United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2003-09-04 monographic deposited born digital 43 p. GA 1.13:GAO-03-873T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-03-873T P0b002ee18038debc f:d03873t DGPO 2010-08-12 2011-03-23 GAOREPORTS-GAO-03-873T machine generated eng fdlp REPORT GAOREPORTS-GAO-03-873T GAO-03-873T Financial management Pension plan cost control Retirement pensions Risk management Strategic planning Testimony A08317

More than 34 million participants in 30,000 single-employer defined benefit pension plans rely on a federal insurance program managed by the Pension Benefit Guaranty Corporation (PBGC) to protect their pension benefits, and the program's long-term financial viability is in doubt. Over the last decade, the program swung from a $3.6 billion accumulated deficit (liabilities exceeded assets), to a $10.1 billion accumulated surplus, and back to a $3.6 billion accumulated deficit, in 2002 dollars. Furthermore, despite a record $9 billion in estimated losses to the program in 2002, additional severe losses may be on the horizon. PBGC estimates that financially weak companies sponsor plans with $35 billion in unfunded benefits, which ultimately might become losses to the program. This testimony provides GAO's observations on the factors that contributed to recent changes in the single-employer pension insurance program's financial condition, risks to the program's long-term financial viability, and options to address the challenges facing the single-employer program. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-03-873T/html/GAOREPORTS-GAO-03-873T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-03-873T/pdf/GAOREPORTS-GAO-03-873T.pdf GAO-03-873T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-03-873T Testimony GAO-03-873T; Pension Benefit Guaranty Corporation: Single-Employer Pension Insurance Program Faces Significant Long-Term Risks; Financial management Pension plan cost control Retirement pensions Risk management Strategic planning Title 26 Section 401 Title 26 Section 404 Title 26 Section 412 26 U.S.C. 401 26 U.S.C. 404 26 U.S.C. 412 Title 29 Section 1305 Title 29 Section 1311 Title 29 Section 1342 Title 29 Section 29 29 U.S.C. 1305 29 U.S.C. 1311 29 U.S.C. 1342 29 U.S.C. 29 Public Law 93-406 Public Law 99-272 Public Law 100-203 Public Law 103-465 Public Law 107-16 Public Law 107-147