Created by the Employee Retirement Income Security Act (ERISA), the Pension Benefit Guaranty Corporation (PBGC) seeks to protect employees’ pensions associated with defined benefit plans. Essentially, if the pension plans can’t pay the promised pensions, the PBGC may step in and fund a certain guaranteed amount.
PBGC serves a broad range of clients, including but not limited to:
PBGC has the ability to step in and fund a certain amount of an employee’s pension that had not been fully paid. This capability comes from premiums paid by companies whose plans PBGC oversees. So, essentially, PBGC acts as an insurer of defined benefit plans in the private market.
The Pension Benefit Guaranty Corporation helps you find out more about a pension plan that may be owed to you but not yet claimed. For example, a former employee may lose track of his pension when a company:
Under all of the above scenarios, PBGC may help you locate your pension plan.
While PBGC insures defined benefit plans offered by employers, it may not apply to other plans. PBGC’s protections do not apply to the following pension plan categories:
If you have trouble locating your pension plan or if you believe that your employer violated its pension obligations, you may need to speak with a qualified lawyer to help you understand the steps you should take to receive your pension benefits.
Last Modified: 08-24-2016 10:25 PM PDTLaw Library Disclaimer
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