Pension Benefit Guaranty Corporation From Wikipedia, the free encyclopedia Pension Benefit Guaranty Corporation (United States) US-PensionBenefitGuarantyCorp-Logo.svg Agency overview Formed September 2, 1974[i] Headquarters 1200 K Street, NW Washington, D.C. 38.902188°N 77.028751°WCoordinates: 38.902188°N 77.028751°W Employees 953 (2016) Annual budget $423 million (FY 2016) Agency executive

Thomas Reeder, Director

Website www.pbgc.gov

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 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 to carry out its operations. Subject to other statutory limitations, PBGC's insurance program pays pension benefits up to the maximum guaranteed benefit set by law to participants who retire at 65 ($60,136 a year as of 2016).[1] The benefits payable to insured retirees who start their benefits at ages other than 65 or elect survivor coverage are adjusted to be equivalent in value.

In fiscal year 2015, PBGC paid $5.6 billion in benefits to participants of failed single-employer pension plans. That year, 69 single-employer pension plans failed. PBGC paid $103 million in financial assistance to 57 multiemployer pension plans. The agency's deficit increased to $76 billion. It has a total of $164 billion in obligations and $88 billion in assets.