Press Releases

Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) issued the following statement after the Office of Inspector General (OIG) released a report finding that the Pension Benefit Guaranty Corporation (PBGC) approved special financial assistance (SFA) applications that may have included deceased participants:

“Today’s OIG report is yet another strike against the taxpayer-funded bailout of multiemployer pension plans. Following a limited review of five SFA applications, the OIG estimates that PBGC made $6 million in possible improper payments to multiemployer plans that did not account for deceased participants. One thing remains abundantly clear: fiscal ineptitude continues to engulf the SFA program like a contagion. Hardworking taxpayers continue to be robbed blind by this program and should be irate. No, you cannot take your money to the grave, but SFA applications would argue the contrary. PBGC must take corrective action immediately.”

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