The Pension Benefit Guaranty Corporation guarantees to pay employees a basic retirement benefit in the event that financial difficulties force a company to terminate or reduce employee pension benefits.
Step-by-step explanation:
PBGC is responsible for the existing and future contributions of nearly 1,5 million individuals and insures the benefits of more than 35 million members in the active schemes, including individuals who are not yet unemployed and members in multi employer plannings seeking financial aid.
Including those who have not yet retired and participants in multi employer plans receiving financial assistance, PBGC is responsible for the current and future pensions of about 1.5 million people and insures the pensions of more than 35 million participants in ongoing plans.