Pension Benefit Guaranty Corporation
The Pension Benefit Guaranty Corporation (PBGC) protects the pensions of more than 44 million American workers and retirees in more than 29,000 private defined benefit pension plans. In 2009, Phase One was tasked with supporting a business-driven analysis of benefits administration and payment processes which are at the core of the PBGC mission. These processes ensure timely payment of pensions to current and future beneficiaries whose employers can no longer afford the pension plan or chose to terminate sponsorship of it. The Benefits Administration (BA) Segment Architecture was performed by a cross-organization team comprised of business representatives and the PBGC Enterprise Architecture team in order to define a set of practical recommendations and solutions for improving the administration of benefits at PBGC.
Why This Matters To You
The Benefits Administration and Payment Department (BAPD) enables PBGC to meet its mission by providing timely and uninterrupted payments to plan participants, while maintaining and improving customer service. BAPD manages pension benefit accounts, delivers payments to participants, and manages participant correspondence. Benefits Administration (BA) is supported by a collection of IT systems which help provide uninterrupted services to over a million participants in PBGC pension plans in a manner consistent with private sector financial services. PBGC depends on BAPD to meet performance measures for customer service as identified in the agency’s strategic plan and to directly support the President’s Management Agenda initiatives.
With the recent economic turmoil in the United States, an increasing number of companies have been forced to abandon their pension plans, triggering an alarming increase in BAPD’s workload and responsibilities. In order to continue to fulfill PBGC’s mission, BAPD is undergoing a wide-ranging business modernization to improve the strategy, processes and IT systems that support operations.
How We Helped
Through this process, the team gained a comprehensive understanding of the challenges affecting BAPD in the current business process, data, and technology environments. This analysis allowed for the design of a target state of operations that meets the business-defined goals and objectives for modernization.
Phase One helped conduct business, technical, and data analysis to identify nine areas of improvement. Phase One partnered with BAPD to develop and prioritize 33 recommendations to improve customer service, control costs, increase efficiency, and help ensure a viable future for an organization that sustains the lifeblood of many American citizens. Following implementation of the recommendations put forth by Phase One and the core team of business representatives, PBGC will be well positioned to meet the increasing demands of mission performance in this recovering economic climate.