How PBGC is changing the narrative on Retirement Security
From J. Jioni Palmer, Director, Communications and Public Affairs:
J. Jioni Palmer
Director of Communications & Public Affairs
I've always been fascinated by storytelling: The Harry Potter series, This American Life, Grimm, The Twilight Zone, The New Yorker and just about anything by Walter Mosely. Books, movies, radio, print or online periodicals, fact or fiction, it doesn't matter. Interesting characters and a compelling narrative rivet me.
I also particularly like watching commercials and I'm constantly amazed by the brilliance of ad writers who can develop the scene, introduce relatable characters and tell a complete story in 30 or 60 seconds. Beyond hawking products or pushing ideas, I find commercials offer interesting insights on the zeitgeist of a particular demographic, culture or society.
Today, in almost any hour of evening television, sandwiched between myriad commercials for insurance companies and the latest solution to make housecleaning a breeze, you'll see spots about encouraging the viewer to plan for retirement.
One really resonates with me because it echoes a true story we at the Pension Benefit Guaranty Corporation tell a lot lately: people are living longer but retirement security isn't keeping pace. In the commercial, the narrator asks people to place a blue sticker along a timeline next to the age of the oldest person they've ever known. Not surprisingly, there are many dots ranging between 80 and 110. The spot closes with, "How do you make sure you have enough money to enjoy all of these years?"
Disclaimer: Neither the author nor PBGC endorses the products or services of the sponsor.
Since its inception in 1974, PBGC has been at the forefront of protecting the retirement security of the American people in defined-benefit pension plans offered by private companies. Now, most people probably don't know the agency exists, let alone think about us until the business they work for goes belly-up and they hear talk that the pension they've been looking forward to is about to evaporate.
Fortunately, PBGC does exist, and the safety net it provides allows most workers and retirees to keep the full promised benefit they've earned over many years.
From Sandy Rich, Chief of Negotiations and Restructuring:
Beechcraft, previously known as Hawker Beechcraft, emerged from bankruptcy February 21. Despite the company's original plan to terminate three pension plans, we at PBGC were able to work with the company, its employees, and company creditors to preserve one of the three plans while providing the safety net of PBGC trusteeship to the two terminated pension plans.
Beechcraft will continue a pension plan that will provide benefits to 8,300 participants. PBGC will provide guaranteed level benefits to the 9,500 beneficiaries of the terminated plans. In addition, PBGC supported a $2.5 million settlement with Beechcraft that will provide salaried retirees additional benefits exceeding those paid by PBGC under rules set by Congress.