Appointment Of Trustees For Terminated Plan
Definition of "Appointment of trustees for terminated plan"
Plan initiated by the pension benefit guaranty corporation (PBGC) upon the involuntary termination of a pension plan. With the concurrence of the United States District Court, the PBGC appoints a trustee(s) to administer the terminated plan. The trustee (s) safeguards the remaining assets of the pension plan, protects the assets from being further depicted, limits further increases in liabilities, and in general acts as protector of the benefits for the pension plan's participants.
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