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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...
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...
Defined benefit pensions provide lifetime retirement security, but need to be updated for today’s workforce. PBGC Director Josh Gotbaum talked about his ideas at a recent forum sponsored by Institutional Investor magazine. Here’s a March 20 report from the magazine’s Investor Intelligence Network website: More...
A court decision this week will help PBGC keep employers accountable for pension plans, even when the employer is foreign-owned.
In 2007 Japanese company Asahi Tec bought Metaldyne, a Michigan auto parts maker. When Metaldyne went bankrupt in 2009, we asked Asahi Tec to step up and assume the pensions of Metaldyne’s 10,000 workers and retirees. Asahi Tec refused. More...
Since 1872, Christ Hospital has provided health care services to Hudson County, N.J. Like many hospitals around the country during the recent financial downturn, Christ Hospital saw growing numbers of uninsured and charity patients come through its doors. People got the care they needed, but at the expense of the hospital’s bottom line. Finally, mounting financial losses, combined with state budget cuts and other reverses, forced the hospital to seek bankruptcy protection.
Fortunately, the hospital will continue to serve the community under a new owner. But what about the pensions of the 2,500 caregivers and other staff? Well, PBGC has got them covered. More...
Want to see more? View the archive of all posts to PBGC's blog: Retirement Matters.