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PBGC Blog: Retirement Matters

Alert! Don't pay a finders fee for your pension!

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.

PBGC to the Rescue

  |   May 22, 2012

PBGC has stepped in to protect the retirements of health-care workers at Lower Bucks Hospital in southeastern Pennsylvania and North Adams Regional Hospital in Massachusetts

For more than 50 years, the not-for-profit Lower Bucks Hospital, has maintained its healing mission, serving a population of more than 300,000 people. Although Lower Bucks Hospital will continue to operate, its roughly 1,600 caregivers and other staff will now receive their pension benefits from PBGC.

Fortunately, North Adams Regional Hospital also will continue its century-long tradition as a full-service community hospital for the Northern Berkshires. Because the hospital could not afford to keep its pension plan, PBGC will pay benefits to its 700 workers and retirees.

For more information, see the Lower Bucks Hospital plan page or the North Adams Regional Hospital plan page.

As Josh Gotbaum pointed out in a recent Newsday op-ed, Americans are living longer and need to prepare for longer retirements.

Social Security also has to get ready.

As reported by US News, here are some data points relevant to Social Security’s finances: More...