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Business / Taxes / 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.
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Benefit Noun Synonyms: advantage, profit, good, sake, gain, aid, help, service
Benefit Verb Synonyms: improve, aid, help, better, promote, further, advance, forward
Pension Noun Synonyms: benefit, allowance, annuity, subsistence, superannuation, allotment, old-age pension, social security, golden handshake
Business / Finance / Overfunded Pension Plan: A pension plan that has a positive surplus (i.e., assets exceed liabilities). MORE
Business / Taxes / 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 promise a fi MORE