The Pension Benefit Guaranty Corporation (PBGC) is an independent agency of the United States government that was created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect and insure the pension benefits of American workers and retirees. The PBGC's mission is to ensure that when a company's pension plan is terminated with insufficient funds, the participants still receive their promised retirement benefits up to a legal limit. The corporation is not funded by general tax revenues; its operations are financed by insurance premiums paid by companies sponsoring insured pension plans, investment income, and assets from pension plans it takes over.

Founded in

United States