Col. Charles McGee delivers keynote address at PBGC'S Black History Month Celebration.
On Feb. 11, 2014, PBGC staff witnessed living black history as the agency's Chapter of Blacks in Government (BIG) and the Special Emphasis Program (SEP) hosted the annual Black History Month program. With the national theme in mind, Civil Rights in America, this year's program was widely deemed one of the greatest in PBGC history.
Col. Charles McGee, an original, and now retired, member of the Tuskegee Airmen delivered the keynote address to the agency's staff as they filled the building's training institute in celebration of Black History Month. McGee's career in the legendary all-black 332nd Fighter Group-12th Air Force began in 1944. He is among the first African-American military aviators in the United States Armed forces.
During WWII black pilots were trained at a segregated air base in Tuskegee, Ala., and became known as the Tuskegee Airmen. At the helm of P-39 fighters they flew hundreds of patrol and attack missions, and were also used to escort B-17 and B-24 bombers. The airmen were portrayed in the 2012 motion picture, "Red Tails," produced by "Star Wars" creator George Lucas. The Red Tails nickname came from the ruby-toned tails of the airmen's planes.
In his address, McGee recounted the struggles he and his fellow soldiers faced as African Americans in the Air Force. Throughout World War II, African Americans in a number of U.S. states were subject to Jim Crow laws and all branches of the military were racially segregated. But these obstacles didn't stop McGee and his peers from stepping up and fighting for freedom at home and abroad. He stressed the "Three Ps," which helped to shape his illustrious career as a Tuskegee Airman: persevere, prepare, and perform. "Excellence should always be your goal," McGee said.
On Jan. 31, 1973, McGee retired from the Air Force after 30 years of military service.
We at the Pension Benefit Guaranty Corporation challenge each other each day to better serve the public in every way possible. We like to think we succeed — and now we are pleased that many of you agree.
PBGC received the fourth best score in a study of citizen satisfaction with federal government service, garnering a score of 90 in a report released on January 28. This puts us at levels of user satisfaction similar to high-performing private sector companies.
We achieved a similar breakout status in the same report a year ago.
The aggregate mark across the federal government was 66.1, close to the all-time low.
The 2013 ACSI report on citizen satisfaction is based on interviews with 1,448 users, chosen at random and contacted via telephone and email between October 11 and December 8, 2013. Respondents are asked to evaluate their recent experiences with federal government services.
Read the full ACSI Report on U.S. Federal Government 2013. (PDF)
PBGC will pay retirement benefits for more than 4,400 current and future retirees of Constar Inc., a plastic container manufacturer based in Trevose, Pa. just outside Philadelphia.
The agency stepped in because the company is selling the majority of its assets in bankruptcy proceedings and the buyer isn't assuming responsibility for the pension plan.
PBGC will pay all pension benefits earned by Constar's retirees up to the legal limit of about $59,320 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.
By now, you have probably received your Form 1099-R from us.
As you arrange to have your income taxes prepared and filed, we would like to share some important information about PBGC benefits and taxes.
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 (Excel file, 14.4 KB).
Also, if you receive a benefit from PBGC, we report the amount annually to the IRS.
For income tax purposes, each January PBGC sends you an IRS Form 1099-R that states the amount we paid you the previous year.
If you need a Form 1099-R for 2013 and haven't received it, PBGC will get you one.
The IRS has a tool, "Is My Pension or Annuity Payment Taxable?" that will help you determine if your pension or annuity payment from an employer-sponsored retirement plan is taxable.
President Barack Obama gives his State of the Union address on Capitol Hill in Washington, Tuesday Jan. 28, 2014. (AP Photo/Charles Dharapak)
In his fifth State of the Union address, President Barack Obama urged Congress to help restore opportunity for Americans, but pledged to take action himself.
In an effort to bolster retirement security, he announced that he will use his executive authority to direct the Department of the Treasury to create "myRA," a starter savings account to help people prepare for retirement.
In case you missed it, here's an excerpt from his speech:
"Let's do more to help Americans save for retirement. Today, most workers don't have a pension. A Social Security check often isn't enough on its own. And while the stock market has doubled over the last five years, that doesn't help folks who don't have 401ks. That's why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It's a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in..."
For a more in-depth explanation of "MyRA," read the White House issued FACT SHEET: Opportunity for All: Securing a Dignified Retirement for All Americans.
If you receive a retirement benefit from PBGC, all or some of the money may be taxable. Every year, we report this amount to the IRS and send you an IRS Form 1099-R that states the amount we paid you the previous year.
We'll mail your Form 1099-R for 2013 to your address of record by Friday, January 31, 2014. If you don't receive your form soon after the mailing date, we offer the following options:
- 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 at 1-800-400-7242 to request a form by mail.
Before you call, please have your Social Security number, plan name and case number ready for the customer service representative.
For more information, see IRS Form 1099-R Frequently Asked Questions.