Statement on SFA Application submitted by Bakery Drivers Local 550 Pension Fund
On September 28, 2022, the Pension Benefit Guaranty Corporation received an application for Special Financial Assistance (SFA) for the Bakery Drivers Local 550 and Industry Pension Fund (the “Plan”) requesting $132,250,472 in SFA. PBGC determined that the Plan is not eligible for SFA because it does not meet the eligibility...
Statement on PBGC OIG Risk Advisory on Special Financial Assistance Final Rule
The Special Financial Assistance (SFA) Program, established under the American Rescue Plan Act of 2021, provides funds to severely underfunded multiemployer pension plans and ensures that millions of workers, retirees, and their families receive the pension benefits they earned through many years of hard work. PBGC has worked diligently to...
PBGC Approves Special Financial Assistance Application
Director Hartogensis Statement on PBGC Procurement Department Oversight
PBGC Director Gordon Hartogensis today issued the following statement on news that former PBGC Director of Procurement Jeffrey Donahue pleaded guilty to one count of conspiracy to bribe a public official: “Fraud, abuse, and any other illegal and unethical behaviors have no place in the federal government’s operations. They are...
PBGC Director Gordon Hartogensis Issues Statement
Calling for Bipartisan Solutions on the Multiemployer Pension System
Multiemployer pension plans are in crisis, posing a threat to the promised retirement income of millions of American workers and retirees and their families. Congress should enact a long-term, sustainable solution taking into account fairness to retirees, workers, taxpayers, and employers, to improve retirement security for hard-working Americans and their...
PBGC Statement on Sears Bankruptcy Filing
The Pension Benefit Guaranty Corporation’s mission is to protect the pension benefits of American workers and retirees in private sector pension plans. When pension plans terminate with insufficient funds, PBGC’s guarantee is critical to protecting the participants’ retirement security. See Questions and Answers for Participants in the Sears Holdings Corporation...
Statement by PBGC on Avaya’s pension plans
and the company’s new plan to emerge from bankruptcy
The Pension Benefit Guaranty Corporation (PBGC) released the following statement today on Avaya’s new plan of reorganization, including the proposal to maintain its pension plan for hourly employees but end its pension plan for salaried employees. PBGC’s mission is to protect the pension benefits of American workers and retirees. PBGC...
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