Fiscal Year 2011 Financial Statements Audit Management Letter (AUD 2012-6/ FA-11-82-6), issued March 29, 2012.

During the audit, our independent public accountant, Clifton Gunderson LLP,(currently CliftonLarsonAllen) identified certain matters related to PBGC's internal control and operations that while significant were not of sufficient magnitude to impact the financial statement opinion and were not included in the report on internal control dated November 14, 2011 (AUD-2012-2 / FA-11-82-2). This management letter summarizes findings and recommendations regarding these matters and includes the status of prior years' management letter recommendations. PBGC management agreed with the recommendations and provided planned corrective actions with estimated completion dates.

Due to the nature of this report, it is not publically available.

The report is intended solely for the information and use of PBGC management and Office of Inspector General and is not intended to be and should not be used by anyone other than these specified parties. Request for further distribution of this report should be made to the Office of Inspector General