WASHINGTON — Anticipating Hurricane Sandy, the Pension Benefit Guaranty Corporation started mailing benefit checks ahead of schedule this month.
Despite this, mail deliveries might still be delayed by the storm. PBGC reminded beneficiaries that their payments can be sent electronically, via direct deposit.
If our beneficiaries' checks are more than a day or two late, PBGC's Customer Contact Center (1-800-400-7242) is available to give people more information.
PBGC sends about 140,000 benefit payments by check each month. Because of the disruption Hurricane Sandy is causing in the Mid-Atlantic and Northeast, there is some risk that delivery of some of those checks may be delayed.
More than 600,000 people receive their benefits from PBGC through direct deposit, which isn't affected by the storm. We strongly encourage everyone who receives their benefit by check to switch to direct deposit through MyPBA (My Pension Benefit Account). It's timely, safe and secure.
PBGC protects the pension benefits of 44 million Americans in private-sector pension plans. The agency is directly responsible for paying the benefits of more than 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars and never has. Its operations are financed by insurance premiums and with assets and recoveries from failed plans. For more information, visit PBGC.gov.