Responsible for insuring certain benefits under private  defined benefit plans. It protects the pensions of workers and retirees in private single-employer and multi-employer defined benefit plans. PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income and recoveries from the companies formerly responsible for the plans.

For further information, see the PBGC website.