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Protecting Pensions
This week I’m holding the Pension Benefit Guarantee Corporation, or PBGC, accountable for inaccurate reports it has given to an Inspector General in response to cases where personal identification information was put at risk, regarding responsible management of contracts and about the security of information technology operations. Click here to read my letter to the Acting Director of the PBGC.
The PBGC is a federal entity that protects the pensions of more than 44 million American workers and retirees. The agency isn’t funded by the Treasury, but mostly by investment returns and insurance premiums paid by companies that sponsor pension plans. Four years ago, the President signed into law bipartisan, bicameral legislation I co-authored to dramatically strengthen pension protections. Our effort responded to the Enron scandal and other company bankruptcies that left pensioners holding the short end of the stick. Companies are now required to fully fund their pension plans and fully disclose pension plan information. It also makes sure pension obligations are more clearly established, closes loopholes that had allowed some companies to underfund plans, and gives workers more control than they previously had over how pension dollars are invested.
Inspectors General are watchdogs put on the job throughout the federal government to identify mismanagement and other abuses. I’ve gone to bat for Inspectors General when agency leaders attempt to interfere with their independence and public reports of wrongdoing. I’ve also held Inspectors General accountable when they fail to do the job for the good of the programs and operations they are charged with overseeing, as well as the taxpayers.
This week I’m holding the Pension Benefit Guarantee Corporation, or PBGC, accountable for inaccurate reports it has given to an Inspector General in response to cases where personal identification information was put at risk, regarding responsible management of contracts and about the security of information technology operations. Click here to read my letter to the Acting Director of the PBGC.
The PBGC is a federal entity that protects the pensions of more than 44 million American workers and retirees. The agency isn’t funded by the Treasury, but mostly by investment returns and insurance premiums paid by companies that sponsor pension plans. Four years ago, the President signed into law bipartisan, bicameral legislation I co-authored to dramatically strengthen pension protections. Our effort responded to the Enron scandal and other company bankruptcies that left pensioners holding the short end of the stick. Companies are now required to fully fund their pension plans and fully disclose pension plan information. It also makes sure pension obligations are more clearly established, closes loopholes that had allowed some companies to underfund plans, and gives workers more control than they previously had over how pension dollars are invested.
Inspectors General are watchdogs put on the job throughout the federal government to identify mismanagement and other abuses. I’ve gone to bat for Inspectors General when agency leaders attempt to interfere with their independence and public reports of wrongdoing. I’ve also held Inspectors General accountable when they fail to do the job for the good of the programs and operations they are charged with overseeing, as well as the taxpayers.