All Reports

The financial statements and accompanying notes contained in the closing package were prepared for the purpose of complying with the requirements of the U.S. Department of the Treasury's Financial Manual (TFM) Volume I, Part 2, Chapter 4700 for the purpose of providing financial information to the U.S. Department of the Treasury and U.S. Government Accountability Office to use in preparing and auditing the Financial Report of the U.S. Government, and are not intended to be a complete presentation of PBGC's financial statements.

Audit of the financial statements of the Single-Employer and Multiemployer Program Funds administered by the Pension Benefit Guaranty Corporation (PBGC) as of and for the years ended September 30, 2018 and 2017

How does PBGC measure up in the area of IT security? This information-only report provides a summary and analysis of the Pension Benefit Guaranty Corporation's progress in remediating IT audit recommendations, as well as its FISMA performance in general and its FISMA performance in comparison to other federal agencies. Bottom line: PBGC has made progress in IT security in the past five years. In FISMA performance, PBGC ranks as average among small agencies in one comparison and above average in another.

We found that the goal-sharing award program, however well-intended, has not resulted in a significant and sustained improvement in overall customer satisfaction. The program is not effectively designed to provide the desired impact on the agency’s mission—improved customer satisfaction. Although PBGC has met the goal at least once a year, PBGC has not reviewed the results of the incentive program to determine if the program is resulting in desired sustained improvements. Based on our analysis, we recommend PBGC discontinue the goal-sharing program.

As required by the Improper Payments Information Act (IPIA) of 2002, as amended, we reviewed PBGC's compliance with improper payment requirements. For this FY, PBGC assessed Payments to Federal Employees and determined the payment streams were not susceptible to significant improper payments. We determined that PBGC is compliant with the improper payment requirements.

During the audit, our independent public accounting firm, CliftonLarsonAllen LLP, identified certain matters related to PBGC’s internal controls and operations that while significant are not of sufficient magnitude to impact the financial statement opinion and were not included in the report on internal controls dated November 17, 2017 (AUD-2018-6/FA-17-119-3). This management letter summarizes CliftonLarsonAllen's findings and recommendations regarding these matters and includes the status of prior years' management letter recommendations.

We received hotline complaints detailing concerns related to Spectrum 4’s acquisition and performance. We initiated a limited scope review to determine the legitimacy and severity of these issues. We substantiated some of the issues, and they warrant management’s attention. Specifically, we found the deployment of Spectrum 4 resulted in increased errors/variances, which required PBGC to release ten versions in attempts to fix the issues causing the errors. We also found that the deployment of Spectrum 4 resulted in slower day-to-day functioning of the system.

The Government Charge Card Abuse Prevention Act of 2012 (Public Law 112-194) requires Offices of Inspector General to, among other things, conduct periodic assessments of the government purchase card program to identify and analyze risks of illegal, improper, or erroneous purchases and payments. According to the Office of Management and Budget memorandum M-13-21, this risk assessment should be performed annually. The purpose of this special report is to fulfill the requirements of the Act and OMB guidance.