Pension Benefits 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 fails and cannot pay promised pension benefits, the PBGC steps in to ensure that retirees receive at least a portion of those benefits. This helps secure a safety net for millions of Americans who rely on employer-sponsored pensions, ensuring financial support in retirement even if their employer's pension plan runs into trouble. The PBGC is funded by premiums paid by pension plans and operates to safeguard retirees' future financial security.