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PBGC Blog: Retirement Matters

PBGC will pay retirement benefits for more than 1,500 current and future retirees of Metavation LLC, an auto parts supplier based in Southfield, Mich. 

The agency is stepping in because the company's parent, Revstone Transportation LLC, is selling its ownership interest. The transaction will further compromise Metavation's underfunded pension plans, which will be unable to pay retirement benefits.

Formally known as Hillsdale Automotive LLC until 2008, Metavation sponsors two pension plans: the Hillsdale Salaried Pension Plan and the Hillsdale Hourly Pension Plan. Both plans will end as of March 1, 2013.

PBGC will pay all pension benefits earned by the company's retirees up to the legal limit of about $57,500 a year for a 65-year-old.

Until PBGC becomes trustee, the plan remains under Metavation's control. Plan participants will be notified by letter when the agency takes responsibility. At that time, retirees will continue to get benefits without interruption, and future retirees can apply for benefits when eligible.

Metavation makes powertrain and chassis components for the automotive industry. The company also provides other parts for engines, drivelines, and transmissions.

According to PBGC estimates based on information provided by Metavation, the plan is 50 percent funded with $47 million in assets to pay $93 million in benefits. The agency is expected to cover most of the $46 million shortfall.

Participants with questions about their pension benefits should contact the plan administrator. The agency won't be able to address concerns about benefits until it takes responsibility for the plan.

Findlay Industries logo

PBGC will pay retirement benefits for more than 1,300 current and future retirees of Findlay Industries.

Based in Findlay, Ohio, Findlay Industries was a privately owned company established in 1959 that once manufactured interior parts for the automotive and heavy truck industries.

The firm had manufacturing operations in Ohio, Virginia, Michigan, Florida, Canada and Mexico.

In late 2008, More...

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.