PBGC runs two pension insurance programs: single-employer and multiemployer. While each program is designed to protect pension benefits when plans fail, they differ significantly in the level of benefits guaranteed, the insurable event that triggers the guarantee, and premiums paid by insured plans. The two programs are financially separate. Assets of one program may not be used to pay obligations of the other. Here's a deeper look into both programs.
The single-employer program covers pension plans that are sponsored by one employer. The insurable event triggering PBGC's obligation to provide guaranteed benefits is termination of an underfunded plan. This typically happens when the employer sponsoring the plan goes out of business or bankrupt, and can no longer afford to keep the plan going. When this happens, PBGC takes over the plan's assets, administration and payment of plan benefits (up to the legal limit). More...
In case you missed it, we’ve added five new data sets to our Open Government webpage since our last post:
· PBGC Appeals Board Data (PDF)
This data shows the number of appeals opened and closed, average number of days to close an appeal, percent of appeals with a decision change, and current number of appeals for FY 2006 through 2015.
· PBGC Customer Satisfaction (Excel file, 18.7 KB)
This spreadsheet contains a graphical depiction of PBGC's customer satisfaction index for FY 2013 through FY 2015. PBGC uses the ForeSee CXA survey methodology to ensure customer ratings are objective. ForeSee CXA is a recognized standard throughout government and industry and is based on a 0-to-100 score. Customer satisfaction surveys are presented to visitors throughout the year to measure overall customer satisfaction and their satisfaction with our PBGC.gov website. This data set will be updated annually.
"It's an honor for me to become PBGC's next Director. I've spent most of my professional life helping employers start and maintain retirement plans. I appreciate the faith the Administration and the Senate have shown in nominating and confirming me and I'm looking forward to getting started."
PBGC's Open Government webpage highlights our commitment to increase transparency, participation and collaboration with our stakeholders. The page includes important PBGC data sets that are used to increase our accountability to the public, and to improve the public's awareness of our operations and how we carry out our mission.
The page also provides information about how the American public can provide input to help make PBGC's performance even better and more engaging. We invite you to review our Open Government Plan [PDF] and principles that shape our commitment to Open Government.