In and around the hard-hit city of Detroit, PBGC is protecting the retirement of people making a difference. The agency has stepped in to protect the retirement income of the nearly 1,600 employees of United Way for Southeastern Michigan.
While the pension plan is ending, the not-for-profit United Way for Southeastern Michigan is not. So, workers there can continue the non-profit's mission to improve communities and individual lives with the confidence that their pensions are safe.
The pension plan had a shortfall of about $23 million, which PBGC will make up from its insurance funds. Retirees will get their full benefit, up to the limits set by Congress ($54,000 a year for a 65-year-old).
If you're a member of the pension plan you will get a letter from us soon with more information. In the meantime, see the United Way for Southeastern Michigan plan page for more information.