The Pension Benefit Guaranty Corporation (PBGC or the Corporation) protects the pensions of 44.4 million workers and retirees in 31,200 private defined benefit pension plans, including 34.6 million people covered by 29,651 single-employer plans and 9.8 million people covered by 1,587 multiemployer plans. These pension plans provide a specified monthly benefit at retirement, usually based on salary or a stated dollar amount and years of service. PBGC guarantees these benefits subject to the limits set by the Employee Retirement Income Security Act, which established PBGC as a federal corporation in 1974. PBGC operates under the guidance of its Board of Directors, which consists of the Secretaries of Labor (Chair), Commerce, and the Treasury.

PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.

PBGC's mission is to operate as a service-oriented, professionally managed agency that protects participants' pension benefits and supports a viable retirement plan system by:

• encouraging the continuation and maintenance of voluntary private pension plans for the benefit of their participants,
• providing timely payments of benefits in the case of terminated pension plans, and
• making the maximum use of resources, and maintaining premiums and operating costs at the lowest levels consistent with statutory responsibilities.

Contents

• Chairman's Message
• Highlights
• Perspectives on the Year
• Executive Director's Report
• Single-Employer Program Exposure
• Financial Statements
• Actuarial Valuation
• Report of the Inspector General
• Report of Independent Auditors
• Annual Performance Report
• Financial Summary
• Organization

| PDF version of PBGC's 2004 Annual Report as printed | Back to WWW.PBGC.GOV |