Benefit Guaranty Insurance: A Lifeline for Workers’ Pensions
Benefit guaranty insurance, also known as pension insurance, is a crucial safety net that protects workers’ pensions in the event of a plan termination. Imagine a scenario where a company goes out of business, leaving its employees facing the devastating loss of their hard-earned retirement savings. This is where benefit guaranty insurance steps in, providing a financial lifeline to affected workers, ensuring they receive a portion of their promised pension benefits.