Fiduciary Duties of Pension Benefit Guaranty Corporation

B-284479: Jan 27, 2000

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

A Congressman requested that GAO determine whether the Pension Benefit Guaranty Corporation (PBGC) "as a government corporation is held to the same fiduciary standard as other entities covered by [the applicable statute]" in protecting the assets of pension plans taken over by it. The Congressman refers to a 1986 decision in which GAO said that, when serving in its trustee capacity, "PBGC is treated as if it were a private fiduciary...and possesses the same authority and duty to act as would a nongovernmental party if it were appointed to that position."

GAO found that, when acting as trustee, PBGC is not held to the same fiduciary standards applicable to other trustees; the law exempts PBGC from those standards to the extent they are inconsistent with its functions as guarantor of benefits for participants in covered pension plans.

Oct 19, 2017

Oct 18, 2017

Oct 17, 2017

Oct 13, 2017

Looking for more? Browse all our products here