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Trusteed
(Tax Law)
When the PBGC has “trusteed” a plan, it means that the PBGC and the plan’s administrator have signed a legal document called a Trusteeship Agreement, which states the PBGC will assume responsibility for paying the pension benefits due to employees under the terms of the plan. The PBGC also takes possession of any assets owned by the plan.
Source : Internal Revenue Service - United States Department of Treasury
Language : English