PBGC insures defined benefit plans, the type that promise to pay a specific monthly benefit at retirement. PBGC does not insure retirement plans that do not promise specific benefit amounts ("defined contribution pension plans"), such as profit-sharing or 401(k) plans.

How can I find out if my pension plan is insured by PBGC?

• The easiest way is to ask your employer or plan administrator for a copy of the “Summary Plan Description,” or SPD. The SPD will state whether your plan is covered by the PBGC program.
• Although PBGC insures most defined benefit plans, some are not covered. For example, plans offered by “professional service employers” (such as doctors and lawyers) with fewer than 26 employees, by church groups or by federal, state or local governments usually are not insured.

How can I find out if my pension plan is underfunded?

• You have a legal right to obtain information about your plan’s funding by requesting the information in writing from your plan administrator.