Pension Benefit Guaranty Corporation (PBGC)

The Pension Benefit Guaranty Corporation (PBGC) is a U.S. government agency that protects the retirement incomes of workers in private-sector defined benefit pension plans. If a company goes bankrupt and can't pay its pension obligations, the PBGC steps in to ensure that retirees still receive their pensions, up to certain limits. Funded by insurance premiums paid by pension plans, the PBGC plays a crucial role in maintaining financial security for millions of Americans who rely on these pensions in retirement.