FY 2014 Audit of PBGC'S Compliance with the Implementation of the Improper Payments Information Act (AUD 2015-10/PA-15-106), issued May 14, 2015

As required by the Improper Payments Information Act (IPIA), as amended, the Pension Benefit Guaranty Corporation's (PBGC) Office of Inspector General (OIG) reviewed PBGC's compliance with IPIA requirements. The Corporation has taken action to comply with all applicable requirements established in OMB Circular A-123 Appendix C. We concur with PBGC's assessment that payments to federal employees were not susceptible to a significant level of improper payment. However, we question the sufficiency of the number loans payments tested as part of the Corporation's statistical projections regarding the financial assistance to insolvent multiemployer plans (not enough of a sample was tested). Therefore, OIG could not assess the reasonableness of PBGC's statistical projections and cannot opine on the lack of this program's susceptibility to significant improper payments as reported in the PBGC FY 2014 Annual Report.

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