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The Financial Health Of The Pension Guaranty Benefit Corporation Pbgc
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Book Synopsis The Financial Health of the Pension Guaranty Benefit Corporation (PBGC). by :
Download or read book The Financial Health of the Pension Guaranty Benefit Corporation (PBGC). written by and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pension Benefit Guaranty Corporation (PBGC) is a federal government agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect the pensions of participants covered by most private sector, defined benefit pension plans. The PBGC receives no appropriated funds. The agency's costs are offset by the assets of the plans that the PBGC takes over and premiums paid by the sponsors of covered pension plans. The premiums are established by Congress. The PBGC's single-employer program posted an all-time high deficit of $23 billion in 2004; as of September 30, 2006, the deficit was $18 billion. The PBGC discloses an additional, off-balance sheet liability for reasonably possible terminations; as of September 30, 2006, it was $73 billion. Although the PBGC's net position (measured as assets minus liabilities) improved $5.2 billion since 2004, it fell $31.0 billion from 2001 to 2004. Many factors have contributed to the PBGC's worsening financial condition. Primary among them was the termination of several large underfunded pension plans between 2002 and 2005 in the steel and airline industries. Plan terminations by airlines continue to threaten the PBGC's finances. Poor stock market returns (in 2001 and 2002) and falling interest rates also contributed to the PBGC's recent problems. As the PBGC's condition worsened, Congress and the Bush Administration considered reforms to address the salient issues. On August 17, 2006, the President signed the Pension Protection Act as P.L. 109-280. It has been called the most comprehensive reform of the nation's pension laws since the enactment of ERISA. The law establishes new rules that strengthen funding requirements for most plans; however, it provides funding relief for plans sponsored by commercial airlines. It also includes reforms that affect cash balance plans, defined contribution plans, and other forms of deferred compensation. Although the PBGC currently receives no appropriations, many expect that because it insures the pensions of 44 million Americans, its failure could require a taxpayer funded bailout. The Government Accountability Office (GAO) added the PBGC's single-employer insurance program to its list of high-risk areas in July of 2003. As of January 2007, it remains on GAO's list because of its high deficit and because the ultimate impact of recent reforms on the PBGC's finances is unclear. This report focuses on the financial condition of the PBGC and the effects of the Pension Protection Act; it will be updated upon major developments affecting the PBGC's financial condition.
Book Synopsis The Financial Health of the Pension Guaranty Benefit Corporation (PBGC) by : William Joseph Klunk
Download or read book The Financial Health of the Pension Guaranty Benefit Corporation (PBGC) written by William Joseph Klunk and published by . This book was released on 2007 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pension Benefit Guaranty Corporation by : Barbara D. Bovbjerg
Download or read book Pension Benefit Guaranty Corporation written by Barbara D. Bovbjerg and published by DIANE Publishing. This book was released on 2009-02 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 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.
Book Synopsis Pension Benefit Guaranty Corporation by : United States. General Accounting Office
Download or read book Pension Benefit Guaranty Corporation written by United States. General Accounting Office and published by . This book was released on 1992 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Education and the Workforce Publisher : ISBN 13 : Total Pages :142 pages Book Rating :4.F/5 ( download)
Book Synopsis Strengthening pension security and defined benefit plans by : United States. Congress. House. Committee on Education and the Workforce
Download or read book Strengthening pension security and defined benefit plans written by United States. Congress. House. Committee on Education and the Workforce and published by . This book was released on 2004 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pension Benefit Guaranty Corporation by : United States. General Accounting Office
Download or read book Pension Benefit Guaranty Corporation written by United States. General Accounting Office and published by . This book was released on 2003 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Proposals and Issues Relating to the Financial Condition of the Pension Benefit Guaranty Corporation (PBGC) by : United States. Congress. Joint Committee on Taxation
Download or read book Proposals and Issues Relating to the Financial Condition of the Pension Benefit Guaranty Corporation (PBGC) written by United States. Congress. Joint Committee on Taxation and published by . This book was released on 1992 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pension Benefit Guaranty Corporation: Improvements Needed to Address Financial and Management Challenges by : Barbara D. Bovbjerg
Download or read book Pension Benefit Guaranty Corporation: Improvements Needed to Address Financial and Management Challenges written by Barbara D. Bovbjerg and published by DIANE Publishing. This book was released on 2009-05 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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, PBGC¿s 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 PBGC¿s governance, oversight and management challenges. Tables.
Author :United States. Congress. Senate. Committee on Finance. Subcommittee on Private Retirement Plans and Oversight of the Internal Revenue Service Publisher : ISBN 13 : Total Pages :160 pages Book Rating :4.F/5 ( download)
Book Synopsis Financial Strength of Pensions and the Pension Benefit Guaranty Corporation by : United States. Congress. Senate. Committee on Finance. Subcommittee on Private Retirement Plans and Oversight of the Internal Revenue Service
Download or read book Financial Strength of Pensions and the Pension Benefit Guaranty Corporation written by United States. Congress. Senate. Committee on Finance. Subcommittee on Private Retirement Plans and Oversight of the Internal Revenue Service and published by . This book was released on 1993 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Issues and Proposals Relating to the Financial Condition of the Pension Benefit Guaranty Corporation (PBGC) by :
Download or read book Issues and Proposals Relating to the Financial Condition of the Pension Benefit Guaranty Corporation (PBGC) written by and published by . This book was released on 1993 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Status of the Pension Benefit Guaranty Corporation and the Administration's Defined Benefit Plan Funding Proposal by : United States. Congress. Senate. Committee on Finance
Download or read book Financial Status of the Pension Benefit Guaranty Corporation and the Administration's Defined Benefit Plan Funding Proposal written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2005 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pension Insurance Data Book written by and published by . This book was released on 2002 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Can the Pension Benefit Guaranty Corporation Be Restored to Financial Health?. by :
Download or read book Can the Pension Benefit Guaranty Corporation Be Restored to Financial Health?. written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pension Benefit Guaranty Corporation (PBGC) is a federal government agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect the pensions of participants covered by most private sector, defined benefit pension plans. The primary source of revenues offsetting PBGC's claims is premiums paid by the sponsors of covered pension plans. These premiums are established by Congress. The PBGC receives no appropriated funds. The PBGC's single-employer program has posted growing deficits for the last three years. The deficit on September 30, 2004 was at an all-time high of $23 billion. Currently, the pension plans of major airlines present an enormous threat to the financial condition of the PBGC. Underfunded pension plans of sponsors with below-investment-gradebond ratings represented reasonably possible exposure of another $96.0 billion as of September 30, 2004 according to the PBGC. An independent organization has projected that without reform, the PBGC's single-employer program will run out of cash in 2020 or 2021. Because of the risks to its long-term financial viability, the Government Accountability Office (GAO) has placed the PBGC single-employer program on its high-risk list of agencies with significant vulnerabilities to the federal government. PBGC failure could require a tax-payer funded bailout. Major systemic issues include the PBGC's premium structure, funding requirements for defined benefit pension plans and PBGC's access to a bankrupt company's assets. Current PBGC premiums may be too low for the risks that PBGC underwrites. Furthermore, premiums do not vary based on the credit risk for the company, assetliability mismatch for the pension plan, participant demographics, or benefit design features such as whether or not the plan allows lump sum payouts. Sponsors that have made pension plan contributions in excess of the minimum required in the past may not be required to make contributions to the pension in the current year even when the pension plan is underfunded in the current year. Cyclical companies that wish to make higher contributions during profitable periods may find that maximum deductibility rules prevent them from making such contributions. Under current bankruptcy law, the PBGC cannot perfect a lien to force a company that has filed for bankruptcy to make minimum required pension plan contributions. In 2003, the Bush administration made a proposal for reform to strengthen pension plan funding and the financial condition of the PBGC. Various bills with the goal of reforming the PBGC were proposed in the 108th Congress but none were enacted into law. The doubling of the PBGC deficit from fiscal 2003 to fiscal 2004, has heightened awareness about the PBGC deficit situation. Congressional leaders from both parties have announced their intention to move aggressively on legislative solutions in the 109th Congress. This report will be updated upon major developments affecting the PBGC's financial condition.
Book Synopsis Pension Benefit Guaranty Corporation by : Barbara D. Bovbjerg
Download or read book Pension Benefit Guaranty Corporation written by Barbara D. Bovbjerg and published by DIANE Publishing. This book was released on 2009-02 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pension Benefit Guaranty Corp. (PBGC) employs 800 fed. employees and uses 1,500 private sector employees to insure the pensions of millions of private sector workers and retirees in certain employer-sponsored pension plans. In recent years, PBGC¿s projected financial liabilities and workloads have increased greatly due to a large no. of pension plan terminations. Given this, it is important that PBGC remain well positioned to fulfill its promise to those retirees who depend on it. This is a report on: PBGC¿s recent experience in hiring and retaining key staff and how it compared to other fed. agencies; and the actions PBGC has taken to hire and retain key staff and what additional steps, if any, can be taken. Includes recommend. Illustrations.
Book Synopsis Pension Benefit Guaranty Corporation by : U S Government Accountability Office (G
Download or read book Pension Benefit Guaranty Corporation written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO discussed its attempt to audit the Pension Benefit Guaranty Corporation's (PBGC) fiscal year (FY) 1990 financial statements. GAO noted that: (1) PBGC reported an operating loss of more than $780 million, increasing its accumulated deficit by more than 75 percent to $1.8 billion for FY 1990; (2) a significant increase in losses from future pension plan terminations, investment losses on assets held for benefit payments, and a decline in the expected recovery values of receivables caused operating losses for FY 1990; (3) PBGC faces significant risk from future plan terminations and reported some $20 billion to $30 billion in plan underfunding; (4) PBGC liability for future benefits totalled $4.8 billion, about 95 percent of its obligations; (5) due to weaknesses in supporting and controlling liability estimating techniques, GAO was unable to determine the reliability of PBGC estimated liability for future benefits; (6) weaknesses in processing and follow-up on premium payments inhibited PBGC premium collection efforts; and (7) system and control weaknesses contributed to PBGC inability to systematically reconcile either its accounting data or its investment and fund activity, control its accounts receivable, and promptly prepare and file external financial reports. GAO believes that PBGC needs to develop specific corrective action plans that will address its financial management weaknesses.
Author :United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight Publisher : ISBN 13 : Total Pages :24 pages Book Rating :4.F/5 ( download)
Book Synopsis Pension Benefit Guaranty Corporation's Program to Identify, Collect, and Account for Premium Payments Including Findings and Recommendations of the Subcommittee by : United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight
Download or read book Pension Benefit Guaranty Corporation's Program to Identify, Collect, and Account for Premium Payments Including Findings and Recommendations of the Subcommittee written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight and published by . This book was released on 1991 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pension Benefit Guaranty Corporation longterm financing risks to singleemployer insurance program highlight need for comprehensive reform / by :
Download or read book Pension Benefit Guaranty Corporation longterm financing risks to singleemployer insurance program highlight need for comprehensive reform / written by and published by DIANE Publishing. This book was released on with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
