PBGC - Office of Inspector General

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PBGC Should Improve Its Special Financial Assistance Review Procedures (EVAL-2023-08), issued February 24, 2023

We evaluated whether PBGC’s policies, procedures and controls were sufficient to deliver timely and appropriate SFA to eligible multiemployer plans and to determine the adequacy of the procedures PBGC used in identifying plans eligible for SFA. While PBGC quickly drafted SFA regulations after ARP passed and launched the SFA program, the Corporation did not formally assess and document fraud risks, sufficiently define risk tolerances, establish review procedures for exceptions, formalize final review procedures, or design a control that would ensure timely review of SFA applications. As such, current procedures are not sufficient to ensure timely delivery of accurate SFA amounts to eligible plans. In addition, while procedures are adequate for identifying plans eligible for SFA in priority groups, additional procedures are needed as the priority group period ends.

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Pension Benefits Guarantee Corporation
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