Should the government shutdown, PBGC will stay open for business. All of us at PBGC—federal employees and contractors—will remain on the job. We will continue to pay benefits to the retirees who depend on us, to do our other work, and to honor our obligations.
This is not new. PBGC stayed open throughout the government shutdowns in 1995-96. That's because PBGC is different from most government agencies: Our funds are paid for by insurance premiums and plan assets, not taxpayer dollars.
As always, PBGC regards it as especially important to continue to do our work well, diligently, and with the dedication America's workers and retirees deserve.
For more than 100 years, every Labor Day, America has celebrated working people's contributions. Labor Day is observed and celebrated in different ways all across the country by people in every walk of life. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.
And after our working lives, we can continue to contribute to the country's strength and prosperity through secure retirements. When retirees can rely on their own secure retirement income, the economy wins, and that means workers win too.
PBGC wishes every American a safe and happy Labor Day. We reaffirm our commitment to protecting the more than 40 million American workers in private pension plans, to paying benefits for a million and a half people whose companies could not, and to fighting for American retirement security as part of every worker's American dream.
For a more in-depth look at the meaning of Labor Day, visit DOL's Labor Day 2013 webpage.
See the string of messages in the lower right-hand corner of this blog page? That's PBGC's Twitter feed. You can easily access the full feed on Twitter by clicking the famous Twitter bird under "Follow PBGC" to the right.
We use Twitter to spotlight our day-to-day efforts to protect pensions. When you follow us, you'll get quick bits of information to keep you in the know about PBGC. And each day you'll find a new fact about pensions, a link to a relevant article, or a news update about retirement security.
If you're among the more than 800,000 retirees who rely on PBGC for monthly income, you'll be first to get a link to your retiree newsletter.
If you work in the pension field, we'll tweet our monthly interest rates, premium filing updates, and news of important regulatory changes.
If you like one of our tweets and want to share it with friends, please favorite the tweet or simply retweet it, and help us spread the word as we work to save America's pensions.
Follow us at https://twitter.com/USPBGC.
MyPBA (My Pension Benefit Account) is our secure online service that lets you, the participant, handle certain common transactions with PBGC.
Participants in PBGC-trusteed plans can use PBGC's fast, free, and secure online service tool to apply for pension benefits, update contact information, adjust federal income tax withholding, and more.
Since generations accustomed to using technology are joining the ranks of retirees, this helps PBGC in enhancing technological resources, making your interactions with PBGC easier and more user-friendly.
The old system, which came online around 2004, has been decommissioned, while the new MyPBA recently got a facelift complete with features designed to give participants a more convenient option to calling the agency's Customer Contact Center.
Some of the new and improved items include:
- email communications
About 250,000 participants with MyPBA accounts are expected to use the new MyPBA system at some time in the future.
But, if you wish to call PBGC's Customer Contact Center, we'd still like to hear from you!
Things looked bleak last year for plan funding when a U.S. District Court in Massachusetts said private equity firms didn't operate as trades or businesses, but passive investors in the companies they own. If the ruling was left intact, it would have created a major loophole in this kind of liability for private equity funds connected to pension plans.
At the time, the court considered whether two funds managed by private equity firm Sun Capital were responsible for $4.5 million in withdrawal liability after their company, Scott Brass, a Rhode Island-based metal fabricator, left the New England Teamsters multiemployer plan.
Such distinctions are important because entities engaged in a trade or businesses may be responsible for pension shortfalls in single employer plans and for withdrawal liability in multiemployer plans.
Earlier this year, the Teamsters asked the First Circuit Court of Appeals to revisit the issue and PBGC filed a friend of the court brief supporting their cause.
With recent news of the Detroit bankruptcy, more people are asking about PBGC's role in public pensions. However, by law, PBGC doesn't insure state, county, or city plans.
While we insure most private-sector (non-governmental) pension plans, Congress has also defined exceptions that PBGC does not insure. But for more information about public pensions, please contact the National Conference on Public Employee Retirement Systems.