If you receive a direct deposit payment from PBGC, your funds will be deposited on January 2, 2013, one day after the New Year. If you receive a paper check, and you have not received your paper check by January 7, call us at 1-800-400-7242 or visit our Contact Us page for other contact options.
Want to receive future payments more quickly? Remember, PBGC offers direct deposit. It's the most secure and fastest way to receive your payment, and your funds are always available on payday — even if the weather's bad, the post office is closed, or you're out of town. The future electronic direct deposit dates are already mapped out!
To learn more or sign up for direct deposit, call 1-800-400-7242 or visit MyPBA.
One of the most important ways PBGC protects retirement security is by working to preserve pensions, not just waiting until they fail. New Chief of Negotiations and Restructuring Sanford "Sandy" Rich will lead that effort.
Rich was selected to lead this department because he knows the inner workings of distressed trading, corporate restructuring, and investment banking; he has more than two decades of experience in the industry.
Now that we've given you a snippet of information about Sandy, allow him to introduce himself.
Check out his introductory video on YouTube.
Whether retirement is knocking on your door or decades away, you should have a financial plan in place to help you reach that milestone. Bloomberg Business News published an article that debunks some of the myths about retirement. As the article states, "We're living increasingly in a "yoyo" economy -- short for "you're on your own."
According to the article, here are some of the most common myths about retirement:
MYTH NO. 1: It's OK to postpone saving for retirement until other needs are taken care of.
MYTH NO. 2: Medicare will take care of almost all your health care needs.
MYTH NO. 3: You'll need far less income in retirement to maintain the same standard of living.
MYTH NO. 4: You can claim Social Security early and still get full benefits later.
MYTH NO. 5: You should rely heavily on bonds rather than stocks as you get older.
MYTH NO. 6: Any retirement target-date fund will allow you to "set it and forget it."
MYTH NO. 7: You'll be able to make up a savings shortfall by retiring later or working part-time in retirement.
Read the full article, "7 retirement planning myths debunked."
PBGC will pay retirement benefits for more than 1,300 current and future retirees of RG Steel, the nation's fourth-largest flat-rolled steel producer with steelmaking facilities located in Sparrows Point, Md.; Warren, Ohio, and Wheeling, W.Va. Additional finishing facilities are in Yorkville and Martins Ferry, Ohio.
RG Steel and its seven affiliates are liquidating in bankruptcy. PBGC has trusteed the two pension plans RG sponsored - the RG Steel Warren, LLC Hourly Employees Pension Plan ("Warren Plan") and the RG Steel Wheeling, LLC Pension Plan ("Wheeling Plan").
In bankruptcy, RG Steel has sold practically all of its assets. Most of the buyers are liquidators, none of which assumed the pension plans. PBGC initiated termination because of RG Steel's liquidation in bankruptcy and the forthcoming abandonment of the pension plans. More...