Word: pbgc
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Dates: during 1974-1974
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...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...