PBGC meaning in Governmental ?

Answer:

What is Pension Benefit Guaranty Corporation mean?

The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary to carry out its operations. Subject to other statutory limitations, PBGC's single-employer insurance program pays pension benefits up to the maximum guaranteed benefit set by law to participants who retire at 65 ($67,295 a year as of 2018). The benefits payable to insured retirees who start their benefits at ages other than 65 or elect survivor coverage are adjusted to be equivalent in value. The maximum monthly guarantee for the multiemployer program is far lower and more complicated ($12,870 a year as of 2017 for a participant with 30 years of credited service).

In fiscal year 2018 PBGC added 58 more failed single-employer plans, bringing its inventory to 4,919 plans, and paid $5.8 billion in benefits to 861,000 retirees in those plans. That year, PBGC also paid $151 million in financial assistance to 81 multiemployer pension plans on behalf of 62,300 retirees. The agency has a total of $164 billion in obligations and $112 billion in assets for an overall deficit of $51 billion, an improvement of $25 billion since the prior year. The multiemployer program has a deficit of $53.9 billion and the single employer program a surplus of $2.4 billion.

reference

Full Form	Category
Prioritiespension Benefit Guaranty Corporation	Business
Permian Basin Graduate Center	General
Pension Benefit Guaranty Corporation	Governmental