PBGC appreciates OIG’s conclusion reached in their closure memo of September 27, 2023, that Special Financial Assistance (SFA) funds were not improperly paid to plans, were not paid to deceased participants or beneficiaries, and should not be subject to recovery actions.
OIG’s June 12, 2023, White Paper, “Searching Plan Records for Deceased Participants,” highlighted limitations on the accuracy of commercial vendors' death audits. In response, PBGC promptly revised the application review process to require an independent death audit for all pending and prospective SFA applications. PBGC has worked with the OIG to resolve the OIG’s latest recommendation to further improve that process and the agency will implement this change, effective November 1, 2023.
As it has previously, PBGC continues to collaborate with the OIG to improve data collection and accuracy and ensure sound program management of the Special Financial Assistance Program.