Type of Plan. The Plan is commonly known as a §457 Plan. Under this Plan, there is no fixed dollar amount of retirement benefits. Your actual retirement benefit will depend on the amount of your account balances at the time of retirement. Your account balances will reflect your own deferral contributions, the period of time you participate in the Plan, and your success in investing and re-investing the assets of your accounts. Furthermore, a governmental agency known as the Pension Benefit Guaranty Corporation (PBGC) insures the benefits payable under plans which provide for fixed and determinable retirement benefits. Because this Plan does not provide a fixed and determinable retirement benefit, the PBGC does not include this Plan within its insurance program.
Appears in 2 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement