**GAO-08-667**                      Published: Jul 17, 2008. Publicly Released: Aug 18, 2008.                  

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## Highlights

The Pension Benefit Guaranty Corporation (PBGC) insures the retirement future of over 44 million people. As a federal guarantor of private defined benefit plans, PBGC finances its operations through insurance premiums, investment income, and funds from terminated pension plans. PBGC is governed by a board of directors comprised of the Secretaries of Commerce, Labor, and Treasury, who are responsible for providing policy direction and oversight but often rely on board representatives. In 2004, PBGC began reviewing its investment policy biennially and recently decided to broaden the range of asset classes in which it invests. GAO reviewed PBGC's procedures for developing and implementing its investment policies, and examined PBGC's most recent investment policy. To address these issues, GAO reviewed and analyzed PBGC policies and data, assessed the analysis informing the recent policy change, and interviewed agency officials and other experts.

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## Topics

Retirement Security

Allocation (Government accounting)AssetsCost accountingCost analysisCost controlFinancial analysisFinancial managementFunds managementInsurance premiumsInterest ratesInvestment planningInvestmentsPension plan cost controlPensionsPerformance measuresPolicy evaluationProgram evaluationProgram managementRetirementRetirement benefitsRisk assessmentRisk managementStandardsStrategic planningCost estimatesPolicies and proceduresProgram goals or objectives