QUALITY CONTROL PROCEDURES FOR THE PENSION BENEFIT GUARANTY CORPORATION.

SEC. 40233. QUALITY CONTROL PROCEDURES FOR THE PENSION BENEFIT GUARANTY CORPORATION. (a) [29 U.S.C. 1302 note] Annual Peer Review of Insurance Modeling Systems.—The Pension Benefit Guaranty Corporation shall contract with a capable agency or organization that is independent from the Corporation, such as the Social Security Administration, to conduct an annual peer review of the Corporation’s Single-Employer Pension Insurance Modeling System and the Corporation’s Multiemployer Pension Insurance Modeling System. The board of directors of the Corporation shall designate the agency or organization with which any such contract is entered into. The first of such annual peer reviews shall be initiated no later than 3 months after the date of enactment of this Act. (b) [29 U.S.C. 1302 note] Policies and Procedures Relating to the Policy, Research, and Analysis Department.—The Pension Benefit Guaranty Corporation shall— (1) develop written quality review policies and procedures for all modeling and actuarial work performed by the Corporation’s Policy, Research, and Analysis Department; and (2) conduct a record management review of such Department to determine what records must be retained as Federal records. (c) Report Relating to OIG Recommendations.—Not later than 2 months after the date of enactment of this Act, the Pension Benefit Guaranty Corporation shall submit to Congress a report, approved by the board of directors of the Corporation, setting forth a timetable for addressing the outstanding recommendations of the Office of the Inspector General relating to the Policy, Research, and Analysis Department and the Benefits Administration and Payment Department.