Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corporation protects the pension benefits of nearly 44 million Americans who participate in defined-benefit pension plans sponsored by private-sector employees. The Pension Benefit Guaranty Corporation (PBGC) is a self-financing, wholly owned Government corporation subject to the Government Corporation Control Act (31 U. S. C. 9101-9109). The Corporation, established by title IV of the Employee Retirement Income Security Act of 1974 (29 U. S. C. 1301-1461), operates in accordance with policies established by its Board of Directors, which consists of the Secretaries of Labor, Commerce, and the Treasury. The Secretary of Labor is Chairman of the Board. A seven-member Advisory Committee, composed of two labor, two business, and three public members appointed by the President, advises the agency on investment issues.