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Pension Benefit Guaranty Corporation (PBGC)

PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974.  It currently protests the pensions of nearly 44 million American workers and retirees in more than 29,000 private single-employer defined benefit pension plans.  PBGC receives no funds from general tax revenues.  Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plan trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.