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
Method of pricing property and liability insurance. It uses charges and credits to modify a class rate based on the special characteristics of the risk. Insurers have been able to develop a ...
Provision in a life insurance policy that permits the policy owner to name anyone as primary and secondary beneficiaries. The policy owner may change the beneficiaries at any time by simply ...
1969 federal legislation requiring states to treat national banks, including those whose principal offices are out of state, the same way for tax purposes as they treat their own ...
Legal obligation of an individual or business because of negligent acts or omissions resulting in bodily injury and/or property damage or destruction to another party. There are no ...
Person other than the annuitant as designated by the policyholder on whose life expectancy the annuity payment is also based. ...
Continuing on an indefinite basis. ...
Form provided for an inspection report. ...
Federal regulation of the money supply through changing commercial bank reserve requirements and interest rates, thereby stimulating the economy or deflating the economy. ...
Actuarial procedure used to determine the annual rate of return at which annual benefits would have to be gained from the cash value life insurance policy in order to equal the annual ...
Have a question or comment?
We're here to help.