"To ensure the quality of actuarial work products issued by [the Policy Research and Analysis Department, or 'PRAD'], PBGC should take a number of actions, including developing, documenting, and enforcing policies and procedures for quality review of PRAD actuarial work, whether in an issued report or in response to ad hoc inquiries. Other necessary actions include developing, implementing, and enforcing policies to ensure the adequate and efficient review of contractor work performed with PIMS and the retention of supporting documentation for work performed by PRAD actuaries and of all accepted actuarial contractor deliverables.... [B]ased on our review of the changes referenced in the [May 21, 2012] response from PBGC, the revised process is still inadequate to ensure the integrity of PRAD's actuarial estimates."  MORE >>