Pension Benefit Guaranty Corporation
Authored By: Pension Benefit Guaranty Corporation
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- Spanish / Español
PBGC was created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of voluntary private pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at a minimum. Defined benefit pension plans promise to pay a specified monthly benefit at retirement, commonly based on salary and years on the job.