Canadian postal workers are scheduled to go on strike July 2, which could affect delivery of pension checks to retirees who receive payments via regular mail living in Canada. The Pension Benefit Guaranty Corporation (PBGC) will mail checks one day early to try to offset any potential delays caused by the strike.
If you have not received your pension check by July 8, please call PBGC's Customer Contact Center at (800) 400-7242 for assistance.
PBGC runs two pension insurance programs: single-employer and multiemployer. While each program is designed to protect pension benefits when plans fail, they differ significantly in the level of benefits guaranteed, the insurable event that triggers the guarantee, and premiums paid by insured plans. The two programs are financially separate. Assets of one program may not be used to pay obligations of the other. Here's a deeper look into both programs.
The single-employer program covers pension plans that are sponsored by one employer. The insurable event triggering PBGC's obligation to provide guaranteed benefits is termination of an underfunded plan. This typically happens when the employer sponsoring the plan goes out of business or bankrupt, and can no longer afford to keep the plan going. When this happens, PBGC takes over the plan's assets, administration and payment of plan benefits (up to the legal limit). More...
This entry is part of the Director's Hub blog series. You’ll hear from our Director, Tom Reeder, about the importance of preserving pension plans and protecting retirement security. Check out Tom’s bio to learn more about him.
The majority of my career has been dedicated to preserving retirement security, particularly helping employers establish and maintain retirement plans. I've gained an appreciation for companies that help their employees prepare for retirement by offering a pension plan, despite the perceived burden of maintaining such a commitment. I've also gained an appreciation for the dedication of federal government staffs in the pension area.
Since joining PBGC in October, I've had the pleasure of working with talented professionals who have one goal—protecting the pensions of the 40 million Americans PBGC serves. The staff at PBGC is dedicated to preserving defined benefit plans and protecting retirement security.More...