PBGC
Government & Politics abbreviation · US Federal Agency
| Stands for | Pension Benefit Guaranty Corporation |
|---|---|
| Categories | Government & Politics |
PBGC stands for Pension Benefit Guaranty Corporation, a US federal agency abbreviation.
Federal corporation that insures private-sector defined-benefit pension plans, paying guaranteed benefits up to legal limits when a plan fails. It is funded by insurance premiums from plan sponsors and covers tens of millions of workers and retirees.
Example: When the airline's pension plan was terminated, PBGC took over paying retirees' benefits.
Usage notes
Created by ERISA in 1974, it runs separate single-employer and multiemployer programs; the multiemployer program was rescued by Special Financial Assistance under the American Rescue Plan Act of 2021. PBGC does not cover 401(k) plans or government pensions. Its board consists of the Secretaries of Labor, Treasury and Commerce.
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