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PBGC Blog: Retirement Matters
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PBGC will pay retirement benefits for more than 8,500 current and future retirees of The Stanreco Retirement Plan, a pension plan sponsored by Standard Register Co., a printing and marketing communications firm based in Dayton, Ohio.

The agency is stepping in because Standard Register sold the majority of its assets to North Mankato Minn.-based Taylor Corp. in bankruptcy proceedings on June 19, 2015. Taylor isn't assuming responsibility for the pension plan.

The company's plan will officially end on Aug. 31, 2015.

PBGC will pay all pension benefits earned by the plan's retirees up to the legal limit of $60,136 a year for a 65-year-old.

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On June 29, President Obama signed legislation to extend the Health Coverage Tax Credit (HCTC) through Dec. 31, 2019. The law was enacted as part of the Trade Preferences Extension Act of 2015, Pub. L. 114-27. The HCTC previously expired Dec. 31, 2013.  

The IRS will manage the program again, and when new guidelines are ready, we'll let PBGC participants know how to apply for the tax credit. You'll find the information here, on Retirement Matters, and on PBGC.gov.  

Sign up today to make sure you receive all PBGC blog entries and important HCTC updates. 

PBGC to Pay Benefits at Hovensa

  |   February 4, 2015

PBGC will pay retirement benefits for more than 1,600 current and future retirees at Hovensa LLC, which owns an oil refinery and oil storage terminal in the U.S. Virgin Islands.

The agency is stepping in because Hovensa plans to close its operations and the pension plan will be abandoned. The Hovensa Employees' Pension Plan will end as of Feb. 4, 2015.

PBGC will pay all pension benefits earned by the plan's retirees up to the legal limit of $60,136 a year for a 65-year-old.

Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.

More...

Do you receive a benefit from PBGC? If so, all or a portion of your benefit may be taxable. Each year, we report this information to the IRS and send you an IRS Form 1099-R that details the amount you received the previous year.

We'll mail your 2014 Form 1099-R to your address on file by Monday, February 2, 2015. If you don't receive your form soon after February 2, 2015, you may request a duplicate. Here's how:

  • Use our online service, MyPBA, to view and print a copy of your 1099-R tax form for the most recent tax year.
  • Call PBGC's Customer Contact Center to request a form by mail. The number is 1-800-400-7242.

When calling, remember to have your customer ID (PDF) or Social Security number, plan name and case number to help expedite the request.  

While PBGC is required to withhold federal income tax, we do not withhold for state taxes. If your state has an income tax, you may owe tax on your PBGC benefit. To find out more, contact your state tax office.

For additional information, see our Frequently Asked Questions on IRS Form 1099-R.

PBGC will pay retirement benefits for nearly 1,400 current and future retirees at White Rose Inc., an independent food wholesaler based in Carteret, N.J.

The agency is stepping in because White Rose plans to sell its assets in bankruptcy and the pension plan will be abandoned. The company's plan, Third Amended and Restated Di Giorgio Retirement Plan, will end as of Oct. 27, 2014.

PBGC will pay all pension benefits earned by the plan's retirees up to the legal limit of about $59,320 a year for a 65-year-old.

Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.

Employees and retirees who are participants in White Rose's plan will continue to receive benefits from the company until PBGC assumes responsibility.

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ReichholdPBGC will pay retirement benefits for more than 4,500 current and future retirees at Reichhold Inc., a manufacturer of resins used for composites, based in Durham, N.C.

The agency is stepping in because the company plans to sell its assets in bankruptcy and the pension plan will be abandoned. The Reichhold Inc. Retirement Plan will end as of Oct. 17, 2014.

PBGC will pay all pension benefits earned by the plan's retirees up to the legal limit of about $59,320 a year for a 65-year-old.

Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.

Employees and retirees who are participants in the Reichhold plan will continue to receive benefits from the company until PBGC assumes responsibility.

According to PBGC estimates, the plan is 70 percent funded with $228 million in assets to pay $325 million in benefit liabilities. The agency is expected to cover $90 million of the $97 million shortfall.

On Sept. 30, 2014, Reichhold and three of its affiliates sought Chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del. The company said in court papers that financiers Third Avenue Management, Black Diamond Capital Management, and J.P. Morgan Chase, which hold Reichhold's senior secured notes, intend to be the lead bidders for Reichhold's assets. An auction, sale hearing, and closing are slated for Dec. 19, 2014; Dec. 22, 2014; and January 30, 2015, respectively.