21 pages. "PBGC has proactively attempted to forecast and mitigate its risks. The Pension Insurance Modeling System, created by the PBGC to forecast claim risk, has projected a high probability of future deficits for the agency. However, the accuracy of the projections produced by the model is unclear. Through its Early Warning Program, PBGC negotiates with companies that have underfunded pension plans and that engage in business transactions that could adversely affect their pensions.... [D]espite these efforts, the agency ultimately lacks the authority, unlike other federal insurance programs, to effectively protect itself." [GAO-05-360T, published Mar. 2, 2005, released Mar. 2, 2005]