The PBGC and the Federal Thrift Savings Plan will operate normally even if there is a federal government shutdown, which could occur at 12:01 a.m. EDT Tuesday if Congress doesn't act to avoid it.
Pension Benefit Guaranty Corp. spokesman Marc Hopkins said in a telephone interview that the agency “will be open for business, pay benefits and provide customer services.” The PBGC is not affected because it is funded through insurance premiums and plan assets.
The $366.7 billion Federal Thrift Savings Plan, Washington, will also be operating normally. “We are not funded by appropriated monies,” said spokeswoman Kim Weaver in a telephone interview.
The U.S. Treasury released an updated contingency plan Friday, saying departmental offices will continue to provide “certain critical functions in a limited capacity, such as management of the government's cash position, continuation of borrowing/debt programs, economic analysis and implementation of tax policies and programs.”
The Internal Revenue Service will halt non-automated collections and tax-processing activities but continue limited activities such as “computer operations necessary to prevent loss of data.” The shutdown would cause a halt in telephone customer service at the IRS.
Phone calls to Steve Barr and Michael Trupo, spokesmen for the Department of Labor and the Employee Benefits Security Administration, were not returned by press time.
At press time, the House and Senate had not reached agreement on legislation to fund the government.
