A recent report by the Pension Benefit Guaranty Corporation (PBGC) shows that nearly $6 billion in payments were paid to over 800,000 participants of failed pension plans in 2015. This is approximately the same amount paid in 2014.
The PBGC is an independent agency of the government that offers an insurance program make certain participants of pension plans that end without sufficient funds still receive their benefits. As the country, and retirement accounts, continue to recover from the recession, the actions of the PBGC remain crucial to the retirees and pension plan participants.