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an overview of the pension benefit guaranty corporation pbgc the pension benefit guaranty corporation pbgc is a government corporation established by the employee retirement income security act of 1974 erisa pl 93 93-406 it was created to protect the pensions of participants and beneficiaries by paying participants benefits if the pension plan is unable to do so pbgc ensures only private sector defined benefit db plans these pension plans provide a specified monthly benefit at retirement usually either a percentage of salary or a flat dollar amount multiplied by years of service defined contribution dc plans such as 401k plans are not insured more detailed information about ppgc is available in crs report 95 to 118 pension benefit guaranty corporation pbgc a primer in fiscal year 2020 pbgc insured approximately 25 000 db pension plans covering about 34 million people pbgc operates two distinct insurance programs one for single employer pension plans and a second for multi-employer plan