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.
The Pension Benefit Guaranty Corporation has issued a request for information (RFI). The RFI requests public feedback on proposed "two-pool" alternative withdrawal liability arrangements.
When an employer partially or completely withdraws from a multiemployer pension plan, the employer may be required to pay withdrawal liability. These payments help cover the employer's share of unfunded benefit obligations that are left in the plan when the employer is gone. If unaddressed, those unfunded benefit obligations could have a negative effect on the plan's funding; that can increase the burden and risk to remaining employers, plan participants, and the multiemployer insurance program.
PBGC has been studying recently proposed arrangements for how plans assess withdrawal liability. Under the law, plans must choose a means to assess withdrawal liability from among options set forth in the law and regulations or ask PBGC for permission to use an alternate method. A number of plans have asked to use a "two pool" alternative method. More...
PBGC will pay retirement benefits for more than 900 current and future retirees of Vertellus Specialties Inc., a manufacturer of specialty chemicals based in Indianapolis, Ind.
The company sponsors the Vertellus Specialties Inc. Defined Benefit Retirement Plan.
PBGC is stepping in because Vertellus and 10 affiliates intend to sell the majority of their assets in bankruptcy proceedings and the potential buyer will not continue the pension plan. More...
In case you missed it, on June 29, President Obama signed legislation to extend the Health Coverage Tax Credit (HCTC) through the end of 2019.
The IRS is currently reviewing this legislation and is working with its partners - including PBGC - to implement the HCTC program. Individuals cannot yet claim the HCTC credit since the program is not yet implemented. In the meantime, the IRS issued guidance for those who may be eligible for the credit.
The HCTC is a federal tax credit that pays a significant portion of qualified health insurance premiums for eligible individuals. This includes people who are 55-65 years of age and receive benefits from PBGC.
For the latest HCTC updates, visit PBGC's HCTC webpage and blog, Retirement Matters. While you're there, subscribe to the blog to make sure you receive all HCTC updates.
"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."