Is my retirement plan insured?
Question: Is it true that the federal government insures retirement plans? Answer: Not exactly. You’re probably referring to something you heard called the Pension Benefit Guaranty Corporation (PBGC) which is a federal agency created by ERISA. PBGC insures certain pension benefits, specifically defined benefit plans, but not other types of retirement plans. To explain it a bit further: A defined benefit plan is a qualified employer pension plan that promises to pay a specific … Read More