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Benefit amount is reduced by some Social Security benefits and employer disability pensions. Bill does not affect existing offsets between workers' compensation and Social Security disability benefits. Phased implementation: 1/3 benefit in year 1, 2/3 in year 2, full benefit in year 3 and onwards.
The plans are protected by federal insurance provided through the Pension Benefit Guaranty Corporation or PBGC. - The PBGC ensures traditional pension plans to ensure that some benefits are paid even if employers go bankrupt. However, the contributions are invested on the employee's behalf on their account.
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