All Reports

The Office of Inspector General issued the audit of PBGC's Financial Statement Closing Package for Fiscal Year 2016 and 2015.The financial statements and accompanying notes contained in the closing package were prepared for the purpose of complying with the requirements of the U.S. Department of the Treasury's Financial Manual (TFM) Volume I, Part 2, Chapter 4700 and the Treasury’s Supplemental Guidance to TFM Volume I, Part 2, Chapter 4700 dated October 17, 2016 for the purpose of providing financial information to the U.S. Department of the Treasury and U.S.

The Office of Inspector General issued an audit of the internal controls over financial operations for the Single-Employer and Multiemployer Program Funds administered by the Pension Benefit Guaranty Corporation (PBGC).This report provides a more detailed discussion of the specifics underlying the unqualified opinion on internal control over financial reporting reported in the internal control deficiencies section of the combined Independent Auditors’ Report dated November 15, 2016 (AUD-2017-2/FA-16-110-1).

The Office of Inspector General issued the audit of the financial statements of the Single-Employer and Multiemployer Program Funds administered by the Pension Benefit Guaranty Corporation (PBGC) as of and for the years ended September 30, 2016 and 2015 finding:The financial statements were presented fairly, in all material respects, in conformity with accounting principles generally accepted in the United States of America.

We contracted with CliftonLarsonAllen LLP, an independent public accounting firm, to perform an evaluation of PBGC’s information security program as required by the Federal Information Security Modernization Act (FISMA). In Fiscal Year 2016, PBGC made progress improving its information security program by publishing its Information Security Risk Management Framework Process and requiring the use of PIV for authentication; however, improvements are still needed.

The Government Charge Card Abuse Prevention Act of 2012 (Public Law 112-194) requires Offices of Inspector General to, among other things, conduct periodic assessments of the government purchase card program to identify and analyze risks of illegal, improper, or erroneous purchases and payments. According to Office of Management and Budget memorandum M-13-21, this risk assessment should be performed annually. The purpose of this memorandum is to fulfill the requirements of the Act and OMB guidance.

As part of the Consolidated Appropriations Act of 2016 (Public Law 114-113), Congress passed the Cybersecurity Act of 2015 which required Offices of Inspectors General to conduct an evaluation and submit a report on “covered” computer systems to the appropriate committees of jurisdiction in the Senate and the House of Representatives by August 14, 2016. We evaluated aspects of PBGC computer systems that provide access to personally identifiable information (PII).

We received a complaint from a former pension benefits supervisor (Complainant) of a PBGC contractor (Contractor) who claimed she was terminated in October 2014, in retaliation for making protected disclosure of certain information, in violation of 41 U.S.C. § 4712, (Pilot Program for Enhancement of Contractor Protection from Reprisal for Disclosure of Certain Information).