Search results
Results from the WOW.Com Content Network
After workers receive promised benefits, in the form of a lump sum payment or an insurance company annuity, PBGC's guarantee ends. More than 145,000 plans have gone through PBGC's standard termination process between 1975 and 2019. [ 13 ]
The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation created under the Employee Retirement Income Security Act of 1974. It currently guarantees payment of basic pension benefits earned by 44 million American workers and retirees participating in over 29,000 private-sector defined benefit pension plans.
The company created a program in which 3,600 workers who had reached the retirement age of 60 received full pension benefits, 4,000 workers aged 40–59 who had ten years with Studebaker received lump sum payments valued at roughly 15% of the actuarial value of their pension benefits, and the remaining 2,900 workers received no pensions.
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.
For premium support please call: 800-290-4726 more ways to reach us
For premium support please call: 800-290-4726 more ways to reach us
Hartogensis was nominated for the position of Director of the Pension Benefit Guaranty Corporation on May 15, 2018. [5] He was confirmed for a five-year term by the United States Senate on April 30, 2019, by a vote of 72–27. [6] [7] He was sworn in as Director on May 15, 2019. [8]
For premium support please call: 800-290-4726 more ways to reach us