Related Words

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 und . . . View Full Definition

Overfunded Pension Plan: A pension plan that has a positive surplus (i.e., assets exceed liabilities).

Pension: A pension is an employer plan that’s designed to provide retirement income to employees who have vested — or worked enough years to qualify for the income. These defined benefit plans promis . . . View Full Definition

Out-Of-Area Benefits: Benefits the health plan provides to covered persons for covered services obtained outside of the network service area. The details of such benefits will vary from plan to plan.