Profiles of Existing Government Corporations - US Government ...

c
I I
--
NOTES:
197
CORPORATION PROPILE
a.In addition to the purpose and reaponaibilitiea outlinms, PBGC
provides financial aaaiatance through 8ingla employer and nulti-
employer programs. Under the former program, PBGC guarantees
payment of a covered plan's basic benefits if that plan
terminates without sufficient aaaata to pay thoaa benefits.
Under tha latter, PEGC provides financial aaaiatance to plans
The plane are obligated
which are unable to Pay basic bonoifta.
to repay l uch aaaistanca.
b.GAO*a last audit Of PBGC'a financial l tatamanta was for fiscal
year 1960. GAO issued a disclaimer of opinion due to material
accounting and l animating problems, internal control problems,
and other factors bayond PBGC’a control.
c.Ravanuaa include premium income of $204,365,000 and investment
and other incorm of $264,660,000.
d.Amount includoa infrequent event arising from plan restoration
91,614,514,000 CR Leas $62,040,000 Expanaaa