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Pension Benefit Guaranty Corporation (PBGC) Non Engineering Services (NES)

Tygart is one of four prime contractors on the PBGC NES contract. The objective of the Non Engineering Services (NES) contract is to provide non-engineering support services in information technology in regard to program policies and planning; infrastructure planning; governance planning and operations integration under a multiple-award, Indefinite Delivery/Indefinite Quantity (IDIQ), performance-based contract.

The contract also provides for strategic sourcing and acquisition management; IT capital planning and investment controls; information assurance and security; communications; marketing; training; and general administrative support activities.

The NES contract is a 5 year performance based contract with services in Firm Fixed Price (FFP), Cost Plus Fixed Fee (CPFF), and Time and Material (T&M) task orders and includes 24 labor categories.

The Pension Benefit Guaranty Corporation is a federal corporation created by the Employee Retirement Income Security Act of 1974. It currently protects the pensions of nearly 44 million American workers and retirees in more than 29,000 private single-employer and multiemployer defined benefit pension plans. PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.

The Pension Benefit Guaranty Corporation: Who Will Guarantee This Guarantor?

July 16, 2012

Defined-benefit pension plans are very difficult to finance successfully -- that is why so many of them, both private and public, are deeply underfunded. It is also why they are a disappearing financial species, as numerous corporations including General Motors move away from them, says Alex J. Pollock is a resident fellow at the American Enterprise Institute.

Unfortunately, these chronically underfunded plans are being left at the door of taxpayers. The Pension Benefit Guaranty Corporation (PBGC) was created to be a self-financing guarantor of corporations' pension plans, paying out in the case that companies could not. Unfortunately, the self-financing requirement does not look to be panning out.

The PBGC insures two separate programs, Single-Employer and Multi-Employer, which are currently running $23 billion and $3 billion deficits, respectively, for a total of $26 billion. Further, these losses are only expected to increase, as many of the defined-benefit plans currently under the supervision of the PBGC are woefully close to insolvency. According to a recent estimate by Credit Suisse, multiemployer plans nationwide have liabilities $369 billion greater than assets. The figure for single-employer plans ($357 billion according to the actuarial firm Milliman) is comparable.

These losses would not be the concern of taxpayers if the PBGC operated according to its mandate, which requires that the entity be capable of covering its own losses. However, the debt of government-created institutions all-too-often finds itself to be a vital taxpayer interest that necessitates saving.

The PBGC remarked in its latest annual report that its founding act "provides that the U.S. government is not liable for any obligation or liability incurred by PBGC." This, unfortunately, is remarkably similar to Fannie Mae's statement, one month before it failed in 2008, that "the U.S. government does not guarantee, directly or indirectly, our securities or other obligations." That latter case has resulted in the federal government shipping some $116 billion in the direction Fannie Mae

This begs the question, how much will the PBGC require the taxpayers to put up to cover its irresponsible lending practices?

Source: Alex J. Pollock, "The Pension Benefit Guaranty Corporation: Who Will Guarantee This Guarantor?" The American, June 25, 2012.

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