Welcome to PBGC
Welcome to the Pension Benefit Guaranty Corporation (PBGC). Created in 1974 under the Employee Retirement Income Security Act, PBGC insures the pensions of 44.1 million workers and retirees in 30,330 private sector defined benefit pension plans. In the past 31 years, PBGC has taken over 3,600 terminated plans and is responsible for the current and future benefits of about 1.3 million workers.
As a governmental corporation serving the public, it is our intent to make all of your interactions with us as effortless, helpful and satisfying as possible. To that end, we are continually offering new and expanded services such as the web-based My PBA, which allows plan participants in plans taken over by PBGC to make changes to their account, request benefit estimates and perform other transactions electronically. Additionally, we have increased the length of time each day our toll-free customer service center is available for plan participants. And we are constantly working to offer more efficient electronic service options for plan administrators.
You may have read about challenges facing the PBGC. As of the end of 2005, the agency has a shortfall of more than $23 billion. Rest assured, however, that it poses no near-term threat to PBGC's ability to pay current benefits, nor will it affect our commitment to quality customer service. Having said that, it is becoming ever clearer that changes in the system must be made to strengthen the defined benefit system for employees, create incentives for plan sponsorship and ensure that PBGC is able to fulfill its mission in the future. PBGC is actively engaged with Congress and the Administration to improve the retirement security of American workers.
I hope you find this site useful and informative. We think it is an essential tool for pension plan beneficiaries and sponsors, as well as a great source of information about PBGC and the critical role we play in protecting the pension benefits workers and retirees have earned.
Bradley D. Belt
Pension Benefit Guaranty Corporation