WhereTaxMoneyGoesPension Benefit Guaranty Corporation (PBGC): federal spending, contracts and grants
In fiscal year 2026, Pension Benefit Guaranty Corporation reported $10.4 billion in obligations and $10.6 billion in outlays, about 0.6% of all budgetary resources tracked on USAspending. Below: where its award money went, who received the most, and how its spending has changed since FY 2017.
FY 2026 figures are still being reported by agencies and will change as late submissions arrive.
Mission
Enhance retirement security by preserving and encouraging the continuation of private pension plans, and protecting the benefits of workers and retirees in traditional pension plans.
How PBGC awarded money in FY 2026
Award obligations are the part of an agency's spending that goes out as contracts, grants, loans, direct payments and other awards to outside recipients. The rest pays for salaries, internal operations and transfers that are not awards.
| Award type | Amount | Relative size |
|---|---|---|
| Direct payments | $4.0 billion | |
| Contracts | $241.3 million | |
| Loans (face value) | $163.7 million |
Obligations by fiscal year
FY 2026 obligations of $10.4 billion were down 22% from FY 2025 ($13.3 billion) and compare with $6.4 billion in FY 2017.
Show the numbers
| Fiscal year | Amount |
|---|---|
| FY 2026 | $10.4 billion |
| FY 2025 | $13.3 billion |
| FY 2024 | $21.6 billion |
| FY 2023 | $53.0 billion |
| FY 2022 | $14.7 billion |
| FY 2021 | $7.0 billion |
| FY 2020 | $6.5 billion |
| FY 2019 | $6.5 billion |
| FY 2018 | $6.4 billion |
| FY 2017 | $6.4 billion |
Top recipients, FY 2026
Ranked by award obligations from PBGC. "Multiple recipients" groups aggregated or redacted records, such as payments to individuals.
| # | Recipient | Amount | Relative size |
|---|---|---|---|
| 1 | UFCW - Northern California Employers Joint Pension Plan | $2.6 billion | |
| 2 | Local 153 Pension Plan | $229.7 million | |
| 3 | Bakery Drivers Local 550 & Industry Pension | $148.8 million | |
| 4 | Teamsters Local 210 Affiliated Pension Plan | $143.9 million | |
| 5 | Warehouse Employees Union Local No. 730 Pension Trust Fund | $127.3 million | |
| 6 | Cleveland Bakers and Teamsters Pension Plan | $120.9 million | |
| 7 | Alaska United Food and Commercial Workers Pension Fund | $109.1 million | |
| 8 | Local 734 Pension Fund | $89.5 million | |
| 9 | Retail Food Employers and UFCW Local 711 Pension Plan | $77.6 million | |
| 10 | Dairy Industry Union Pension Plan for Philadelphia & Vicinity | $55.3 million |
Top states, FY 2026
By place of performance — where the work is done or the money is used.
| # | State | Amount | Relative size |
|---|---|---|---|
| 1 | California | $2.7 billion | |
| 2 | New York | $607.1 million | |
| 3 | New Jersey | $208.5 million | |
| 4 | Maryland | $164.7 million | |
| 5 | Ohio | $125.2 million | |
| 6 | Oregon | $116.3 million | |
| 7 | District of Columbia | $96.9 million | |
| 8 | Virginia | $78.9 million | |
| 9 | Utah | $77.6 million | |
| 10 | Illinois | $62.2 million |
Search this agency's awards
Search PBGC awards for FY 2026
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Source data last updated November 4, 2026 · Imported November 6, 2026 · Dollar figures are nominal and rounded. How these numbers are calculated · Report a problem