Hearing: Examining the Challenges Facing PBGC and Defined Benefit Pension Plans
The February 2, 2012, hearing is scheduled at 10:00 a.m. in room 2175 Rayburn H.O.B. Witnesses to be announced. (U.S. House Committee on Education and the Workforce Subcommittee on Health, Employment, Labor and Pensions)
Inspector General Faults PBGC's 'Systemic' Failures
"Following another report that finds fault with the Pension Benefit Guaranty Corp.'s audit processes and valuation of plan assets, the agency has cut most of its ties with one auditor and has promised to change procedures so that errors are prevented -- or corrected. Critics say it's about time the agency responded to problems." (Human Resource Executive Online)
PBGC Rate Boost Plan Draws Flak
"PBGC director Joshua Gotbaum wants Congress to give the agency the authority to set premiums the way most insurers do: Let the companies with the sickest pension plans pay higher premiums and healthy plans pay less. Mr. Gotbaum notes that the Federal Deposit Insurance Corp., which insures bank deposits, has been using risk-based premiums for years." (PG Publishing Co., Inc. )
PBGC Reports Growing Deficit in Latest Annual Report
"Without a new round of fee increases, the PBGC -- which is funded by a combination of company premiums and investment returns on its $81 billion in assets -- could eventually require a taxpayer bailout, according to its director, Joshua Gotbaum." (The Washington Post; free registration required)
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