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This is
the twenty-eighth semiannual report to the Congress summarizing
the activities and accomplishments of the Pension Benefit
Guaranty Corporation (PBGC) Office of Inspector General (OIG)
for the period October 1, 2002 through March 31, 2003. Our
efforts were directed toward performing audits, inspections,
and evaluations of the Corporation's programs and operations;
conducting several large and complex investigations; and providing
technical assistance and advice on Corporate programs.
In the
audit area, we issued six (6) reports, including:
- FY
2002 Financial Statement Audit (see page 2);
- Two
reports that support the U.S. Treasury’s preparation
of United States Government consolidated financial statements
(see page 3); and
- Two
reports relating to internal and external network penetration
testing (see page 4).
In the
investigative area, we opened ten (10) new investigative cases
during the reporting period and closed thirteen (13) cases.
Among the significant investigative work conducted this period,
we:
- Recovered
$254,800 lost premium revenue for PBGC from a premium payment
check that was diverted into a foreign bank (see page 9);
- Found
that a contract employee whose work permit and visa had
long expired was working at PBGC, resulting in his removal
(see page 9);
- Closed
five cases related to pension benefit fraud (see page 9),
among which we:
- Referred
to PBGC for collection action our finding that a bank
had improperly permitted a deceased participant’s
son to access his bank account and withdrawn pension
payments made after the participant’s death;
- Referred
for prosecution a former spouse who had diverted her
husband’s lump sum pension check; and
- Found
that a participant falsely stated that he had not received
a lump sum benefit payment.
During
the period, we reviewed proposed rules concerning benefit
payments to participants when their pension plan terminates.
The OIG initiated and is participating in several new corporate-wide
team activities to improve PBGC, including:
- The
Inspector General, Chief Financial Officer and General Counsel
are considering PBGC corporate governance issues;
- The
Inspector General and Chief Financial Officer are jointly-sponsoring
a team, in which OIG auditors are participating, to develop
new audit resolution and follow-up policy; and
- An
OIG auditor is participating as a consulting, non-voting
member of a team that is conducting a self-assessment using
the Performance Assessment Review Tool.
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