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
Annuity that begins payments after a single premium is paid. For example, the annuitant pays a single premium of $100,000 on June 1 of the current year and begins receiving a monthly income ...
Insurance company's total premium income plus investment income. ...
Allocation of monetary resources to equities. ...
Policy used to provide the funds necessary for buy-and-sell agreements whereby an income payment or a series of income payments are paid to the buyer of the disabled partner's interest ...
Plan to control employer's health care cost through the introduction of practice guidelines or protocols for health care providers, and to improve the methods used by employers and ...
Organization of brokers and securities dealers in the over-the-counter market operating under the auspices of the Securities and Exchange Commission (SEC). Its purpose is to enforce, on a ...
Statement in which a life insurance applicant is charged a higher-than-standard premium to reflect a unique impairment, occupation, or hobby, such as a history of heart disease or a circus ...
Act that prohibits insurance companies, group health plans, and health maintenance organizations from establishing lifetime limits or annual limits on mental health coverage that are lower ...
Coverage underwritten on members of a natural group, such as employees of a particular business, union, association, or employer group. Each employee is entitled to benefits for hospital ...
Have a question or comment?
We're here to help.