The PBGC insures the benefits of 43 million participants from default of their employer-sponsored defined benefit pension plans. To carry out its work, PBGC relies heavily on the services of contractors whose headquarters & field employees account for almost half of the workforce involved in processing PBGC's workloads. This report: (1) determines the basis for PBGC's decisions regarding the use of contractors versus government personnel to address its workloads; (2) assesses PBGC's processes & procedures for selecting contractors; & (3) determines how effective PBGC has been in monitoring the performance of its contractors. Tables.

The Pension Benefit Guaranty Corp. (PBGC) employs 800 fed. employees and uses 1,500 private sector employees to insure the pensions of millions of private sector workers and retirees in certain employer-sponsored pension plans. In recent years, PBGC¿s projected financial liabilities and workloads have increased greatly due to a large no. of pension plan terminations. Given this, it is important that PBGC remain well positioned to fulfill its promise to those retirees who depend on it. This is a report on: PBGC¿s recent experience in hiring and retaining key staff and how it compared to other fed. agencies; and the actions PBGC has taken to hire and retain key staff and what additional steps, if any, can be taken. Includes recommend. Illustrations.

The Pension Benefit Guaranty Corp. (PBGC) insures the pensions of more than 44 million workers in over 30,000 employer-sponsored defined benefit pension plans. In response to growing workloads, PBGC has come to rely heavily on contractors to conduct its work. This is a report on: (1) the role that contracting plays in PBGC¿s efforts to accomplish its mission; (2) the steps PBGC has taken to improve its acquisition infrastructure and develop a strategic approach to guide its contracting activities; and (3) the steps PBGC has taken to improve its contact oversight processes to ensure accountability. Includes recommendations. Charts and tables.

The Pension Benefit Guaranty Corp. (PBGC) insures the retirement future of nearly 44 million people in more than 30,000 private-sector defined benefit pension plans. In July 2003, PBGC¿s single-employer pension insurance program was designated as ¿high risk,¿ meaning that it needed urgent attention and transformation. The program remains on the list today with a projected financial deficit of over $13 billion, as of Sept. 2007. Because Congress exercises oversight of PBGC, the author was asked to testify on: (1) the critical role PBGC plays in protecting the pension benefits of workers and how PBGC is funded; (2) the financial challenges facing PBGC; and (3) the PBGC¿s governance, oversight and management challenges. Tables.

Features a pension search directory, provided by the Pension Benefit Guaranty Corporation (PBGC). Contains a directory of people who have earned a pension benefit and could not be located by their companies. Provides searching instructions. Allows users to search by name, company, and by state. Links to the home pages of the PBGC and the U.S. Department of Labor.