Company Profile
Pension Benefit Guaranty Corporation
Company Overview
www.pbgc.gov
Are you looking for one of the top 5 Federal agencies to work for? Well look no further, the Pension Benefit Guaranty Corporation is recognized as one of the top 5 places to work. We ranked high on work/life balance, benefits, job security, advancement and organizational culture.
The Pension Benefit Guaranty Corporation (PBGC) has a distinguished and important mission in protecting America’s pensions. At PBGC, you will use your skills in accounting, auditing, business, finance, law, actuarial science, or information technology and more, to protect the retirement income of nearly 40 million hardworking Americans. Our work is challenging, compelling, and important. Whatever your background or expertise, you will find your future at PBGC exceptionally rewarding because the work you perform will have a daily impact on the lives of relatives, friends and neighbors. It will be like no other career choice you have explored.
We are counting on bright, talented and dedicated individuals like you to achieve our goals. You will be both challenged and supported, so whether you are just starting out or looking for new opportunities, consider PBGC and start making a difference today!
If you are interested in a challenging career with great benefits, training, and strong growth potential, we strongly encourage you to apply today!
Company History
Mission of PBGC
The Pension Benefit Guaranty Corporation (PBGC) protects the retirement incomes of more than 37 million American workers in private-sector defined benefit pension plans. A defined benefit plan provides a specified monthly benefit at retirement, often based on a combination of salary and years of service. PBGC was created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of private-sector defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at a minimum.
PBGC is not funded by general tax revenues. PBGC collects insurance premiums from employers that sponsor insured pension plans, earns money from investments and receives funds from pension plans it takes over.
In fiscal year 2018, PBGC paid for monthly retirement benefits, up to a guaranteed maximum, for more than 861,000 retirees in 4,919 single-employer plans that cannot pay promised benefits. Including those who have not yet retired and participants in multiemployer plans receiving financial assistance, PBGC is responsible for the current and future pensions of about 1.5 million people.
The maximum pension benefit guaranteed by PBGC is set by law and adjusted yearly. For plans that end in 2019, the maximum guarantee for workers who retire at age 65 is $67,295 yearly ($5,607.95 monthly). The guarantee is lower for those who retire early or when there is a benefit for a survivor. The guarantee is increased for those who retire after age 65.
Notable Accomplishments / Recognition
Ranked one of the top 5 Federal agencies to work