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The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary ...
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[17] [18] As a result, the Government Accountability Office (GAO) removed PBGC from its High-Risk List for the first time since 2003. [19] On July 13, 2022, the Partnership for Public Service rated PBGC number one in "2021 Best Places to Work in the Federal Government" among small agencies. Hartogensis accepted the award on behalf of PBGC. [20]
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Multiemployer pension plans have their own arm of the federal government called the Pension Benefit Guaranty Corporation, which was created to insure pension benefits. [3] However, these pension programs owe approximately $66 billion to retired workers and only have about $3 billion in revenue, giving the insurance fund until 2026 before it is ...
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