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There were numerous factors contributing to the pension crisis. Corporate bankruptcies and growing reports of defined benefit plan underfunding raised serious concerns about the Pension Benefit Guaranty Corporation's ("PBGC") financial viability. The PBGC receives premium payments from sponsoring employers and in turn, the PBGC guarantees benefit payments to almost forty-four million active workers and retirees in more than 30,000 active plans. If an employer is unable to meet its obligations under the terms of a plan, the PBGC takes on plan administration and liabilities and makes annual benefit payments to plan participants.
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