PBGC Assets: Implementation of New Investment Policy Will Need Stronger Board Oversight
DIANE Publishing, Feb 1, 2009 - 57 pages
The Pension Benefit Guaranty Corp. (PBGC) insures the retirement future of over 44 million people. As a fed. guarantor of private defined benefit plans, PBGC finances its operations through insurance premiums, investment income, and funds from terminated pension plans. PBGC is governed by a board of directors who are responsible for providing policy direction and oversight but often rely on board rep. In 2004, PBGC began reviewing its investment policy biennially and recently decided to broaden the range of asset classes in which it invests. This report reviewed PBGC¿s procedures for developing and implementing its investment policies, and examined PBGC¿s most recent investment policy. Includes recommendations. Charts and tables.
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2006 investment addition alternative assets asset classes asset returns based on Ibbotson Benefit Guaranty Corporation billion board members board representatives Capital Market Assumptions conduct sensitivity consultant’s assumptions corporate bonds Corporation Benefit Guaranty correlation matrix deficit defined benefit plans Emerging market debt ensure expected returns fixed income assets fixed-income GAO Analysis GAO’s Guaranty Corporation Benefit High-Risk Series High-yield bonds Ibbotson data Insurance Program interest rate risk international equities investment managers investment performance investment strategy JP Morgan JPMorgan Asset Management limitations Long high-quality bonds long Treasury bonds maintains the consultant’s Non-U.S. equities PBGC board PBGC director PBGC officials PBGC’s consultant PBGC’s investment policy PBGC’s liabilities PBGC’s new investment Pension Benefit Guaranty percent policy objectives portfolio premium to 2.0 previous allocation private equity recommendation revolving funds sensitivity analysis sensitivity tests Sharpe ratio Single-Employer standard deviation Substitute estimates target allocation terminated plans Treasury inflation-protected securities Trust Funds U.S. equity premium volatility Washington