What does the do?

Refreshed 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 2025,

-$3.92B

in net spending was recorded 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?

Pension Benefit Guaranty Corporation spent -$3.92 billion in fiscal year (FY) 2025. The department ranked 140th among federal agencies in total spending.

The Pension Benefit Guaranty Corporation accounted for <0.1% of all federal spending in FY 2025.

Share of Pension Benefit Guaranty Corporation net spending compared to the top ten highest spending agencies in FY 2025

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 decreased from -$107.5 million in 1980 to -$3.92 billion in 2025.

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The Pension Benefit Guaranty Corporation’s federal spending in FY 2025 was lower than in FY 1980.

Yearly federal net spending by Pension Benefit Guaranty Corporation, adjusted for inflation (2025 dollars), FYs 1980–2025

Since 1980, the Pension Benefit Guaranty Corporation's net spending has decreased by $3.81 billion, while overall federal spending has increased from $2.37 trillion (in 2024 dollars) to $7.04 trillion, or 196.9%.
As a percentage of the overall federal budget, a positive figure means agency net spending made up some positive portion of total spending; a negative number means that generated revenue offset a portion of spending. In 2025, Pension Benefit Guaranty Corporation offset 0.056% 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 offset 0.056% of overall federal spending in FY 2025.

Percentage of federal budget dedicated to Pension Benefit Guaranty Corporation, FYs 1980–2025

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 2025, 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 2025?

Federal government net spending isolated to Pension Benefit Guaranty Corporation, FY 2025

How many people work for the Pension Benefit Guaranty Corporation?

Some 745 of the 2.02 million total civilian federal employees work for the Pension Benefit Guaranty Corporation as of May 2026. This is 23.5% fewer people than the department staffed in 2012.

The number of federal employees working for the Pension Benefit Guaranty Corporation has decreased 23.5% since 2012.

Number of federal employees working for , May 2012–2026

Pension Benefit Guaranty Corporation accounts for 0.037% 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 May 2026 than in 2012 (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 (0.037%) is larger than its share of the budget (0.056%).

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.

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.