A MESSAGE FROM THE DIRECTOR
For nearly five decades, the Pension Benefit Guaranty Corporation (PBGC), has steadfastly upheld its mission: safeguarding the retirement security of over 31 million of America’s workers, retirees, and their families.
At PBGC, our enduring commitment to our mission drives our dedicated team of talented professionals to meet the highest standards of customer service, ensuring the stability of those who rely on private sector defined benefit plans.
PBGC once again achieved the distinction of being ranked among one of the best places to work in the federal government, securing the second-place position among small federal agencies. In addition, PBGC ranked number one in the following eight categories: Effective Leadership; Effective Leadership: Empowerment; Teamwork; Innovation; Work-Life Balance; Diversity, Equity, Inclusion, and Accessibility (DEIA); DEIA: Inclusion; Recognition; and Performance: Transparency. This accolade echoes the collective spirit of teamwork, the depth of talent, and an unwavering pursuit of excellence.
For the third consecutive year, both PBGC’s Multiemployer and Single-Employer Insurance Programs ended the fiscal year with positive net positions. The Multiemployer Program had a net positive position of $1.5 billion at the end of FY 2023, compared with $1.1 billion at the end of FY 2022. PBGC’s Single-Employer Program remains financially healthy with a positive net position of $44.6 billion at the end of FY 2023, compared with $36.6 billion at the end of FY 2022.
Due to the improved financial position of both insurance programs in recent years, the Government Accountability Office (GAO) removed both of our insurance programs from its High-Risk List in its April 2023 High-Risk Series Report.
In adherence to the provisions of the American Rescue Plan Act of 2021, PBGC made substantial strides in the Special Financial Assistance (SFA) Program. The SFA Program is pivotal in ensuring that millions of America’s workers, retirees, and their families receive the pension benefits rightfully earned through years of dedicated service. In FY 2023, PBGC approved over $45.9 billion in special financial assistance to 35 severely underfunded multiemployer pension plans that cover nearly 615,000 participants. Our unwavering dedication extends into the future, ensuring the realization of the SFA Program’s objectives in the months and years ahead.
Simultaneously, PBGC has fortified its IT infrastructure, streamlined agency operations, and improved the overall customer experience. Our proactive approach to strengthening cybersecurity is evident in high-level FISMA ratings. Notably, for the third consecutive year, PBGC obtained an overall Office of the Inspector General FISMA rating of “effective,” underscoring our enduring commitment to digital security.
The FY 2023 Annual Report is the 31st consecutive year the agency has received an unmodified audit opinion on its financial statements and the eighth consecutive year of an unmodified audit opinion on internal control over financial reporting. Additionally, as required by OMB Circular A-136, I am pleased to confirm with reasonable assurance the completeness and reliability of the data presented in the FY 2023 Annual Management Report and the FY 2023 Annual Performance Report, included in this Annual Report.
PBGC’s achievements in FY 2023 demonstrate our steadfast adherence to regulatory compliance, customer service, and technological advancement. We remain unwavering in our commitment to securing the retirement security of millions of America’s workers, retirees, and their families.
November 15, 2023