Administration
Audit of Pension Benefit Guaranty Corporation's Limited Purpose Financial Statements for Fiscal Year 2020 (AUD-2021-03), issued December 9, 2020
The Office of Inspector General issued the audit report of PBGC’s Limited Purpose Financial Statements that includes Note 44 in the Supplemental Information for Fiscal Years 2020.
This limited purpose financial statement report is prepared to meet applicable legal requirements and is in accordance with and pursuant to the provisions of: the Government Corporation Control Act, 31 U.S.C. Section 9106; Circular No. A-11, Revised, “Preparation, Submission and Execution of the Budget”, Office of Management and Budget, July 10, 2020; and Circular No. A-136 Revised, Financial Reporting Requirements (i.e., Government Corporations are only required to adhere to Section I.5 and Section V, and PBGC voluntary complies with Section II.2.4), “Financial Reporting Requirements”, Office of Management and Budget, August 27, 2020. Treasury Financial Manual, Revised, Chapter 4700, Sections 4701 and 4705, June 2020; Section 4008 of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. Section 1308, also requires an actuarial report evaluating expected operations and claims that will be issued as soon as practicable.
In this report, OIG found that Supplemental Information (Note 44) is fairly stated, in all material respects, in relation to the financial statements as a whole.
Restriction on Use
This report is intended solely for the information and use of the Inspector General and Management of PBGC, the Office of Management and Budget, the Department of Treasury, and the Government Accountability Office and is not intended to be and should not be used by anyone other than these specified parties.
