We hired an Independent Public Accountant (IPA) to analyze the three multiemployer plan receiving financial assistance from PBGC. The IPA completed the following procedures:1. Verified the accuracy of the original benefit computations performed by the plan’s actuary,2. Verified the benefit payments are being made to eligible participants, and3. Verified the benefits were properly cutback to the PBGC guaranteed level in accordance with Section 4022A of the Employee Retirement Income Security Act of 1974The IPA actuaries evaluated forty-eight (48) different test lives across the three plans, and they noted a number of exceptions. Specifically, they noted 15 of 48 exceptions in AUP No. 1, 25 of 48 exceptions in AUP No. 2, and 22 of 48 exceptions in AUP No. 3. These exceptions do not necessarily denote overpayments requiring recoupment, but they do warrant further examination by PBGC.The OIG recommended corrective action to determine which exceptions require benefit adjustments from plan sponsors, and seek recoupment if necessary.Personal identifiable information in the report has been redacted.
| Report Date | Agency Reviewed / Investigated | Report Title | Type | Location | |
|---|---|---|---|---|---|
| Pension Benefit Guaranty Corporation | Agreed-Upon Procedures Report on the Pension Benefit Guaranty Corporation’s Multiemployer Insurance Program | Other | Agency-Wide | View Report | |
| Smithsonian Institution | Independent Accountant’s Report on the Smithsonian Enterprises Net Gain for Fiscal Year 2016 | Audit | Agency-Wide | View Report | |
| Smithsonian Institution | Independent Auditors’ Report on the Smithsonian Institution’s Fiscal Year 2016 Financial Statements | Audit | Agency-Wide | View Report | |
| Department of Defense | Medical Service Accounts at U.S. Army Medical Command Need Additional Management Oversight | Audit | Agency-Wide | View Report | |
| Department of Agriculture | Coordination of USDA Farm Program Compliance - FSA, RMA, AND NRCS | Audit | Agency-Wide | View Report | |
| Troubled Asset Relief Program | SIGTARP's Quarterly Report to Congress - Q1 2017 | Semiannual Report | Agency-Wide | View Report | |
| General Services Administration | Review of Reimbursable Work Authorizations Managed by the PBS Pacific Rim Region Service Centers | Audit | Agency-Wide | View Report | |
| General Services Administration | Implementation Review of Action Plan Personally Identifiable Information Unprotected in GSA's Cloud Computing Environment | Audit | Agency-Wide | View Report | |
| General Services Administration | Implementation Review of Action Plan Sensitive But Unclassified Building Information Unprotected in GSA's Cloud Computing Environment | Audit | Agency-Wide | View Report | |
| U.S. Postal Service | Use of Run Plan Generator | Audit | Agency-Wide | View Report | |
