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
Management of premium inflow and benefit outflow. ...
Act passed by Congress in 1991, the purpose of which is to make it easier for consumers to compare deposit accounts among savings institutions (SI). Some of the act's more important ...
Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
Covers all employees of a business on a blanket basis with the maximum limit of coverage applied separately to each employee guilty of a crime. ...
Dividend in a participating policy paid after the death of an insured, representing dividends earned between the last dividend date and the insured's death. ...
Federal agency that regulates the securities markets. The independent, five-member commission was created under the Securities Exchange Act of 1934 to enforce the securities act of 1933. ...
Medical check of an applicant for life or health insurance by a medical professional who is not a physician. ...
Same as term Morbidity Table: umber of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, ...
Endorsement to owners, landlords, and tenants LIABILITY POLICY, MANUFACTURERS AND CONTRACTORS LIABILITY INSURANCE, or other liability policies for business firms that provides liability ...
Have a question or comment?
We're here to help.