Pension Benefit Guaranty Corporation: A Fact Sheet

Topoleski, John J.

Library of Congress. Congressional Research Service.

关键词: Pensions;    Labor;    Aged;    Retirement;   

RP-ID  :  95-118
RP-ID  :  95-118_2008Jan29

美国|英语

来源: UNT Digital Library

【 摘 要 】

The Pension Benefit Guaranty Corporation (PBGC) is a federal government agency established in 1974 by the Employee Retirement Income Security Act (ERISA) (P.L. 93- 406). It was created to protect the pensions of participants and beneficiaries covered by private sector, defined benefit (DB) plans. These pension plans provide a specified monthly benefit at retirement, usually either a percent of salary or a flat dollar amount multiplied by years of service. Defined contribution plans, such as §401(k) plans, are not insured. The PBGC is chaired by the Secretary of Labor, with the Secretaries of Treasury and Commerce serving as board members.