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PBGC Blog: Retirement Matters

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...

Standard Register Logo

PBGC will pay retirement benefits for more than 8,500 current and future retirees of The Stanreco Retirement Plan, a pension plan sponsored by Standard Register Co., a printing and marketing communications firm based in Dayton, Ohio.

The agency is stepping in because Standard Register sold the majority of its assets to North Mankato Minn.-based Taylor Corp. in bankruptcy proceedings on June 19, 2015. Taylor isn't assuming responsibility for the pension plan.

The company's plan will officially end on Aug. 31, 2015.

PBGC will pay all pension benefits earned by the plan's retirees up to the legal limit of $60,136 a year for a 65-year-old.

More...

The vital role PBGC plays in providing retirement security is highlighted in our 2014 state-by-state pension plan information. As the map shows, our economic reach spans across all 50 states and U.S. Territories. For example, PBGC paid $101 million to retirees in Colorado, and $287 million to retirees in Indiana.

More...

Here at PBGC, it's our hope that you're using every week to plan for your retirement. But if not, this week, April 13 - 17, is a good time to start. That's because this week is National Retirement Planning Week (NRPW)!

Recognized in April, during financial literacy month, NRPW represents a national effort to help consumers focus on their financial needs during retirement. This effort is led by the National Retirement Planning Coalition - a group of prominent education, consumer advocacy and financial services organizations charged with educating Americans on the importance of retirement planning.

More...

America Saves Week

Welcome to America Saves Week (ASW)! This annual savings drive, which began in 2007, promotes good savings behavior and is the perfect opportunity to assess and reevaluate personal savings goals. ASW is coordinated by America Saves and the American Savings Education Council and runs from February 23 - February 28.

This year's theme is "Set a Goal. Make a Plan. Save Automatically." Even if you're already saving, PBGC encourages you to take a look at your overall financial picture and decide whether there's potential to save more or set new savings goals.  After all, when you have a vision of your current financial picture, you can be more proactive in setting yourself up for future financial success.

So take the America Saves pledge today, and make a commitment to your financial future. And be sure to follow us on Twitter and like us on Facebook for daily updates during ASW!

Happy Saving!

For informational purposes only, this PBGC communication may contain links to websites not affiliated with the United States Government.  Links to these websites do not constitute an endorsement or approval by PBGC or any of its employees regarding the information, service, product, or provider presented on the website. PBGC cannot attest to the accuracy of information provided by such websites.  Please see PBGC's full disclaimer here.

PBGC to Pay Benefits at Hovensa

  |   February 4, 2015

PBGC will pay retirement benefits for more than 1,600 current and future retirees at Hovensa LLC, which owns an oil refinery and oil storage terminal in the U.S. Virgin Islands.

The agency is stepping in because Hovensa plans to close its operations and the pension plan will be abandoned. The Hovensa Employees' Pension Plan will end as of Feb. 4, 2015.

PBGC will pay all pension benefits earned by the plan's retirees up to the legal limit of $60,136 a year for a 65-year-old.

Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.

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