Pension Benefit Guaranty Corporation


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Pension Benefit Guaranty Corporation (PBGC)

A federal agency that insures the vested benefits of pension plan participants (established in 1974 by the ERISA legislation).

Pension Benefit Guaranty Corporation

A non-profit corporation under the United States Department of Labor guaranteeing the pensions of some private companies. Established in 1974, it is designed to take over the pensions of participating companies should they become insolvent. It does not derive its revenues from taxation; rather, it collects premiums from participating companies as if it were an insurance policy. It was not designed to protect bankrupt companies; rather, it exists as part of a social safety net for former employees of these companies. It is headed by a Director, who is appointed by the U.S. President upon confirmation of the Senate.

Pension Benefit Guaranty Corporation

A government agency that insures certain corporate pension funds. The Corporation, established under the Employee Retirement Income Security Act, is funded by charging companies a premium based on the number of covered employees.

Pension Benefit Guaranty Corporation (PBGC).

The PBGC was created to ensure that participants in defined benefit pension plans under its jurisdiction will receive at least a basic pension if the plans are terminated because they're underfunded and so unable to meet their obligations.

The maximum benefit is adjusted each year for plans terminated in that year to reflect increases in Social Security.

Covered plans, which include those with 25 or more participants, must pay annual premiums to the PBGC to help fund this federal corporation.

The PBGC also tries to find people who participated in, and are due benefits from, plans that are no longer operating.

References in periodicals archive ?
The last five years have brought unprecedented losses to the Pension Benefit Guaranty Corporation," it acknowledged in a May 27 press release.
I am writing to comment on a proposed regulation issued by the Pension Benefit Guaranty Corporation (PBGC), relating to the annual financial and actuarial reporting requirements imposed under section 4010 of the Employee Retirement Income Security Act of 1974 (ERISA).
Thus, although LTV would fund only the follow-on plan, its employees and pensioners would be able to combine payments under this plan with payments from the Pension Benefit Guaranty Corporation and thereby receive nearly the same benefits they would have received under the terminated plans.
ATSC will provide software maintenance services, and operational and production support services with the possibility of additional enhancement services for the PAMT suite consisting of approximately 40 applications for the Pension Benefit Guaranty Corporation ("PBGC").
The Department of Labor's Pension and Welfare Benefits Administration, the Internal Revenue Service and the Pension Benefit Guaranty Corporation have released information copies of the Form 5500 return/reports, schedules and instructions to be used by employee benefit plans for plan year 2000 filings.
The Pension Benefit Guaranty Corporation (PBGC) has issued Divorce Orders & PBGC, a booklet designed to help attorneys and others involved with pensions understand how to set up and apply qualified domestic relations orders (QDROs) when the PBGC becomes the trustee for a terminated pension plan.
Department of Labor and the Pension Benefit Guaranty Corporation.
OB), today announced that it has been awarded the Pension Benefit Guaranty Corporation My Pension Benefit Administration ("My PBA") Contract.
4 million contract to support the development, modernization, enhancement, operation, and maintenance of a web-based communications tool for the Pension Benefit Guaranty Corporation (PBGC).
By missing the October minimum contribution to pensions, Delta may also be setting up for an involuntary takeover of the pension plans by the Pension Benefit Guaranty Corporation.
After several years of effort, the Department of Labor (DOL), the IRS and the Pension Benefit Guaranty Corporation jointly released an all-new Form 5500, Annual Return/Report of Employee Benefit Plan, earlier this year.
The Pension Benefit Guaranty Corporation (PBGC) streamlined its regulations for ease of use.

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