High Risk Series:

Pension Benefit Guaranty Corporation

HR-93-5: Published: Dec 1, 1992. Publicly Released: Dec 1, 1992.

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GAO reviewed the financial condition of the Pension Benefit Guaranty Corporation (PBGC), focusing on: (1) the growing PBGC deficit; (2) weaknesses in the Department of Labor's, Internal Revenue Service's (IRS), and independent public accountants' efforts to detect pension plan abuses that place plan assets at risk; and (3) pressures Congress faces to expand PBGC guarantees to cover insurance annuitants and other groups.

GAO found that: (1) the growing PBGC deficit threatens the insurance program's long-term financial viability; (2) effective enforcement of the Employee Retirement Income Security Act (ERISA) requirements is essential to reducing the risk to the insurance program; (3) ERISA violations and the collection of deliquent and underpaid premiums have added to PBGC financial losses and increased its administrative burden; (4) Labor and the IRS have made progress in improving their enforcement efforts, but problems remain; (5) Labor and IRS efforts have been hindered by scarce resources relative to the size of the plan and disappointing enforcement targeting results; (6) recent failures of several large insurance companies have raised concerns that federal oversight of plans' selections of insurance annuity providers is inadequate; and (7) inadequate federal oversight may add to increasing pressures Congress faces to expand PBGC guarantees to cover insurance annuities if the existing guarantees fail to adequately protect pension benefits.

Below are the reports in this series:

High Risk Series: Farmers Home Administration's Farm Loan Programs HR-93-1, Dec 1, 1992

High Risk Series: Guaranteed Student Loans HR-93-2, Dec 1, 1992

High Risk Series: Bank Insurance Fund HR-93-3, Dec 1, 1992

High Risk Series: Resolution Trust Corporation HR-93-4, Dec 1, 1992

High Risk Series: Pension Benefit Guaranty Corporation HR-93-5, Dec 1, 1992

High Risk Series: Medicare Claims HR-93-6, Dec 1, 1992

High Risk Series: Defense Weapons Systems Acquisition HR-93-7, Dec 1, 1992

High Risk Series: Defense Contract Pricing HR-93-8, Dec 1, 1992

High Risk Series: Department of Energy Contract Management HR-93-9, Dec 1, 1992

High Risk Series: Superfund Program Management HR-93-10, Dec 1, 1992

High Risk Series: NASA Contract Management HR-93-11, Dec 1, 1992

High Risk Series: Defense Inventory Management HR-93-12, Dec 1, 1992

High Risk Series: Internal Revenue Service Receivables HR-93-13, Dec 1, 1992

High Risk Series: Managing the Customs Service HR-93-14, Dec 1, 1992

High Risk Series: Management of Overseas Real Property HR-93-15, Dec 1, 1992

High Risk Series: Federal Transit Administration Grant Management HR-93-16, Dec 1, 1992

High Risk Series: Asset Forfeiture Programs HR-93-17, Dec 1, 1992

Jul 7, 2014

Jun 16, 2014

May 27, 2014

Apr 21, 2014

Mar 5, 2014

Feb 26, 2014

Dec 27, 2013

Dec 17, 2013

Dec 16, 2013

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