Download Free Pension Benefit Guaranty Corporation Improvements Needed To Address Financial And Management Challenges Book in PDF and EPUB Free Download. You can read online Pension Benefit Guaranty Corporation Improvements Needed To Address Financial And Management Challenges and write the review.

The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars. The Comptroller General of the United States is the leader of the GAO, and is appointed to a 15-year term by the U.S. President. The GAO wants to support Congress, while at the same time doing right by the citizens of the United States. They audit, investigate, perform analyses, issue legal decisions and report anything that the government is doing. This is one of their reports.
Pension Benefit Guaranty Corporation: Improvements Needed to Address Financial and Management Challenges
The Pension Benefit Guaranty Corp. (PBGC) insures the retirement future of nearly 44 million people in more than 30,000 private-sector defined benefit pension plans. In July 2003, PBGC¿s single-employer pension insurance program was designated as ¿high risk,¿ meaning that it needed urgent attention and transformation. The program remains on the list today with a projected financial deficit of over $13 billion, as of Sept. 2007. Because Congress exercises oversight of PBGC, the author was asked to testify on: (1) the critical role PBGC plays in protecting the pension benefits of workers and how PBGC is funded; (2) the financial challenges facing PBGC; and (3) the PBGC¿s governance, oversight and management challenges. Tables.
The Pension Benefit Guaranty Corp. (PBGC) insures the pension benefits of 44 million private sector workers and retirees in over 30,000 employer-sponsored pension plans. It was reported that PBGC¿s governance structure needed improvements. Congress is considering expanding the board of dir. to include additional members. It was also recommended that the board develop policies and mechanisms consistent with corp. governance practices, and develop formal guidelines to clarify the roles and respon. of the board chair, members, and their rep. This report addresses: the steps PBGC has taken to improve policy direction and oversight; and (2) how Congress applies oversight to PBGC and what other oversight mechanisms exist for gov¿t. corps. Illus.
The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars. The Comptroller General of the United States is the leader of the GAO, and is appointed to a 15-year term by the U.S. President. The GAO wants to support Congress, while at the same time doing right by the citizens of the United States. They audit, investigate, perform analyses, issue legal decisions and report anything that the government is doing. This is one of their reports.
Pension Benefit Guaranty Corporation: Financial Challenges Highlight Need for Improved Governance and Management
The PBGC insures the benefits of 43 million participants from default of their employer-sponsored defined benefit pension plans. To carry out its work, PBGC relies heavily on the services of contractors whose headquarters & field employees account for almost half of the workforce involved in processing PBGC's workloads. This report: (1) determines the basis for PBGC's decisions regarding the use of contractors versus government personnel to address its workloads; (2) assesses PBGC's processes & procedures for selecting contractors; & (3) determines how effective PBGC has been in monitoring the performance of its contractors. Tables.