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Title edit
Pension Benefit Guaranty Corporation (PBGC)
Description edit
The Pension Benefit Guaranty Corporation (PBGC) protects the retirement incomes of 44.1 million American workers in 30,330 private-sector defined benefit pension plans. A defined benefit plan provides a specified monthly benefit at retirement, often based on a combination of salary and years of service.
PBGC was created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of private-sector defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at a minimum. Defined benefit pension plans promise to pay a specified monthly benefit at retirement, commonly based on salary and years on the job.
PBGC is not funded by general tax revenues. PBGC collects insurance premiums from employers that sponsor insured pension plans, earns money from investments and receives funds from pension plans it takes over.
Languages edit
English
Contact edit
Additional Information edit
Related Domains edit
External Links edit
- Alexa: Pbgc.gov
