A MESSAGE FROM THE ACTING DIRECTOR
Fifty years ago, on September 2, 1974, President Gerald R. Ford signed into law the Employee Retirement Income Security Act (ERISA) – historic legislation to protect private sector pensions and establish the Pension Benefit Guaranty Corporation (PBGC). Since 1974, PBGC has been at the forefront of protecting the retirement income of millions of workers, retirees, and their families.
As we celebrate this significant milestone in our agency’s history, we recognize that our mission remains as vital today as it was in then — preserving and encouraging the continuation of private pension plans and protecting the hard-earned pension benefits of workers and retirees.
Marking the third year since the enactment of the American Rescue Plan Act of 2021, the Special Assistance (SFA) Program remains a top PBGC priority. This critical program provides funding to financially troubled multiemployer pension plans and will ensure that millions of America’s workers, retirees, and their families receive the pension benefits they earned for many years into the future.
During fiscal year (FY) 2024, PBGC approved payment of $14.5 billion in SFA. As of November 1, 2024, PBGC has approved about $69.5 billion in SFA to plans that cover about 1,215,000 participants.
For the fourth consecutive year, the financial health of PBGC’s Multiemployer and Single-Employer Insurance Programs continued to improve, with both programs reporting positive net positions. The Multiemployer Program had a positive net position of $2.1 billion at the end of FY 2024, compared with $1.5 billion at the end of FY 2023. PBGC’s Single-Employer Program remains financially healthy with a positive net position of $54.2 billion at the end of FY 2024, compared with $44.6 billion at the end of FY 2023.
The FY 2024 Annual Report is the 32nd consecutive year the agency has received an unmodified audit opinion on its financial statements and the ninth consecutive year of an unmodified audit opinion on internal control over financial reporting. Additionally, as required by OMB Circular A-136, I am pleased to confirm with reasonable assurance the completeness and reliability of the data presented in the FY 2024 Annual Management Report and the FY 2024 Annual Performance Report, included in this Annual Report.
PBGC was again recognized among the Top 5 best places to work among small agencies in the federal government.
PBGC has an essential mission, a dedicated and hardworking team of professionals, and the support of stakeholders across the pensions industry. As the agency marks its 50th anniversary, we remain dedicated to fulfilling our pension protection mission and serving the workers, retirees, and businesses who rely on the work we do every day.
Ann Y. Orr
Acting Director
November 15, 2024
