High Country Times

Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) has expressed dissatisfaction with the Pension Benefit Guaranty Corporation (PBGC) for its handling of a recent investigation. Foxx highlighted the recovery of $127 million in taxpayer money from the Central States Pension Fund (Central States) as a result of the Committee's oversight, stating, "Thanks to the diligence and oversight of the Committee in holding PBGC accountable, 127 million in precious taxpayer dollars has been clawed back. This is a textbook example of the importance of congressional oversight."

Foxx emphasized that despite the successful recovery, the investigation into PBGC's actions is far from over. She pointed out that PBGC's delay in addressing the overpayment issue, which may have impacted other pension plans as well, is unacceptable. Foxx stressed the need to understand the root cause of the error and ensure that such incidents do not recur in the future.

The Committee's interactions with PBGC regarding the overpayments have been marked by delays and inadequate responses. Despite multiple requests for information, PBGC failed to provide satisfactory answers, leading to a subpoena being issued by Chairwoman Foxx. The deadline for PBGC to produce documents and information related to the overpayments was April 9, 2024.

Foxx's unwavering commitment to continuing the investigation into PBGC's actions underscores the importance of accountability and transparency in government agencies. The Chairwoman's determination to address the issue thoroughly reflects the Committee's dedication to protecting taxpayer funds and ensuring the integrity of pension programs.