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PBGC Blog: Retirement Matters

Hawker Beechcraft, a manufacturer of commercial business jets based in Wichita, filed today for Chapter 11 bankruptcy protection.

Bankruptcy is a time of uncertainty, especially for a company's workforce.

Let's be clear. Bankruptcy does not necessarily mean a company's pensions will end. Many companies have emerged from Chapter 11 as successful businesses, while keeping their pension promises. Some recent examples are Northwest Airlines, auto-parts maker Visteon, and chemical manufacturer Tronox.

PBGC will be working with Hawker Beechcraft management and its lenders so that the company can reorganize successfully without undermining the retirement security of its workforce.

If you have a benefit from Hawker Beechcraft, your pension plan is ongoing under the company's sponsorship. If you have a question about your individual pension, contact the Hawker Beechcraft plan administrator. If you have questions about PBGC and your insurance coverage, see our frequently asked questions or Your Guaranteed Pension.

PBGC insures more than 10 million Americans in multiemployer pension plans. As the name suggests, a multiemployer plan is funded by more than one employer, typically in the same industry. Each employer makes contributions to the plan on behalf of their employees, usually under the terms of a collective bargaining agreement. More...

At PBGC, we're glad we're not alone in talking about flexible new kinds of pension plans. From today's Washington Post, here are more views from some leading retirement experts.

The Best-Saved Plans

  |   March 29, 2012

When the best-laid pension plans go away, PBGC is there to help. But the “best-saved plans” are the ones we never trustee.

When an employer proves it absolutely can’t keep its pension plan, PBGC steps in to pay retiree benefits, up to the limits set by law. But it’s a lot better for everybody—especially retirees—when a company can keep its own pension promises without having fall back on our guarantees. More...

26,000 Keep Pensions at A&P

  |   March 26, 2012

PBGC wants pensions to continue whenever possible. We recently helped A&P exit bankruptcy, while keeping pensions for its 26,000 employees. Here's what we had to say: PBGC: A&P Preserves Single-Employer Pensions in Chapter 11.

Remember elementary school, and lining up on risers once a year for the class picture?

Most of us never gave a second thought to the photographer, or the folks back in the lab who processed and printed all those photos.

Well, while we were squirming and thinking of recess, they were hard at work. Making a living and building up a pension for their retirement years. More...