Tuesday, June 20, 2006

PBGC

Pension Benefit Gauranty Corporation

This morning I learned about its existence, in a news story on CBS dealing with Delta Airlines and other corporations in danger of declaring bankruptcy.

About PBGC

PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974. It currently protects the pensions of 44.1 million American workers and retirees in 30,330 private single-employer and multiemployer 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 plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.


It receives no funds from general tax revenues? For some reason I find that the details aren't enough.

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