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Pension Benefit Guaranty Corporation
Gov. corporationsAt-will removalSelf-funded
At a glance
Type
Government corporations
Removal of leadership
Removable at will
Appointed by
Board appointed by the President, confirmed by the Senate
Structure
Government corporation · led by the Director
Term
5-year term
Funding
Outside annual appropriations
Independence
Direct presidential control
Statute (29 U.S.C. 1302(a)) sets a 5-year term but allows removal of the Director by the President OR the board of directors before term's end, with no for-cause condition, so the Director is at-will, not term-protected. Day-to-day administration is by a single Senate-confirmed Director; a 3-member board of the Treasury, Labor, and Commerce Secretaries (Labor as chair) sets policy.
What it does
PBGC is a federal government corporation that insures most private-sector defined-benefit (traditional) pension plans. When a covered plan fails or is terminated without enough money, PBGC steps in and pays guaranteed retirement benefits, up to legal limits, to the affected workers and retirees. Its insurance programs are funded by premiums paid by the employers who sponsor those plans, plus the assets of plans it takes over, rather than by general tax dollars.
LaborFinancial
How it fits
Created by Congress under the Employee Retirement Income Security Act of 1974 (ERISA), Title IV (29 U.S.C. Sec. 1302 (Pub. L. 93-406)), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.
Recent actions
Submission of Information Collection for OMB Review; Comment Request; Generic Clearance for the Collection of Qualitative and Quantitative Feedback on Agency Service Delivery
Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits
Penalties for Failure To Provide Certain Notices or Other Material Information
Improvements to Rules on Recoupment of Benefit Overpayments
Allocation of Assets in Single-Employer Plans; Interest Assumptions for Valuing Benefits
Submission of Information Collections for OMB Review; Comment Request; Direct Express Enrollment Form
Technical Amendments: Special Financial Assistance
Proposed Submission of Information Collection for OMB Review; Comment Request; Generic Clearance for the Collection of Qualitative and Quantitative Feedback on Agency Service Delivery