Premium Accounting System: Pension Benefit Guaranty Corporation System Must Be an Ongoing Priority
IMTEC-92-74
Published: Aug 11, 1992. Publicly Released: Aug 11, 1992.
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Highlights
Pursuant to a congressional request, GAO provided information on the Pension Benefit Guaranty Corporation's (PBGC) modifications to the automated premium accounting system and procurement of a replacement system.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Pension Benefit Guaranty Corporation | To ensure the long-term success of the premium accounting system, the Executive Director, PBGC, should establish a permanent management structure, with senior-level technical staff responsible for the day-to-day operation and maintenance of the system. |
Closed – Implemented
PBGC has dedicated a senior-level manager to develop a new premium accounting system and has hired a contractor, Wang Federal, to perform the day-to-day operations and maintenance of the system. PBGC implemented a new Premium Accounting System (PAS) in about October 1995. The Inspector General is reviewing PAS internal controls.
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Topics
Accounting proceduresFederal agency accounting systemsInformation systemsInsurance premiumsInternal controlsManagement information systemsPensionsSystems designInstitutional knowledgeIT acquisitions