The financial security of American workers who have stable and well paying jobs may be in serious jeopardy. The private pension system is underfunded by hundreds of billions of dollars, and millions could find that their pensions won't be there when they need them. Their fate may well be determined by a small, obscure agency that most Americans do not even know exists.

The Pension Benefit Guaranty Corporation (PBGC) insures the private-sector pensions of 40 million Americans. However, it has inherent structural flaws as well as a large and growing long-term deficit.

The PBGC is governed by three cabinet secretaries, but they rarely have time to meet or focus on the agency's problems. Meanwhile, the value of its portfolio is approximately $70 billion but the present value of its liabilities (to make good on underfunded pensions) is $92 billion. The deficit is expected to surpass $30 billion in the next 10 years. Under the law, the agency does not have federal government backing.  More here.