The agency that provides a backstop for pension plans in the U.S. has reported new numbers showing a healthy balance sheet and general strength in the federal agency going forward.

The Pension Benefit Guaranty Corporation (PBGC), which serves as a safety net for private-sector defined benefit (DB) pension plans, released its annual report, outlining the financials of its Multiemployer Program and a Single-Employer Program. The agency reported a positive net position of $1.5 billion at the end of the fiscal year, compared with $1.1 billion in 2022. The group's Single-Employer Program remained healthy with a positive net position of $44.6 billion at the end of 2023, up from $36.6 billion at the end of 2022. "This Annual Report marks three consecutive years of positive net financial positions for both of the agency's insurance programs," said PBGC Director Gordon Hartogensis.