PBGC has completed calculating pension benefits, subject to legal limits, owed to all participants and beneficiaries in the plan. We are now sending formal determinations of pension benefits to participants and beneficiaries.
What this means for you:
- You will receive our formal determination of your pension benefit and information about your appeal rights. The letter is usually sent out within 4 months after our final calculations have been completed. Some participants may have already received our formal determination if they were receiving pension benefits from the plan before PBGC took over as trustee.
- If our estimate of your benefit was too low, we will make it up in a single payment with interest.
- If our estimate of your benefit was too high, we will reduce future payments until the overpayment has been repaid.
- Only under rare circumstances would PBGC reduce the monthly amount you are due by more than 10% to collect for an overpayment.
- PBGC does not charge interest on overpayments.
Appealing your formal determination
- You have the right to appeal the amount of your pension benefit if you can provide a specific reason why the determination is wrong. However, if you simply have a question about your benefit or how it was calculated, you should call PBGC's Customer Contact Center
- Your written appeal must be submitted within 45 days of the date of our formal determination letter informing you of your benefit. To find out more, see: Appeal formal determination
PBGC's Next Steps:
PBGC will
- Continue paying pension benefits to participants and beneficiaries.
- Keep your records up to date as you notify us of any changes.
- Keep you informed by updating our website and mailing you periodic newsletters.
