A MESSAGE FROM THE DIRECTOR
The Pension Benefit Guaranty Corporation (PBGC) was established to protect the retirement security of America’s workers and retirees who rely on employer-sponsored defined benefit pension plans. The security PBGC provides has a profound impact on the Americans we serve, and our commitment to them drives everything we do.
During fiscal year (FY) 2025, PBGC paid more than $6.4 billion to nearly 926,000 retirees in single-employer plans, and 428,000 workers are scheduled to receive benefits from the agency when they retire. Our commitment is to ensure that retirees and beneficiaries continue to receive their benefit payments accurately and without interruption.
The agency also continues to administer the Special Financial Assistance (SFA) Program for financially troubled multiemployer plans. During FY 2025, PBGC paid $6.2 billion in SFA.
For the fifth consecutive year, PBGC’s Multiemployer and Single-Employer Insurance Programs are financially sound, with both programs reporting positive net positions. The Multiemployer Program had a positive net position of $2.6 billion at the end of FY 2025. PBGC’s Single-Employer Program remains financially healthy with a positive net position of $62.2 billion at the end of FY 2025.
The FY 2025 Annual Report is the 33rd consecutive year the agency has received an unmodified audit
opinion on its financial statements and the 10th consecutive year of an unmodified audit opinion on internal control over financial reporting. Additionally, as required by OMB Circular A-136, I am pleased to confirm with reasonable assurance the completeness and reliability of the data presented in the FY 2025 Annual Management Report and the FY 2025 Annual Performance Report, included in this Annual Report.
I look forward to working with the Trump Administration, Congress, and stakeholders to carry out our important mission of preserving and encouraging the continuation of private pension plans and protecting the hard-earned pension benefits of workers and retirees.
PBGC’s dedicated professionals have worked diligently to advance the agency’s mission. Together, we will work to ensure that we continue to operate with transparency and excellence.
Janet Dhillon
Director
January 27, 2026
