The benefits in most traditional defined benefit plans are protected, within certain limitations, by federal insurance provided through the Pension Benefit Guaranty Corporation (PBGC).Ī defined contribution plan, on the other hand, does not promise a specific amount of benefits at retirement. Or, more commonly, it may calculate a benefit through a plan formula that considers such factors as salary and service - for example, 1 percent of average salary for the last 5 years of employment for every year of service with an employer. The plan may state this promised benefit as an exact dollar amount, such as $100 per month at retirement. The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans.Ī defined benefit plan promises a specified monthly benefit at retirement. Veterans' Employment and Training Service (VETS).Pension Benefit Guaranty Corporation (PBGC). Ombudsman for the Energy Employees Occupational Illness Compensation Program (EEOMBD).Office of Workers' Compensation Programs (OWCP).Office of the Chief Financial Officer (OCFO).Office of the Assistant Secretary for Policy (OASP).Office of the Assistant Secretary for Administration and Management (OASAM).Office of Labor-Management Standards (OLMS).Office of Federal Contract Compliance Programs (OFCCP).Office of Disability Employment Policy (ODEP).Office of Congressional and Intergovernmental Affairs (OCIA).Office of Administrative Law Judges (OALJ).Occupational Safety and Health Administration (OSHA).Mine Safety and Health Administration (MSHA).
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