Information on the re-evaluation of the Delta Pilot Retirement Plan's assets
Q: Is PBGC re-evaluating the pension plan assets for the Delta Pilots Retirement Plan?
A: Yes - PBGC has hired an independent public accounting firm to undertake a re-evaluation of the plan assets.
Q: If there is a change in the value of the assets, is it likely that my benefit will change?
A: It is not likely. First, most participants' benefits are not affected by the amount of assets in the pension plan. For example, if your benefit was fully guaranteed by PBGC then your benefit is not affected by the assets in the plan. Second, the assets would need to change materially for it to impact your benefit. At this time, we have no reason to believe that this will be the case.
Q: Do I need to contact PBGC to find out if my benefit will change?
A: No, we will contact you if your benefit changes. PBGC's goal is that the review will take place over the next year. In the event that your benefit changes, PBGC will send you a new benefit determination.
Q: Will I be able to appeal this new benefit determination (regardless of whether a prior appeal was submitted)?
Q: What happens if my new benefit is higher as a result of the benefit change?
A: We will adjust your benefit to the correct amount and issue a single catch-up payment, with interest, to account for prior underpayments.
Q: What happens if my new benefit is lower as a result of the benefit change?
A: We will adjust your benefit to the correct amount. PBGC will need to recoup prior overpayments over time by further reducing your benefit. Recoupment is structured to minimize hardship; the amount of the recoupment will not exceed 10 percent of your benefit entitlement.
Q: Where do I check for updated information on the status of the review?
A: Please check this website periodically. We will post information as soon as it becomes available.