U.S. Department of Labor

Pension Benefit Guaranty 

Corporation

November 2020
2

TABLE OF CONTENTS

TAB 1: AGENCY ORGANIZATIONAL OVERVIEW ........................................................ 3

TAB 2: STATE OF PLAY .................................................................................................... 10

TAB 3: CALENDAR ............................................................................................................ 15

TAB 4: BUDGET.................................................................................................................. 16

TAB 5: PERFORMANCE..................................................................................................... 21
TAB 1: Agency Organizational Overview

3

TAB 1: AGENCY ORGANIZATIONAL OVERVIEW

Mission

The Pension Benefit Guaranty Corporation (PBGC)1 protects the retirement incomes of more than

35 million American workers in private-sector defined benefit pension plans. A defined benefit 

plan provides a specified monthly benefit at retirement, often based on a combination of salary and 

years of service. 

PBGC operates two separate insurance programs, the Single-Employer and Multiemployer 

Insurance Programs, and is not funded by general tax revenues. PBGC operates2 by collecting 

insurance premiums from employers that sponsor insured pension plans, earning money from 

investments, and receiving funds from pension plans it takes over.

PBGC’s Single-Employer Program pays guaranteed benefits directly to retirees and beneficiaries 

in failed plans, while the Multiemployer Program provides financial assistance to insolvent plans 

to allow them to pay guaranteed benefits and reasonable administrative expenses. Looking ahead, 

increased claims for financial assistance make the insolvency of PBGC’s Multiemployer Program 

highly likely to occur during FY 2026.

Authorizing Legislation

Employee Retirement Income Security Act (ERISA)3

The Pension Benefit Guaranty Corporation (PBGC or the Corporation) is a federal corporation

established under the Employee Retirement Income Security Act (ERISA) of 1974, as amended. 

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.

 1 https://www.pbgc.gov/about/who-we-are. 2 https://www.pbgc.gov/about/how-pbgc-operates. 3 https://www.pbgc.gov/prac/laws-and-regulations/erisa.
TAB 1: Agency Organizational Overview

4

The Single-Employer Program protects approximately 24.7 million workers and retirees in 

approximately 24,000 pension plans. The Multiemployer Program protects approximately 10.8 

million workers and retirees in approximately 1,400 pension plans. 

By law, the two programs are financially and operationally separate. The Corporation receives no

funds from general tax revenues. Operations are financed by insurance premiums set by Congress 

and paid by sponsors of defined benefit plans, investment income, assets from pension plans 

trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.

The Corporation is administered by a presidentially-appointed, Senate-confirmed, Director who, 

subject to the policies established by the Board of Directors, is responsible for the Corporation’s 

management, personnel, organization, budget, and investments. PBGC submits its budget and 

apportionments to the Department of Labor for review and approval before formally submitting 

the budget to OMB; but as a separate and distinct agency, other administrative and insurance

program functions are managed and operated separately from the Department.

PBGC’s Board of Directors consists of the Secretaries of Labor (Chair), Commerce, and the 

Treasury. 
TAB 1: Agency Organizational Overview

5

Organizational Structure

PBGC Org Chart4

• Who We Are: PBGC Departments5

 4 https://www.pbgc.gov/sites/default/files/pbgc-org-chart.pdf. 5 https://www.pbgc.gov/about/who-we-are/pg/pbgc-departments.
TAB 1: Agency Organizational Overview

6

Organizational Changes During the Past Four Years

PBGC has not undergone any significant organizational changes during the past four years.

Key Leaders

PBGC is headed by a Director who is appointed by the President and confirmed by the Senate. 

Gordon Hartogensis became Director in May of 2019. Under ERISA, the Director is

accountable to the Board of Directors and serves for a term of five years unless removed by the 

President or the Board of Directors.

Gordon Hartogensis, Director, Pension Benefit Guaranty Corporation

Gordon Hartogensis is the 16th Director of the Pension Benefit Guaranty Corporation.

The Director’s Office plans, administers, and directs the programs of the Pension Benefit 

Guaranty Corporation in accordance with the requirements of Title IV of the Employee 

Retirement Income Security Act of 1974 (ERISA) and subject to the direction of the Chairman 

of the Board of Directors; implements the policies of the Board of Directors; and provides 

appropriate advice and assistance to the Chairman and the Board of Directors. 

Kristin Chapman, Chief of Staff. The Chief of Staff is the agency’s liaison with the White 

House and the PBGC Board Representatives and provides policy and managerial advice to the 

Director and Executive staff, in support of the priorities and agenda laid out by the Director. 

Andrew Banducci, Chief Policy Officer. The Office of Policy and External Affairs (OPEA)

includes the Communications Outreach and Legislative Affairs Department (COLAD) and the 

Policy, Research and Analysis Department (PRAD). OPEA oversees and directs outreach to and 

interactions with Congress and Executive Branch agencies, the press, stakeholder groups, and the 

public. It also manages the development, analysis, and review of legislative and policy proposals 

and regulations (though the actual drafting is done by the Office of General Counsel). 

Alice Maroni, Chief Management Officer. The Office of Management and Administration 

(OMA) includes five PBGC departments that provide advice and service to other PBGC offices 

and staff in the management support areas of human resources, employee development, 

personnel and physical security, facility services, emergency preparedness, records management, 

library services, telework, procurement, budget, process improvement, and strategic planning. 

Patricia Kelly, Chief Financial Officer (CFO). The Office of the Chief Financial Officer 

(OCFO) includes three PBGC organizations: the Corporate Controls and Reviews Department 

(CCRD), the Corporate Investments Department (CID), and the Financial Operations 

Department (FOD). 

Paul Chalmers, Acting General Counsel. The Office of the General Counsel (OGC) 

provides legal advice and counsel for the Director and PBGC departments on all legal matters. 

OGC decides administrative appeals of agency decisions concerning benefit coverage and other 

determinations, and administers the disclosure and other requirements of the Freedom of 
TAB 1: Agency Organizational Overview

7

Information and Privacy Acts. Additionally, the office oversees legal services related to PBGC’s 

insurance programs and represents PBGC in bankruptcy or insolvency proceedings. OGC 

provides legal analysis and services to support plan terminations, negotiations, and settlements, 

and provide recommendations concerning the initiation of litigation. 

Robert Scherer, Chief Information Officer. The Office of Information Technology (OIT) is 

responsible for the Corporation’s information technology program. OIT provides IT and 

electronic communications services and support to PBGC; plans for, 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. OIT 

includes three Departments—the Business Innovation Services Department (BISD), the 

Enterprise Governance Department (EGD), and the Information Technology Infrastructure 

Operations Department (ITIOD).

Karen Morris, Chief of Negotiations and Restructuring. The Office of Negotiations & 

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. ONR includes the 

Corporate Finance and Restructuring Department (CFRD).

David Foley, Chief of Benefits Administration. 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 

includes four departments: Operating Policy and Case Management Department, Plan Asset and 

Data Management Department, Actuarial Services and Technology Department, and Participant 

Services Department. 

Office of the PBGC Participant and Plan Sponsor Advocate6

Constance A. Donovan, PBGC Participant and Plan Sponsor Advocate. Ms. Donovan was 

selected by the PBGC Board of Directors to serve in this position created in 2012, under

amendments to ERISA.

The PBGC Participant and Plan Sponsor Advocate (Advocate) acts as a liaison between the 

PBGC and participants and plan sponsors of defined benefit plans. The Advocate and staff in the 

Office of the PBGC Participant and Plan Sponsor Advocate (OPPSA) offer free services to 

participants in defined benefit plans insured by the PBGC, and plan sponsors of defined benefit 

plans, to help resolve persistent problems with the PBGC.

• 2019 Annual Report of the Participant and Plan Sponsor Advocate7

 6 https://www.pbgc.gov/oppsa. 7 https://www.pbgc.gov/sites/default/files/pbgc-advocate-report-2019.pdf.
TAB 1: Agency Organizational Overview

8

Governing Legislation for the Advocate

Section 40232 of H.R. 4348, the Moving Ahead for Progress in the 21st Century (MAP-21)

Act, established the PBGC Participant and Plan Sponsor Advocate role. Signed into law on July 

6, 2012, MAP-21 amended the Employee Retirement Income Security Act of 1974 (ERISA) to 

include the role of the PBGC Participant and Plan Sponsor Advocate, the Advocate’s duties, and 

reporting requirements. The role of the Advocate is codified at 29 U.S.C. § 1304.

Governance

Board of Directors

PBGC is governed by a Board of Directors consisting of the Secretaries of Labor, Commerce, 

and Treasury—with the Secretary of Labor as Chairman. Each board member appoints a 

representative, not below the level of Assistant Secretary, to attend meetings and act for limited 

purposes. In 2017, the Board adopted updated bylaws to guide the operation of the Board and its 

interaction with management of the Corporation.

Meetings of the Board of Directors are held quarterly. The Chair selects the time and place of

the meetings, either in-person or by conference call. Other board members can request special

meetings of the Board. The General Counsel of the Corporation serves as Secretary to the Board

of Directors and keeps its minutes.

Advisory Committee8

The Corporation is aided by a seven-member Advisory Committee appointed by the President of 

the United States to represent the interests of labor, employers, and the general public. ERISA 

outlines several responsibilities for PBGC’s Advisory Committee, including advising on 

investment policy and on other matters related to PBGC’s mission. 

The Committee meets at least six times a year; at least one meeting of the Advisory Committee 

during each year shall be a joint meeting with the Board of Directors. The Committee is not 

subject to the Federal Advisory Committee Act, and its meetings are not open to the public.

ERISA requires that the Committee be composed of seven members appointed by the President, 

each with three-year, staggered terms. Three represent the general public, two represent 

employers who maintain pension plans, and two represent employee organizations. ERISA also 

requires that no more than four of the seven members of the Committee may be of the same 

political party. Current members are listed below. The Committee has three vacancies. 

• Henry Eickelberg, Chair - Representing Employers

• Jeanmarie Grisi - Representing Employers

• Regina Jefferson - Representing General Public

• Jackson Miller - Representing General Public

 8 https://www.pbgc.gov/about/who-we-are/pg/advisory-committee.
TAB 1: Agency Organizational Overview

9

Office of Inspector General9

Under 1988 amendments to the Inspector General Act of 1978 (IG Act), the Office of Inspector 

General (OIG) was established at the Pension Benefit Guaranty Corporation (PBGC). In April 

2020, Nick Novak became Acting Inspector General.

10

The 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 Inspector General is appointed by the Secretary of Labor as 

Chairman of PBGC's Board of Directors (agency head), without regard to political affiliation and 

solely on the basis of integrity and demonstrated ability. 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. 

• OIG Org Chart11

The OIG reports directly to PBGC’s Board of Directors and Congress regarding major

developments associated with audit and investigative missions, including a required semiannual

report of accomplishments.

• OIG Semiannual Report to Congress12

For the Period October 1, 2019 to March 31, 2020.

 

 9 https://oig.pbgc.gov/. 10 https://oig.pbgc.gov/inspector.html. 11 https://oig.pbgc.gov/chart.html. 12 https://oig.pbgc.gov/pdfs/SARC-62.pdf.
TAB 2: State of Play

10

TAB 2: STATE OF PLAY 

Key Meetings, Decisions, and Announcements

PBGC Annual Report and Projections Report

Annual Report13 [to be updated following release of the FY 2020 report in December]

• PBGC FY 2019 Annual Report14

• Press Release: PBGC Releases FY 2019 Annual Report15 (November 18, 2019)

• PBGC FY 2019 Projections Report16

Policy and Regulatory Issues 

• Briefing to Review Options Available to Address the Financial Challenges Facing PBGC and 

the Multiemployer Pension System — Statement of PBGC Director Gordon Hartogensis 

Before the Senate Committee on Finance17 (December 11, 2019).

• President’s Budget Proposals: FY 2021 Congressional Budget Justification18 (see pp. 12-14).

Protecting Workers’ Retirement Security

PBGC acts as a backstop to protect pension payments for workers and retirees whose plans have

failed. By law, PBGC operates two financially separate insurance programs. PBGC’s SingleEmployer Program covers plans that are sponsored by an individual company; the 

Multiemployer Program covers plans maintained pursuant to one or more collective bargaining 

agreements involving more than one employer. The 2021 Budget includes proposed changes to 

premiums for both of PBGC’s programs.

PBGC’s Multiemployer Program is severely underfunded with liabilities of $65.2 billion, far 

exceeding its assets of $2.9 billion. PBGC receives no taxpayer funds and multiemployer 

premiums, which are set by Congress, are much lower than what a private financial institution 

would charge for insuring the same risk.

The FY 2021 President’s Budget proposes to reform multiemployer premiums and improve the 

solvency of the program by creating a variable-rate premium (VRP) and an exit premium that 

together would raise approximately $26 billion during the budget window. A multiemployer 

VRP would require plans to pay additional premiums based on their level of underfunding, up to 

a cap, as is done in the Single-Employer Program. An exit premium, equal to 10 times the 

variable-rate premium cap, would be assessed on employers that withdraw from a multiemployer 

plan to compensate the Multiemployer Program for the additional risk imposed on it when 

 13 https://www.pbgc.gov/about/annual-reports. 14 https://www.pbgc.gov/sites/default/files/pbgc-fy-2019-annual-report.pdf. 15 https://www.pbgc.gov/news/press/releases/pr19-12. 16 https://www.pbgc.gov/about/projections-report. 17 https://www.pbgc.gov/sites/default/files/pbgc-director-statement-senate-finance-committee-12-11-2019.pdf. 18 https://www.dol.gov/sites/dolgov/files/general/budget/2021/CBJ-2021-V2-02.pdf.
TAB 2: State of Play

11

employers exit and cease making plan contributions. Employers that withdraw from a 

multiemployer plan owe withdrawal liability to the plan for the employer’s share of the plan’s 

unfunded liabilities, but plans are often unable to collect the full amount of these liabilities.

PBGC would have limited authority to design waivers for some or all of the multiemployer VRP 

assessed to terminated or ongoing plans that are in critical status, if there is a substantial risk that 

the payment of premiums will accelerate plan insolvency and financial assistance to the plan. 

Aggregate waivers for a year would be limited to 20 percent of anticipated total multiemployer

variable-rate premiums for all plans. The multiemployer premiums proposed in the Budget are 

expected to be sufficient to fund the Multiemployer Program for the next 20 years.

The Budget also calls for the repeal of provisions accelerating fiscal year 2026 premiums into 

fiscal year 2025 and repeals the requirement for certain multiemployer premium revenues to be 

held in a non-interest-bearing account. The need for additional reforms of the multiemployer 

system is urgent, and the Administration stands ready to work with Congress on a long-term 

solution that appropriately balances the interests of all those affected by the multiemployer 

pension system—retirees, workers, employers, unions, and taxpayers. The solution should 

simultaneously accomplish several goals: protect retirees and prevent the collapse of the 

multiemployer pension system, limit the burden on taxpayers, save the federal backstop, and 

prevent a future crisis.

In contrast, the financial condition of the Single-Employer Program has improved in recent 

years, reflecting numerous premium increases enacted by Congress, a strong economy, and very 

few large claims. In fiscal year 2018, the program emerged from a deficit position and continued 

to improve in fiscal year 2019, although significant potential risk remains. In light of these 

developments, the Budget proposes to rebalance premiums in this program by pausing the 

indexation of single-employer premium rates for three years and increasing the cap on the VRP, 

currently $561 in 2020, to $900 in 2021 and indexed thereafter. This targets higher premiums 

toward plans that present a greater exposure to PBGC and strengthens the incentive to improve 

plan funding. On net, combined with the premium changes in the recently-enacted fiscal year 

2020 appropriations legislation (P.L. 116-94, Further Consolidated Appropriations Act, 2020), 

this proposal will be approximately budget neutral.
TAB 2: State of Play

12

Regulatory Agenda/Plans

To carry out its statutory functions, PBGC issues regulations on such matters as how to pay 

premiums, when reports are due, what benefits are covered by the insurance program, how to 

terminate a plan, the liability for underfunding, and how withdrawal liability works for 

multiemployer plans. 

In developing new regulations and reviewing existing regulations, PBGC seeks to reduce 

burdens on plans, employers, and participants, and to ease and simplify employer compliance 

wherever possible. PBGC particularly strives to meet the needs of small businesses that sponsor 

defined benefit plans. In all such efforts, PBGC’s mission is to protect the retirement incomes of 

plan participants.

Pension plans and the statutory framework in which they are maintained and terminated are 

complex. Despite this complexity, PBGC is committed to issuing simple, understandable, 

flexible, and timely regulations to help affected parties. 

Agency Rule List - Spring 2020

Agency Agenda Stage of 

Rulemaking Title RIN

PBGC Proposed Rule 

Stage

Valuation Assumptions and Methods: Interest and Mortality Assumptions 

for Asset Allocation in Single-Employer Plans and Mass Withdrawal 

Liability Determination in Multiemployer Plans 

1212-AA55

PBGC Proposed Rule 

Stage Multiemployer Plan Guaranteed Benefits 1212-AB37

PBGC Proposed Rule 

Stage

Examination and Copying of Pension Benefit Guaranty Corporation 

Records 1212-AB44

PBGC Proposed Rule 

Stage Improvements to Rules on Recoupment of Benefit Overpayments 1212-AB47

PBGC Proposed Rule 

Stage

Penalties for Failure to Provide Certain Notices or Other Material 

Information 1212-AB50

PBGC Proposed Rule 

Stage Miscellaneous Updates, Clarifications, and Improvements 1212-AB51

PBGC Final Rule Stage Benefit Payments and Allocation of Assets 1212-AB27

PBGC Final Rule Stage Methods for Computing Withdrawal Liability 1212-AB36

PBGC Final Rule Stage Lump Sum Payment Assumptions 1212-AB41

PBGC Final Rule Stage Adjustment of Civil Penalties 1212-AB45

PBGC Final Rule Stage Privacy Act Regulation; Exemption for Insider Threat Program Records 1212-AB48

PBGC Final Rule Stage Procedures for PBGC Guidance Documents 1212-AB49
TAB 2: State of Play

13

Enforcement 

PBGC administers the federal pension insurance programs under Title IV of ERISA. The 

principal regulatory and enforcement provisions of ERISA are administered by the Department 

of Labor (under Title I of ERISA) and the Department of the Treasury and the Internal Revenue 

Service (under the Tax Code and Title II of ERISA).

PBGC’s principal enforcement activities relate to premium collections, information reporting 

requirements, plan administrators’ compliance with benefit distribution requirements in 

terminating plans, and pursuing employer liability claims for failure to make required pension 

contributions and claims for unfunded benefit liabilities upon termination of a covered pension 

plan.

Compliance Assistance

PBGC actively engages plan sponsors and practitioners to help them successfully comply with 

their responsibilities and to address PBGC-related questions. PBGC does so in a number of 

ways:

• Industry experts are invited to comment on PBGC proposals to make compliance simpler 

and easier. 

• PBGC communicates regularly with practitioners, primarily via email and the website. 

The popular What’s New19 for Practitioners feature alerts practitioners to changes in 

regulations, filing due dates, and technical guidance. Monthly interest rates are posted 

online and distributed via email alerts.

• PBGC provides an online premium filing tool and provides extensive premium filing 

information on the website.

• PBGC provides customer service assistance to plan administrators and plan professionals 

by e-mail or telephone and also offers a “Legal Inquiries”20 webpage, which provides 

contact information for PBGC attorneys for informal advice on legal issues pertaining to 

compliance, enforcement, and other matters of concern.

• PBGC routinely participates in conferences provided by relevant professional 

organizations and maintains a speaker’s bureau of experts willing and available to speak 

to interested groups.

• PBGC established on its website a single, searchable, indexed database of its guidance 

documents pursuant to E.O. 13891.

• For small businesses, PBGC designs its regulations and policies to anticipate and avoid 

compliance and enforcement issues for small entities as well as to provide relief from 

enforcement measures. 

 19 https://www.pbgc.gov/prac/whatsnew. 20 https://www.pbgc.gov/about/pg/contact/legalcontact.
TAB 2: State of Play

14

Key Agency Stakeholders

PBGC maintains positive working relationships with its Board agencies (Department of Labor, 

Department of the Treasury (and the Internal Revenue Service), Department of Commerce), and

with other executive branch agencies, as well as the following:

1. Administration officials and White House staff

2. Congress

3. Participant groups and labor organizations

4. Pension practitioner groups

5. Groups representing employers and plan sponsors

6. Other groups that have an interest in retirement policy, including groups that advocate for 

taxpayers

Congressional Committees with jurisdiction over pension issues:

• Senate Committee on Health, Education, Labor and Pensions

• Senate Committee on Finance 

• Senate Committee on Appropriations

• Senate Committee on the Budget

• Senate Committee on Homeland Security and Governmental Affairs

• House Committee on Education and Labor 

• House Committee on Ways and Means

• House Committee on Appropriations

• House Committee on the Budget

• House Committee on Oversight and Reform
TAB 3: Calendar

15

TAB 3: CALENDAR

Event Date

Target timing for public release of PBGC’s FY 2020 Annual Report

(includes Annual Performance Report, financial statements, and 

independent audit reports).

On or about 

December 9, 2020

Deadline for PBGC Advocate’s Annual Report to Congress December 31, 2020
TAB 4: Budget

16

TAB 4: BUDGET

BUDGET AUTHORITY AND FTE SUMMARY

(Dollars in millions)

FY 2017

Enacted

FY 2018

Enacted

FY 2019

Enacted

FY 2020

Enacted

FY 2021 

Request

Budget 

Authority21

$519.5 $424.4 $445.4 $452.9 $465.3

FTE 964 966 951 951 968

At-A-Glance

• PBGC has four budget activities: Single-Employer Benefit Payments, Multiemployer 

Financial Assistance, Investment Management Fees, and a Consolidated Administrative 

Budget. The Consolidated Administrative Budget is subject to review by Congress and is 

the budget activity reflected in the tables and charts.

Budget and FTE Trends

• The FY 2017 Enacted level in the above table included $98.5 million that was 

appropriated for PBGC’s headquarters relocation (HQRL) and apportioned through FY 

2021. The HQRL plan is on schedule and within budget estimates. Construction 

documents for PBGC’s future buildout are complete. GSA estimates construction will 

begin early FY 2021 and the lease will commence late 2021. If this schedule holds, 

PBGC plans to move Spring 2022.

• From FY 2009 to FY 2020, PBGC received its requested funding levels. However, from 

FY 2013 through FY 2020, PBGC, as a mandatory program, had sequestration cuts 

ranging from $6.0 million to $8.9 million.

• In 2015, there was a total decrease of $90.2 million from the prior year. Of this amount, 

$88.9 million was shifted from the agency’s administrative account to its Investment 

Management Fees account in order to better reflect it as a programmatic change rather 

than an administrative one. Additional program increases in recent years have included 

improving the quality and timeliness of benefit determinations, implementing information 

technology (IT) safeguards, and modernizing outdated IT systems.

• The FTE trend from FY 2009 to FY 2019 is similar to that across DOL agencies; there

were lapses between authorized and actual levels from year to year. In general, PBGC 

faces the challenge of retaining its highly skilled staff (e.g., economists, attorneys, 

actuaries), given higher pay levels in the private sector and other government financial 

agencies that offer higher pay and additional incentives. In more recent years, an effort 

has been made to reduce FTE shortages by streamlining the recruitment process and 

strengthening succession planning. 

 21 The Budget Authority and FTE Summary table represents the administrative budget only and amounts shown are 

before sequestration was applied.
TAB 4: Budget

17

• The FY 2021 President’s Request for PBGC’s Consolidated Administrative activity is 

$465.3 million. This includes $5.0 million to implement a new Pension Insurance 

Modeling System (PIMS) and budget forecasting tool. It also includes $5.1 million for 

mission critical personnel compensation and benefits funding, $2.0 million for an 

eBusiness Suite applications upgrade, and $370,000 in additional resources for the OIG’s 

financial statement audit, cybersecurity, and the Council of Inspectors General on 

Integrity and Efficiency.

• PBGC’s Consolidated Administrative Budget is set by Congress in appropriations 

legislation, but the agency is funded by insurance premiums and investments rather than 

tax receipts. 

Upcoming Issues

• As described in PBGC’s Office of Inspector General’s Semiannual Report to Congress 

for the period October 2019 through March 2020, GAO has identified information 

security as a government-wide high-risk since 1997 and expanded the risk in 2015 to 

include protecting the privacy of personally identifiable information (PII). Protecting 

PBGC’s networks, systems, and data is a long-standing and continuing management 

challenge. Additionally, the modernization of legacy systems challenges agencies to 

prioritize IT spending to deliver better service to the public while enhancing mission 

effectiveness, reducing cybersecurity risks, and building a modern IT workforce. Along 

with infrastructure modernization projects, PBGC is meeting these challenges as well as

modernizing its business applications to ensure strategic alignment driven by 

performance-based data.
TAB 4: Budget

18
TAB 4: Budget

19

FY

2012

FY

2013

FY

2014

FY

2015

FY

2016

FY

2017

FY

2018

FY

2019

FY

2020

Enacted $476.9 $470.9 $496.6 $406.4 $423.2 $510.8 $415.8 $437.0 $444.8

Inflation Adjusted $476.9 $483.9 $491.7 $402.1 $407.3 $415.9 $425.9 $433.5

$350

$400

$450

$500

$550

Pension Benefit Guaranty 

Corporation

FY 2012 Inflation Adjusted BA vs. FY 2012-FY 

2020 Revised Enacted BA

(Dollars in millions)

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Enacted $476.9 $470.9 $496.6 $406.4 $423.2 $510.8 $415.8 $437.0 $444.8

Obligations $463.2 $460.7 $488.9 $390.4 $420.2 $466.1 $410.4 $429.3 $442.4

$300

$350

$400

$450

$500

$550

Pension Benefit Guaranty 

Corporation

Budget Authority vs. Obligations, FY 2009-FY 

2020

(Dollars in millions)
TAB 4: Budget

20

FY

2012

FY

2013

FY

2014

FY

2015

FY

2016

FY

2017

FY

2018

FY

2019

FY

2020

FY

2021

Req.

Authorized 999 1017 956 977 942 942 966 951 951 968

Actuals 956 941 954 939 946 968 926 924 929

860

880

900

920

940

960

980

1,000

1,020

1,040

Pension Benefit Guaranty 

Corporation

Authorized FTE vs. Actuals, FY 2012-2021
TAB 5: Performance

21

TAB 5: PERFORMANCE

• PBGC Strategic Plan FY 2018-2022

FY 2019 Summary of PBGC Operations, organized by Strategic Goals.

22

 22 This table will be updated in mid-December upon final clearance and release of the FY 2020 Annual Report