PBGC_Participant Management.
Investment ID: 012-000005003
Overview
Program Title
PBGC_Participant Management.
Description
PBGC's activities--plan terminations & participant services; benefit calculation for trusteed plans; & determines present value of future benefits.
Type of Program
Major IT Investments
Multi-Agency Category
Not Applicable
Associated Websites
https://www.pbgc.gov/mypba
Investment Detail
The program provides the capability to administer benefits to over 1.5 million participants in PBGC trusteed pension plans. It provides un-interrupted services by phone, email, or through the internet to participants whose plans are currently trusteed by PBGC, of which over 970,000 retirees or their beneficiaries are receiving benefit payments, totaling more than $6.4 billon.
BA systems support over 900 PBGC users at three locations and around a quarter of a million external users (online users of MyPBA), allowing PBGC users to properly and efficiently service participant needs and allowing participants to directly manage their account information respectively. BA's modernization plan allows PBGC to increase customer satisfaction, reduce the costs by consolidating applications, provide additional self-service transactions online, and continue to pay pension benefits on time & accurately in ways that maintain high standards of stewardship & accountability.
BCV is PBGC's pension calculation and valuation solution, used by plan actuaries to determine participant benefits and calculate corporate liabilities for plans PBGC will trustee. The actuarial calculations that the systems perform are essential in determining eligibility and correct benefit amount for participants entering pay status (PBGC currently pays participants approximately $6.4 billion annually).
IPVFB calculates and integrates the amounts of future benefits of trusteed pension plans, those considered at high risk' of being trusteed, and others creating potential liability. As an internal benefit to PBGC, IPVFB supports the multiemployer program through the evaluation of multiemployer plan assets and liabilities, monitors potential errors in the benefit payment database and reporting errors to the case processing staff and produces the Present Value of Future Benefits results that are vital inputs to maintaining the PBGC's unqualified audit opinion. External benefits include IPVFB's computation of the present value of future benefits and expenses of PBGC which is used to report to the US Congress annually. Importantly it is a contributing source by which millions of American workers' pension benefits are secured. The completion of the modernization project addressed multiple audit findings related to improvements to security controls, the quality of data needed to calculate the corporation's financial liability, and the replacement of outdated technology.
BA systems support over 900 PBGC users at three locations and around a quarter of a million external users (online users of MyPBA), allowing PBGC users to properly and efficiently service participant needs and allowing participants to directly manage their account information respectively. BA's modernization plan allows PBGC to increase customer satisfaction, reduce the costs by consolidating applications, provide additional self-service transactions online, and continue to pay pension benefits on time & accurately in ways that maintain high standards of stewardship & accountability.
BCV is PBGC's pension calculation and valuation solution, used by plan actuaries to determine participant benefits and calculate corporate liabilities for plans PBGC will trustee. The actuarial calculations that the systems perform are essential in determining eligibility and correct benefit amount for participants entering pay status (PBGC currently pays participants approximately $6.4 billion annually).
IPVFB calculates and integrates the amounts of future benefits of trusteed pension plans, those considered at high risk' of being trusteed, and others creating potential liability. As an internal benefit to PBGC, IPVFB supports the multiemployer program through the evaluation of multiemployer plan assets and liabilities, monitors potential errors in the benefit payment database and reporting errors to the case processing staff and produces the Present Value of Future Benefits results that are vital inputs to maintaining the PBGC's unqualified audit opinion. External benefits include IPVFB's computation of the present value of future benefits and expenses of PBGC which is used to report to the US Congress annually. Importantly it is a contributing source by which millions of American workers' pension benefits are secured. The completion of the modernization project addressed multiple audit findings related to improvements to security controls, the quality of data needed to calculate the corporation's financial liability, and the replacement of outdated technology.