22:35
damn im so hungry all i had today was a curry tonkatsu and buldak
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Simple English definitions for legal terms
PBGC
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A quick definition of PBGC:
Term: PBGC
Definition: PBGC stands for Pension Benefit Guaranty Corporation. It is a government agency that helps protect the retirement benefits of workers in case their employer's pension plan can't pay them. This means that if your employer goes bankrupt or can't pay your pension, PBGC will step in and pay you a portion of your promised benefits.
A more thorough explanation:
PBGC
PBGC stands for Pension Benefit Guaranty Corporation. It is a government agency that protects the retirement benefits of workers in private-sector defined benefit pension plans.
Let's say you work for a company that offers a pension plan. If the company goes bankrupt and can no longer pay your pension, the PBGC steps in to pay you a portion of your promised benefits. For example, if you were supposed to receive $1,000 per month in pension benefits, but the company can only pay $500, the PBGC would pay the remaining $500.
Another example is if you worked for a company that had a pension plan, but the plan was underfunded (meaning there wasn't enough money in the plan to pay all the promised benefits). If the company can't make up the difference, the PBGC would step in to pay a portion of the benefits.
The examples illustrate how the PBGC protects workers' retirement benefits in case their employer can't fulfill their pension obligations. The PBGC acts as a safety net for workers who have earned pension benefits but may not receive them due to financial difficulties faced by their employer. This ensures that workers can still receive some of the benefits they were promised and can rely on a secure retirement.