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 ?
He was an advisor to the Pension Benefit Guarantee Corporation.
Achieve pension funding stabilization and avoid significant Pension Benefit Guarantee Corporation (PBGC) premium increases.
Another major goal of the bill is to shore up the health of the Pension Benefit Guarantee Corporation.
We estimate the amount of private pensions explicitly guaranteed in 2009 by the Pension Benefit Guarantee Corporation (PBGC) based on the latest private pension data available, which are data for 2007 (Pension Benefit Guarantee Corporation 2010, pp.
They also analyze the difficulties of the Pension Benefit Guarantee Corporation (PBGC).
Missing participants: Under Employee Retirement Income Security Act of 1974 (ERISA) Section 4050, the Pension Benefit Guarantee Corporation usually assumes responsibility for benefits owned by terminated defined-benefit plans of participants who cannot be found.
Politicians and policy makers have become increasingly concerned about the effect that United Airlines' decision could have on the rest of the airline industry and on the government's under-funded Pension Benefit Guarantee Corporation which would have to cover the airline's pension payments.
Pension Benefit Guarantee Corporation (PBGC) is concerned about pension plan underfunding at "troubled" companies with defined benefit plans because it will have to bail them out if these plans fail.
Kandarian, director of the Pension Benefit Guarantee Corporation, warned Sept.
The American Pension Benefit Guarantee Corporation, on which the Government has based its model, offered protection for 200 already collapsed companies when it was established.
Department of Labor, the Pension Benefit Guarantee Corporation, and the Internal Revenue Service will now allow employee benefit plans to report investments made through participant-directed brokerage accounts as a single line item on the Schedule H of the Annual Return/Report Form 5500, rather than by type of asset on the appropriate line item for the asset category (e.