The Future of the Defined Benefit System and the Pension Benefit Guaranty Corporation
The Future of the Defined Benefit System and the Pension Benefit Guaranty Corporation

Author: Barbara D. Bovbjerg (au)

Publisher: DIANE Publishing

Published: 2005-09

Total Pages: 66

ISBN-13: 9781422300534

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Employer-sponsored defined benefit pension plans (DBPP) face unprecedented challenges in the midst of significant changes in our nation's retirement landscape. Many DBPP & the fed. agency that insures them, the Pension Benefit Guaranty Corp. (PBGC), have accumulated large & growing deficits that threaten their survival. Meanwhile, the percentage of Amer. workers covered by DBPP has been declining for 30 years, reflecting a movement toward defined contribution plans (e.g., 401(k) plans). To address these issues, a diverse group of knowledgeable individuals was convened -- incl. gov't. officials, researchers, accounting experts, actuaries, plan sponsor & employee group rep., & members of the investment community. Charts & tables.

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

Author: Barbara D. Bovbjerg

Publisher: DIANE Publishing

Published: 2009-05

Total Pages: 29

ISBN-13: 1437910505

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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, 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.

Pension Benefit Guaranty Corporation
Pension Benefit Guaranty Corporation

Author: Barbara D. Bovbjerg

Publisher: DIANE Publishing

Published: 2009-02

Total Pages: 34

ISBN-13: 1437909701

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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.