Word: pbgc
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Dates: during 1970-1979
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Congress can also consider that if Chrysler fails, the federal Pension Benefit Guaranty Corp. may have to assume responsibility for about $800 million in insured but unfunded pension obligations to the auto company's employees. "That would be catastrophic," warned one agency official. To pay the bill, the PBGC would have to get special congressional approval to raise the fees that it charges for insuring other companies' pension funds...
...Guaranty Corp. (officers: the Secretaries of Labor, Treasury and Commerce) to insure pensions in much the same way that the Federal Deposit Insurance Corp. protects depositors in banks that go bust. With only a few exceptions, an employer who sets up a pension plan must buy insurance from the PBGC. If a company or its pension fund goes broke, the federal agency can pay up to $750 a month to the workers who were "vested"-that is, had gained rights that could not be forfeited even if they left the company. Generally, the bill requires that employees be fully vested...