PBGC - Office of Inspector General

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CY 2023 Work Plan

We conduct our business in accordance with the OIG Value Framework and strive to provide deep knowledge and sensible solutions through independent positive engagement.

To fulfill our expectations under the OIG Value Framework and our responsibilities under the Inspector General Act, we issue a broad range of products including audits, evaluations, inspections, investigations, special reports, risk advisories, and white papers. The projects listed in our annual work plan include statutorily-mandated and discretionary projects. We developed our plan with consideration to PBGC’s three strategic goals and performance, OIG’s FY 2022 Risk Assessment (including fraud risk), OIG’s Top Management Challenges, prior audit and investigative work, and risk assessment information provided by the Corporation. Our office prioritizes and selects discretionary projects based on risk and ability to make the best use of available OIG resources.

This work plan may be amended by the OIG as necessary based on changing circumstances.

Click here for CY 2023 Work Plan.

Strategic Plan

The Pension Benefit Guaranty Corporation (PBGC) Office of Inspector General (OIG) issued its strategic plan for fiscal years 2023 through 2027. In developing it's strategic plan, OIG established specific goals and performance measures consistent with the spirit of the Government Performance and Results Act (GPRA). PBGC OIG continues to respond to numerous and varied issues of concern that confront the American pension system and its participants, including information technology security, investment valuation and management, and benefit payment calculations and administration. Additionally, we have initiated a program of fraud awareness and outreach for our stakeholders and participants, and conducted targeted work in response to myriad Congressional requests and Hotline complaints.

In drafting our current plan our goal serves to continue to help PBGC address the many challenges which will arise over the next five years. We know that PBGC faces a number of challenges, ranging from planning for the anticipated surge in pension plans terminations to responding to new legislation- like the Special Financial Assistance program established under the American Rescue Plan Act. In addition, OIG will continue working to deploy our own resources as effectively as possible.

Click here for our 2023- 2027 Strategic Plan

Special Financial Assistance Oversight Plan

The American Rescue Plan (ARP) Act of 2021, enacted on March 11, 2021, allows certain financially troubled multiemployer plans to apply for special financial assistance. The Pension Benefit Guaranty Corporation (PBGC) created a Special Financial Assistance (SFA) Program. This program addresses the immediate financial crisis threatening the retirement security of over three million American workers, retirees, and their families. The program will provide an estimated $74 to $91 billion in assistance to enable eligible multiemployer plans to pay retirement benefits without reduction for many years into the future.

PBGC OIG has developed a framework of three key oversight phases to guide our work. We will align our audits, evaluations, and investigative initiatives within these areas to ensure timely and effective assistance to qualified plans, and that special financial assistance efforts are not undermined by fraud, waste, and abuse.

Click here for our SFA Oversight Plan.

Points of Contact:
OIG POC: Nicholas J. Novak - (202) 326-4030

Pension Benefits Guarantee Corporation
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