PBGC - Office of Inspector General

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EVALUATION OF PBGC's RISK MITIGATION AND EARLY WARNING PROGRAM

PBGC OIG welcomes stakeholders to contribute information for consideration when we conduct program evaluations. Evaluations are systematic, objective, and independent assessments of the design, implementation, and/or results of an Agency’s operations, programs, or policies. Our evaluations provide management, policy makers and other interested parties with timely information regarding program effectiveness, efficiency, economy, risk, and impact. If requested, your identity can be protected in accordance with the Inspector General Act.

Early Warning

The PBGC OIG is currently conducting an evaluation of the Early Warning Program to assess the extent of the early warning program’s effectiveness in achieving its desired results and the volume, nature, and causes of plan sponsor complaints concerning the program. We are accepting input on this evaluation through May 30, 2018.

Early Warning

We are seeking input from stakeholders regarding any communications with PBGC related to the Early Warning Program. Examples of the types of information that would be useful are:

  • Please explain any benefits or issues you have experienced with the Early Warning Program.

  • As a plan sponsor, did you have a positive experience with the Early Warning Program or could you describe any negative experiences?

  • If PBGC requested information related to a transaction, did PBGC keep you informed while they evaluated the impact of the transaction on the pension plan?

  • If PBGC contacted you regarding a transaction, did the discussions with PBGC have a positive outcome for the pension plan without entering formal negotiations?

  • What improvements could PBGC make to the Early Warning Program?

Early Warning

We welcome your comments related to this evaluation. An OIG team member will review your contribution, but we are unable to automatically reply to all individual submissions. You may request confidentiality, and your identity will be protected in accordance with the Inspector General Act. If you provide your contact details, you may be contacted. If you have information related to other areas within PBGC, that are unrelated to this evaluation, please visit the Contact Us page for information on how to file formal complaints.

Information may also be submitted via e-mail to OIGFeedback@pbgc.gov.

 

Early Warning Program

An important aspect of the pension preservation mission is PBGC's Early Warning Program (EWP) for single-employer plans.

The EWP is a process to assist with avoiding terminating a plan by working with the plan sponsor to obtain protections before a business transaction significantly increases the risk of loss. To do this, PBGC regularly monitors corporate transactions or events that could affect a plan sponsor’s ability to continue to support its pension plan. PBGC engages the plan sponsors to obtain additional information. PBGC assesses the impact of these situations based on each employer’s financial and operational ability to support its pension promises.

In a handful of cases each year, PBGC and sponsors will enter into agreements that provide significant protection to the affected plans and the pension insurance system settlements (including modifications) each year—5% of identified events.

Additional Information & Resources

Pension Benefits Guarantee Corporation
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