Financial Strength of Pensions and the Pension Benefit Guaranty Corporation: Hearing Before the Subcommittee on Private Retirement Plans and Oversight of the Internal Revenue Service of the Committee on Finance, United States Senate, One Hundred Second Congress, Second Session, on S. 3162, September 25, 1992, 4. sējumsU.S. Government Printing Office, 1993 - 149 lappuses |
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$13 billion accrued actuarial assumptions Administration amortized amount annual report annuities bankruptcy basis points Benefit Guaranty Corporation benefit increases benefit pension plans budget casualty insurance Central States Fund Chairman changes Committee companies Congress current liability deficit reduction contribution defined benefit pension defined benefit plans defined benefit system defined contribution plans Durenberger EBRI Issue Brief Employee Benefit employer ERISA exposure federal financial condition flat benefit fully funded funded plans funding ratios funding standard account guarantee improve increase benefits insurance perspective insurance system investment legislation Lockhart losses minimum funding requirements minimum funding standards moral hazard payments PBGC PBGC insurance PBGC's financial Pension Benefit Guaranty Pension Fund percent plan amendment plan participants plan sponsors plan termination plan's Principal Financial Group problems proposal reduce retirement security risk Senator PRYOR social insurance solvency statement termination insurance program tion underfunded plans unfunded liabilities unfunded old liability unfunded vested benefit vested benefit liabilities workers
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71. lappuse - A defined benefit plan could also provide a flat dollar benefit based on years of service, or a specified percentage of final or average compensation. The key feature of such a plan is that the benefit promised is based on the plan formula, not on the investment experience of the plan.
74. lappuse - ... the minimum funding standard for the year. Thus, as a general rule, the minimum contribution for a plan year is determined as the amount by which the charges to the account would exceed credits to the account if no contribution were made to the plan. Accumulated funding deficiencies If, as of the close of any plan year, charges to the funding standard account exceed credits to the account, then the excess is referred to as an "accumulated funding deficiency.
103. lappuse - The purposes of this title, which are to be carried out by the corporation, are — (1) to encourage the continuation and maintenance of voluntary private pension plans for the benefit of their participants...
82. lappuse - ... a special deduction rule applies to underfunded defined benefit pension plans. In the case of a single-employer defined benefit pension plan which has more than 100 participants during the plan year, the maximum amount deductible is not less than the plan's unfunded current liability as determined under the minimum funding rules. For purposes of determining whether a plan has more than 100 participants during...
71. lappuse - ERISA, as well as under present law, the minimum funding requirements permit an employer to fund defined benefit pension plan benefits over a period of time. Thus, it is possible that a plan may be terminated at a time when plan assets are not sufficient to provide all benefits earned by employees under the plan.
74. lappuse - In the case of a defined benefit pension plan, the minimum funding rules generally require that an employer contribute an annual amount sufficient to fund a portion of participants' projected benefits determined in accordance with one of several prescribed funding methods, using reasonable...
54. lappuse - THE ERISA INDUSTRY COMMITTEE ("ERIC") ERIC represents the employee benefits interests of the nation's largest employers. Nearly all of ERIC's members employ more than 10,000 employees, and a number of them have hundreds of thousands of employees. As sponsors of...
43. lappuse - Mr. Chairman and Members of the Subcommittee: Thank you for inviting me here today to discuss the Veterans' Employment and Training Service (VETS) and its planning activities under the Government Performance and Results Act of 1993.
78. lappuse - Waived funding deficiencies. — Under the funding standard, the amount of a waived funding deficiency is amortized over a period of 5 plan years, beginning with the year in which the waiver is granted. Each year the funding standard account is charged with the amount amortized for that year unless the plan becomes fully funded. The interest rate used for purposes of determining the amortization on the waived amount is the greater of (1) the rate used in computing costs under the plan, or (2) 150...