The Pension Benefit Guaranty Corporation (PBGC) protects the retirement incomes of nearly 37 million American workers in more than 25,000 private-sector defined benefit pension plans. PBGC was created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of private-sector defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at a minimum.
In 2018, PBGC paid retirement benefits, up to a guaranteed maximum, to more than 861,000 retirees in more than 4,900 single-employer pension plans that cannot pay promised benefits. PBGC also provided financial assistance to 81 multiemployer plans covering 62,300 retirees. Including those who have not yet retired and participants in multiemployer plans receiving financial assistance, PBGC is responsible for the current and future pensions of about 1.5 million people.THE CHALLENGE
As the entity that was established to protect the pensions of private-sector companies, PBGC serves more than one group of customers. In addition to the 1.5 million people whose pension benefits are or will be paid by the agency, PBGC also has an important customer relationship with the companies that sponsor PBGC-insured plans. These customer groups have very different wants and needs, so providing a high level of customer service can be difficult, particularly given the ever-changing customer expectations driven by technology.
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