Fiscal Year 2025 Financial Statement Audit Management Letter Report (AUD-2026-04), issued January 16, 2026

The attached management letter summarizes KPMG’s findings and recommendations related to PBGC’s internal control deficiencies and other matters. The issues noted in this report do not represent a material weakness or significant deficiency. Therefore, these deficiencies were not required to be reported in the Independent Auditors’ Report dated January 16, 2026. During FY 2025 KPMG issued six new recommendations, closed five prior year recommendations and one current year recommendation leaving a total of five open recommendations at fiscal year-end. The findings included in the management letter report contain sensitive information intended solely for internal use within PBGC. The report has been redacted in its entirety because it contains privileged and confidential information.

Click here for the full report.