[20050105]95-118EPW_养老金福利担保公司：情况说明书.pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code 95-118 EPWUpdated January 5, 2005Pension Benefit Guaranty Corporation: A Fact SheetPaul J. GraneyAnalyst in Social LegislationDomestic Social Policy DivisionThe Pension Benefit Guaranty Corporation (PBGC) is a federal government agencyestablished in 1974 by the Employee Retirement Income Security Act (ERISA) (P.L. 93-406). It was created to protect the pensions of participants and beneficiaries covered byprivate sector, defined benefit (DB) plans. These pension plans provide a specifiedmonthly benefit at retirement, usually either a percent of salary or a flat dollar amountmultiplied by years of service. Defined contribution plans, such as 401(k) plans, are notinsured. The PBGC is chaired by the Secretary of Labor, with the Secretaries of Treasuryand Commerce serving as board members.The PBGC runs two distinct insurance programs for single-employer andmultiemployer plans. Multiemployer plans are collectively bargained plans to whichmore than one company makes contributions. PBGC maintains separate reserve funds foreach program. In 2004, it insured private pensions for