We are an independent pension consulting firm. This web page is presented to help employers understand the Pension Benefit Guaranty Corporation. In addition, we have provided links to the PBGC for your convenience.
The Pension Benefit Guaranty Corporation (PBGC) insures certain defined benefit pension plans by guaranteeing benefits up to certain legal limits. To accomplish this:
1. The PBGC collects insurance premiums from defined benefit pension plans protected by them. Form PBGC-1 must be completed to determine the appropriate plan premium. It is available at the Pension Benefit Guaranty Corporation web site.
2. The PBGC must approve the termination of defined benefit pension plans they insure. To obtain this, employers must complete certain forms provided by the PBGC. Information about defined benefit pension plan terminations is available at the Pension Benefit Guaranty Corporation web site. The PBGC will help employers locate participants who are due monies from the plan at its termination by listing them in its Pension Search Directory..
3. The PBGC is concerned with the funding condition of defined benefit pension plans. It must be informed when a "reportable event" occurs. The necessary forms are available at the Pension Benefit Guaranty Corporation web site.
We are an independent pension consulting firm. If you have questions about your defined benefit pension plan, including its termination, please complete our Pension Plan Questionnaire or call us at 718-793-9885. Our web site home page contains additional useful information about retirement plans.