Which U.S. law created the federal Pension Benefit Guaranty Corporation in 1974?

The Employee Retirement Income Security Act of 1974 created the federal Pension Benefit Guaranty Corporation.

ERISA established minimum standards for many private-sector pension and welfare benefit plans. Its purpose included protecting participants through reporting rules, fiduciary requirements, vesting standards, and funding obligations.

The law also created the Pension Benefit Guaranty Corporation, commonly called the PBGC. The PBGC provides limited protection for participants in covered private defined-benefit pension plans when an employer’s plan cannot meet its obligations.

ERISA does not generally regulate government or church pension plans, and it does not operate like ordinary commercial insurance. The PBGC is a federal corporation funded mainly through employer-paid premiums, investment income, and recoveries from failed plans.