Furthermore, the average length of retirement increased 20 percent, from 15 years in 1975 (the year of the PBGC's inception) to 18 years in 2000.[9] Consequently, the number of beneficiaries supported and the amount of benefits paid by the agency continue to grow at accelerating rates. In the past two years alone, the benefits paid by the PBGC increased by 140 percent, from $1.043 billion in 2001 to $2.5 billion in 2003.[10] These troubling trends reflect the rising number of bankruptcies in the manufacturing sector, which holds the large majority of programs insured by the PBGC.
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