PBGC_Financial Management.
Investment ID: 012-000005001
Overview
Program Title
PBGC_Financial Management.
Description
Enables PBGC's core financial business processes by capturing all financial transactions and producing the agency's financial statements; accounting for investments; and collecting and processing premiums.
Type of Program
Major IT Investments
Multi-Agency Category
Not Applicable
Associated Websites
MyPAA accessed at https://mypaa.pbgc.gov/
Investment Detail
The FMS provides PBGC's investment and financial transaction and reporting capabilities of PBGC's financial position, and facilitates required internal controls to safeguard PBGC's assets. For 26 consecutive years, PBGC has received an unmodified audit opinion on its annual financial statements. This system achieved its' ROI in 2006 when it was implemented to replace the PBGC legacy financial management system. The FMS also provides the capability necessary to track and collect about $5.5B in pension insurance premiums in FY2018 as well as maintaining key plan operational and demographic data for more than 25,000 defined benefit plans. This data is crucial for the Office of Negotiations & Restructuring (ONR), Corporate Finance & Restructuring (CFRD), Risk Mitigation & Early Warning (RMEW), and the Policy, Research, and Analysis Department (PRAD) to perform risk management activities effectively. The FMS IT program continues in a mixed life cycle status, as there are annual legislative / regulatory changes to PBGC's insurance program and periodic major upgrades to the COTS functionality and technical construct that are necessary to retain the vendor's support.