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The method for calculating the "variable-rate" PBGC premium is changed. If PBGC takes over a terminated plan, the guarantee of employees' pension benefits is frozen as of the date of the plan sponsor's bankruptcy filing, which may be months or years before the plan terminates.
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.
PBGC's long-term cost can be expected to be unreasonably higher if it does not terminate the plan. A termination initiated by the PBGC is sometimes called an involuntary termination. The benefits paid by the PBGC after a plan termination may be less than those promised by the employer. See Pension Benefit Guaranty Corporation for details.
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.
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Top Dem donors furious at Biden’s Hunter pardon, lame duck prez’s ‘selfish choice’ threaten to stop donations
Russian President Vladimir Putin said he would enquire about the whereabouts of Austin Tice, the American journalist missing in Syria, while responding to a question from an NBC correspondent at ...
Reinsurance pure premium rate computing, add charges, taxes and reduction of treaty "As if" data involves the recalculation of prior years of loss experience to demonstrate what the underwriting results of a particular program would have been if the proposed program had been in force during that period.