Image via WikipediaThe Pension Benefit Guaranty Corporation, (PBGC), is a U.S. government agency. It protects the retirement incomes of more than 44 million American workers in private-sector defined benefit pension plans. The Employee Retirement Income Security Act of 1974 created the PBGC for the encouragement of private-sector pension plans. Funding for PBGC comes from insurance premiums paid by employers who sponsor insurance pension plans for their employees -- not by tax dollars.References:
PBGC; Who We Are: Mission Statement
Resources:
AXA Equitable; Retirement Planning Common Questions: Does the federal government insure pension benefits?; December 2009
U.S. Department of Labor: What You Should Know About Your Retirement Plan
U.S. Department of Labor; Employee Benefits Security Administration: Pension Plans and ERISA; February 2003
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