PBGC Miscalculated Bankrupt Pension Values: Audit

Law360, New York (November 17, 2011, 7:25 PM EST) -- An annual audit released Monday found that the federal agency charged with taking over pension plans from failed companies routinely miscalculated benefits that were given to retirees and did not conduct proper valuations of some benefit plans.

The audit for the fiscal year ending Sept. 30 found that the Pension Benefit Guaranty Corp.'s Benefits Administration and Payment Department also had “serious internal control weaknesses” in the management of its main programs, the Pension and Lump Sum System, which handles payments to some retirees whose companies went...
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