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.
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...
The United States Postal Service has issued a service disruption alert due to torrential rain and flooding in Louisiana and Mississippi, and wildfires in California. This may potentially impact delivery of pension checks to retirees who receive payments via regular mail in those areas. If you have not received your pension check by Sept. 12, please call PBGC's Customer Contact Center at (800) 400-7242 for assistance.
Did you know PBGC offers electronic direct deposit? It's the safest, most secure way to receive your pension payments. And you'll no longer have to wait for your check to be mailed, or make a trip to the bank to deposit your check. You can sign up through your MyPBA account, or by contacting the Customer Contact Center.
For informational purposes only, this PBGC communication may contain links to websites not affiliated with the United States Government. Links to these websites do not constitute an endorsement or approval by PBGC or any of its employees regarding the information, service, product, or provider presented on the website. PBGC cannot attest to the accuracy of information provided by such websites. Please see PBGC's full disclaimer here.
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...
Canadian postal workers are scheduled to go on strike July 2, which could affect delivery of pension checks to retirees who receive payments via regular mail living in Canada. The Pension Benefit Guaranty Corporation (PBGC) will mail checks one day early to try to offset any potential delays caused by the strike.
If you have not received your pension check by July 8, please call PBGC's Customer Contact Center at (800) 400-7242 for assistance.
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...