The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary to carry out its operations. Subject to other statutory limitations, PBGC's single-employer insurance program pays pension benefits up to the maximum guaranteed benefit set by law to participants who retire at 65 ($6,750 a month ). The benefits payable to insured retirees who start their benefits at ages other than 65 or elect survivor coverage are adjusted to be equivalent in value. The maximum monthly guarantee for the multiemployer program is far lower and more complicated ($12,870 a year for a participant with 30 years of credited service). In fiscal year 2022, PBGC added 32 more failed single-employer plans. In 2018, PBGC's inventory was 4,919 plans, and paid $5.8 billion in benefits to 861,000 retirees in those plans. That year, PBGC also paid $151 million in financial assistance to 81 multiemployer pension plans on behalf of 62,300 retirees. The agency has a total of $164 billion in obligations and $112 billion in assets for an overall deficit of $51 billion, an improvement of $25 billion since the prior year. The multiemployer program has a deficit of $53.9 billion and the single employer program a surplus of $2.4 billion. Revenues and expenditures PBGC is not funded by general tax revenues. Its funds come from four sources: Insurance premiums paid by sponsors of defined benefit pension plans; Assets held by the pension plans it takes over; Recoveries of unfunded pension liabilities from plan sponsors' bankruptcy estates; and Investment income. PBGC pays monthly retirement benefits to more than 800,000 retirees in nearly 5,000 terminated single-employer defined benefit pension plans. Including those who have not yet retired and participants in multiemployer plans receiving financial assistance, PBGC is responsible for the current and future pensions of about 1.5 million people and insures the pensions of more than 35 million participants in ongoing plans. Investment policy The Agency has a stated goal of using a liability-driven investment strategy to minimize volatility and achieve its stated income goals. As a result, the heaviest target weightings in its portfolio are aimed at investment grade U.S. bonds and money market funds. As of its