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PBGC Blog: Retirement Matters

Sack filled with hundred dollar billsAcross the country, there are more than 38,000 people who haven't claimed pension benefits they are owed. Those unclaimed pensions equal a total of over $300 million dollars, with individual benefits ranging from twelve cents to almost a million dollars.

The states with the most missing pension participants and money to be claimed are:

  • New York (7,031/$42.38 million)
  • Illinois (4,129/$79.63 million)
  • California (3,082/$8.52 million)
  • Texas (2,487/$12.32 million)
  • New Jersey (2,288/$12.84 million)
  • Ohio (2,109/$15.22 million)

More...

Retiree grabbing envelopes from her mailboxIf 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.

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...

In anticipation of the potential for Hurricane Sandy to shut down payment processing centers, the agency started sending checks days ahead of our regular schedule.

About 140,000 benefit payment checks are sent from our offices to benefit payees on a monthly basis. With Hurricane Sandy making a strong impact in our region, there is some risk that delivery of those checks may be delayed.

What we're doing: We're seeking more detail about how far into the distribution process the checks got over the weekend. We're also monitoring the USPS website to assess the impact of Post Office closings to PBGC payees. We will also provide data to the Customer Contact Center (1-800-400-7242) if there are major impacts.

On the other hand, there are no delays for those with direct deposit. We strongly encourage everyone who receives their benefit via check to switch to direct deposit through MyPBA (My Pension Benefit Account).  It's timely, safe & secure.

Logo of Pemco World Air Services Inc.

Were you collecting or planning to collect a pension from Pemco World Air Services Inc.? If so, we've got news for you.

As of Wednesday, October 3, 2012, PBGC became the trustee of the Pemco World Air Services Inc. Pension Plan, which has some 1,252 participants, including 380 retirees.

Headquartered in Tampa, Florida, Pemco primarily provided aircraft maintenance, repair and overhaul services to commercial air carriers.

The company filed for bankruptcy on March 5, 2012 and the bankruptcy court approved the sale of their assets on August 9, 2012.

PBGC will pay all pension benefits earned by the company's retirees up to the legal limit of $56,000 a year for a 65-year-old.

Participants with questions about their pension benefits should contact PBGC Customer Service at 1-800-400-PBGC (7242).

Weekly Pension News Round-Up

  |   September 14, 2012

Here's what made headlines this week in pension news:

The New York Post publishes, "Biz gets pensions break."

"Going to work for the government has always come with an ironclad promise: Your pension benefits will be there when you retire," The Sacramento Bee.