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PBGC Blog: Retirement Matters

Sack filled with hundred dollar billsAcross the country, there are more than 38,000 people who haven't claimed pension benefits they are owed. Those unclaimed pensions equal a total of over $300 million dollars, with individual benefits ranging from twelve cents to almost a million dollars.

The states with the most missing pension participants and money to be claimed are:

  • New York (7,031/$42.38 million)
  • Illinois (4,129/$79.63 million)
  • California (3,082/$8.52 million)
  • Texas (2,487/$12.32 million)
  • New Jersey (2,288/$12.84 million)
  • Ohio (2,109/$15.22 million)

More...

Weekly Pension News Round-Up

  |   January 11, 2013

Here's what made headlines this week in pension news:  

Wichita Business Journal reported "Court to hear Hawker-PBGC plan on Jan. 17."

WokplaceChoice.org posted "Multiemployer plans need more help, PBGC chief tells House panel."

U.S. News published "Why Pension Plans May Not be a Slam Dunk."

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 2012 to your address of record by Thursday, January 31, 2013. If you don't receive your form soon after January 31, 2013, you may use the options below to request a duplicate 1099-R, as early as February 1.

  1. Use our online service, MyPBA, to view and print a copy of your 1099-R tax form for the most recent tax year. 

OR

  1. Call PBGC's Customer Contact Center to request a form by mail. The number is 1-800-400-7242.

Before you call, please have your Social Security number, plan name and case number ready for the customer service representative.

Weekly Pension News Round-Up

  |   January 4, 2013

Here's what made headlines this week in pension news:  

Aviation International News Online published "Hawker Beechcraft Looks To Shed Non-Union Pensions."  

Pittsburgh Post-Gazette reported "PBGC holding $300 million unclaimed pension benefits."

Calhoun Times printed "News Publishing Co. files Chapter 11 reorganization."  

NewPage logoIn late December, NewPage Corp., one of the largest U.S. producers of coated-paper, left bankruptcy with both of its pension plans going. 

NewPage's achievement follows other companies that successfully reorganize their finances without gutting the retirement security of current and former employees.  The company's two plans support the retirement incomes of more than 13,000 people.

There's no better way to have a secure retirement future than a lifetime income that you can't outspend. That's why we applaud companies that find a way to maintain their plans, even through bankruptcy.

We always take an active role in bankruptcies to help plans stay open and pay benefits. In fiscal year 2012, those efforts kept more than $12 billion in unfunded pension liabilities off our books and helped nearly 200,000 people keep the benefits they earned.

NewPage of Miamisburg, Ohio, sought bankruptcy protection in September 2011, with $3.4 billion in assets and $4.2 billion in debt. The company has operations in Wisconsin, Minnesota, Michigan, Kentucky, Maryland and Maine.

Retiree grabbing envelopes from her mailboxIf you receive a direct deposit payment from PBGC, your funds will be deposited on January 2, 2013, one day after the New Year.  If you receive a paper check, and you have not received your paper check by January 7, call us at 1-800-400-7242 or visit our Contact Us page for other contact 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, call 1-800-400-7242 or visit MyPBA.