All Reports

We found that MEPD adequately ensured that financial assistance recurring administrative expenses were reasonable, necessary, and adequately supported. For the nine plans we reviewed, MEPD auditors properly assessed multiemployer plans’ administrative expenses and processed recurring financial assistance requests. However, we identified two opportunities where MEPD could strengthen data quality and monitoring to ensure recurring administrative expenses for financial assistance are necessary and reasonable. These opportunities do not constitute formal audit recommendations.

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

This narrative report is a follow-up to our FY 2016 Federal Information Security Modernization Act (FISMA) Submission to the Office of Management and Budget (LTR 2017-04/FA-16-110-3) to provide findings and recommendations related to PBGC's information security program.We contracted with CliftonLarsonAllen LLP, an independent public accounting firm, to perform an evaluation of PBGC’s information security program as required by the Federal Information Security Modernization Act (FISMA).

During the financial statement audit, we assessed the PBGC information security infrastructure for technical weaknesses in PBGC’s computer systems that may allow employees or outsiders to cause harm to, and/or impact, PBGC’s business processes and information. PBGC made improvements to its vulnerability management program, however, work is still needed to ensure that vulnerability scans are complete. The improvement in PBGC’s vulnerability management program also increased the number of Critical and High severity vulnerabilities detected. This report includes three new recommendations.

During the audit, our independent public accountant, CliftonLarsonAllen LLP, identified certain matters related to PBGC's internal control and operations that while significant were not of sufficient magnitude to impact the financial statement opinion and were not included in the report on internal control dated November 15, 2016 (AUD-2017-3/ FA-16-110-2). This management letter summarizes CliftonLarsonAllen's findings and recommendations regarding these matters and includes the status of prior years' management letter recommendations.

We hired an Independent Public Accountant (IPA) to analyze the three multiemployer plan receiving financial assistance from PBGC. The IPA completed the following procedures:1. Verified the accuracy of the original benefit computations performed by the plan’s actuary,2. Verified the benefit payments are being made to eligible participants, and3.

The Office of Inspector General issued the audit of PBGC's Financial Statement Closing Package for Fiscal Year 2016 and 2015.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 and the Treasury’s Supplemental Guidance to TFM Volume I, Part 2, Chapter 4700 dated October 17, 2016 for the purpose of providing financial information to the U.S. Department of the Treasury and U.S.