In and around the hard-hit city of Detroit, PBGC is protecting the retirement of people making a difference. The agency has stepped in to protect the retirement income of the nearly 1,600 employees of United Way for Southeastern Michigan.
While the pension plan is ending, the not-for-profit United Way for Southeastern Michigan is not. So, workers there can continue the non-profit's mission to improve communities and individual lives with the confidence that their pensions are safe.
The pension plan had a shortfall of about $23 million, which PBGC will make up from its insurance funds. Retirees will get their full benefit, up to the limits set by Congress ($54,000 a year for a 65-year-old).
If you're a member of the pension plan you will get a letter from us soon with more information. In the meantime, see the United Way for Southeastern Michigan plan page for more information.
According to a recent Prudential study, women are less confident about their retirement finances than their male counterparts. The study also highlighted the difference in level of confidence between women younger than 35 and those of the baby-boomer generation. It is believed that this confidence gap may reflect a gap of knowledge and experience.
An article from CBS Money Watch details the following tips women can take to boost their confidence about being prepared for the future.
1. Go for retirement benefits
2. Contribute to spousal IRA
3. Inventory your retirement benefits
4. Monitor and manage investments
Read the full article on CBSNews.com.
As seniors near retirement, many are choosing the increasingly popular living arrangement of home sharing to meet a variety of needs that come with old age.
What is home sharing? Home sharing is when a homeowner offers living accommodations to a home sharer in exchange for rent and/or household assistance.
Why are so many choosing home sharing? The homeowner gets money to help pay for rent, utilities, or other expenses while the home sharer is provided with affordable housing. Other benefits to home sharing for both parties include companionship, a sense of security, and mutual support.
There are many regional agencies that can help match homeowners with home sharers based on location, physical needs, and similar interests.
You can find more information about home sharing at:http://nationalsharedhousing.org/
PBGC protects pensions. We also want to protect you!
Scams are at an all-time high during these tough economic times, and retirees are among scammers' favorite targets.
We have just learned that an individual attempted to obtain a 25% "finder's fee" for helping a retired United Airlines flight attendant get her PBGC pension benefit. He, as well as others, may be doing this with other UAL flight attendants.
Let's be clear: You do not need anyone's assistance to obtain your benefit from PBGC. People or firms who offer to help you for a finder's fee are not associated with PBGC. If you have questions, contact us by email or call our Customer Contact Center at 1-800-400-7242.
Read the full fraud alert from the Inspector General.