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 2005-03-02 monographic deposited born digital 21 p. GA 1.13:GAO-05-360T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-360T P0b002ee18038cb33 f:d05360t DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-05-360T machine generated eng fdlp REPORT GAOREPORTS-GAO-05-360T GAO-05-360T Accountability Employees Federal employee retirement programs Insurance Insurance premiums Pensions Policy evaluation Risk management Strategic planning Projections Financial management PBGC Early Warning Program PBGC Pension Insurance Modeling System Testimony A18518

More than 34 million workers and retirees in about 30,000 singleemployer defined benefit plans rely on a federal insurance program managed by the Pension Benefit Guaranty Corporation (PBGC) to protect their pension benefits. However, the insurance program's long-term viability is in doubt and in July 2003 we placed the single-employer insurance program on our high-risk list of agencies with significant vulnerabilities for the federal government. In fiscal year 2004, PBGC's single-employer pension insurance program incurred a net loss of $12.1 billion for fiscal year 2004, and the program's accumulated deficit increased to $23.3 billion from $11.2 billion a year earlier. Further, PBGC estimated that underfunding in single-employer plans exceeded $450 billion as of the end of fiscal year 2004. This testimony provides GAO's observations on (1) some of the structural problems that limit PBGC's ability to protect itself from risk and (2) steps PBGC has taken to forecast and manage the risks that it faces. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-360T/html/GAOREPORTS-GAO-05-360T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-360T/pdf/GAOREPORTS-GAO-05-360T.pdf GAO-05-360T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-360T Testimony GAO-05-360T; Pension Benefit Guaranty Corporation: Structural Problems Limit Agency's Ability to Protect Itself from Risk; Accountability Employees Federal employee retirement programs Insurance Insurance premiums Pensions Policy evaluation Risk management Strategic planning Projections Financial management PBGC Early Warning Program PBGC Pension Insurance Modeling System Title 26 Section 412(b) Title 26 Section 412(l)(9)(C) Title 26 Section 412(m)(4)(D) 26 U.S.C. 412(b) 26 U.S.C. 412(l)(9)(C) 26 U.S.C. 412(m)(4)(D) Public Law 93-406 Public Law 100-203 Public Law 103-465