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Pension Benefit Guaranty Corporation
The Pension Benefit Guaranty Corporation, or PBGC, is a federal agency established to ensure that vested defined benefit plans, or pensions, are paid to employees when the employer is unable to fund the defined benefit plan due to financial problems. A covered employer pays a charge per plan participant per year into the Pension Benefit Guaranty Corporation as an insurance premium. Vested benefits of up to a certain amount per month are guaranteed to participants.
The PBGC does not guarantee the following benefits:
- vacation pay
- health care
- severance pay
- other non-basic benefits
Memory Jogger
The Pension Benefit Guaranty Corporation ensures that:
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See our salary, cost-of-living, and executive compensation data in action.