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...
In case you missed it, on June 29, President Obama signed legislation to extend the Health Coverage Tax Credit (HCTC) through the end of 2019.
The IRS is currently reviewing this legislation and is working with its partners - including PBGC - to implement the HCTC program. Individuals cannot yet claim the HCTC credit since the program is not yet implemented. In the meantime, the IRS issued guidance for those who may be eligible for the credit.
The HCTC is a federal tax credit that pays a significant portion of qualified health insurance premiums for eligible individuals. This includes people who are 55-65 years of age and receive benefits from PBGC.
For the latest HCTC updates, visit PBGC's HCTC webpage and blog, Retirement Matters. While you're there, subscribe to the blog to make sure you receive all HCTC updates.
On June 29, President Obama signed legislation to extend the Health Coverage Tax Credit (HCTC) through Dec. 31, 2019. The law was enacted as part of the Trade Preferences Extension Act of 2015, Pub. L. 114-27. The HCTC previously expired Dec. 31, 2013.
The IRS will manage the program again, and when new guidelines are ready, we'll let PBGC participants know how to apply for the tax credit. You'll find the information here, on Retirement Matters, and on PBGC.gov.
Sign up today to make sure you receive all PBGC blog entries and important HCTC updates.
Here at PBGC, it's our hope that you're using every week to plan for your retirement. But if not, this week, April 13 - 17, is a good time to start. That's because this week is National Retirement Planning Week (NRPW)!
Recognized in April, during financial literacy month, NRPW represents a national effort to help consumers focus on their financial needs during retirement. This effort is led by the National Retirement Planning Coalition - a group of prominent education, consumer advocacy and financial services organizations charged with educating Americans on the importance of retirement planning.
Do you receive a benefit from PBGC? If so, all or a portion of your benefit may be taxable. Each year, we report this information to the IRS and send you an IRS Form 1099-R that details the amount you received the previous year.
We'll mail your 2014 Form 1099-R to your address on file by Monday, February 2, 2015. If you don't receive your form soon after February 2, 2015, you may request a duplicate. Here's how:
- Use our online service, MyPBA, to view and print a copy of your 1099-R tax form for the most recent tax year.
- Call PBGC's Customer Contact Center to request a form by mail. The number is 1-800-400-7242.
When calling, remember to have your customer ID (PDF) or Social Security number, plan name and case number to help expedite the request.
While PBGC is required to withhold federal income tax, we do not withhold for state taxes. If your state has an income tax, you may owe tax on your PBGC benefit. To find out more, contact your state tax office.
For additional information, see our Frequently Asked Questions on IRS Form 1099-R.
With members of Congress, President Gerald R. Ford signed the Employee Retirement Income Security Act(ERISA) of 1974 on Monday, September 2, 1974. ERISA established the Pension Benefit Guaranty Corporation.
On Sept. 2, 2014, PBGC celebrated its 40th year of protecting pensions. And yesterday, PBGC released its FY 2014 Annual Report, highlighting the agency's accomplishments and areas for improvement. The review period covers Oct. 1, 2013 through Sept. 30, 2014.
PBGC's deficit increased to $62 billion in FY 2014, up from $36 billion the year before. The deficit increase is largely driven by the declining financial condition of a few multiemployer plans. The deficit in the multiemployer program grew to $42.4 billion, compared with $8.3 billion last year. This increase is largely due to the fact that several additional multiemployer plans are now expected to run out of money within the next decade. But the single-employer program's deficit saw an improvement and dropped to $19.3 billion, down from $27.4 billion in 2013.