As a service to workers and retirees with questions about their PBGC-insured benefits, the PBGC continues to maintain this auto-sector information page. The PBGC is not commenting on the future of U.S automotive companies or suggesting their pension plans will be assumed by the PBGC.
Workers and retirees from companies both within and outside the auto sector still call PBGC with this simple question: Will my pension be safe?
The answer is, "Yes, up to certain limits."
The qualified defined benefit pension plans of the Big Three automakers and most of their principal suppliers remain ongoing and insured by the PBGC. If a company cannot maintain its underfunded pension plan, the PBGC will step in and take responsibility for the plan. The PBGC will pay all the plan's benefit promises, up to certain limits set by Congress. These limits mean that some individuals, typically younger retirees, will see reduced benefits.
Unless and until the PBGC takes responsibility for your plan, we cannot answer specific questions about individual benefit amounts or possible reductions. For information on the status of your benefit, contact your plan administrator.
The links below provide information of interest about the PBGC’s benefits, and events affecting pension plans in the auto sector.
- Statement of PBGC Director Joshua Gotbaum on Visteon Plan of Reorganization (August 2010)
- New Informational Videos for Delphi Hourly Plan (March 03, 2010)
- New Informational Videos for Delphi Salaried Plan (March 03, 2010)
- Frequently Asked Questions from Delphi Workers and Retirees (Nov 09, 2009)
- PBGC Negotiates Deal to Strengthen Pension Funding at Cooper Tire & Rubber (August 12, 2009)
- PBGC Moves to Protect Pensions at Proliance International Inc. (August 12, 2009)
- PBGC Moves to Protect Pensions at Metaldyne Corp. (July 31, 2009)
- PBGC To Assume Delphi Pension Plans (July 22, 2009)
- Chrysler Pension Plans Continue Under New Company Sponsorship (June 10, 2009)
- GM Pension Plans Remain Ongoing During Company Bankruptcy (June 01, 2009)
- PBGC, Daimler Agree on $600 Million Cash Infusion into Chrysler Pensions (April 27, 2009)
- Of special interest to auto workers is this radio interview with PBGC Acting Director Vince Snowbarger (December 15, 2009)
- For general information about the PBGC, its benefit guarantees and legal limits on those benefits, see these frequently asked questions.
- ''Introduction to the PBGC," a video and interactive frequently asked questions designed for individuals whose pension plan has been assumed by the PBGC.