Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corporation (PBGC) is a U.S. government agency that protects the retirement benefits of workers in private-sector pension plans. If a company cannot fulfill its pension obligations, the PBGC steps in to pay a portion of the promised benefits, ensuring that retirees still receive some financial support. While it doesn't cover all pension plans, it plays a crucial role in safeguarding pensions and providing security for millions of American workers and retirees. Funded by insurance premiums from employers, the PBGC helps maintain confidence in the pension system.