The Employee Retirement Income Security Act (ERISA) of 1974 governs most private pension and benefit plans, easing pension eligibility rules, establishing the Pension Benefit Guaranty Corporation (PBGC), and setting guidelines for managing pension funds.
A contingent claim, or lien, placed by the Pension Benefit Guaranty Corporation (PBGC) against an employer's assets upon the termination of a pension plan to cover the amount of an employee's unfunded benefits.
PBGC Guaranteed Benefits refer to the portion of pension benefits that are guaranteed by the Pension Benefit Guaranty Corporation (PBGC) in the event that the pension plan sponsor defaults.
The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation established under the Employee Retirement Income Security Act (ERISA) to guarantee basic pension benefits in covered plans. It administers terminated plans and can place liens on corporate assets for certain unfunded pension liabilities.
Standard termination refers to the process by which a defined benefit pension plan is voluntarily ended by an employer following specific regulatory guidelines.
