YOU ASK:
What is the definition of Pension Benefit Guaranty Corporation?
WE ANSWER:
Pension Benefit Guaranty Corporation (PBGC) is a federal government agency that was an offshoot of the Employee Retirement Income Security Act (ERISA). This agency is in charge of the Pension Plan Termination Insurance Program. It works to protect the interests of employees who find that their pension plans are being terminated. It makes sure that these employees receive the benefit payments that are due them at the time that the payments become due.
It also works to keep the premiums for pension funds low and promote the development and growth of pension plans that payout defined benefits. The PBGC pays out benefits to qualified pensioners, subject to the maximum guaranteed as benefit prescribed by law.
Was this insurance question and its answer useful?
| Not a bit | Very useful |
Have an Insurance Question? Ask For Insurance
More insurance terms around pension benefit guaranty corporation:
- Pension
- Per Capita Beneficiary Designation
- Per Stirpes Beneficiary Designation
- Peril
- Period Certain
- Personal Articles Floater
- Personal Injury Protection Coverage (PIP)
- Personal Lines
- Point-of-Service Plan
- Policy
- Payout Options
- Pay-At-The-Pump
- Participating Policy
- Partial Disability
- Paid-Up Policy
- Paid-Up Additional Insurance Option
- Package Policy
- Over-The-Counter (OTC)
- Original Equipment Manufacturer Parts (OEM)
- Ordinary Life Insurance