Pension Benefit Guaranty Corporation: Need for Improved Oversight PersistsThe Pension Benefit Guaranty Corp. (PBGC) insures the pension benefits of 44 million private sector workers and retirees in over 30,000 employer-sponsored pension plans. It was reported that PBGC¿s governance structure needed improvements. Congress is considering expanding the board of dir. to include additional members. It was also recommended that the board develop policies and mechanisms consistent with corp. governance practices, and develop formal guidelines to clarify the roles and respon. of the board chair, members, and their rep. This report addresses: the steps PBGC has taken to improve policy direction and oversight; and (2) how Congress applies oversight to PBGC and what other oversight mechanisms exist for gov¿t. corps. Illus. |
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2005 Committee additional administration advisory committee agencies Appendix appropriate assets assist audit Benefit Guaranty Corporation benefit pension plan board members board of directors bylaws challenges facing concerns conduct Congress Congressional Budget Office Contact Control corporation’s defined benefit pension Department designated Development direction and oversight Education effect ensure ERISA established example exist Federal federal government financial condition fiscal formal Further governance structure government corporations health of PBGC hearing House of Representatives identified improve Income Insurance Corporation insurance program Investment issues January July June Labor limited matters needed newly appointed Number Office of Inspector operations oversight of PBGC participants PBGC director PBGC’s board Pension Benefit Guaranty pension plan funding Pension Protection Act political risk insurance prior private sector provide policy direction recently recommendation respective responsibilities Retirement reviewed revisions Risk role Secretary Security Selected Social Security Administration staff standing steps Subcommittee taken transition United States Senate Washington