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href="/wiki/Wikipedia:No_original_research#Primary,_secondary_and_tertiary_sources" title="Wikipedia:No original research">primary sources</a></b>.<span class="hide-when-compact"> Please improve this article by adding <a href="/wiki/Wikipedia:No_original_research#Primary,_secondary_and_tertiary_sources" title="Wikipedia:No original research">secondary or tertiary sources</a>. <br><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Pension+Benefit+Guaranty+Corporation%22">"Pension Benefit Guaranty Corporation"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Pension+Benefit+Guaranty+Corporation%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Pension+Benefit+Guaranty+Corporation%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Pension+Benefit+Guaranty+Corporation%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Pension+Benefit+Guaranty+Corporation%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Pension+Benefit+Guaranty+Corporation%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">June 2018</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> </div> </div><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><p>The <b>Pension Benefit Guaranty Corporation</b> (<b>PBGC</b>) is a United States <a href="/wiki/Federally_chartered" class="mw-redirect" title="Federally chartered">federally chartered</a> corporation created by the <a href="/wiki/Employee_Retirement_Income_Security_Act" class="mw-redirect" title="Employee Retirement Income Security Act">Employee Retirement Income Security Act</a> of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit <a href="/wiki/Pension" title="Pension">pension</a> plans, provide timely and uninterrupted payment of pension benefits, and keep pension <a href="/wiki/Insurance_premium" class="mw-redirect" title="Insurance premium">insurance premiums</a> at the lowest level necessary to carry out its operations.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Subject to other statutory limitations, PBGC's single-employer insurance program pays pension benefits up to the maximum guaranteed benefit set by law to participants who retire at 65 ($6,750 a month, as of 2023<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit">[update]</a></sup>). The benefits payable to insured retirees who start their benefits at ages other than 65 or elect survivor coverage are adjusted to be equivalent in value.<sup id="cite_ref-Maximum_Monthly_Guarantee_Tables_4-0" class="reference"><a href="#cite_note-Maximum_Monthly_Guarantee_Tables-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The maximum monthly guarantee for the multiemployer program is far lower and more complicated ($12,870 a year for a participant with 30 years of credited service).<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><table class="infobox"><caption class="infobox-title" style="font-size: 125%;">Pension Benefit Guaranty Corporation (United States)</caption><tbody><tr><td colspan="2" class="infobox-image"><span typeof="mw:File"><a href="/wiki/File:US-PensionBenefitGuarantyCorp-Logo.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fb/US-PensionBenefitGuarantyCorp-Logo.svg/180px-US-PensionBenefitGuarantyCorp-Logo.svg.png" decoding="async" width="180" height="110" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fb/US-PensionBenefitGuarantyCorp-Logo.svg/270px-US-PensionBenefitGuarantyCorp-Logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fb/US-PensionBenefitGuarantyCorp-Logo.svg/360px-US-PensionBenefitGuarantyCorp-Logo.svg.png 2x" data-file-width="720" data-file-height="440"></a></span></td></tr><tr><th colspan="2" class="infobox-header" style="background-color: #efefef">Agency overview</th></tr><tr><th scope="row" class="infobox-label">Formed</th><td class="infobox-data">September 2, 1974<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data">445 12th Street SW, <a href="/wiki/Washington,_D.C." title="Washington, D.C.">Washington, D.C.</a> 20024</td></tr><tr><th scope="row" class="infobox-label">Employees</th><td class="infobox-data">953 (2016)</td></tr><tr><th scope="row" class="infobox-label">Annual budget</th><td class="infobox-data">$493.312 million (FY 2023 Budget Justification)</td></tr><tr><th scope="row" class="infobox-label">Agency executive</th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><div class="plainlist"><ul><li style="text-indent: -1em; padding-left: 1em;">Ann Y. Orr (acting)<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>, Director</li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="http://www.pbgc.gov">www<wbr></wbr>.pbgc<wbr></wbr>.gov</a></span></td></tr></tbody></table> <p>In fiscal year 2022, PBGC added 32 more failed single-employer plans. PBGC's inventory was 5,110 plans, and paid $7.042 billion in benefits to 963,097 retirees in those plans. That year, PBGC also paid $226 million in financial assistance to 115 multiemployer pension plans on behalf of 93,525 retirees. The agency has a total of $90.252 billion in obligations and $127.887 billion in assets for an overall surplus of $37.629 billion, an improvement of $6.214 billion since the prior year. The multiemployer program has a surplus of $1.055 billion and the single employer program a surplus of $36.574 billion.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div id="toc" class="toc" role="navigation" aria-labelledby="mw-toc-heading"><input type="checkbox" role="button" id="toctogglecheckbox" class="toctogglecheckbox" style="display:none"><div class="toctitle" lang="en" dir="ltr"><h2 id="mw-toc-heading">Contents</h2><span class="toctogglespan"><label class="toctogglelabel" for="toctogglecheckbox"></label></span></div> <ul> <li class="toclevel-1 tocsection-1"><a href="#Revenues_and_expenditures"><span class="tocnumber">1</span> <span class="toctext">Revenues and expenditures</span></a></li> <li class="toclevel-1 tocsection-2"><a href="#Investment_policy"><span class="tocnumber">2</span> <span class="toctext">Investment policy</span></a></li> <li class="toclevel-1 tocsection-3"><a href="#Pension_insurance_programs"><span class="tocnumber">3</span> <span class="toctext">Pension insurance programs</span></a></li> <li class="toclevel-1 tocsection-4"><a href="#Plan_terminations"><span class="tocnumber">4</span> <span class="toctext">Plan terminations</span></a></li> <li class="toclevel-1 tocsection-5"><a href="#Missing_Participants_Program"><span class="tocnumber">5</span> <span class="toctext">Missing Participants Program</span></a></li> <li class="toclevel-1 tocsection-6"><a href="#Premium_rates"><span class="tocnumber">6</span> <span class="toctext">Premium rates</span></a></li> <li class="toclevel-1 tocsection-7"><a href="#Maximum_guaranteed_benefit"><span class="tocnumber">7</span> <span class="toctext">Maximum guaranteed benefit</span></a></li> <li class="toclevel-1 tocsection-8"><a href="#Leadership"><span class="tocnumber">8</span> <span class="toctext">Leadership</span></a></li> <li class="toclevel-1 tocsection-9"><a href="#Pensions_and_bankruptcy"><span class="tocnumber">9</span> <span class="toctext">Pensions and bankruptcy</span></a></li> <li class="toclevel-1 tocsection-10"><a href="#Annual_Pension_Insurance_Data_Book"><span class="tocnumber">10</span> <span class="toctext">Annual Pension Insurance Data Book</span></a></li> <li class="toclevel-1 tocsection-11"><a href="#Pension_Protection_Act_of_2006"><span class="tocnumber">11</span> <span class="toctext">Pension Protection Act of 2006</span></a></li> <li class="toclevel-1 tocsection-12"><a href="#No_insurance_for_defined_contribution_plans"><span class="tocnumber">12</span> <span class="toctext">No insurance for defined contribution plans</span></a></li> <li class="toclevel-1 tocsection-13"><a href="#See_also"><span class="tocnumber">13</span> <span class="toctext">See also</span></a></li> <li class="toclevel-1 tocsection-14"><a href="#Notes"><span class="tocnumber">14</span> <span class="toctext">Notes</span></a></li> <li class="toclevel-1 tocsection-15"><a href="#References"><span class="tocnumber">15</span> <span class="toctext">References</span></a></li> <li class="toclevel-1 tocsection-16"><a href="#Further_reading"><span class="tocnumber">16</span> <span class="toctext">Further reading</span></a></li> <li class="toclevel-1 tocsection-17"><a href="#External_links"><span class="tocnumber">17</span> <span class="toctext">External links</span></a></li> </ul> </div> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(1)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Revenues_and_expenditures">Revenues and expenditures</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=1" title="Edit section: Revenues and expenditures" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-1 collapsible-block" id="mf-section-1"> <p>PBGC is not funded by general <a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">tax</a> revenues. Its funds come from four sources: </p> <ul><li>Insurance premiums paid by sponsors of defined benefit pension plans;</li> <li>Assets held by the pension plans it takes over;</li> <li>Recoveries of unfunded pension liabilities from plan sponsors' bankruptcy estates;<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup> and</li> <li>Investment income.</li></ul> <p>PBGC pays monthly retirement benefits to more than 800,000 retirees in nearly 5,000 terminated single-employer defined benefit pension plans. Including those who have not yet retired and participants in multiemployer plans receiving financial assistance, PBGC is responsible for the current and future pensions of about 1.5 million people and insures the pensions of more than 35 million participants in ongoing plans.<sup id="cite_ref-report2018_8-0" class="reference"><a href="#cite_note-report2018-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(2)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Investment_policy">Investment policy</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=2" title="Edit section: Investment policy" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-2 collapsible-block" id="mf-section-2"> <p>The Agency has a stated goal of using a <a href="/wiki/Liability-driven_investment_strategy" title="Liability-driven investment strategy">liability-driven investment strategy</a> to minimize <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> and achieve its stated income goals. As a result, the heaviest target weightings in its <a href="/wiki/Portfolio_(finance)" title="Portfolio (finance)">portfolio</a> are aimed at <a href="/wiki/Bond_credit_rating#Credit_rating_codes_and_classes" title="Bond credit rating">investment grade</a> <a href="/wiki/United_States_Treasury_security" title="United States Treasury security">U.S. bonds</a> and <a href="/wiki/Money_market_funds" class="mw-redirect" title="Money market funds">money market funds</a>.<sup id="cite_ref-investment-policy_9-0" class="reference"><a href="#cite_note-investment-policy-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>As of its April 2019 Investment Policy Statement the agency had approved target ranges for its Investment Trust as follows: </p><p><b>Return-Seeking Assets:</b> </p><p>U.S. Equities, including publicly traded U.S. <a href="/wiki/Real_Estate_Investment_Trust" class="mw-redirect" title="Real Estate Investment Trust">REITs</a>: 0% to 15% </p><p>International Equities (Developed and Emerging): 0% to 15% </p><p>U.S. and International Bonds (High Yield, Developed, and Emerging Markets): 0% to 10% </p><p><a href="/wiki/Private_Equity" class="mw-redirect" title="Private Equity">Private Equity</a> and Private Real Estate (from terminated plans): No range specified </p><p><b>Liability-Hedging Assets:</b> U.S. Bonds (Nominal and Real) and Money Market: 65% to 90%<sup id="cite_ref-investment-policy_9-1" class="reference"><a href="#cite_note-investment-policy-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>The investment statement adds that as the funded ratio improves the weighting toward liability hedging assets should also increase, in accordance with the agency's LDI investment strategy. </p><p>While there is no target allocation for private equity, debt, or real estate investment, the agency does allow for inherited investments from absorbed plans due to their illiquid nature.<sup id="cite_ref-pbgc.gov_10-0" class="reference"><a href="#cite_note-pbgc.gov-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>As of September 30, 2019 the trust's asset allocation stands at 81.72% <a href="/wiki/Fixed_income" title="Fixed income">fixed income</a> investments, 14.82% equity securities, and 3.46% other securities including private equity, private debt, real estate investments, <a href="/wiki/Real_Estate_Investment_Trust" class="mw-redirect" title="Real Estate Investment Trust">REITs</a> and insurance contracts.<sup id="cite_ref-investment-policy_9-2" class="reference"><a href="#cite_note-investment-policy-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p><b>Smaller Asset Managers Pilot Program</b> </p><p>Since 2016 the agency has implemented a program to allow smaller asset managers to oversee investment mandates within the Trust, covering U.S. investment grade bond allocations.<sup id="cite_ref-investment-policy_9-3" class="reference"><a href="#cite_note-investment-policy-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The program was aimed at providing opportunities to asset managers with at least $250 million in assets under management,<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> but less than the billions previously required by the agency.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>C. S. McKee, LM Capital Group, Longfellow Investment Management, New Century Advisors, and Pugh Capital Management were awarded the inaugural U.S. core fixed income mandates in the program.<sup id="cite_ref-investment-policy_9-4" class="reference"><a href="#cite_note-investment-policy-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>As of September 30, 2019, the total allocation awarded to five managers within the program totaled less than 1% of the total trust's assets.<sup id="cite_ref-pbgc.gov_10-1" class="reference"><a href="#cite_note-pbgc.gov-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p><b>Revolving Funds</b> </p><p>The agency also maintains seven revolving funds, though only three are operational, which were authorized under the <a href="/wiki/Employee_Retirement_Income_Security_Act_of_1974" title="Employee Retirement Income Security Act of 1974">Employee Retirement Income Security Act of 1974</a> to hold premiums paid by single employer and multiemployer pension sponsors, transfers from the larger trust fund portfolio for benefit payments, and returns on investments from the fund itself.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Federal law mandates that these specific funds only be invested by U.S. Treasury securities.<sup id="cite_ref-investment-policy_9-5" class="reference"><a href="#cite_note-investment-policy-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(3)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Pension_insurance_programs">Pension insurance programs</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=3" title="Edit section: Pension insurance programs" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-3 collapsible-block" id="mf-section-3"> <p>The single-employer program protects 30 million workers and retirees in 22,000 pension plans. The multiemployer program protects 10 million workers and retirees in 1,400 pension plans. Multiemployer plans are set up by <a href="/wiki/Collective_bargaining" title="Collective bargaining">collective bargaining</a> agreements involving more than one unrelated employer, generally in one industry. </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(4)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Plan_terminations">Plan terminations</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=4" title="Edit section: Plan terminations" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-4 collapsible-block" id="mf-section-4"> <p>An employer can voluntarily ask to close its single-employer pension plan in either a standard or distress termination. In a standard termination, the plan must have enough money to pay all accrued benefits, whether <a href="/wiki/Vested" class="mw-redirect" title="Vested">vested</a> or not, before the plan can end. After workers receive promised benefits, in the form of a <a href="/wiki/Lump_sum" title="Lump sum">lump sum</a> payment or an insurance company <a href="/wiki/Annuity_(financial_contracts)" class="mw-redirect" title="Annuity (financial contracts)">annuity</a>, PBGC's guarantee ends. More than 145,000 plans have gone through PBGC's standard termination process between 1975 and 2019.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> In a distress termination, where the plan does not have enough money to pay all benefits, the employer must prove severe financial distress – for instance the likelihood that continuing the plan would force the company to shut down. PBGC will pay guaranteed benefits, usually covering a large part of total earned benefits, and make strong efforts to recover funds from the employer. </p><p>In addition, PBGC may seek to terminate a single-employer plan without the employer's consent to protect the interests of workers, the plan or PBGC's insurance fund. PBGC must act to terminate a plan that cannot pay current benefits. </p><p>For multiemployer pension plans that are unable to pay guaranteed benefits when due, PBGC will provide financial assistance to the plan, usually a loan, so that retirees continue receiving their benefits. </p><p>Terminations are covered under Title IV of ERISA. </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(5)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Missing_Participants_Program">Missing Participants Program</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=5" title="Edit section: Missing Participants Program" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-5 collapsible-block" id="mf-section-5"> <p>When a plan sponsor chooses to terminate their pension plan through the standard termination process, arrangements must be made to distribute benefits to each participant. When participants cannot be located or otherwise are not responsive, the termination process is delayed. Since 1996 sponsors of terminating insured single-employer defined benefit (DB) plans have the option to transfer the benefits for their "missing participants" to the PBGC or to purchase annuities from insurance companies and notify PBGC of the details. In 2018, PBGC expanded the Missing Participants Program (MPP) making it available to terminating defined contribution (DC) plans, multiemployer defined benefit plans and certain single-employer DB plans not covered by Title IV of ERISA.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>PBGC indicates they are searching for more than 80,000 "lost" plan participants who are owed pensions.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Individuals can call a dedicated toll-free number, 1-800-229-LOST (5678), to find out if they are due pension payments. </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(6)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Premium_rates">Premium rates</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=6" title="Edit section: Premium rates" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-6 collapsible-block" id="mf-section-6"> <p>Pension plans that are qualified under the U.S. tax code pay yearly insurance premiums to the PBGC based on the number of participants in the plan and the funded status of the plan. </p><p>The Bipartisan Budget Act, which was signed by President Obama on November 2, 2015, set PBGC premiums as follows for single-employer pension plans:<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Flat-rate premium </p> <ul><li>$64 per participant for plan years starting in 2016</li> <li>$69 per participant for plan years starting in 2017</li> <li>$74 per participant for plan years starting in 2018</li> <li>$80 per participant for plan years starting in 2019</li></ul> <p>The variable-rate premium, which is $30 per $1,000 of unfunded vested benefits for 2016, will continue to be indexed for inflation, but were scheduled to increase by an additional $3 for 2017, $4 for 2018, and $4 for 2019. </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(7)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Maximum_guaranteed_benefit">Maximum guaranteed benefit</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=7" title="Edit section: Maximum guaranteed benefit" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-7 collapsible-block" id="mf-section-7"> <p>The maximum pension benefit guaranteed by PBGC is set by law and adjusted yearly. For plans that ended in 2023, workers who retired that year and at age 65 would receive up to $6,750.00 per month (or $81,000 per year) under PBGC's insurance program for single-employer plans.<sup id="cite_ref-Maximum_Monthly_Guarantee_Tables_4-1" class="reference"><a href="#cite_note-Maximum_Monthly_Guarantee_Tables-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Benefit payments starting at ages other than 65 are adjusted actuarially, which means the maximum guaranteed benefit is lower for those who retire early or when there is a benefit for a survivor. Alternatively, benefits are higher for those who retire after age 65. Additionally, the PBGC will not fully guarantee benefit improvements that were adopted within the five-year period prior to a plan's termination or benefits that are not payable over a retiree's lifetime. </p><p>Other limitations also apply to supplemental benefits in excess of normal retirement benefits, benefit increases within the last five years before a plan's termination, and benefits earned after a plan sponsor's bankruptcy.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>For the multiemployer plans, the amount guaranteed is based on years of service. For plans that terminated after December 21, 2000, the PBGC insures 100 percent of the first $11 monthly payment per year of service and 75 percent of the next $33 monthly payment per year of service. For example, if a participant works 20 years in a plan that promises $19 per month per year of service, the PBGC guarantee would be $340 per month, rather than $380. </p> <div align="center"><div class="equation-box" style="margin: 0 0 0 1.6em;padding: 6px; border-width:1px; border-style: solid; border-color: #0073CF; color: inherit;text-align: center; display: table"> <p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \left[100\%\times \$11\ +75\%\times \left(\$19-\$11\right)\right]\times 20=\$17\times 20=\$340}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow> <mo>[</mo> <mrow> <mn>100</mn> <mi mathvariant="normal">%</mi> <mo>×</mo> <mi mathvariant="normal">$</mi> <mn>11</mn> <mtext> </mtext> <mo>+</mo> <mn>75</mn> <mi mathvariant="normal">%</mi> <mo>×</mo> <mrow> <mo>(</mo> <mrow> <mi mathvariant="normal">$</mi> <mn>19</mn> <mo>−</mo> <mi mathvariant="normal">$</mi> <mn>11</mn> </mrow> <mo>)</mo> </mrow> </mrow> <mo>]</mo> </mrow> <mo>×</mo> <mn>20</mn> <mo>=</mo> <mi mathvariant="normal">$</mi> <mn>17</mn> <mo>×</mo> <mn>20</mn> <mo>=</mo> <mi mathvariant="normal">$</mi> <mn>340</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \left[100\%\times \$11\ +75\%\times \left(\$19-\$11\right)\right]\times 20=\$17\times 20=\$340}</annotation> </semantics> </math></span><noscript><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/3a54e5a2b9ac6c590bee54bac0295c2b2f195533" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:59.856ex; height:2.843ex;" alt="{\displaystyle \left[100\%\times \$11\ +75\%\times \left(\$19-\$11\right)\right]\times 20=\$17\times 20=\$340}"></noscript><span class="lazy-image-placeholder" style="width: 59.856ex;height: 2.843ex;vertical-align: -0.838ex;" data-src="https://wikimedia.org/api/rest_v1/media/math/render/svg/3a54e5a2b9ac6c590bee54bac0295c2b2f195533" data-alt="{\displaystyle \left[100\%\times \$11\ +75\%\times \left(\$19-\$11\right)\right]\times 20=\$17\times 20=\$340}" data-class="mwe-math-fallback-image-inline mw-invert skin-invert"> </span></span> </p> </div></div> <p>A second example, which exceeds the $44 monthly payment per year of service: If a participant works 20 years in a plan that promises $100 per month per year of service, the PBGC guarantee would be $715 per month, rather than $2,000. </p> <div align="center"><div class="equation-box" style="margin: 0 0 0 1.6em;padding: 6px; border-width:1px; border-style: solid; border-color: #0073CF; color: inherit;text-align: center; display: table"> <p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \left[100\%\times \$11\ +75\%\times \$33\right]\times 20=\$35.75\times 20=\$715}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow> <mo>[</mo> <mrow> <mn>100</mn> <mi mathvariant="normal">%</mi> <mo>×</mo> <mi mathvariant="normal">$</mi> <mn>11</mn> <mtext> </mtext> <mo>+</mo> <mn>75</mn> <mi mathvariant="normal">%</mi> <mo>×</mo> <mi mathvariant="normal">$</mi> <mn>33</mn> </mrow> <mo>]</mo> </mrow> <mo>×</mo> <mn>20</mn> <mo>=</mo> <mi mathvariant="normal">$</mi> <mn>35.75</mn> <mo>×</mo> <mn>20</mn> <mo>=</mo> <mi mathvariant="normal">$</mi> <mn>715</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \left[100\%\times \$11\ +75\%\times \$33\right]\times 20=\$35.75\times 20=\$715}</annotation> </semantics> </math></span><noscript><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/3cd383530690488aad11b14f6824b960f90f0781" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:54.691ex; height:2.843ex;" alt="{\displaystyle \left[100\%\times \$11\ +75\%\times \$33\right]\times 20=\$35.75\times 20=\$715}"></noscript><span class="lazy-image-placeholder" style="width: 54.691ex;height: 2.843ex;vertical-align: -0.838ex;" data-src="https://wikimedia.org/api/rest_v1/media/math/render/svg/3cd383530690488aad11b14f6824b960f90f0781" data-alt="{\displaystyle \left[100\%\times \$11\ +75\%\times \$33\right]\times 20=\$35.75\times 20=\$715}" data-class="mwe-math-fallback-image-inline mw-invert skin-invert"> </span></span> </p> </div></div> <p>Multiemployer plans that terminated after 1980 but before December 21, 2000, had a maximum guarantee limit of 100 percent of the first $5 of the monthly benefit accrual rate and 75 percent of the next $15. </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(8)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Leadership">Leadership</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=8" title="Edit section: Leadership" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-8 collapsible-block" id="mf-section-8"> <p>PBGC is headed by a Director, who reports to a <a href="/wiki/Board_of_directors" title="Board of directors">board of directors</a> consisting of the <a href="/wiki/United_States_Secretary_of_Labor" title="United States Secretary of Labor">Secretaries of Labor</a>, <a href="/wiki/United_States_Secretary_of_Commerce" title="United States Secretary of Commerce">Commerce</a> and <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">Treasury</a>, with the Secretary of Labor as <a href="/wiki/Chairman_of_the_board" class="mw-redirect" title="Chairman of the board">chairman</a>. </p><p>Under the <a href="/wiki/Pension_Protection_Act_of_2006" title="Pension Protection Act of 2006">Pension Protection Act of 2006</a>, the Director of the PBGC is appointed by the <a href="/wiki/President_of_the_United_States" title="President of the United States">President</a> and confirmed by the <a href="/wiki/United_States_Senate" title="United States Senate">Senate</a>. Under prior law, PBGC's Board Chairman appointed an "Executive Director" who was not subject to confirmation. </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(9)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Pensions_and_bankruptcy">Pensions and bankruptcy</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=9" title="Edit section: Pensions and bankruptcy" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-9 collapsible-block" id="mf-section-9"> <p>Several large legacy airlines have filed for bankruptcy reorganization in an attempt to renegotiate terms of pension liabilities. These debtors have asked the bankruptcy court to approve the termination of their old defined benefit plans insured by the PBGC. Although the PBGC resisted these requests, ultimately it assumed the plans. </p><p>The PBGC would like minimum required contributions to insured defined benefit pension plans be considered "administrative expenses" in bankruptcy, thereby obtaining priority treatment ahead of the unsecured creditors. The PBGC has generally lost on this argument, sometimes resulting in a benefit to general unsecured creditors. </p><p>In <i>National Labor Relations Bd. v. Bildisco</i>, 465 U.S. 513 (1984), the U.S. Supreme Court ruled that Bankruptcy Code section 365(a) "includes within it <a href="/wiki/Collective_bargaining_agreements" class="mw-redirect" title="Collective bargaining agreements">collective-bargaining agreements</a> subject to the National Labor Relations Act, and that the Bankruptcy Court may approve rejection of such contracts by the debtor-in-possession upon an appropriate showing." The ruling came in spite of arguments that the employer should not use bankruptcy to breach contractual promises to make pension payments resulting from collective bargaining. </p><p>General bankruptcy principles hold that <a href="/wiki/Executory_contracts" class="mw-redirect" title="Executory contracts">executory contracts</a> are avoidable in practice, because neither party has fulfilled its part of the bargain and thus breach by either party only gives rise to <a href="/wiki/Expectation_damages" title="Expectation damages">expectation damages</a>. Damages awards after commencement of a bankruptcy filing results in claims that take after more senior creditors. They are relegated to the status of general creditors because while breach would occur after filing of the bankruptcy petition, the contract was entered into before the filing. If a creditor is a general unsecured creditor and there is not enough money, they usually are not paid; so as a matter of practical economics, if the downturn in a company's fortunes which resulted in bankruptcy makes the performance of an executory contract less valuable than its breach, the rational company would breach. There would be no negative monetary consequences of such breach because there would be no money left for the other contract party to take because in practice general unsecured creditors are left with nothing.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="Always or most bankruptcies? (December 2018)">citation needed</span></a></i>]</sup> </p><p>In <i>Bildisco</i>, the Court also ruled that under the Bankruptcy Code as written at that time, an employer in Chapter 11 bankruptcy "does not commit an unfair labor practice when, after the filing of a bankruptcy petition but before court-approved rejection of the collective-bargaining agreement, it unilaterally modifies or terminates one or more provisions of the agreement." After the <i>Bildisco</i> decision, Congress amended the Bankruptcy Code by adding a subsection (f) to section 1113 (effective for cases that commenced on or after July 10, 1984): </p> <blockquote><p>(f) No provision of this title shall be construed to permit a trustee to unilaterally terminate or alter any provisions of a collective bargaining agreement prior to compliance with the provisions of this section.</p></blockquote> <p>According to commentator Nicholas Brannick, "Despite the appearance of protection for the PBGC's interest in the event of termination, the Bankruptcy Code frequently strips the PBGC of the protection provided under ERISA. Under ERISA, termination liability may arise on the date of termination, but the lien that protects the PBGC's interest in that liability must be <a href="/wiki/Perfection_(law)" title="Perfection (law)">perfected</a> [to be protected in bankruptcy]."<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The retention of title as a security interest, the creation of lien, or any other direct or indirect mode of disposing of or parting with property or an interest in property is a "transfer" for purposes of the U.S. Bankruptcy Code (see <a href="/wiki/Title_11_of_the_United_States_Code" title="Title 11 of the United States Code">11 U.S.C.</a> <a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/11/101(54)">§ 101(54)</a>). Some transfers may be avoidable by the bankruptcy trustee under various Code provisions. Further, under ordinary principles of bankruptcy law, a lien or other security interest that is unperfected (<i>i.e.</i>, a lien that is not valid against parties other than the debtor) at the time of case commencement is generally unenforceable against a bankruptcy trustee. Once the bankruptcy case has commenced, the law generally stays any act to attempt to perfect a lien that was not perfected prior to case commencement (see <a href="/wiki/Title_11_of_the_United_States_Code" title="Title 11 of the United States Code">11 U.S.C.</a> <a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/11/362(a)(4)">§ 362(a)(4)</a>). Thus, the PBGC with a lien that has not yet been perfected at the time of case commencement may find itself in the same position as the general unsecured creditors. </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(10)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Annual_Pension_Insurance_Data_Book">Annual Pension Insurance Data Book</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=10" title="Edit section: Annual Pension Insurance Data Book" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-10 collapsible-block" id="mf-section-10"> <p>PBGC has published the Pension Insurance Data Book since 1996 to present detailed statistics for the single-employer and multiemployer plans that the agency insures.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>The single-employer section gives all data and statistics on single-employer programs. </p> <ul><li>Section S-3 through S-19 are the claims tables. These tables show all of the claims brought by single-employer DB plans to PBGC.</li> <li>Section S-20 through S-29 are the payment table. These tables show how much PBGC is paying out every year in insurance protection.</li> <li>Section S-30 through S-38 are the insured tables. These tables show how many participants are insured under the PBGC.</li> <li>Section S-40 through S-43 are the premium tables. These tables show how much premiums insured pension plans are paying.</li> <li>Section S-44 though S-52 show the underfunded Plans, overfunded Plans, and the funding ratios by NAIC business code, state, and participant count.</li> <li>Section S-54 through S-59 provide statistics on plan partial risk transfer activity.</li></ul> <p>The multiemployer section, the M section, follows a similar organization. </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(11)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Pension_Protection_Act_of_2006">Pension Protection Act of 2006</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=11" title="Edit section: Pension Protection Act of 2006" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-11 collapsible-block" id="mf-section-11"> <p>The <a href="/wiki/Pension_Protection_Act_of_2006" title="Pension Protection Act of 2006">Pension Protection Act of 2006</a> represents the most significant pension legislation since <a href="/wiki/ERISA" class="mw-redirect" title="ERISA">ERISA</a>.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Some of the provisions of the Act that affect the PBGC include: </p> <ul><li>The method for calculating the "variable-rate" PBGC premium is changed.</li> <li>If PBGC takes over a terminated plan, the guarantee of employees' pension benefits is frozen as of the date of the plan sponsor's bankruptcy filing, which may be months or years before the plan terminates.</li> <li>The PBGC's guarantee of pension benefits that become payable on a plant shutdown is limited if the shutdown occurred within five years of the bankruptcy filing.</li> <li>The complicated rules that govern the PBGC's pension guarantee for business owners are simplified.</li> <li>If PBGC takes over a terminated plan, the plan sponsor is required to pay a "termination premium" of $1,250 per participant per year for three years.</li></ul> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(12)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="No_insurance_for_defined_contribution_plans">No insurance for defined contribution plans</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=12" title="Edit section: No insurance for defined contribution plans" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-12 collapsible-block" id="mf-section-12"> <p>One reason Congress enacted ERISA was "to prevent the 'great personal tragedy' suffered by employees whose vested benefits are not paid when pension plans are terminated."<sup id="cite_ref-Nachman_23-0" class="reference"><a href="#cite_note-Nachman-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> When a defined benefit plan is properly funded by its sponsor, its assets should be approximately equal to its liability, and any shortfall (including benefit improvements) should be <a href="/wiki/Amortization_(business)" class="mw-redirect" title="Amortization (business)">amortized</a> in a relatively short period of time. Before ERISA, employers and willing unions could agree to increase benefits with little thought to how to pay for them. A classic case of the unfortunate consequences of an underfunded pension plan is the 1963 shutdown of <a href="/wiki/Studebaker" title="Studebaker">Studebaker</a> automobile operations in <a href="/wiki/South_Bend,_Indiana" title="South Bend, Indiana">South Bend, Indiana</a>, in which 4,500 workers lost 85% of their vested benefits.<sup id="cite_ref-Nachman_23-1" class="reference"><a href="#cite_note-Nachman-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> One of ERISA's stated intentions was to minimize underfunding in defined benefit plans. </p><p>Defined contribution plans, by contrast and by definition, are always "fully funded" so Congress saw no need to provide insurance protection for participants in defined contribution plans. The <a href="/wiki/Enron_scandal" title="Enron scandal">Enron scandal</a> in 2001 demonstrated one potential problem with defined contribution plans: the company had strongly encouraged its workers to invest their <a href="/wiki/401(k)" title="401(k)">401(k)</a> plans in their employer itself, violating primary investment guidelines about diversification. When Enron went bankrupt, many workers lost not only their jobs but also most of the value of their retirement savings. Congress imposed <a href="/wiki/Fiduciary" title="Fiduciary">fiduciary</a> liability upon employers inside Section 404 of ERISA. </p> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(13)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="See_also">See also</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=13" title="Edit section: See also" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-13 collapsible-block" id="mf-section-13"> <ul><li><a href="/wiki/Bankruptcy_in_the_United_States" title="Bankruptcy in the United States">Bankruptcy in the United States</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a></li> <li><a href="/wiki/Kline-Miller_Multiemployer_Pension_Reform_Act_of_2014" class="mw-redirect" title="Kline-Miller Multiemployer Pension Reform Act of 2014">Kline-Miller Multiemployer Pension Reform Act of 2014</a></li> <li><a href="/wiki/Pension" title="Pension">Pension</a></li> <li><a href="/wiki/Pension_Protection_Act_of_2006" title="Pension Protection Act of 2006">Pension Protection Act of 2006</a></li> <li><a href="/wiki/Pension_Rights_Center" title="Pension Rights Center">Pension Rights Center</a></li> <li><a href="/wiki/Securities_Investor_Protection_Corporation" title="Securities Investor Protection Corporation">Securities Investor Protection Corporation</a></li> <li><a href="/wiki/Social_insurance" title="Social insurance">Social insurance</a></li> <li><a href="/wiki/Title_29_of_the_Code_of_Federal_Regulations" title="Title 29 of the Code of Federal Regulations">Title 29 of the Code of Federal Regulations</a></li></ul> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(14)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Notes">Notes</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=14" title="Edit section: Notes" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-14 collapsible-block" id="mf-section-14"> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">When the PBGC takes over an insolvent pension plan, it becomes a general creditor of the plan sponsor.</span> </li> </ol></div></div> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(15)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="References">References</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=15" title="Edit section: References" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-15 collapsible-block" id="mf-section-15"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.pbgc.gov/about/who-we-are/pg/president-ford-signing-erisa-of-1974.html">"President Ford Signing ERISA of 1974"</a>. <i><a class="mw-selflink selflink">Pension Benefit Guaranty Corporation</a></i>. April 27, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">February 27,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Pension+Benefit+Guaranty+Corporation&rft.atitle=President+Ford+Signing+ERISA+of+1974&rft.date=2017-04-27&rft_id=http%3A%2F%2Fwww.pbgc.gov%2Fabout%2Fwho-we-are%2Fpg%2Fpresident-ford-signing-erisa-of-1974.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/about/who-we-are/pg/director">"Director"</a>. <i>PBGC.gov</i>. Pension Benefit Guaranty Corporation. May 3, 2024<span class="reference-accessdate">. Retrieved <span class="nowrap">September 25,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=PBGC.gov&rft.atitle=Director&rft.date=2024-05-03&rft_id=https%3A%2F%2Fwww.pbgc.gov%2Fabout%2Fwho-we-are%2Fpg%2Fdirector&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.dol.gov/general/topic/retirement/erisa">"Employee Retirement Income Security Act (ERISA) | U.S. Department of Labor"</a>. <i>www.dol.gov</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.dol.gov&rft.atitle=Employee+Retirement+Income+Security+Act+%28ERISA%29+%26%23124%3B+U.S.+Department+of+Labor&rft_id=https%3A%2F%2Fwww.dol.gov%2Fgeneral%2Ftopic%2Fretirement%2Ferisa&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-Maximum_Monthly_Guarantee_Tables-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-Maximum_Monthly_Guarantee_Tables_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Maximum_Monthly_Guarantee_Tables_4-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/wr/benefits/guaranteed-benefits/maximum-guarantee">"Maximum Monthly Guarantee Tables"</a>. <i><a class="mw-selflink selflink">Pension Benefit Guaranty Corporation</a></i>. October 19, 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">February 27,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Pension+Benefit+Guaranty+Corporation&rft.atitle=Maximum+Monthly+Guarantee+Tables&rft.date=2021-10-19&rft_id=https%3A%2F%2Fwww.pbgc.gov%2Fwr%2Fbenefits%2Fguaranteed-benefits%2Fmaximum-guarantee&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/about/factsheets/page/multi-facts">"Multiemployer Insurance Program Facts"</a>. <i><a class="mw-selflink selflink">Pension Benefit Guaranty Corporation</a></i>. 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Retrieved <span class="nowrap">February 27,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Pension+Benefit+Guaranty+Corporation&rft.atitle=Multiemployer+Insurance+Program+Facts&rft.date=2021-08-13&rft_id=https%3A%2F%2Fwww.pbgc.gov%2Fabout%2Ffactsheets%2Fpage%2Fmulti-facts&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/sites/default/files/documents/pbgc-annual-report-2022.pdf">"PBGC Annual Report 2022"</a> <span class="cs1-format">(PDF)</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=PBGC+Annual+Report+2022&rft_id=https%3A%2F%2Fwww.pbgc.gov%2Fsites%2Fdefault%2Ffiles%2Fdocuments%2Fpbgc-annual-report-2022.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-report2018-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-report2018_8-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/sites/default/files/pbgc-annual-report-2018.pdf">"2018 Annual Report"</a> <span class="cs1-format">(PDF)</span>. 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Retrieved <span class="nowrap">November 15,</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=2018+Annual+Report&rft.pub=Pension+Benefit+Guaranty+Corporation&rft_id=https%3A%2F%2Fwww.pbgc.gov%2Fsites%2Fdefault%2Ffiles%2Fpbgc-annual-report-2018.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-investment-policy-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-investment-policy_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-investment-policy_9-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-investment-policy_9-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-investment-policy_9-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-investment-policy_9-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-investment-policy_9-5"><sup><i><b>f</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/about/how-pbgc-operates">"How PBGC Operates | Pension Benefit Guaranty Corporation"</a>. <i>www.pbgc.gov</i>. How We Invest Our Money.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.pbgc.gov&rft.atitle=How+PBGC+Operates+%26%23124%3B+Pension+Benefit+Guaranty+Corporation&rft.pages=How+We+Invest+Our+Money&rft_id=https%3A%2F%2Fwww.pbgc.gov%2Fabout%2Fhow-pbgc-operates&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-pbgc.gov-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-pbgc.gov_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-pbgc.gov_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/sites/default/files/pbgc-fy-2019-annual-report.pdf">PBGC FY 2019 Annual Report</a></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/news/press/releases/pr15-04">"PBGC Launches Pilot Program for Smaller Asset Managers | Pension Benefit Guaranty Corporation"</a>. <i>www.pbgc.gov</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.pbgc.gov&rft.atitle=PBGC+Launches+Pilot+Program+for+Smaller+Asset+Managers+%26%23124%3B+Pension+Benefit+Guaranty+Corporation&rft_id=https%3A%2F%2Fwww.pbgc.gov%2Fnews%2Fpress%2Freleases%2Fpr15-04&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/news/press/releases/pr16-08">"PBGC Selects Firms for Smaller Asset Manager Pilot Program | Pension Benefit Guaranty Corporation"</a>. <i>www.pbgc.gov</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.pbgc.gov&rft.atitle=PBGC+Selects+Firms+for+Smaller+Asset+Manager+Pilot+Program+%26%23124%3B+Pension+Benefit+Guaranty+Corporation&rft_id=https%3A%2F%2Fwww.pbgc.gov%2Fnews%2Fpress%2Freleases%2Fpr16-08&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://fas.org/sgp/crs/misc/95-118.pdf">"Pension Benefit Guaranty Corporation (PBGC): A Primer"</a> <span class="cs1-format">(PDF)</span>. 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Retrieved <span class="nowrap">February 27,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Pension+Benefit+Guaranty+Corporation&rft.atitle=2019+Pension+Insurance+Data+Tables+%7C+Table+S-3&rft_id=https%3A%2F%2Fwww.pbgc.gov%2Fsites%2Fdefault%2Ffiles%2F2019-pension-data-tables.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/news/press/releases/pr17-12">"PBGC Expands Missing Participants Program to Terminated 401(k) and Other Plans"</a>, Pension Benefit Guaranty Corporation, December 21, 2017.</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/prac/missing-participants-program">"Expanded Missing Participants Program"</a>, Pension Benefit Guaranty Corporation, February 15, 2018</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbgc.gov/about/pg/contact/contact-unclaimed">"Contacting PBGC About Unclaimed Pensions | Pension Benefit Guaranty Corporation"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Contacting+PBGC+About+Unclaimed+Pensions+%26%23124%3B+Pension+Benefit+Guaranty+Corporation&rft_id=https%3A%2F%2Fwww.pbgc.gov%2Fabout%2Fpg%2Fcontact%2Fcontact-unclaimed&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.pbgc.gov/prac/prem/premium-rates.html#scheduled">"Premium Rates</a>, Pension Benefit Guaranty Corporation.</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.pbgc.gov/wr/benefits/guaranteed-benefits.html">"What PBGC Guarantees"</a>. 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Retrieved <span class="nowrap">August 5,</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=What+PBGC+Guarantees&rft.pub=Pension+Benefit+Guaranty+Corporation&rft_id=http%3A%2F%2Fwww.pbgc.gov%2Fwr%2Fbenefits%2Fguaranteed-benefits.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrannick2004" class="citation journal cs1">Brannick, Nicholas (2004). <a rel="nofollow" class="external text" href="https://kb.osu.edu/handle/1811/70993">"At the Crossroads of Three Codes: How Employers Are Using ERISA, the Tax Code, and Bankruptcy to Evade Their Pension Obligations"</a>. <i>Ohio State Law Journal</i>. <b>65</b> (6): 1606. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/1811%2F70993">1811/70993</a><span class="reference-accessdate">. Retrieved <span class="nowrap">December 2,</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Ohio+State+Law+Journal&rft.atitle=At+the+Crossroads+of+Three+Codes%3A+How+Employers+Are+Using+ERISA%2C+the+Tax+Code%2C+and+Bankruptcy+to+Evade+Their+Pension+Obligations&rft.volume=65&rft.issue=6&rft.pages=1606&rft.date=2004&rft_id=info%3Ahdl%2F1811%2F70993&rft.aulast=Brannick&rft.aufirst=Nicholas&rft_id=https%3A%2F%2Fkb.osu.edu%2Fhandle%2F1811%2F70993&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.pbgc.gov/prac/pg/other/trends-and-statistics-on-plans.html">"Trends and Statistics on Plans"</a>, Pension Benefit Guaranty Corporation, February 25, 2011.</span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://georgewbush-whitehouse.archives.gov/news/releases/2006/08/20060817.html">"Fact Sheet: The Pension Protection Act of 2006: Ensuring Greater Retirement Security for American Workers"</a>. <a href="/wiki/Executive_Office_of_the_President_of_the_United_States" title="Executive Office of the President of the United States">The White House</a>. August 17, 2006<span class="reference-accessdate">. Retrieved <span class="nowrap">December 16,</span> 2007</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Fact+Sheet%3A+The+Pension+Protection+Act+of+2006%3A+Ensuring+Greater+Retirement+Security+for+American+Workers&rft.pub=The+White+House&rft.date=2006-08-17&rft_id=https%3A%2F%2Fgeorgewbush-whitehouse.archives.gov%2Fnews%2Freleases%2F2006%2F08%2F20060817.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APension+Benefit+Guaranty+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-Nachman-23"><span class="mw-cite-backlink">^ <a href="#cite_ref-Nachman_23-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Nachman_23-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><i>Nachman Corp. v. Pension Benefit Guaranty Corporation</i> <a href="/wiki/List_of_United_States_Supreme_Court_cases,_volume_446" title="List of United States Supreme Court cases, volume 446">446</a> <a href="/wiki/United_States_Reports" title="United States Reports">U.S.</a> <a rel="nofollow" class="external text" href="https://supreme.justia.com/cases/federal/us/446/359/">359</a> (1980).</span> </li> </ol></div> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(16)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=16" title="Edit section: Further reading" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-16 collapsible-block" id="mf-section-16"> <ul><li>Andrew Douglass and Bradley Kafka, "Legal Trends — Progress for Multiemployer Pension Plans," <i>HRMagazine</i>, Vol. 60, No. 2, 2015, pg. 71; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/5826024469">5826024469</a>, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://www.worldcat.org/search?fq=x0:jrnl&q=n2:1047-3149">1047-3149</a></li> <li><a href="/wiki/Employee_Benefit_Research_Institute" title="Employee Benefit Research Institute">Employee Benefit Research Institute</a>, <a rel="nofollow" class="external text" href="http://www.ebri.org/pdf/publications/facts/1113fact.pdf">"Basics of the Pension Benefit Guaranty Corporation (PBGC)"</a>, November 2013</li> <li><a href="/wiki/Mary_Williams_Walsh" title="Mary Williams Walsh">Mary Williams Walsh</a>, <a rel="nofollow" class="external text" href="https://www.nytimes.com/2005/09/18/business/18pensions.html">"Whoops! There Goes Another Pension Plan"</a>, <i><a href="/wiki/New_York_Times" class="mw-redirect" title="New York Times">New York Times</a></i>, September 18, 2005</li></ul> </section><div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(17)"><span class="indicator mf-icon mf-icon-expand mf-icon--small"></span><h2 id="External_links">External links</h2><span class="mw-editsection"> <a role="button" href="/w/index.php?title=Pension_Benefit_Guaranty_Corporation&action=edit&section=17" title="Edit section: External links" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> <span class="minerva-icon minerva-icon--edit"></span> <span>edit</span> </a> </span> </div><section class="mf-section-17 collapsible-block" id="mf-section-17"> <ul><li><span class="official-website"><span class="url"><a rel="nofollow" class="external text" href="http://www.pbgc.gov/">Official website</a></span></span></li> <li><a rel="nofollow" class="external text" href="https://www.federalregister.gov/agencies/pension-benefit-guaranty-corporation">Pension Benefit Guaranty Corporation</a> in the <a href="/wiki/Federal_Register" title="Federal Register">Federal Register</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist 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