Press room

WASHINGTON - The Pension Benefit Guaranty Corporation is proposing to cut penalties for late payment of premiums in an effort to reduce costs and make it easier for plan sponsors to maintain traditional pension plans.

As PBGC premiums have risen, so have the penalties.

 "We think penalties should be no more than necessary to encourage timely payments," said PBGC Director Tom Reeder. "I'm committed to doing everything I can to help companies keep their pension plans."

WASHINGTON - The Pension Benefit Guaranty Corporation today issued its study of revenues needed for PBGC to continue to protect participants in multiemployer plans that are likely to run out of money. (Insurance of Multiemployer Pension Plans: A Five Year Report)

WASHINGTON - The Pension Benefit Guaranty Corporation and Sears Holdings Corp. have reached a final agreement that provides substantial protections for the Sears pension plan, which covers nearly 200,000 people.  A tentative arrangement was first announced in September 2015. After extensive talks, the agreement is now final.

WASHINGTON — The Pension Benefit Guaranty Corporation will pay retirement benefits for more than 21,000 current and future retirees of the Great Atlantic & Pacific Tea Co., a supermarket chain based in Montvale, N.J., that is commonly known as A&P.

PBGC is stepping in because A&P has sold the majority of its assets in bankruptcy proceedings and most of the buyers declined to keep the plans going. The three plans that PBGC will assume ended on Nov. 30, 2015.

WASHINGTON - The Pension Benefit Guaranty Corporation today announced an agreement that restores two pension plans to The Renco Group Inc., a privately held investment holding company based in New York City.