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- What Lehman Brothers pension plans did PBGC insure?
- I am a retiree in the Lehman Brothers pension plan. Will I continue to receive my benefit in the form that I elected upon retirement?
- Lehman Brothers allowed me to take my benefit in a lump sum if the value of the benefit was $7000 or less. Will PBGC provide that same option?
- I am currently working – may I start drawing my benefit from PBGC while I continue to work?
Q: What Lehman Brothers pension plans did PBGC insure?
A: At Lehman Brothers, PBGC insured only the Lehman Brothers Holding Incorporated Pension Plan, which it has taken over (trusteed). PBGC does not insure defined contribution plans such as 401(K) plans.
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Q: I am a retiree in the Lehman Brothers pension plan. Will I continue to receive my benefit in the form that I elected upon retirement?
A: Yes – PBGC will continue to pay you your benefit in the form you chose at retirement. For example, if you chose the Social Security Leveling option offered by Lehman Brothers, you will continue to be paid in that form.
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Q: Lehman Brothers allowed me to take my benefit in a lump sum if the value of the benefit was $7000 or less. Will PBGC provide that same option?
A: No – This is because, by law, PBGC only pays lump sums when the value is $5000 or less. If PBGC determines that the value of your benefit is $5000 or less, we will give you the option to receive it as a lump sum.
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Q: I am currently working – may I start drawing my benefit from PBGC while I continue to work?
A: It depends. If you are working for Lehman Brothers or a company in the same controlled group, you will need to stop working in order to start receiving benefits. However, once you turn 65, you may start receiving your benefit even if you are still working for Lehman or a company in the controlled group.
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