Compliance

PBGC Creating Department of Quality Management

October 17, 2012 (PLANSPONSOR.com) – Diane Braunstein, an associate commissioner of the Social Security Administration, is joining the Pension Benefit Guaranty Corporation (PBGC) to create a Department of Quality Management.  

By Rebecca Moore editors@plansponsor.com | October 17, 2012
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In this role, she will oversee a new department focused on best practices for the benefits department and the agency at large. In addition, Philip R. Langham, the former executive director of the Richmond Retirement System, is now director of the Benefits and Payment Department (BAPD) and has been on board since mid-September.  

 Langham will lead ongoing improvements stemming from the strategic review of BAPD that began in 2011 (see   "PBGC Audit Finds Fault with Internal Controls"), including establishment of new groups specializing in valuing pension assets and in data acquisition. The agency had problems with benefit payments for U.S. Airways (see “U.S. Airways Employees Owed Interest for Delayed Pension Payments”) and United Airlines (see “PBGC to Begin Back Payments for United Airlines Retirees”) retirees and beneficiaries.  

In addition, a Management Advisory Report issued in May said calculations in PBGC financial reports were wrong due to the lack of a quality control process (see “Report Says PBGC Calculations Flawed”).

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