PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in private sector defined benefit plans - the kind that typically pay a set monthly amount at retirement. If your pension plan is insured by PBGC and it ends without sufficient money to pay all benefits, PBGC's insurance program will pay you the benefit provided by your pension plan up to the limits set by law.
PBGC operations are financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans.
Yes. The Crozer-Keystone Health System Employees Retirement Plan is covered under Title IV of ERISA.
Yes. PBGC is taking steps to assume responsibility for the pension plan. PBGC is taking this action because the plan meets the criteria for plan termination and because the plan does not have enough money to pay all promised benefits.
Current retirees should contact Principal’s contact center at 1-800-547-7754.
Participants who are not retired should contact PBGC’s Customer Contact Center at 1-800-400-7242.
Yes. PBGC will provide additional information on pbgc.gov in the coming days on the steps it is taking to become responsible for the pension plan.