Pension Benefit Guarantycorporation (pbgc)
Independent federal government organization authorized by the employee retirement income security act of 1974 (erisa) to administer the pension plan termination insurance program. Its function is to ensure that vested benefits of employees, whose pension plan is being terminated, will be paid as they come due. The PBGC board of directors consists of the U.S. Secretaries of Labor, Commerce, and Treasury. Only qualified defined benefit plans are guaranteed; profit sharing plans, stock bonus plans, and money purchase plans are not. Plan termination insurance covers both voluntary termination and terminations ordered by the PBGC. Employers pay an annual premium rate per employee in their pension plans to the PBGC to finance the plan termination insurance program.
Popular Insurance Terms
Licensed agent's signature on an insurance policy. ...
Organization of over 300 property and casualty insurance companies whose mission is to investigate fraudulent claims and bring to justice those making such claims. ...
Clause listed after the general provisions of the insurance policy that requires the officers of the insurance company to sign their names in order for the contract to be completed. Most ...
Rule that concerns the distribution of the aggregate surplus among the policies in the same proportion as each respective policy has contributed to the surplus. ...
Measurement of the use of health insurance by employees of an insured employer, stated in terms of the average number of claims per employee. ...
Dollar limitations under the Internal Revenue Service code as follows: The elective annual deferral limit is $10,000. A highly compensated employee's annual compensation limit is $80,000. ...
Retention of all files of policies sold by the agent of record who, according to written agreement with the insurance company, has the exclusive rights to solicit renewals. ...
Life insurance rate determined by the valuation of company policy reserves. State regulators set strict standards for policy reserves to make certain that life insurers will have enough ...
Insurance company that is licensed by a state to market and service particular lines of insurance in that state. ...
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