This Management Advisory Report (MAR) informs PBGC management of a serious internal control issue that came to OIG’s attention as a result of the review of a whistleblower complaint received through the OIG Hotline.  Our review confirmed the complainant’s assertion that the Present Value of Financial Assistance Payments for multiemployer plans, as reported in PBGC’s FY 2010 Annual Exposure Report issued November 10, 2011, was unrealistically low.  Based on a review of available documentation, interviews with key PBGC officials, and analysis, we concluded that PBGC had issued the report with errors and inconsistencies in both the multiemployer and single-employer sections. This occurred because PBGC had not established a quality control or quality review process to ensure the integrity of reported actuarial estimates.  Early in our review, the Policy Research and Analysis Department (PRAD) Director acknowledged the errors and explained that his department did not have policies in place for quality control.  PBGC’s officially responded to the MAR on July 27, 2012.  The response can be viewed as an attachment to the MAR.