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. If your pension plan is insured by PBGC and 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’s Single-Employer Insurance Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Insurance Program is financed by insurance premiums and investment income.
Yes. PBGC insures the company’s deﬁned beneﬁt pension plan, which covers more than 24,000 participants.
PBGC is not responsible for The McClatchy Company Executive Supplemental Retirement Plan.
The company ﬁled for Chapter 11 protection on February 13, 2020, in the U.S. Bankruptcy Court in Manhattan.
About six - eight weeks before you want your pension benefits to start, call PBGC’s Customer Contact Center to request an application for pension benefits.
Note: PBGC does not automatically send applications to participants approaching age 65.
Call 1-800-400-7242. For TTY/ASCII (American Standard Code for Information Interchange) users, call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to our number. Remember to have your Social Security or customer ID number, plan name, and case number ready so the customer service representative is best able to help you.
Your pension payments from PBGC begin after you contact us. If you have already reached age 65 when you contact us to begin your pension payments, your monthly benefits will be increased by an actuarial factor to reflect your age at the payment starting date.
PBGC does not automatically send applications to participants approaching age 65 and does not automatically pay benefits retroactively to age 65.
When an underfunded pension plan is terminated and transferred to PBGC, we notify plan participants and beneﬁciaries and provide information about their plan and PBGC.
If you are already receiving a pension, your payments will continue without interruption in the annuity form you chose at retirement.
If you have not yet retired, your payments will begin when you become eligible and apply for pension beneﬁts.
No. You cannot earn additional pension beneﬁts under your plan after the date the plan terminates.
If the total value of your beneﬁt payable by PBGC is $5,000 or less and you have not started receiving monthly payments, you can receive a lump sum from PBGC.
Yes. The two primary plans are Classic McClatchy and Legacy Knight Ridder. Each of these primary plans has news organizations that were absorbed over time. Below is a list of identified organizations. This may be incomplete.
Some of these plans include: Tacoma News Tribune, News and Observer, ABC Media Inc., Capital Cities, Lesher/Contra Costa, Dialog, Duluth Guild, Duluth Mailroom, Duluth Pressroom, Duluth Typographical, Fort Wayne, Gary Composing, Gary Guild, Gary Pressman, Journal of Commerce, Knight Ridder Financial, Long Beach Printing Trades, Miami Herald, State Record Companies, Wichita, and the Wilkes Barre Times Leader.