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PBGC releases FY 2025 Annual Report

Financial condition of insurance programs continues to improve For Immediate Release Date

January 27, 2026

WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) today released its Fiscal Year (FY) 2025 Annual Report. The report shows PBGC’s insurance programs are financially sound.

“This marks the fifth consecutive year that both the Single-Employer and Multiemployer insurance programs reported positive net financial positions,” said PBGC Director Janet Dhillon. “PBGC’s strong financial condition enables the agency to fulfill its mission of protecting the retirement security of workers and retirees well into the future.”

The report also notes the 33rd consecutive year PBGC has received an unmodified audit opinion on its financial statements and the 10th consecutive year of an unmodified audit opinion on internal control over financial reporting.

Multiemployer Program Continues to Improve

The Multiemployer Program had assets of $4.9 billion and liabilities of $2.3 billion, as of September 30, 2025. In FY 2025, the program’s financial position improved by $516 million, resulting in a positive net position of $2.6 billion. The improvement is primarily due to premium and investment income.

During FY 2025, PBGC paid $6.2 billion in special financial assistance to 48 plans, and $169 million in traditional financial assistance to 100 insolvent plans.

The Multiemployer Program covers approximately 11.1 million participants in about 1,300 insured plans.

Single-Employer Program Net Position Continues to Grow

The Single-Employer Program had $152.3 billion in assets and $90 billion in liabilities, as of September 30, 2025, resulting in a positive net position of $62.2 billion. The improvement is primarily the result of strong investment income and premium income in excess of new claims. During FY 2025, PBGC paid over $6.4 billion in retirement benefits to nearly 926,000 retirees in PBGC-trusteed plans.

The Single-Employer Program protects about 18.4 million workers and retirees in about 22,000 insured pension plans.

About PBGC’s FY 2025 Financial Report

PBGC’s financial statements are prepared in accordance with generally accepted accounting principles in the U.S. For FY 2025, PBGC received an unmodified audit opinion on its financial statements, as well as an unmodified audit opinion on internal control over financial reporting. KPMG performed the audit under contract with PBGC’s Office of Inspector General, which oversaw the audit. Separately, PBGC publishes a Projections Report each year that illustrates the possible future financial condition of the agency’s two insurance programs.

About PBGC

PBGC protects the retirement security of about 30 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of nearly 1.4 million participants and beneficiaries in failed single-employer pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.

Press Release Number: 26-002