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Revised on October 18, 2019, to correct typos on pages 10, and 26-28 of the report. We corrected the projected percent of the completeness attribute for the FAIN testing (p. 10) and the transposed column headings for accuracy and completeness in Appendices IV and V (pp. 26-28).

We determined that PBGC could reduce the risk of property loss or theft by strengthening its internal controls. PBGC does not ensure that bar-coded inventory labels are consistently affixed to newly received property within a reasonable time and does not ensure that accountable property is entered into the property management system in a timely manner after property is received. PBGC does not require any follow-up to be performed to locate accountable property “not found” during the annual inventory process, and such property is simply written off after two or three years.

PBGC has made progress in eliminating the unnecessary collection, maintenance, and use of customer social security numbers. However, additional steps are necessary given the volume of legacy documents containing SSNs, the Corporation’s continued acquisition of trusteed plan documents containing SSNs and known risks and limitations in PBGC information systems. We issued four recommendations related to PBGC’s policies and planning for continued reduction in the collection, maintenance and use of Social Security Numbers.