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Beloit paper machine in Imatra mill. Beloit Corporation began in 1858 as a foundry in the Wisconsin city of Beloit and ended in 2000 when it filed for bankruptcy and parts of it were acquired by Metso Paper, a part of Metso Corporation. The Italian affiliate became PMT Italia under the control of the Nugo Group.
The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary ...
Gordon Hartogensis (born June 17, 1970) is an American businessman, investor, and government official who served as the Director of the Pension Benefit Guaranty Corporation (PBGC) from 2019 to 2024. [1] [2]
Pages in category "Pension Benefit Guaranty Corporation" The following 10 pages are in this category, out of 10 total. This list may not reflect recent changes .
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
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The company was renamed Beloit Italia and started to supply machines and equipment to the worldwide pulp and paper industry. From 1957 to 2000, 85% of the production was exported to paper mills all over the world. After 43 years of cooperation, Beloit Italia was bought up when Beloit Corporation collapsed into bankruptcy. [2] [3]