| Description: | 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. |
|---|---|
| Creator(s): | |
| Creation Date: | January 29, 2008 |
| Partner(s): |
UNT Libraries Government Documents Department
|
| Collection(s): |
Congressional Research Service Reports
|
| Usage: |
Total Uses: 18
Past 30 days: 0
Yesterday: 0
|
| Creator (Author): |
|
|
|---|---|---|
| Creator (Author): | ||
| Publisher Info: |
Publisher Name: Congressional Research Service, Library of Congress
Place of Publication: Washington, D.C.
|
|
| Original Creation Date: | January 29, 2008 | |
| Description: | 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. |
|
| Physical Description: |
2 pages. |
|
| Language(s): | ||
| Subject(s): |
|
|
| Partner: |
UNT Libraries Government Documents Department
|
|
| Collection: |
Congressional Research Service Reports
|
|
| Identifier: |
|
|
| Resource Type: | Text | |
| Format: | Text | |
