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Pension Benefit Guaranty Corporation: Workers and Retirees Experience Delays and Uncertainty When Underfunded Plans Are Terminated: Testimony Before the Committee on Health, Education, Labor, and Pensions, U.S. Senate
Barbara D. Bovbjerg (au)
Statement of Barbara D. Bovbjerg, Dir., Education, Workforce, and Income Security, GAO. Under the single-employer insurance program, the Pension Benefit Guaranty Corp. (PBGC) may become the trustee of underfunded plans that are terminated and assume responsibility for paying benefits to participants as they become due, up to certain legal limits. From its inception in 1974 through the end of FY 2008, PBGC has terminated and trusteed a total of 3,860 single-employer plans covering some 1.2 million workers and retirees. Since 2008, the economic downturn has brought a new influx of pension plan terminations to PBGC, and more are expected to follow. This testimony describes: (1) PBGC's process for determining the amount of benefits to be paid; and (2) PBGC's recoupment process when the estimated benefit provided is too high and a retiree receives an overpayment that must be repaid. In a recent report, GAO made numerous recommendations. PBGC generally agreed and is taking steps to address the concerns raised. No new recommendations are being made in this testimony. Figures.
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