The longstanding concerns of pension industry lobbyists about the accuracy of PBGC's financial projections should be eased now that the agency has agreed to release its pension insurance modeling system, or PIMS, to the Schaumburg, Ill.-based Society of Actuaries.
The Pension Benefit Guaranty Corp., Washington, had not previously released PIMS to the industry. PIMS uses a sophisticated computer program to project estimates of the financial condition of both defined benefit plans and the agency itself.
“This agreement (with the Society of Actuaries) is important,” PBGC Director Joshua Gotbaum said in an Oct. 12 news release. “It helps the PBGC ensure the quality of its work by giving experts open access to our models, and it helps the broader community by giving actuaries a more powerful tool for their research.”
Said Mark Ugoretz, president and CEO of the Washington-based ERISA Industry Committee: “It's a long time in coming, and we're very appreciative to Director Gotbaum for making this happen.”