Pension Benefit Guaranty Corporation Law & Legal Definition
The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation that insures the benefits of defined benefit pension plans. The PBGC is supposed to guarantee that all plan participants receive their vested benefits, even in the event that the pension plan goes bankrupt.
The Pension Benefit Guaranty Corporation insures certain defined benefit pension plans by guaranteeing benefits up to certain legal limits. To accomplish this:
- The PBGC collects insurance premiums from defined benefit pension plans protected by them.
- The PBGC must approve the termination of defined benefit pension plans they insure.
- The PBGC is concerned with the funding condition of defined benefit pension plans. It must be informed when a "reportable event" occurs.
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