**Most private-sector defined benefit (DB) pensions in the U.S. are insured, but there is no blanket guarantee that every participant will receive every dollar promised.** The federal Pension Benefit Guaranty Corporation (PBGC) covers most private DB plans, subject to legal limits. Government plans, many church plans, and certain small professional-service employer plans are outside PBGC coverage. [PBGC coverage rules](https://www.pbgc.gov/employers-practitioners/legal-resources/insurance-coverage).

For covered **single-employer plans**, PBGC generally guarantees earned, vested basic pension benefits, including normal retirement benefits, most early retirement benefits, and survivor annuities. Limits depend on the applicable year, the participant’s age, and the payment form. Recent benefit increases and some supplemental benefits may not be fully covered. Thus, even a pension below the maximum dollar limit can be partially unguaranteed. [Guaranteed benefits](https://www.pbgc.gov/workers-retirees/learn/guaranteed-benefits).

**If the sponsor company goes bankrupt, the pension does not automatically disappear or transfer to PBGC.** Pension assets generally are held separately from company assets and protected from the company’s creditors. However, that protection does not eliminate an existing funding shortfall. [IRS explanation of employer bankruptcy](https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-bankruptcy-of-employer).

For a single-employer plan, the main possible outcomes are:

- **The plan continues.** A company may reorganize and retain its pension plan.
- **The plan ends with enough funding to pay all promised benefits.** A standard termination generally provides benefits through purchased insurance annuities or permitted lump-sum payments.
- **The underfunded plan ends through a distress or PBGC-initiated termination.** PBGC generally takes over and pays benefits up to statutory limits. Some participants receive their full pension; others face reductions. [PBGC termination fact sheet](https://www.pbgc.gov/about/factsheets/page/termination).

If the plan terminates while the sponsor remains in bankruptcy, **the bankruptcy filing date generally determines the benefits PBGC guarantees and the applicable guarantee limits**. Benefits earned afterward may be payable from available plan assets but are not necessarily insured. [PBGC bankruptcy-date rules](https://www.pbgc.gov/workers-retirees/learn/understanding-your-pension-pbgc-coverage/bankruptcy-date).

**Union multiemployer plans have a separate insurance system.** One participating employer’s bankruptcy does not itself mean the entire plan is insolvent. If the plan cannot pay guaranteed benefits, PBGC provides financial assistance to the plan rather than taking it over. Its guarantees are generally substantially lower than single-employer guarantees and depend on benefit rates and credited service. [Multiemployer protection](https://www.pbgc.gov/workers-retirees/learn/guaranteed-benefits/multiemployer-plans-facts).

To check a particular pension’s protection:

1. **Ask the plan administrator for the Summary Plan Description, latest annual funding notice, and your benefit statement.** Confirm PBGC coverage, whether the plan is single-employer or multiemployer, and your earned and vested benefit. The funding notice explains the plan’s financial condition and insurance protections. [Department of Labor guide](https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/publications/what-you-should-know-about-your-retirement-plan).
2. **Use PBGC’s [plan search and coverage resources](https://www.pbgc.gov/workers-retirees/learn/pension-insurance-coverage)** and, for single-employer plans, its [maximum guarantee tables](https://www.pbgc.gov/workers-retirees/learn/guaranteed-benefits/monthly-maximum). Ask which year’s table applies.
3. **Contact the Department of Labor’s Employee Benefits Security Administration (EBSA)** for help obtaining documents or understanding your rights: **1-866-444-3272** or [Ask EBSA](https://www.askebsa.dol.gov/). For a plan outside PBGC coverage, ask its administrator which laws and protections apply.