Pension Benefit Guaranty Corporation: Contracting Management Needs Improvement
The PBGC insures the benefits of 43 million participants from default of their employer-sponsored defined benefit pension plans. To carry out its work, PBGC relies heavily on the services of contractors whose headquarters & field employees account for almost half of the workforce involved in processing PBGC's workloads. This report: (1) determines the basis for PBGC's decisions regarding the use of contractors versus government personnel to address its workloads; (2) assesses PBGC's processes & procedures for selecting contractors; & (3) determines how effective PBGC has been in monitoring the performance of its contractors. Tables.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Other editions - View all
additional assess PBGC,s assets award backlog Barbara Barbara D benefit administration services Benefit Guaranty Corporation Bovbjerg CCRD centrally compile compile and monitor completed compliance review services consolidated procurement contract files contract management contracting decisions contractor performance COTR Daniel Bertoni defined benefit dlans document employees ensure ERISA evaluating Executive Director FBA office FBA-specific data Federal Acquisition Regulation federal staff field benefit administration field office contracts field office performance fiscal year 1999 fixed-price contracts future workload GPRA investment management issues million minimum funding requirements needs noncom nonlimitation office performance data ongoing administration operations organizational payment arrangements PBGC,s contract PBGC,s financial PBGC,s procurement pending benefit determinations Pension Benefit Guaranty performance review process plan participants policies and procedures premium compliance audit prior procedural guidance procurement director progress option requirements responsible review of PBGC,s Richmond Heights Sarasota scores scoresheets showed that PBGC sole-source staffing stimulate competition strategic planning weaknesses in PBGC,s
Page 39 - Web site at http://www.gao.gov. If you have any questions concerning this report please contact me at (202) 512-7215 or George Scott at (202) 512-5932.
Page 36 - ... its current and future human capital needs, including the size of the workforce; its deployment across the organization; and the knowledge, skills, and abilities needed for the agency to pursue its shared vision?
Page 3 - ... defined benefit pension plans. Established in 1974 as a selffinancing government corporation, PBGC's primary responsibility is to assume administration of underfunded plans that either terminate or become insolvent. In 2000, about 227,000 retirees received over $903 million in benefit payments from PBGC. To carry out its operations, PBGC relies heavily on the services of contractors whose headquarters and field employees account for almost half of its workforce. PBGC is self-financing in that...
Page 4 - October 2005 in accordance with generally accepted government auditing standards. Additional information on our scope and methodology is presented in appendix I.
Page 40 - PBGC's approach to selecting and managing contract staff, we conducted in-depth interviews of more than 70 PBGC personnel. These included PBGC headquarters senior executives, middle managers, and line staff, as well as contract personnel in headquarters and the field offices. We captured this information using structured interview guides which included general questions applicable to all personnel regarding corporation procedures and policies, as well as specific questions tailored to each individual's...
Page 13 - ... increases that followed several large pension plan failures. These revisions exempted from any limitation all expenses incurred in connection with the termination and management of pension plans and provided PBGC with discretion to determine which functions and activities qualified as such. Over time, PBGC has expanded the range of activities and functions classified as nonlimitation expenses and currently uses these resources to fund nearly all of its operations. This has resulted in a steep...
Page 45 - Washington, DC 20548 Dear Ms. Bovbjerg: Thank you for the opportunity to review and comment on the draft report, "GUARDIANSHIPS: Collaboration Needed to Protect Incapacitated Elderly People
Page 5 - PBGC's Contracts and Controls Review Department (CCRD) — which provides audit and internal review services to PBGC related to contracting — may affect its independence. At present, this office is located within the PBGC component that is the second-largest user of contracted services and reports to its head. The broader management issues and day-to-day operational weaknesses that we identified in PBGC's contracting practices could affect its ability to efficiently and cost-effectively serve the...