Administration
Audit of Pension Benefit Guaranty Corporation's Limited Purpose Financial Statements for Fiscal Year 2025 (AUD-2026-03), issued January 16, 2026
This limited purpose financial report is prepared to meet applicable legal requirements and is in accordance with and pursuant to the provisions of: 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, July 14, 2025. 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 for the year ended September 30, 2025, finding:
The financial statements present fairly, in all material respects, the financial position of the Single-Employer and Multiemployer Program Funds of PBGC as of September 30, 2025, and the results of their operations and cash flows for the year then ended, in accordance with U.S. generally accepted accounting principles. The Supplementary Information is fairly stated in all material respects in relation to the financial statements as a whole.
The Single-Employer and Multiemployer Program Funds maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025, based on criteria established in the Standards for Internal Control in the Federal Government, September 2014, issued by the United States Government Accountability Office (the Green Book). PBGC has one significant deficiency related to monitoring of internal controls at service organizations.
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.
