Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corporation (PBGC) is a federally chartered United States corporation created under the Employee Retirement Income Security Act of 1974, established on September 2 of that year to encourage the continuation of voluntary private defined-benefit pension plans, ensure the timely and uninterrupted payment of pension benefits, and keep pension insurance premiums as low as possible. It insures defined-benefit pension plans and guarantees monthly retirement benefits, up to 6,750 dollars a month for a worker retiring at 65 under its 2023 single-employer limit, and by fiscal year 2022 it held 127.887 billion dollars in assets against 90.252 billion dollars in obligations while managing roughly 5,110 failed single-employer plans and paying benefits to about 963,000 retirees, in addition to providing financial assistance to multiemployer pension plans.