The PBGC is searching for an actuary to verify companies claims that their pension funds are fully funded. "I am told the Schedule B on the 5500s is very complex, and sometimes inadvertently the full funding limit has been checked and should not have been checked, said a PBGC spokesman. The actuary will review the agencys screening process to ensure it works as it should.
Pension funds pay an insurance premium of $19 per participant; those with shortfalls pay an additional variable insurance premium of $9 per $1,000 in unfunded vested benefits.
The deadline for proposals is Tuesday; a selection is expected this fall.