Did you know that PBGC paid more than $5.6 billion (that’s “billion” with a “b”) to 840,000 retirees in 2015?
It’s our long-standing mission to pay benefits to retirees on time and accurately. These hard-earned pensions provide the security of lifetime income for retirees all across the country.
To help understand the scale and geographic distribution of those payments, PBGC created a detailed, state-by-state map listing how much we pay in benefits to our participants in terminated single-employer pension plans.
This clickable map lists the total amount and number of people paid in each state, broken down by congressional district. For example, in Pennsylvania in 2015, PBGC paid more than $470 million dollars to over 80,000 retirees. Pennsylvania’s 12th Congressional District, located in southwestern PA, accounted for the largest amount, at over $77,000,000 million dollars paid to over 13,000 retirees.
Approximately 1.4 million current and future retirees in trusteed single-employer pension plans rely on PBGC for their benefits.
Curious to know how your state stacks up? Check out our state-by-state map on PBGC.gov.
Our customer surveys show us that many visitors to PBGC.gov are looking for an estimate of their retirement benefit. We'd love to provide an instant benefit estimate via MyPBA, but it takes our trained pension experts time to carefully evaluate your personal benefit situation in order to give you an accurate estimate.
Calculating pension benefit estimates is complicated because each plan has its own rules, provisions and benefit formulas. No two plans are the same! After we determine the plan's benefits, we apply legal limits to your individual benefit. We want to make sure we're paying all the benefits you're due, up to the legal limit. More...
PBGC runs two pension insurance programs: single-employer and multiemployer. While each program is designed to protect pension benefits when plans fail, they differ significantly in the level of benefits guaranteed, the insurable event that triggers the guarantee, and premiums paid by insured plans. The two programs are financially separate. Assets of one program may not be used to pay obligations of the other. Here's a deeper look into both programs.
The single-employer program covers pension plans that are sponsored by one employer. The insurable event triggering PBGC's obligation to provide guaranteed benefits is termination of an underfunded plan. This typically happens when the employer sponsoring the plan goes out of business or bankrupt, and can no longer afford to keep the plan going. When this happens, PBGC takes over the plan's assets, administration and payment of plan benefits (up to the legal limit). More...
In case you missed it, we’ve added five new data sets to our Open Government webpage since our last post:
· PBGC Appeals Board Data (PDF)
This data shows the number of appeals opened and closed, average number of days to close an appeal, percent of appeals with a decision change, and current number of appeals for FY 2006 through 2015.
· PBGC Customer Satisfaction (Excel file, 18.7 KB)
This spreadsheet contains a graphical depiction of PBGC's customer satisfaction index for FY 2013 through FY 2015. PBGC uses the ForeSee CXA survey methodology to ensure customer ratings are objective. ForeSee CXA is a recognized standard throughout government and industry and is based on a 0-to-100 score. Customer satisfaction surveys are presented to visitors throughout the year to measure overall customer satisfaction and their satisfaction with our PBGC.gov website. This data set will be updated annually.
"It's an honor for me to become PBGC's next Director. I've spent most of my professional life helping employers start and maintain retirement plans. I appreciate the faith the Administration and the Senate have shown in nominating and confirming me and I'm looking forward to getting started."
PBGC's Open Government webpage highlights our commitment to increase transparency, participation and collaboration with our stakeholders. The page includes important PBGC data sets that are used to increase our accountability to the public, and to improve the public's awareness of our operations and how we carry out our mission.
The page also provides information about how the American public can provide input to help make PBGC's performance even better and more engaging. We invite you to review our Open Government Plan [PDF] and principles that shape our commitment to Open Government.