Administration
Audit of Pension Benefit Guaranty Corporation's Limited Purpose Financial Statements for Fiscal Year 2022 and 2021 (AUD-2023-03), issued November 15, 2022
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, August 15, 2022; 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) Office of Management and Budget, June 3, 2022. 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.
The Office of Inspector General issued the audit report of PBGC’s Limited Purpose Financial Statements that includes Note 38 in the Supplemental Information for the years ended September 30, 2022 and 2021, finding:
- The financial statements present fairly, in all material respects, the financial position of the Single-Employer and Multiemployer Program Funds and the results of their operations and cash flows for the years then ended. The Supplemental Information is fairly stated, in all material respects, in relation to the financial statements as a whole.
- PBGC maintained, in all material respects, effective internal control over financial reporting as of September 30, 2022.
- No instances of noncompliance or other matters with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements.
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.
