Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corporation (PBGC) protects the retirement incomes of American workers in private-sector defined benefit pension plans by encouraging the continuation and maintenance of the plans, providing timely and uninterrupted payment of pension benefits, and keeping pension insurance premiums at a minimum.

In July 2003, GAO designated PBGC's single-employer pension insurance program—its largest insurance program—as "high risk" due to the financial risk that it faces ("high-risk" programs, in GAO's view, are in need of transformation). The program remains on the list today.

Highlights of GAO-07-310 (PDF)