PBGC
The Pension Benefit Guaranty Corporation (PBGC) is a United States federal government agency created by the Employee Retirement Income Security Act of 1974 to protect retirement incomes in private-sector defined-benefit pension plans. Its primary function is to insure defined-benefit plans and guarantee payment of a portion of benefits if a covered plan terminates with insufficient funds to meet promised benefits.
PBGC administers two insurance programs: a single-employer program covering most private-sector defined-benefit plans sponsored by a
Guaranteed benefits are determined by the plan's benefit formula and years of service, subject to statutory
Financially, PBGC operates two separate programs with different funding outlooks. Both programs have faced funding challenges
Headquartered in Washington, D.C., PBGC is an independent federal agency led by a Director appointed by the