The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of defined benefit pension plans, provide timely and uninterrupted payment of pension benefits to participants and beneficiaries in plans covered by PBGC, and keep pension insurance premiums at the lowest level necessary to carry out the Corporation's objectives.
Board of Directors PBGC's Board of Directors consists of the Secretaries of Labor, Treasury, and Commerce, with the Secretary of Labor serving as Chair.
PBGC is headed by an Executive Director Bradley D. Belt became Executive Director on April 21, 2004.
Advisory Committee The Corporation is aided by a seven-member Advisory Committee appointed by the President of the United States to represent the interests of labor, employers, and the general public. ERISA outlines several specific responsibilities for PBGC's Advisory Committee, including advising on policies and procedures for PBGC's investments, the trusteeship of terminated plans, and on other matters as determined by PBGC.
History of PBGC Learn about the history of private pension plans and PBGC's development since its creation in 1974.