Financial Audit:

Pension Benefit Guaranty Corporation's 1994 and 1993 Financial Statements

AIMD-95-83: Published: Mar 8, 1995. Publicly Released: Mar 8, 1995.

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Pursuant to a legislative requirement, GAO audited the Pension Benefit Guaranty Corporation's (PBGC) Single-Employer Fund and Multiemployer Fund for the fiscal years ended September 30, 1994 and 1993 and evaluated PBGC internal controls and compliance with laws and regulations.

GAO found that: (1) PBGC financial statements were reliable in all material aspects; (2) weaknesses in PBGC internal controls did not have a material effect on the Corporation's financial statements; (3) PBGC internal controls did provide reasonable assurance that assets were safeguarded from material loss and transactions were executed in accordance with managerial and legal requirements; (4) there was no reportable noncompliance with laws and regulations; (5) while the Single-Employer Fund is able to meet its near-term benefit obligations, it has an unfunded deficit of $1.2 billion; and (6) PBGC has made progress in improving internal controls, but weaknesses remain in financial systems, controls over the assessment of the Multiemployer Fund's liability for future financial assistance are inadequate, and controls over nonfinancial participant data entered into the Pension and Lump Sum system are also inadequate.

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