Pension Benefit Guaranty Corporation Participant Notice Requirement
Definition of "Pension benefit guaranty corporation participant notice requirement"
Notice added to the employee retirement income security act (erisa) requiring the employer to disclose the following information concerning the pension plan to the employee:
- statement that the employer is responsible for paying all earned pension benefits, but such payment could be at risk should the employer have severe financial difficulties. A statement that, if the plan terminates, the PENSION BENEFIT GUARANTY CORPORATION (PBGC) becomes responsible for paying the employees their earned retirement benefits.
- statements indicating any late funding of minimum contributions and the date the contributions were paid into the plan.
- statement of any late quarterly contributions (more than 60 days late) and the actual date contributions were made.
A plan is subject to this notice requirement for a plan year if the plan paid to the PBGC is a variable premium during that plan year and the minimum funding requirement for the plan year is based on the DEFICIT REDUCTION CONTRIBUTION for the prior or the current plan year. Plans that are subject to this notice requirement for a plan year must notify all plan participants (current employees, VESTED employees who have terminated, retired employees, and beneficiaries of deceased employees).
Popular Insurance Terms
Latin for "Let the superior reply." That is, an employer is liable for the torts of employees that result from their employment. For example, an insurance company (the master) acts through ...
Coverage on fur coats as well as other clothes that have, fur trim. Protection is provided at any location on an all risks basis subject to the exclusions of wear and tear, war, and nuclear ...
Rules that insurance companies must follow in filing an annual financial statement known as the convention blank, with state insurance departments. The reported financial condition of an ...
Qualified retirement plan under the internal revenue code Section 457 for employees of the states and political subdivisions within the states. ...
Legal decision wherein proceeds of a life insurance policy on which the decedent's corporation paid the premiums within three years of his or her death are not includable in the decedent's ...
Three basic plans are available to cover the costs of health care: commercial health insurance, private noncommercial (blue cross/blue shield), and social insurance (Social Security). ...
Agent with the authority from an insurance company to prepare and to place into business an insurance policy. ...
Payments due to an insurance company but not yet paid. ...
Individual who is legally responsible for taking care of another individual (s) who is deemed to be incapable of managing his/her own affairs. For example, children under the age of ...
Have a question or comment?
We're here to help.