Pension Benefit Guaranty Corporation: Improvements Needed to Address Financial and Management Challenges: Congressional Testimony

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DIANE Publishing, May 1, 2009 - 24 pages
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The Pension Benefit Guaranty Corp. (PBGC) insures the retirement future of nearly 44 million people in more than 30,000 private-sector defined benefit pension plans. In July 2003, PBGCs single-employer pension insurance program was designated as high risk, meaning that it needed urgent attention and transformation. The program remains on the list today with a projected financial deficit of over $13 billion, as of Sept. 2007. Because Congress exercises oversight of PBGC, the author was asked to testify on: (1) the critical role PBGC plays in protecting the pension benefits of workers and how PBGC is funded; (2) the financial challenges facing PBGC; and (3) the PBGCs governance, oversight and management challenges. Tables.
 

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