Plan Status - Audit
PBGC is calculating pension benefits, subject to legal limits, owed to all participants and beneficiaries.
PBGC has finished reviewing and verifying plan and participant information. We are now calculating the pension benefits, subject to the legal limits, owed to everyone in the plan.
What this means for you:
- If you are already receiving a pension benefit from your plan, we will continue paying you without interruption. These payments will be an estimate of the benefits that PBGC can pay under the limits set by law. To find out more information see: Payment amount
- If you are not yet receiving pension benefits, find out more about when you can apply for a pension here: Apply for your pension benefits. When our calculations are complete, we will send you our formal determination of your benefit. Please note this may take two to three years from the date we take over as trustee of your plan
- When our calculations are complete:
- If our estimate of your benefit was too low, we will make it up in a single payment with interest.
- If our estimate of your benefit was too high, we will reduce future payments until the overpayment has been repaid.
- Only under rare circumstances would PBGC reduce the monthly amount you are due by more than 10% to collect for an overpayment.
- PBGC does not charge interest on overpayments.
PBGC's Next Steps:
- Complete the calculation of benefits, subject to legal limits, owed to all participants and beneficiaries.
- Send you our formal determination of your pension benefit. Please note this may take two to three years from the date we take over as trustee of your plan.