PBGC insures defined benefit plans, the type that promise to pay a specific monthly benefit at retirement. PBGC does not insure
retirement plans that do not promise specific benefit amounts ("defined contribution pension plans"), such as profit-sharing
or 401(k) plans.
- The easiest way is to ask your employer or plan administrator for a copy of the “Summary Plan Description,” or SPD. The SPD
will state whether your plan is covered by the PBGC program.
- Although PBGC insures most defined benefit plans, some are not covered. For example, plans offered by “professional service
employers” (such as doctors and lawyers) with fewer than 26 employees, by church groups or by federal, state or local governments
usually are not insured.
- You have a legal right to obtain information about your plan’s funding by requesting the information in writing from your
plan administrator.