Skip to main content

Pension Plans: Pension Benefit Guaranty Corporation Needs to Improve Premium Collections

HRD-92-103 Published: Jun 30, 1992. Publicly Released: Aug 11, 1992.
Jump To:

Highlights

Pursuant to a congressional request, GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) efforts to collect pension plan premiums.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Pension Benefit Guaranty Corporation The Executive Director, PBGC, should begin sending Past Due Filing Notices and Statements of Account to plans with fewer than 50 participants. The Executive Director should also: (1) expedite completion of the general counsel study of using civil action as a collection tool; and (2) consider the deterrent effect of using such action, along with the results of the general counsel study, when deciding how PBGC will use civil action to collect.
Closed – Implemented
PBGC acknowledged problems with its automated collection system and has designed and implemented a temporary manual system. PBGC is sending Past Due Filing Notices and Statements of Account to plans with fewer than 50 participants. PBGC is also filing civil suits to collect delinquent premiums, penalties, and interest.

Full Report

Full Report (20 pages)

Media Inquiries

Sarah Kaczmarek
Managing Director
Office of Public Affairs
media@gao.gov

Public Inquiries

Contact Us

Topics

Retirement Security
Accounting proceduresCollection proceduresDebt collectionFederal agency accounting systemsFederal corporationsFinancial managementInsurance premiumsLitigationPensionsUnderpayments