Pension Benefit Guaranty Corporation Recipient Law and Legal Definition
Pension Benefit Guaranty Corporation (PBGC) recipients are those who are retired and who are receiving PBGC pension payments.
PBGC insures the pension benefits of workers in some private sector industries. When an employer faces severe financial difficulty, such as bankruptcy, and cannot continue paying pensions to their retirees, the employer may request the PBGC to take over the responsibility for paying pension benefits to their retirees.
If the PBGC becomes the trustee of the pension plan, then the PBGC will pay pension benefits under the terms of the plan, subject to legal limits, to plan participants and beneficiaries. PBGC pension benefit recipients can receive their pension benefits as a monthly or annual payment or as a one-time lump sum.
Legal Definition list
Related Legal Terms
- Absolute Guaranty
- Accelerated Benefits (Health Care)
- Accelerated Death Benefit
- Accelerated Life Insurance Benefits
- Acceptance-of-the-Benefits Rule
- Accidental Death Benefit
- Accord Benefit [Patents]
- Accrued Benefit
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]