Insurers Are Competition for the PBGC: GAO Chief
February 11, 2019 by Allison Bell
The private insurers in the group annuity market are taking paying pension guarantee customers away from the Pension Benefit Guaranty Corp. (PBGC)
Gene Dodaro, the comptroller general of the United States, talked, briefly, about the competition between the PBGC and the private “pension risk transfer” market Wednesday, at a hearing on financial security in retirement that was organized by the Senate Special Committee on Aging.
Dodaro was the only hearing witness who mentioned annuities in the written version of the testimonies posted on the committee website.
Dodaro — who serves as the head of the U.S. Government Accountability Office (GAO), an agency that helps Congress keep tabs on what’s happening at federal agencies and in federal programs — mentioned the private risk transfer market while discussing the challenges facing the PBGC.
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