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Simple English definitions for legal terms

Pension Benefit Guaranty Corporation

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A quick definition of Pension Benefit Guaranty Corporation:

Term: Pension Benefit Guaranty Corporation

Definition: The Pension Benefit Guaranty Corporation (PBGC) is a government organization that helps protect the retirement benefits of workers in private sector pension plans. If a company's pension plan is unable to pay the promised benefits, the PBGC steps in to pay a portion of those benefits to eligible workers. This helps ensure that workers receive at least some of the retirement benefits they were promised, even if their employer is unable to fulfill those promises.

A more thorough explanation:

The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation that provides insurance to protect the retirement benefits of workers in private sector pension plans. It was created by the Employee Retirement Income Security Act of 1974 (ERISA) to ensure that workers receive the pension benefits they have earned.

When a covered pension plan fails to meet its obligations, the PBGC steps in to pay benefits to retirees and their beneficiaries. The PBGC is funded by insurance premiums paid by the pension plans it insures, as well as by the assets of failed pension plans that it takes over.

For example, if a company goes bankrupt and its pension plan is underfunded, the PBGC may take over the plan and pay benefits to the retirees. Without the PBGC, these retirees might not receive the full amount of their promised pension benefits.

Another example is if a company terminates its pension plan and does not have enough money to pay all of the promised benefits. The PBGC will pay the benefits that were promised, up to certain limits.

Pension and Welfare Benefits Administration | pensioner

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JumpySubsequentDolphin
22:33
he’s lying to us baby
babycat
22:35
oh I thought you were calling me baby as a term of endearment for a second
babycat
22:35
i think he’s lying to us too baby
shaquilleoatmeal
22:36
What lol that’s such a lame thing to lie about😂
babycat
22:38
okay can you lie about something cool then
JumpySubsequentDolphin
22:38
yeah fr
shaquilleoatmeal
22:39
I can speak 5 languages fluently
shaquilleoatmeal
22:40
Actually 6 if you include different lingo from the same language
JumpySubsequentDolphin
22:41
I can speak 7
22:41
one day i want to meet a person who actually speaks 7 languages. i can only speak3
22:42
my safety next language is russian, my target is french and my reach is mandarin
babycat
22:42
ask renard he speaks a ridiculous amount of languages
babycat
22:43
safety, target, and reach languages is so funny i love that
JumpySubsequentDolphin
22:43
nobody wants to learn Arabic these days what’s up w that!!!
22:43
i want to perfect my knowledge of spanish and japanese before i learn more languages tho tbh. its already a huge jumble in my head and i get confused between the two languages these days
shaquilleoatmeal
22:43
astatie 'an 'atakalam lighatiki, walakin 'astatie 'an 'atahadath 'iilaa qalbik bishakl 'afdal 😉
22:44
having to tell customers they have to order two separate frappuccinos if they want me to layer them into one frappuccino (but in Spanish)
@JumpySubsequentDolphin: it's hard as shit to learn
I took Arabic for 6 years growing up and barely speak any now
JumpySubsequentDolphin
22:52
I’ll teach you tex
JumpySubsequentDolphin
22:53
I also speak the best dialect so you’re in good hands trust
which
@JumpySubsequentDolphin: I won't be a very good student :(
JumpySubsequentDolphin
22:55
@Sleepy-Sleuth: Levantine
JumpySubsequentDolphin
22:55
@texaslawhopefully: I believe in you
cool
(idk anything about arabic dialects lmao)
@JumpySubsequentDolphin: I appreciate the vote of confidence
JumpySubsequentDolphin
22:58
@shaquilleoatmeal: I HAAATE JABID
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