PBGC will pay retirement benefits for more than 900 current and future retirees of Vertellus Specialties Inc., a manufacturer of specialty chemicals based in Indianapolis, Ind.
The company sponsors the Vertellus Specialties Inc. Defined Benefit Retirement Plan.
PBGC is stepping in because Vertellus and 10 affiliates intend to sell the majority of their assets in bankruptcy proceedings and the potential buyer will not continue the pension plan. More...
The United States Postal Service has issued a service disruption alert due to torrential rain and flooding in Louisiana and Mississippi, and wildfires in California. This may potentially impact delivery of pension checks to retirees who receive payments via regular mail in those areas. If you have not received your pension check by Sept. 12, please call PBGC's Customer Contact Center at (800) 400-7242 for assistance.
Did you know PBGC offers electronic direct deposit? It's the safest, most secure way to receive your pension payments. And you'll no longer have to wait for your check to be mailed, or make a trip to the bank to deposit your check. You can sign up through your MyPBA account, or by contacting the Customer Contact Center.
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Our customer surveys show us that many visitors to PBGC.gov are looking for an estimate of their retirement benefit. We'd love to provide an instant benefit estimate via MyPBA, but it takes our trained pension experts time to carefully evaluate your personal benefit situation in order to give you an accurate estimate.
Calculating pension benefit estimates is complicated because each plan has its own rules, provisions and benefit formulas. No two plans are the same! After we determine the plan's benefits, we apply legal limits to your individual benefit. We want to make sure we're paying all the benefits you're due, up to the legal limit. More...
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...