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PBGC Blog: Retirement Matters

Despite substantial economic and market gains, multiemployer pension plans covering about 1.5 million people are severely underfunded, threatening benefit cuts for current and future retirees, according to the FY 2013 Projections Report released today by the Pension Benefit Guaranty Corporation. By comparison, the financial situation for private single-employer plans, which cover about 30 million participants, is projected to improve.

Image showing multiemployer plans coverage

As required by the Employee Retirement Income Security Act, PBGC annually provides an actuarial evaluation of its future expected operations and financial status. The FY 2013 Projections Report (formerly called the "Exposure Report") released today provides a range of estimates of the future status of private pension plans and their effect on PBGC's financial condition, drawn from hundreds of economic scenarios.

Logo: MyPBA

If PBGC is responsible for your pension benefit, the easiest way to transact business with us is through MyPBA, our secure online service.

MyPBA is fast, free, and available to you 24 hours a day, seven days a week. Your online transactions are safe and confidential. You can change your address, sign up for direct deposit, designate your beneficiary, print out your IRS Form 1099-R, and view your payment information.

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Joshua Gotbaum sitting with Adam Shapiro

In part two of the Fox Business two-part series "Nationwide Retirement Crisis," PBGC Director Josh Gotbaum says millions of Americans have no retirement savings, calling the issue a national crisis.

In his interview, Gotbaum addressed issues concerning the existing retirement system, including:

  1. The existing retirement system is not covering most people,
  2. It doesn't lead to enough saving,
  3. And it doesn't lead to lifetime income.

People are living longer, healthier lives, which means retirement will cost more.

Watch the complete video interview on the Fox Business website.

If you're a participant in a National Steel pension plan, you may have received a communication claiming that PBGC is conducting a general review of the benefit amounts paid to National Steel participants.

Please be assured that this is not the case. PBGC did not send out any such communication, and is not reviewing National Steel benefits.

We are confident that your pension benefit has been determined accurately and that you are receiving the maximum amount you are entitled to under law.

If you have any questions or receive additional false information purporting to come from PBGC, please feel free to contact us at mypension@pbgc.gov or 1-800-400-7242.

Interfaith Medical Center logo

PBGC will pay retirement benefits for more than 1,400 current and future retirees of Interfaith Medical Center, which operates a 287-bed hospital in Brooklyn, N.Y.

The agency stepped in because Interfaith Medical is unable to meet the minimum funding requirements for the two pension plans it sponsors.

PBGC will pay all pension benefits earned by Interfaith Medical's retirees up to the legal limit of about $55,840 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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Joshua Gotbaum sitting with Adam Shapiro

In part one of a two-part series, "Insuring Private Pensions," Fox Business reporter Adam Shapiro and Pension Benefit Guaranty Corporation Director Josh Gotbaum, discuss the need for Congress to raise premiums to ensure 42 million Americans receive the pensions they were promised.

By now, you may have read news headlines addressing a study on PBGC premium increases released by the Pension Coalition. In an official PBGC statement, Gotbaum responded saying, "Unlike the FDIC and other Federal insurance programs, Congress has continued to set PBGC premiums and has done so in ways that both underfunds PBGC and is convincing some companies they shouldn't offer pensions at all."

In his interview, Gotbaum explains the specific PBGC-related issues that affect the retirement crisis.

Watch the complete video interview on the Fox Business website.