Problems at the PBGC

Overcomer writes:

http://www.nytimes.com/2011/12/02/business/contractors-work-for-us-pension-guarantor-was-flawed-audit-says.html?_r=1&ref=accountingandaccountants.

After reading that the inspector general  found that “Integrated Management had made errors of math and logic that could affect the value of pensions being paid to tens of thousands of people. That includes the participants of the big pension plans at United Airlines, which collapsed so catastrophically in 2005 that Congress responded with a broad overhaul of the federal pension law, in hopes of preventing such calamities in the future.”

I am surprised that the Pension Benefit Guaranty Corporation continued to use Integrated Management and even worse, expanded the company’s duties. 

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About Mark P. Holtzman

Chair of Accounting Department at Seton Hall University. PhD from The University of Texas at Austin. Worked at Deloitte's New York Office. BSBA from Hofstra University.

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