PBGC works to ensure that people who get benefits from us receive them on time — by the first of the month. However, there's one time when that doesn't happen — the beginning of the year.
Typically, if the first of the month falls on a weekend or holiday, direct deposits will usually post before the first of the month. For this reason, June, September, and December 2013 direct deposits arrived before the first of the month. For tax purposes, January is the exception to this rule.
If payments arrived in December, it would result in a tax liability for 2013 instead of 2014. For this reason, your funds will be deposited on Jan. 2, 2014, one day after the New Year.
If you get a paper check (mailed on Dec. 27, 2013), and have not received it by January 7, please call us at 1-800-400-7242 or visit our Contact Us page for other options.
Want to receive future payments more quickly? Remember, PBGC offers direct deposit. It's the most secure and fastest way to receive your payment, and your funds are always available on payday — even if the weather's bad, the post office is closed, or you're out of town. The future electronic direct deposit dates are already mapped out.
To learn more or sign up for direct deposit, please visit MyPBA or call 1-800-400-7242.
On June 26, 2013, the Supreme Court ruled that Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional.
Section 3 of the Defense of Marriage Act of 1966 defined "marriage" as a "legal union of one man and one woman as husband and wife" and a "spouse as "a person of the opposite sex who is a husband or a wife."
As a result, PBGC changed its policy to recognize same-sex marriages in our administration of benefits in terminated plans under the same rules applicable to opposite-sex marriages.
For a more detailed explanation of how PBGC recognizes marriage, please visit the "Benefits" section of our Workers & Retirees page.
New research from the National Institute on Retirement Security (NIRS) examines racial disparities in retirement readiness among working-age Americans and households.
The new report calculates the severity of the U.S. retirement security racial divide. The analysis finds that every racial group faces significant risks, but people of color face particularly severe challenges in preparing for retirement. Americans of color are significantly less likely than whites to have an employer-sponsored retirement plan or an individual retirement account (IRA), which substantially drives down the level of retirement savings.
Some of the key findings include:
1. Workers of color, in particular Latinos, are significantly less likely than White workers to be covered by an employer-sponsored retirement plan—whether a 401(k) or defined benefit (DB) pension.
2. Households of color are far less likely to have dedicated retirement savings than White households of the same age. At the same time, coverage appears to be positively associated with the existence of dedicated household retirement savings in both groups.
3. Households of color have substantially lower retirement savings than White households, even after controlling for age and income.
Race and Retirement Insecurity in the United States serves as a companion to NIRS' July 2013 study, The Retirement Savings Crisis: Is It Worse Than We Think?, which documented a significant retirement savings gap among working-age households in the U.S.
Read the full NIRS report, Race and Retirement Insecurity in the United States.
The legislation that authorizes the Health Coverage Tax Credit (HCTC) expires January 1, 2014, and the tax credit will no longer be available.
Some key dates in this program's expiration were/are:
October 1: the HCTC Program will no longer accept new registration forms for individuals or qualified family members who wish to be enrolled into the monthly HCTC program
December 24: The final monthly HCTC payment due date
January 1: HCTC expires
PBGC has a HCTC webpage that details some additional information. The Internal Revenue Service (IRS) also has a webpage dedicated to periodic updates with important information affecting the HCTC program.
PBGC will pay retirement benefits for over 4,100 current and future retirees of Journal Register Company, a leader in local news and information in 10 states.
The agency stepped in because Journal Register Company and its subsidiary Journal Register East, Inc. (plan sponsor) filed voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of New York on September 5, 2012. The companies sold the majority of their assets in bankruptcy proceedings and the buyer did not assume the company's single-employer pension plan.
PBGC will pay all pension benefits earned by Journal Register retirees up to the legal limit of about $56,000 for a 65-year-old.
Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.
According to PBGC estimates, the Journal Register pension plan is 51 percent funded with $91.5 million in assets to pay $177.7 million in benefits. The agency expects to cover the $86.2 million shortfall.
For additional information, please email us at email@example.com or call 1-800-400-7242 (8 a.m. to 7 p.m. EST, Monday – Friday) (TTY/ASCII: call 1-800-877-8339 and ask to be connected to 1-800-400-7242).
PBGC's FY2013 Annual Report, released Friday, provides a detailed summary of our year — both successes and areas for improvement.
The 125-page review of the agency covers the period beginning Oct. 1, 2012 and ending Sept. 30, 2013.
PBGC's deficit increased to about $36 billion in FY2013, up from about $34 billion last year.
Opening with messages from PBGC Board Chair, Secretary of Labor, Thomas E. Perez and PBGC Director Josh Gotbaum, the report examines ways to improve the agency's financial health and highlights our great scores in customer service.
Retirees receiving benefits continue to rate PBGC as one of the best in government for its commitment to customer service. The agency ranks in the top 3 percent in a survey measuring 154 categories of customer responsiveness. Retirees gave PBGC a score of 90 on the American Customer Satisfaction Index (ACSI), more than 20 points above the government average. A score of 80 or higher is considered excellent, whether for a government agency or a private business.
Aside from our distinguished customer service, the report also discusses three overarching goals:
- Preserve plans and protect pensioners
- Pay pension benefits on time and accurately, and
- Maintain high standards of stewardship and accountability
Since you're a Retirement Matters subscriber, you've been kept abreast of PBGC news as it happens. This report can give you further insight on the year in review at PBGC.
See the full FY2013 Annual Report (PDF).