Controlling Losses of the Pension Benefit Guaranty Corporation
CONGRESSIONAL BUDGET OFFICE (U S CONGRESS) WASHINGTON DC
Pagination or Media Count:
The federal governments exposure to losses from its insurance programs is large and growing. Several features of these programs make it difficult to keep their financial costs under control in particular, their complexity and their budgetary treatment may obscure losses until they are unavoidable. Federal pension insurance, administered by the Pension Benefit Guaranty Corporation PBGC, is one such program current budget data do not provide enough information to understand and assess its financial performance. In addition, the program has accumulated a deficit that is likely to increase unless the Congress tightens the terms of the insurance and improves the governments ability to respond to indications of financial imbalance in the pension insurance system. At the request of the House Committee on Ways and Means, Subcommittee on Oversight, the Congressional Budget Office CBO prepared this study of federal pension insurance. The study examines the causes of PBGCs losses and offers several options for reforming the program. In keeping with CBOs mandate to provide nonpartisan analysis, the report contains no recommendations.
- Administration and Management
- Economics and Cost Analysis
- Government and Political Science