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PBGC Blog: Retirement Matters

Logo of Pemco World Air Services Inc.

Were you collecting or planning to collect a pension from Pemco World Air Services Inc.? If so, we've got news for you.

As of Wednesday, October 3, 2012, PBGC became the trustee of the Pemco World Air Services Inc. Pension Plan, which has some 1,252 participants, including 380 retirees.

Headquartered in Tampa, Florida, Pemco primarily provided aircraft maintenance, repair and overhaul services to commercial air carriers.

The company filed for bankruptcy on March 5, 2012 and the bankruptcy court approved the sale of their assets on August 9, 2012.

PBGC will pay all pension benefits earned by the company's retirees up to the legal limit of $56,000 a year for a 65-year-old.

Participants with questions about their pension benefits should contact PBGC Customer Service at 1-800-400-PBGC (7242).

Weekly Pension News Round-Up

  |   October 12, 2012

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

"Federal Benefits Offered For Displaced RG Steel Employees," The Intelligencer/Wheeling News-Register reports.  

The New York Times publishes, "Despite financial pressures, pensions will continue to provide secure retirement income for many people in the future..." in the "Achieving Retirement Goals" article.

Forbes outlines "7 Valuable Benefits You May Not Even Know You Have." 

Looking Back...

  |   October 2, 2012

AA Cartoon image from Roger Schillerstrom

Recently, Business Insurance cartoonist Roger Schillerstrom published a montage of illustrations chronicling some of the highs and lows in the world of pensions over the past decade.

Our communications team also decided to document the agency's history by adding a cool new feature to the Facebook page — a photo movie. With pictures from day one, it highlights important milestones and behind-the-scenes efforts that protect America's pensions.

It's another short and simple way of telling our story.

Check out our Facebook movie timeline (link no longer available).

Photo Credit: Roger Schillerstrom, Business Insurance

Photo Caption: After the PBGC opposes American Airlines' plan to terminate its pension plans, the airline backtracks and agrees to freeze the plans instead, sparing the PBGC from what would have been its biggest-ever loss.

 

Weekly Pension News Round-Up

  |   September 21, 2012

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

The Wichita Eagle publishes, "Judge OKs request to consolidate Hawker pension claims."

"The Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) will host a phone forum on September 27 to discuss the Moving Ahead for Progress in the 21st Century Act (MAP-21) and changing segment rates,"PLANSPONSOR.COM.

Weekly Pension News Round-Up

  |   September 14, 2012

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

The New York Post publishes, "Biz gets pensions break."

"Going to work for the government has always come with an ironclad promise: Your pension benefits will be there when you retire," The Sacramento Bee.

PBGC will pay retirement benefits for over 500 current and future retirees of B'nai B'rith International, a Jewish advocacy organization based in Washington, DC. 

The agency stepped in because B'nai B'rith wouldn't have been able to pay its bills or stay in business unless the plan was terminated.

The B'nai B'rith pension plan ended as of April 30, 2011. PBGC will pay all pension benefits earned by the organization's retirees up to the legal limit of $54,000 a year for a 65-year-old. More...