PBGC releases strategic plan for 2018-2022

The Pension Benefit Guaranty Corporation (PBGC) has released its Strategic Plan for 2018-2022. The Government Performance and Results Act Modernization Act of 2010 requires federal agencies to develop a new strategic plan every four years..

Management priorities and factors

The PBGC has identified five priorities to effectively manage its insurance programs. The PBGC said that focusing on these five priorities will help it strengthen its insurance programs, manage resources, and improve customer service. They include:

  • Encouraging continuation and maintenance of voluntary private pension plans for the benefit of their participants;
  • Enhancing production quality and reducing the inventory of unissued benefit determination letters;
  • Completing implementation of enterprise risk management;
  • Addressing workforce challenges to prevent an impact on the PBGC’s ability to carry out its mission; and
  • Continuing to improve the internal control environment.

Strategic goals

According to the PBGC, its three strategic goals flow directly from the purposes the Corporation was created to accomplish. They are to:

  • Preserve plans and protect the pension of covered workers and retirees;
  • Pay benefits on time and accurately; and
  • Maintain high standards of stewardship and accountability.

The PBGC accomplishes the first goal by:

  • Encouraging plan sponsors to continue to maintain their defined benefit plans;
  • Protecting workers and retirees when plans are at risk;
  • Creating a regulatory environment that minimizes burdens;
  • Uniting more missing participants with their pension;
  • Encouraging flexibility to preserve plans through changes in legislation and regulations; and
  • Aiding policy makers to address the impending insolvency crisis in the Multiemployer Insurance Program.

As to the second goal, the PBGC will focus on:

  • Providing exceptional customer service to pensioners;
  • Ensuring regular monthly benefit payments continue without interruption; and
  • Providing accurate and timely benefit calculations subject to the limits set by law.

For the third goal, the PBGC will show its commitment by:

  • Providing exceptional customer service;
  • Seeking opportunities to improve the PBGC’s finances;
  • Maintaining a high performance workforce; and
  • Maintaining effective information technology and security programs.

Source: Pension Benefit Guaranty Corporation, Strategic Plan FY 2018-2022.
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