PBGC. A federal corporation established under ERISA which insures the vested benefits of pension plan participants.
The Federal body responsible for administering a retirement insurance programs, under ERISA.
a federal government agency that insures private defined-benefit pension plans.
A federal agency established as part of ERISA to monitor pension plans and ensure that the vested benefits are fully funded. It acts also as a guarantor for pension participants in plans that become insolvent.
PBGC is a federal government corporation established by Title IV of the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of defined benefit pension plans, provide timely and uninterrupted payment of pension benefits to participants and beneficiaries in plans covered by PBGC. It currently guarantees payment of basic pension benefits earned by American workers and retirees participating in private-sector defined benefit pension plans. The agency received no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and by PBGC's investment returns.
A federal agency established by Title IV of ERISA for the insurance of defined benefit pension plans. The PBGC provides payment of pension benefits if a plan terminates and is unable to cover all required benefits.
an entity established under ERISA to guarantee certain benefits for participants in defined benefit plans of companies with over 25 participants.
A nonprofit corporation, functioning under the jurisdiction of the Department of Labor, that is responsible for insuring pension benefits.
A federal agency that insures the vested benefits of pension plan participants. Established in 1974 by ERISA legislation.
In the United States, a federal corporation that is responsible for guaranteeing the payment of retirement benefits for participants in defined benefit retirement plans when those plans become financially unable to pay benefits. See also Employee Retirement Income Security Act (ERISA).
A federal corporation that insures the benefits of defined benefit pension plans. The PBGC is supposed to ensure that all plan participants receive their vested benefits, even in the event that the pension plan goes bankrupt.
Created by ERISA to protect participants' (in certain pension plans) benefits in case of plan insolvency or dissolution.
PBGC was created by Congress to insure payment of certain pension plan benefits in the event a covered (that is, private-sector defined benefit) plan terminates with insufficient funds to pay the benefits. Covered plans or their sponsors must pay annual premiums to PBGC to provide funds from which guaranteed benefits can be paid.
An independent federal government agency that administers the Pension Plan Termination Insurance program to ensure that vested benefits of employees whose pension plans are being terminated are paid when they come due. Only defined benefit plans are covered. Benefits are paid up to certain limits.
In the United States, the organization that insures benefits in defined benefit pension plans. Its purpose is to make sure that all participants in qualified defined benefit pension plans receive the vested benefits to which they are entitled, even if their pension fund goes bankrupt.
A public, nonprofit insurance fund that provides some limited coverage against bankrupt pension funds. Should a pension fund be unable to pay all its obligations to its retirees, the PBGC may pay some of the pension fund's unfulfilled obligations. The PBGC covers only defined benefit retirement plans and only vested benefits.
pension fund pension plan
The Pension Benefit Guaranty Corporation (or PBGC) is an independent agency of the United States government created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at a minimum. Defined benefit pension plans promise to pay a specified monthly benefit at retirement, commonly based on salary and years on the job.