This act established the Pension Benefit Guaranty Corporation to provide insurance for plans whose total assets were insufficient to pay promised benefits.

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Employment Retirement Income Security Act (ERISA)established the Pension Benefit Guaranty Corporation to provide insurance for plans whose total assets are insufficient to pay promised benefits.The corporation is funded by a small premium for each covered employee,paid by the pension plan.Recently,the premiums were raised because of the bankruptcies of several large employers whose plans were not fully funded.

This Act Established the Pension Benefit Guaranty Corporation to Provide