Pension Benefit Guaranty Corporation (PBGC)
A non-profit corporation, functioning under the jurisdiction of the Department of Labor, that guarantees the payment of certain pension benefits under defined-benefit plans that have been terminated with insufficient money to pay benefits. Investopedia Says:
This federal corporation was established to insure that participants of defined-benefit plans aren't left out in the cold if there isn't enough money in the pension plan to meet the needs of people about to retire (i.e. in the event of a pension shortfall). Related Terms:
401(k) Plan
Defined-Benefit Plan
Employee Benefits Security Administration - EBSA
Employee Retirement Income Security Act - ERISA
Fiduciary
Funded Status
Individual Retirement Account - IRA
Pension Plan
Pension Protection Act Of 2006 - PPA
Pension Shortfall |