Pension Benefit Guaranty Corporation (PBGC) at Legal Glossary
What is it? A public, nonprofit insurance fund that provides some limited coverage against bankrupt pension funds. Should a pension fund be unable to pay all its obligations to its retirees, the PBGC may pay some of the pension funds unfulfilled obligations. The PBGC covers only defined benefit retirement plans and only vested benefits.Law Definition Added By: Drew
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