Getting Started
To begin searching within the
Government Manual simply type
in a keyword
or phrase
to find your match.
The United States Government Manual
Pension Benefit Guaranty Corporation
445 12th Street SW, Washington, DC 20024
202-229-4000
800-400-7242
http://www.pbgc.gov
BOARD OF DIRECTORS
| CHAIR (Secretary of Labor) | Lori Chavez-DeRemer |
| Member (Secretary of the Treasury) | Scott Bessent |
| Member (Secretary of Commerce) | Howard Lutnick |
OFFICIALS
| ACTING DIRECTOR | Alice Maroni |
| Chief, Benefits Administration | David Foley |
| General Counsel | Karen Morris |
| Chief Financial Officer | Patricia Kelly |
| Chief Information Officer | Robert Scherer |
| Chief Investment Officer | David Mudd |
| Chief Management Officer | Alice Maroni |
| Chief, Negotiations and Restructuring | John Hanley |
| Chief of Staff | (vacancy) |
| Acting Chief Policy Officer | Michael Rae |
| Deputy Chief, Benefits Administration | Janice Brown-Taylor |
| Deputy Chief, Negotiations and Restructuring | (vacancy) |
| Deputy Chief Policy Officer | Michael Rae |
| Deputy General Counsel | Craig T. Fessenden |
| Deputy General Counsel, Bankruptcy, Transactions, and Terminations | Kartar Khalsa |
| Deputy General Counsel, General Law, and Operations | Paul Chalmers |
| Deputy General Counsel, Program Law, and Policy | Dan Liebman |
| Office of Equal Employment Opportunity | (vacancy) |
| Director, Department of Budget | Kimberly Mayo |
| Director, Department of Financial Operations | Theodore Winter |
| Director, Department of Communications Outreach, and Legislative Affairs | David Wycinsky, Jr. |
| Director, Department of Corporate Controls, and Reviews | Lisa Carter |
| Director, Department of Financial Operations | Steve Young |
| Director, Department of Corporate Finance, and Restructuring | Adi Berger |
| Director, Department of Negotiations, and Restructuring Actuarial | Julie Cameron |
| Director, Department of Plan Compliance | Rossi Marcelin |
| Director, Department of Actuarial Services, and Technology | Scott Young |
| Director, Department of Participant Services | Jennifer Messina |
| Director, Department of Plan Asset, and Data Management | Michael Hutchins |
| Inspector General | Robert A. Westbrooks |
| Director, Department of Human Resources | Arrie Etheridge |
| Director, Department of Business Innovation Services | Vidhya Shyamsunder |
| Director, Department of Information Technology Infrastructure Operations | Joshua Kossoy |
| Director, Department of Enterprise Governance | Melanie Carter |
| Director, Department of Enterprise Cybersecurity | Tim Hurr |
| Director, Department of Policy Research and Analysis | Christopher Bone |
| Director, Department of Procurement | Damon McClure |
| Director, Department of Quality Management | Bridget Wilson |
| Director, Department of Workplace Solutions | Alisa Cottone |
| Participant and Plan Sponsor Advocate | Anne Henderson |
| Inspector General | Nicholas J. Novak |
The Pension Benefit Guaranty Corporation protects the retirement incomes of American workers in private-sector defined benefit pension plans.
Organizational ChartThe Pension Benefit Guaranty Corporation (PBGC) is a self-financing, wholly owned Government corporation subject to the Government Corporation Control Act (31 U.S.C. 9101-9109). The Corporation, established by title IV of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1301-1461), operates in accordance with policies established by its Board of Directors.
The Board comprises the Secretaries of Labor, Commerce, and the Treasury. The Secretary of Labor serves as Chair of the Board. A seven-member advisory committee, comprising two labor, two employer, and three general public representatives whom the President appoints, advises the PBGC on investment issues. The President also appoints the PBGC's Director, whom the Senate then confirms.
http://www.pbgc.gov/about/who-we-are.htmlActivities
Coverage
The Corporation insures most private sector defined-benefit pension plans that provide a pension benefit based on factors such as age, years of service, and salary.
It administers two insurance programs, separately covering single-employer and multiemployer plans. More than 40 million workers and retirees participate in nearly 24,000 covered plans.
Single-Employer Insurance
Under the single-employer program, the Corporation guarantees payment of basic pension benefits if an insured plan terminates without sufficient assets to pay those benefits. The law limits, however, the total monthly benefit that the PBGC may guarantee for one individual to $5,011.36 per month for a 65-year-old individual in a pension plan that terminates in 2015. The law also sets other restrictions on PBGC's guarantee, including limits on the insured amount of recent benefit increases. In certain cases, the Corporation may pay some benefits above the guaranteed amount depending on the funding level of the plan and amounts recovered from employers.
A plan sponsor may terminate a single-employer plan in a standard termination if the plan has sufficient assets to purchase private annuities to cover all benefit liabilities. If a plan does not have sufficient assets, the sponsor may seek to transfer the pension liabilities to the PBGC by demonstrating that it meets the legal criteria for a distress termination. In either termination, the plan administrator must inform participants in writing at least 60 days prior to the date the administrator proposes to terminate the plan. Only a plan that has sufficient assets to pay all benefit liabilities may terminate in a standard termination. The Corporation also may institute termination of underfunded plans in certain specified circumstances.
http://www.pbgc.gov/wr/benefits/guaranteed-benefits.htmlMultiemployer Insurance
Under title IV, as revised in 1980 by the Multiemployer Pension Plan Amendments Act (29 U.S.C. 1001 note), which changed the insurable event from plan termination to plan insolvency, the Corporation provides financial assistance to multiemployer plans that are unable to pay nonforfeitable benefits. The plans are obligated to repay such assistance. The act also made employers withdrawing from a plan liable to the plan for a portion of its unfunded vested benefits.
http://www.pbgc.gov/prac/multiemployer.htmlPremium Collections
All defined-benefit pension plans insured by the PBGC are required to pay premiums to the Corporation according to rates set by Congress. The per-participant flat-rate premium for plans starting in 2015 is $57.00 for single-employer plans and $26.00 for multiemployer plans. Underfunded single-employer plans must also pay an additional premium equal to $24 per $1,000 of unfunded vested benefits. A termination premium of $1,250 per participant per year applies to certain distress and involuntary plan terminations, payable for 3 years after the termination.
http://www.pbgc.gov/prac/prem/premium-rates.htmlSpecial Financial Assistance (SFA) Program
Special Financial Assistance (SFA) Program
In 2021, the American Rescue Plan Act amended ERISA to mandate that PBGC provide Special Financial Assistance (SFA) to eligible financially troubled multiemployer defined benefit pension plans. Unlike PBGC’s historical programs, SFA provides one-time assistance funds to plans directly from the Treasury rather than from pension-related resources. The SFA Program was designed to provide approved applicant plans special financial assistance over a relatively short period with all applicants required to submit at least an initial application by the end of calendar 2025 and any revised applications by the end of 2026. As of January 2025, $70.9 billion has already been approved for plans with 1,336,000 participants, and more than half of the anticipated plans are fully processed. Payments must be made by September 30, 2030.
https://www.pbgc.gov/american-rescue-plan-act-of-2021Sources of Information
Business Opportunities
PBGC tries to give a fair share of its procurement awards and subcontracting opportunities to small businesses. PBGC regularly procures accounting, actuarial, auditing, benefits administration, legal, and information technology services.
The agency uses various types of contract vehicles that are outlined in the “Federal Acquisition Regulation. These types of contract vehicles include agreements, commercial contracts, major contracts, orders against other government contracts, and purchase orders.
https://www.pbgc.gov/about/procurementCareer Opportunities
The PBGC relies on accountants, actuaries, administrative personnel, analysts, attorneys, auditors, employee benefits law specialists, information technology experts, public affairs specialists, and other professionals to carry out its mission.
https://www.pbgc.gov/about/jobsFraud Alerts
The PBGC, with support from its Office of the Inspector General, posts fraud alerts to spread awareness of scams.
https://oig.pbgc.gov/fraud-alerts.htmlFreedom of Information Act (FOIA)
The PBGC participates in FOIAonline, which allows information seekers to submit electronic FOIA requests, to track the status of requests, to search for requests submitted by others, to access released records, and to generate agency-specific processing reports.
https://www.pbgc.gov/about/pg/footer/foiaFOIA requests must be in writing and may be submitted also by email, fax, or by regular mail to the Disclosure Officer, Pension Benefit Guaranty Corporation, 445 12th Street SW., Washington, DC 20024. Fax, 202-229-4042.
https://www.pbgc.gov/about/pg/footer/foia | Email: disclosure@pbgc.govGlossary
The PBGC maintains a glossary of terms with simplified definitions. Some terms and their definitions are PBGC-specific in usage.
https://www.pbgc.gov/glossaryInsured Pension Plans
A list of pension plans that recently paid premiums to the PBGC is available online.
https://www.pbgc.gov/wr/find-an-insured-pension-plan/pbgc-protects-pensionsOpen Government
The PBGC posts datasets that are useful for increasing agency accountability, public knowledge of the agency and its operations, and economic opportunity.
https://www.pbgc.gov/open/index | Email: opengov@pbgc.govPlain Language
PBGC writers and editors are committed to using plain language in new communications and revising confusing or unclear language in existing material. Send them a note via email if a sentence or paragraph's clarity could be improved.
https://www.pbgc.gov/about/pbgc-in-plain-english | Email: webmaster@pbgc.govPress Room
The PBGC posts press releases on its website.
https://www.pbgc.gov/news/pressAn online subscription form is available to sign up for the latest news, delivered via email, from PBGC.
https://www.pbgc.gov/about/stay-connectedPBGC website Web site visitors may use the site map to look for specific topics or to browse for content that aligns with their interests.
https://www.pbgc.gov/sitemapFor further information, contact the Pension Benefit Guaranty Corporation, 1200 K Street NW., Washington, DC 20005-4026. Phone, 202-326-4000 or 800-400-7242 .