Neither ERISA nor the PBGC applies to state and local government plans, however, in part due to the potential for conflict between federal and state authority. Private sector 401(k) and other defined contribution plans are also excluded from PBGC protection.
Funding Sources for the PBGC
The PBGC is funded in three ways. First, employers that sponsor insured pension plans pay an annual premium to the PBGC. These premiums are calculated on a flat-rate basis of $35 per plan participant, plus a variable rate premium of $9 per $1,000 assessed only to underfunded plans. Secondly, the PBGC earns investment income on the assets it manages. Finally, assets of terminated pension plans are transferred to PBGC control.
In fiscal year 2010 the PBGC paid nearly $5.6 billion for approximately 801,000 retirees in 4,200 failed plans. While this is a lot of money, it translates into less than $7,000 per covered plan participant annually, or only $582 per participant per month.
Private Pension Safety Net
A common misconception regarding the PBGC is that pensioners will be completely protected if their employer-sponsored defined benefit pension plan fails. While it is true that the PBGC is designed to act as a safety net, it is not a replacement for the full pension payment that many plan participants had hoped to receive.
Pension benefits paid by the PBGC are subject to maximum levels set by Congress. The maximum guarantee is determined by the plan termination date or, if applicable, the bankruptcy filing date, and not the date at which the participant would begin receiving benefits. Once calculated, the maximum benefit is not subject to any future cost of living adjustments or other adjustments.
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