Improvements Needed to Strengthen Governance Structure and Strategic Management

Bovbjerg, Barbara D.
December 2010
GAO Reports;12/1/2010, preceding p1
Government Document
The article presents the report from the U.S. Government Accountability Office (GAO) highlighting the need for improvements to Pension Benefit Guaranty Corp.'s (PBGC) governance structure and strategic workforce management. It mentions the financial instability facing PBGC that could pose a future threat to workers' retirement income. The GAO revealed the failure of management of PBGC's benefit determination process to provide for separate reporting of performance measures for pension plans.


Related Articles

  • DEFINED BENEFIT PENSIONS: Plan Freezes Affect Millions of Participants and May Pose Retirement Income Challenges.  // GAO Reports;7/22/2008, preceding pi 

    The article presents a report to the Congressional Addresses of the Government Accountability Office in the U.S. on the impact of frozen plans on the participants of the defined benefit (DB) pensions. The implication on the effect of the plan freezes varies for sponsors, participants, and...

  • Private Pensions: Recent Experiences of Large Defined Benefit Plans Illustrate Weaknesses in Funding Rules: GAO-05-294. Bovbjerg, Barbara // GAO Reports;5/31/2005, p1 

    Pension funding rules are intended to ensure that plans have sufficient assets to pay promised benefits to plan participants. However, recent terminations of large underfunded plans, along with continued widespread underfunding, suggest weaknesses in these rules that may threaten retirement...

  • PBGC's Critical Needs. Jones, Edwin M. // Labor Law Journal;Nov82, Vol. 33 Issue 11, p699 

    The article discusses the need for the U.S. Pension Benefit Guaranty Corp. to protect participants and beneficiaries in terminated defined pension plans against loss of their basis pension benefits. In 1974, when the Employee Retirement Income Security Act was passed, the annual premium imposed...

  • Let employees control future of retirements. Gokhale, Jagadeesh; Van Doren, Peter // Business Journal Serving Fresno & the Central San Joaquin Valley;8/4/2006, Issue 323591, p27 

    The article provides information about the defined benefit pension plans. Through this, employers can save and invest on behalf of the workers to pay retirement income which is typically some percentage of final salary. Data from the Pension Benefit Guarantee Corp. show that of the 30,000...

  • PBGC assumes Denman fund. Moore, Miles // Tire Business;11/8/2010, Vol. 28 Issue 16, p10 

    The article reports that Pension Benefit Guaranty Corp. (PBGC) has taken responsibility for the underfunded pension plan of Denman Tire Corp. Statistics related to the funding of the pension plan is presented. It discusses the details of the PBGC, which is a federal corporation created by the...

  • Future of pension reform still uncertain. Perrin, Towers // Pensions: An International Journal;Feb2006, Vol. 11 Issue 2, p158 

    Deals with the uncertainty in the future of pension reform in the U.S. Factors influencing the proposed pension reform in the country; Importance of the reform to the stability of the Pension Benefit Guarantee Corp.; Implications of the reform for qualified defined benefit plans in the nation.

  • Profitable plans would pay price for Bush PBGC bailout. Anand, Vineeta // Pensions & Investments;4/4/2005, Vol. 33 Issue 7, p2 

    This article reports on U.S. President George W. Bush's proposal to encourage employers to fully fund their pension plans and shore up the PBGC. The administration's goal was to ensure that companies set aside enough money in their pension plans to cover benefits already promised, thus averting...

  • New PBGC Premium Date Could Help Funding. Moore, Rebecca // Plan Sponsor News;2014, p108 

    The article reports that Pension Benefit Guaranty Corp. (PBGC), an independent agency of the U.S. that protects workers' retirement income, moves the flat-rate premium due date for large single employer and multiemployer defined benefit plans on October 15, 2014 to ensure their plans. Topics...

  • A way out for the PBGC.  // Pensions & Investments;5/2/2011, Vol. 39 Issue 9, p12 

    The article presents the author's views on U.S. President Barack Obama's proposal to transfer to the Pension Benefit Guaranty Corp. (PBGC) authority to set its own premiums and allow them to be based on the financial well-being of sponsors. According to the author, Obama's recommendation does...


Read the Article

Other Topics