What does the do?

Updated annually

The Pension Benefit Guaranty Corporation (PBGC) is a federal agency responsible for protecting the retirement incomes of American workers in private-sector defined benefit pension plans. The agency's primary mission is to ensure that participants in these pension plans receive their promised benefits. PBGC operates two insurance programs: one for single-employer pension plans and another for multiemployer pension plans, providing financial assistance and directly paying benefits to retirees when necessary. It was established in 1974 under the Employee Retirement Income Security Act.

In FY 2024,

$11.9B

was spent by the Pension Benefit Guaranty Corporation
In FY 2024,

0.2%

of federal spending was by the Pension Benefit Guaranty Corporation

How much does the Pension Benefit Guaranty Corporation spend?

The Pension Benefit Guaranty Corporation spent $11.9 billion in fiscal year (FY) 2024. The department ranked 24th among federal agencies in total spending.

The Pension Benefit Guaranty Corporation accounted for 0.2% of all federal spending in FY 2024.

Share of Pension Benefit Guaranty Corporation net spending compared to the top ten highest spending agencies in FY 2024

Federal spending may shift over time due to population growth, changes in policy and programs, and emerging problems to address. Adjusting for inflation, the Pension Benefit Guaranty Corporation’s federal spending has increased from -$104.6 million in 1980 to $11.9 billion in 2024.

The Pension Benefit Guaranty Corporation’s federal spending in FY 2024 was higher than in FY 1980.

Yearly federal net spending by Pension Benefit Guaranty Corporation, adjusted for inflation (2024 dollars), FYs 1980–2024

Since 1980, the Pension Benefit Guaranty Corporation's net spending has increased by $12.1 billion, while overall federal spending has increased from $2.31 trillion (in 2024 dollars) to $6.78 trillion, or 193.7%.
In 2024, the Pension Benefit Guaranty Corporation accounted for 0.2% of all federal spending.
Major legislation, internal or global economic conditions, and acute events like the COVID-19 pandemic can affect spending year to year. For example, the federal budget fluctuated during the pandemic, rising from $5.3 trillion (in 2023 dollars) in 2019 to $7.7 trillion in 2020 and $7.8 trillion in 2021.

The Pension Benefit Guaranty Corporation's share of federal spending in FY 2024 was higher than in FY 1980.

Percentage of federal budget dedicated to Pension Benefit Guaranty Corporation, FYs 1980–2024

Most federal spending can be categorized as direct or indirect. Direct spending refers to money the federal government spends on budget items such as federal programs, employee salaries, and debt interest. Indirect spending refers to federal transfers to state and local governments.
In FY 2024, all of the Pension Benefit Guaranty Corporation's spending was direct.
The chart below outlines all net Pension Benefit Guaranty Corporation spending.

How did the Pension Benefit Guaranty Corporation spend its budget in 2024?

Federal government net spending isolated to Pension Benefit Guaranty Corporation, FY 2024

How many people work for the Pension Benefit Guaranty Corporation?

Some 979 of the 2.31 million total civilian federal employees work for the Pension Benefit Guaranty Corporation as of September 2024. This is 3.3% more people than the agency staffed in 2010.

The number of federal employees working for the Pension Benefit Guaranty Corporation has increased 3.3% since 2010.

Number of federal employees working for , September 2010–2024

Pension Benefit Guaranty Corporation accounts for 0.042% of the overall federal workforce. As the number of federal employees has changed, so too has the way the workforce is organized, with resources allocated to agencies depending on government priorities. Pension Benefit Guaranty Corporation constituted a smaller share of the overall federal workforce in September 2024 than in 2010 (0.046%).
While the number of employees on an agency’s payroll contributes to that agency’s expenditures, some agencies have relatively few employees compared to their budget or vice versa, giving them an outsized share of either the budget or the workforce. According to the most recent data, the Pension Benefit Guaranty Corporation's share of the workforce (0.042%) is smaller than its share of the budget (0.2%).

Who leads the Pension Benefit Guaranty Corporation?

The PBGC is led by a Director. The Director is nominated by the President and confirmed by the Senate. The Director serves at the discretion of the President and typically remains in the position until they resign, are replaced, or a new President appoints a different individual to the role.

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Methodology

USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.

The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.

Page sources

USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.