2008 Annual Report
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[Excerpt] The Pension Benefit Guaranty Corporation (PBGC or the Corporation) is a federal corporation established under the Employee Retirement Income Security Act (ERISA) of 1974, as amended. It currently guarantees payment of basic pension benefits earned by nearly 44 million American workers and retirees participating in more than 29,000 private-sector defined benefit pension plans. The Corporation receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor defined benefit pension plans and by investment income and assets from terminated plans. The following constitutes PBGC’s Annual Management Report for fiscal year 2008, as required under OMB Circular No. A-136 and A-11, Section 230-1.