GAO Press Statement July 23, 2003 The U.S. General Accounting Office (GAO) today designated the Pension Benefit Guaranty Corporation's (PBGC) single employer pension insurance program as "high risk," adding it to the list of major federal programs that need urgent attention and transformation to ensure that our national government functions in the most economical, efficient, and effective manner possible. Programs, functions, or activities receiving a high-risk designation receive more comprehensive oversight from GAO, and their progress is assessed in regular biennial reports (http://www.gao.gov/pas/2003/d03119.pdf).
Today's announcement came from Comptroller General of the United States David M. Walker, head of the GAO. According to Comptroller General Walker, "The PBGC single insurance program has a significant accumulated deficit and faces additional potential losses due to a variety of factors, including certain weaknesses in the current minimum funding rules and insurance provisions. In addition, the PBGC has significant exposure in industries that are affected by increasing global competition and the move from an industrial to a knowledge-based economy." See attached document for more information -- http://www.gao.gov/cgi-bin/getrpt?GAO-03-1050sp If you have questions, contact GAO's Office of Public Affairs, 202-512-4800, or Barbara Bovbjerg, director for education, workforce, and income security issues, 202-512-5491. =========================================================== This list is produced by the U.S. General Accounting Office to provide daily information about GAO Reports and Testimony. Access GAO on the web at http://www.gao.gov
