Underfunded pension plans give PBGC the heebie-jeebies. The Pension Benefit Guaranty Corporation, or PBGC -- itself operating at a multi-billion-dollar deficit -- was set up to promote the growth of defined-benefit pension plans, provide payment of retirement benefits, and keep pension premiums as low as possible. The government agency protects the pensions of more than 34 million workers and monitors employers to ensure that plans are adequately funded. The agency receives no tax funds; its income is generated by insurance premiums paid by employers, investments, and assets recovered from terminated plans. The corporation was created by the Employee Retirement Income Security Act of 1974.
1200 K ST NW
Washington, DC 20005-4026
Phone: 1 (202) 326-4000
Employer Type: Privately Owned
Assistant Inspector General For Investig: Peter Paradis
Manager: Bruce Perlin
Employees (This Location): 758
Employees (All Locations): 800
Washington, DC