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PBGC |
Also found in: Financial, Wikipedia | 0.07 sec. |
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Under the terms, PBGC will be allowed a pre-petition unsecured claim against the airline of $2. PBGC is not funded by general tax revenues, but by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC and recoveries from the companies formerly responsible for the plans. In some cases, when the PBGC takes over a plan, benefits are reduced because of payment limits imposed by Congress. |
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