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Pension Benefit Guaranty Corporation (PBGC): A Primer (PDF)

25 pages. "In FY2018, PBGC insured about 25,000 DB pension plans covering approximately 37 million people. PBGC became the trustee of 58 newly terminated single-employer pension plans and began providing financial assistance to an additional 6 multiemployer pension plans.... At the end of FY2018, PBGC had a total deficit of $51.4 billion, which consisted of a $2.4 billion surplus from the single-employer program and a $53.9 billion deficit from the multiemployer program." [CRS 95-118, updated Mar. 21, 2019]

Pension Benefit Guaranty Corporation (PBGC): A Primer

26 pages. "At the end of FY2020, PBGC had a total deficit of $48.2 billion, which consisted of a $15.5 billion surplus from the single-employer program and a $63.7 billion deficit from the multiemployer program. PBGC's single-employer program has been on the [GAO's] list of high-risk government programs since 2003. PBGC's multiemployer program was added in 2009. PBGC projects the financial position of the single-employer program is likely to continue to improve, but the financial position of the multiemployer program is expected to worsen considerably over the next 10 years." [Report 95-118, updated Jan. 8, 2021; also An Overview of the [PBGC], IF10492, Jan. 8, 2021]

Text of PBGC Final Regs: Examination and Copying of Pension Benefit Guaranty Corporation Records

"This rule provides for an electronic reading room for records, expands the categories of records in the reading room, updates the standard for disclosure, requires additional notice to requesters about FOIA resources, extends the appeal deadline, and places restrictions on fees."

First Annual Report of the Participant and Plan Sponsor Advocate of the Pension Benefit Guaranty Corporation (PDF)

39 pages. "PBGC staff are widely considered a dedicated group of professionals who conduct themselves with integrity and a passion for their work.... [F]our areas where improvement is needed. The first is communication ... Second, is process, or rather a lack of process for handling those participant and plan sponsor issues that don't nicely fit into routine transactions that PBGC performs quite well, like the actual payment of benefits ... Thirdly, there is lack of coordination among and between PBGC departments which has profound effects on servicing plan sponsors and participant ... Fourth and perhaps most importantly, is the observation by plan sponsors and participants and their advocates that relates to a growing adversarial and over-reaching approach by PBGC which can in the long-term affect the retirement security of millions of Americans."

Pension Benefit Guaranty Corporation Annual Management Report for Fiscal Year 2009 (PDF)

99 pages. Excerpt: [Some of the Fiscal Year 2009 Financial Statement Highlights are as follows:] PBGC's combined financial condition declined by $10.80 billion, increasing the Corporation's deficit to $21.95 billion as of September 30, 2009, from $11.15 billion as of September 30, 2008. PBGC's portfolio achieved a return on investment of 13.2%. The single-employer program's net position declined by $10.40 billion, increasing the program's deficit to $21.08 billion. The multiemployer program's net position declined by $396 million, increasing that program's deficit to $869 million. The primary factors in the single-employer program's net loss included a charge of $10.55 billion due to an unfavorable change in interest factors, $4.23 billion in losses from completed and probable terminations, $3.92 billion in charges due to passage of time, and $383 million of administrative and other expenses. These factors were offset by $6.33 billion in investment income, $1.82 billion in net premium income, and a credit of $573 million from actuarial adjustments.

Present Law and Background Relating to the Pension Benefit Guaranty Corporation (PDF)

42 pages. Excerpt: The Subcommittee on Oversight of the Committee on Ways and Means of the House of Representatives has scheduled a [September 24, 2008] public hearing on the Pension Benefit Guaranty Corporation ('PBGC'). This document, prepared by the staff of the Joint Committee on Taxation, provides a description of present law regarding the PBGC.

CBO Director's Blog on April 24 Letter Issued on Pension Benefit Guaranty Corporation

Excerpt: CBO issued a letter today reviewing a new investment policy recently adopted by the Pension Benefit Guaranty Corporation (PBGC). As part of its analysis, CBO reviewed the assumptions underlying PBGC's decision and assessed the revised policy's potential for affecting the corporation's ability to meet its obligation to retirees and for increasing costs to taxpayers.

Guaranteed Trouble: The Economic Effects of the Pension Benefit Guaranty Corporation

Excerpt: This paper examines the economic rationale for, historical experience of, and current pressures facing the Pension Benefit Guaranty Corporation (PBGC).... The paper then discusses potential ways to reform the PBGC so that it operates more in concert with basic economic principles.

2012 Premium Payment Instructions from Pension Benefit Guaranty Corporation (PDF)

75 pages, including appendices. "The filing requirements for 2012 are almost identical to the filing requirements for 2011.... The per-participant flat-rate premium rates for 2012 remain at $35 for single-employer plans and $9 for multiemployer plans."

Addressing the Insolvency of the Pension Benefit Guaranty Corporation (PDF)

6 pages. Excerpt: The inherent structural risks of having the government insure -- through the Pension Benefit Guaranty Corporation (PBGC) -- the future commitments of defined benefit pension plans has resulted in a reported deficit of $23 billion. The present value of the long-term cash deficit has been estimated at $92 billion.