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News & Policy

Federal Pension Insurance Agency Pledges Swift Replacement of Lost Checks to Katrina Victims

September 02, 2005

WASHINGTON-The Pension Benefit Guaranty Corporation (PBGC), the federal agency that insures private-sector defined benefit pensions, today announced next-day direct deposit transfers for beneficiaries in Louisiana, Mississippi and Alabama who have not received their September check.

PBGC benefit checks for September were issued on Monday, August 29. Because of emergency conditions in the aftermath of Hurricane Katrina, the United States Postal Service has ceased mail delivery to numerous Gulf Coast ZIP Codes. Almost 3,500 individuals in these ZIP Codes depend on a monthly retirement benefit from the PBGC, with some 1,400 receiving a hard-copy check through the mail.

For speedy replacement of missed checks, benefit recipients may request direct deposit into an already established bank account. Direct deposit requests will be processed Monday through Friday by the PBGC's Customer Contact Center at 1-800-400-7242 from 7:00 a.m. to 6:00 p.m. C.S.T. The missed September benefit will be transferred to the beneficiary's bank account the following business day.

Individuals who wish to continue to receive a paper check may have their September benefit delivered to a new or temporary address by calling the Customer Contact Center. Individuals with access to the Internet may email their address change to Replacement checks for September should arrive at the new address within six business days.

For employers who sponsor defined-benefit pension plans in Louisiana, Mississippi and Alabama, the PBGC has announced extended deadlines for certain required filings. For more information, see x20762.xml. Employers may call 1-800-736-2444 or 202-326-4242.

The PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974. It currently guarantees payment of basic pension benefits earned by 44 million American workers and retirees participating in over 31,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and by investment returns.

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PBGC No. 05-58