Participant advocacy groups and plan sponsors see the Pension Benefit Guaranty Corp. as a lumbering, adversarial bureaucracy with poor communication skills, inadequate internal coordination and questionable processes for handling claims.
All of that is according to the first annual report from the agency's Participant and Plan Sponsor Advocate, a watchdog of sorts. The effort to document the views of employers that pay the premiums that insure the country's defined benefit plans is the first of its kind; its unvarnished version of life at the PBGC comes after Congress enacted legislation in 2012 creating the advocate's role.
In her 38-page report, that advocate, Constance Donovan, said participants and sponsors alike complain about the PBGC's "growing adversarial and over-reaching approach," which, she says, "can in the long-term affect the retirement security of millions of Americans."
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
