reviews of customer calls
26

o Review policies and regulations to assure ease of use by customers

o Use customer and employee suggestions to improve service

o Highlight customer feedback and satisfaction levels in quarterly and annual performance reports

PLANNING FOR THE FUTURE

PBGC will continue to deliver an outstanding customer experience. Initiatives underway will: 

• Decrease the time it takes to notify participants of their final benefit

• Enhance MyPBA with frequently requested functions like online self-service tools for participants and retirees

• Simplify navigation and search features of PBGC.gov so customers can quickly get to the information they need

PBGC continues to listen to its customers to appropriately allocate resources and deliver responsive customer service.
27

APPENDIX A: PBGC ORGANIZATIONAL STRUCTURES AND FUNCTIONS 

PBGC is managed 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. 

PBGC is organized by departments and offices assigned various functions to carry out its mission, as shown in the 

organization chart. 

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 Employee Retirement Income Security Act of 1974 (“ERISA”) outlines several 

responsibilities for PBGC's Advisory Committee, including advising on investment policy and on other matters related to 

PBGC’s 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 (ERISA) and is subject to the direction of the Chairman of 

the Board of Directors to implement the policies of the Board of Directors; and provide appropriate advice and assistance to 

the Chairman and 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 results are considered in the

strategic planning process, and that governance and controls are in place to manage and quantify risks.

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, plan administrators), and groups and organizations representing labor,

retirees, and businesses that sponsor pension plans.

• 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 the Chief Financial Officer (OCFO) 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 establishment and maintenance of adequate internal controls; and ensures program compliance with 

respect to premium and financial assistance. The OCFO 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 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

formulation and execution, 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) provides PBGC managers with a diverse team of leaders and professionals

who can learn, contribute, and grow to their fullest potential in support of the Corporation's mission. HRD

formulates, coordinates, and executes initiatives, programs and policies that support the federal human capital needs

of the Corporation’s mission, strategic plan, and business objectives.

• 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 and security, Continuity of Operations

(COOP), disaster preparedness and recovery programs, records management program, and Controlled Unclassified

Information (CUI) program.

The Office of the General Counsel (OGC) provides legal advice and counsel to 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 (FOIA) and the Privacy Act. OGC consists of four departments: 

• 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 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 

28
29

analysis of single-employer and multiemployer plan transactions to enable PBGC to mitigate risks to both of its insurance 

programs. ONR consists of three departments:

• 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 that enables PBGC to mitigate risk exposure to the defined benefit insurance program, the participants, and

PBGC.

• The Negotiations and Restructuring Actuarial Department (NRAD) supports the single-employer and

multiemployer insurance programs by providing actuarial analysis of underfunded plans and the implications of

changes to plans and their sponsors in pursuit of mitigating the risk exposure to the insurance programs, the

participants, and PBGC.

• The Plan Compliance Department (PCD) manages PBGC’s Multiemployer Insurance Program, and standard

termination activities; ensures plan compliance with PBGC regulations and ERISA; makes determinations on plan

coverage and classifications; provides advice and technical assistance to plan administrators, service providers, the

general public, and other stakeholders; monitors, reviews, and acts on required multiemployer and standard

termination filings; provides financial assistance to insolvent multiemployer plans; and conducts audits of terminated

or insolvent multiemployer plans and a statistically significant number of standard termination filings.

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. OBA consist of three departments:

• 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 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 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 non-actuarial liabilities for all PBGC trusteed pension plans, as of

their date of plan termination.

The Chief Information Officer (CIO) 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 four departments: 

• 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 Department (ECD) 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.
30

• 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 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 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 liaison 

between PBGC and participants and plan sponsors of defined benefit plans. The Advocate helps participants with the full 

attainment of their rights in plans trusteed by the Corporation and assists plan 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.
APPENDIX B: 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. During the

time period covered by this Strategic Plan, PBGC will be developing a new model architecture for PIMS to achieve improved

modeling performance, scalability, and stability. This modernization effort will transform the technical infrastructure of the

PIMS model to strengthen PBGC’s security posture and streamline maintenance and operational costs.

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. The regular monitoring of corporate transactions also helps PBGC project its workload, 

manage its resources, and mitigate program risks. 

31
32

APPENDIX C: CUSTOMER SERVICE PLAN

Customers are at the core of PBGC’s mission. PBGC gathers feedback from its customers through customer surveys, reviews 

gaps in customer service expectations, and implements technology and process improvements to close gaps and improve the 

customers’ experiences. Surveys provide valuable benchmarking insight and track trends in customer satisfaction. 

PBGC SURVEYS

Federal Employee Viewpoint Survey (FedView) 

The FedView Survey is an OPM sponsored survey 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) Group 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 and allow benchmarking with other 

organizations.

Online Surveys 

Online surveys collect continuous feedback, enabling PBGC to promptly address customer concerns. PBGC conducts four 

online surveys measuring user satisfaction. These surveys cover: 

• Online service for participants using My Pension Benefit Access (MyPBA)

• Online service for practitioners using My Plan Administration Account (My PAA)

• The PBGC.gov website

• Opt-in Feedback survey invites customer feedback via key website pages. These informal surveys are used to identify

page-specific improvements.

PBGC customers include participants, practitioners, and website visitors. The online surveys are conducted by a private thirdparty vendor, ForeSee using the ForeSee Customer Experience Analytics. 

CUSTOMER SERVICE FOR PARTICIPANTS

• Online Web Portal, MyPBA: PBGC provides customers with a self-service web portal, My Pension Benefit Access

(MyPBA).

o MyPBA allows customers to update profile information such as address and phone number, request a benefit

calculation, apply for benefits, update tax withholding or direct deposit information, or print income

verifications or end of year tax statements (1099-R).

o PBGC upgraded MyPBA in 2021 to provide more robust security and identity authentication, incorporating

multi-factor authentication. This enhanced security allows customers to set up their own account and simplifies

the password requirement, addressing two of the most common customer complaints over the last three years.

o MyPBA will also serve as the future platform for providing online benefit estimates. Online estimates are

something customers have been requesting for years, and it will shorten the time of delivery from 45 days to

just minutes.
33

• Customer Contact Center: PBGC provides a toll-free customer contact center to handle participant inquiries. The

Customer Contact Center can handle approximately 2,500 calls per day, with the intention of answering 80% of calls

within the first 30 seconds.

o PBGC modernized its phone system in 2019 and its customer relationship management (CRM) software in

2021. These modernizations enable better integration and enhanced customer recognition and identity

verification. The modernized CRM also provides for more real-time transparency and analytics related to call

topics and workflow status.

• Dedicated Problem Resolution Officers: For more than 20 years, PBGC has long employed two dedicated

problem resolution officers (PRO) – one for participants and one for practitioners. Each PRO is assigned to resolve

individual questions and concerns.

• Social Media: PBGC hosts an online subscription service for news releases and updated content on selected topics.

PBGC also has Facebook, Twitter, and LinkedIn accounts to share both PBGC-specific news, and stories of general

interest, to the retirement security community.

• Solicit Customer Feedback: PBGC gathers feedback from customers daily. PBGC uses three surveys to invite

feedback from monthly payees, users of MyPBA, and participants who call its toll-free number. All three surveys

allow customers to request a “callback” to allow PBGC to address individual questions and concerns.

• Quality Monitoring: PBGC records and reviews customer calls to ensure the quality of service. Calls are rated and

the ratings are used to correct quality issues.

Customer Service for Practitioners: PBGC actively engages practitioners in many ways, including regular communication, 

an online premium filing tool, a toll-free number, and industry event participation.

• Solicit Comments: Industry experts comment on PBGC proposals to make compliance more straightforward

and easier.

• Provide Frequent Communication: Through social media, email, and web content, PBGC communicates

regularly with practitioners. “What’s New for Practitioners” listserv alerts practitioners to changes in regulations,

filing due dates, technical guidance, and other policy-related information.

• Provide an Online Premium Filing Tool: My PAA (My Plan Administration Account) is PBGC’s online

premium filing tool. My PAA provides round-the-clock filing capability and access to plan information. PBGC’s

website also provides extensive information on premium filings and regulations.

o New and improved My PAA Tool: a new and improved version of My PAA launched in April 2021 with

a new look and feel designed to enhance customer experiences with plan management, premium filing,

and payment processing. System improvements will continue based upon practitioner feedback.

• Participate in Industry Events: PBGC participates in several conferences sponsored by relevant professional

organizations. PBGC presents invaluable information at these events to help practitioners successfully comply

with their responsibilities in addition to seeking opportunities to address PBGC-related questions. PBGC

maintains a speaker’s bureau of experts willing and available to speak to interested groups.

• Website Visitors: PBGC actively engages visitors via PBGC.gov by providing timely information and soliciting

customer feedback. The Feedback surveys allow PBGC to capture actionable, page-specific, customer input on

key website pages. They are brief opt-in surveys accessed by clicking on a “feedback” badge.

• Provide Important Resources Online: PBGC.gov provides extensive resources of interest to varied audiences

including the latest information for workers, retirees, plan administrators, policymakers, and other stakeholders;

PBGC-related laws and regulations; listings of trusteed and insured pension plans; and information about how to

contact PBGC.
34

• Make Continuous Improvements: PBGC.gov incorporates customer feedback, web analytics, and site

performance metrics into improvements to site content, navigation, and design. The site is constantly being

improved to meet customers’ changing needs and expectations, as well as to comply with the latest security and

privacy requirements.

• 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.
"'" 

PBGC Pension Benefit

Guaranty Corporation