In turn, around 40 million American workers have insurance protection for their pension earnings. A lock ( A new report from the Pension Benefit Guaranty Corporation (PBGC) shows that the private union pension crisis is only getting worse, and now Congress is poised to make it worse still. Pension Benefit Guaranty Corporation (PBGC), Contact the Pension Benefit Guaranty Corporation, 1-202-326-4242 (Plan Sponsors, Administrators or Practitioners), 1-800-736-2444 (Plan Sponsors, Administrators or Practitioners), USAGov is the Official Guide to Government Information and Services, Government Agencies and Elected Officials, Indian Tribes and Resources for Native Americans, Commonly Requested U.S. Laws and Regulations, How Laws Are Made and How to Research Them, Personal Legal Issues, Documents, and Family History, Who Can and Can’t Vote in U.S. An official website of the United States government. Welcome to the Pension Benefit Guaranty Corporation (PBGC) Facebook page. WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today released its Fiscal Year (FY) 2020 Annual Report. Website: Pension Benefit Guaranty Corporation (PBGC) Contact: Contact the Pension Benefit Guaranty Corporation. Email: mypension@pbgc.gov Phone Number: 1-202-326-4000 1. PBGC protects the retirement income of about 44 million American workers in about 35,000 private defined benefit pension plans. Subject to other statutory limitations, PBGC's single-employer insurance program pay… Beneficiaries / Report Death of a Participant, Qualified Domestic Relations Orders and PBGC, State Life and Health Insurance Guaranty Association Offices, Missing Participants (Standard/Distress Terminations only), Federal Register Notices Open for Comment, ERISA Section 4044 Retirement Assumptions, Reportable Events & Large Unpaid Contributions, Annual Performance & Financial Report 2020, Coronavirus (COVID-19) Information and Resources, PBGC Reaches Settlement to Help Protect Troubled Multiemployer Insurance Program, PBGC Director Hartogensis Welcomes Audit Report on Procurement Practices. Elections, Presidents, Vice Presidents, and First Ladies, Financial Assistance and Support Services, Disaster Financial Assistance for Workers and Small Business Owners, Disaster Financial Assistance with Food, Housing, and Bills, Financial Assistance Within Designated Natural Disaster Areas, Government Response to Coronavirus, COVID-19, Financial Help for Families and Child Support. PBGC OIG 2020 Inspection & Evaluation Peer Review Results PBGC’s Fiscal Year (FY) 2020 Compliance with the Payment Integrity Information Act of 2019 (PIIA) Audit of Pension Benefit Guaranty Corporation's Limited Purpose Financial Statements for Fiscal Year 2020 (AUD-2021-03), issued December 9, 2020 Our goal is to provide the highest level of customer support and to protect workers’ and retirees’ hard-earned pension benefits. The Pension Benefit Guaranty Corporation (PBGC) has approved the merger of two multiemployer pension plans in a move to protect the retirement of approximately 50,000 Washington, D.C.-area grocery and warehouse workers and limit the financial burden on the agency’s multiemployer pension insurance program. The Pension Benefit Guaranty Corporation (PBGC) provides a safety net for participants in private-sector defined-benefit plans by insuring the participants’ benefits under the plan. PBGC expended a total of $56,980 for 16 complaint investigations, for an average expenditure of $3,561. Benefit payments distributed through direct deposit are typically deposited early when first of the month falls on a weekend or federal holiday. Pension Benefit Guaranty Corporation, Multiemployer Study Required by P. L. 95-214, pp. January is the exception. It only covers defined benefit plans. The Pension Benefit Guaranty Corporation insures and guarantees private sector workers' pensions. PBGC reported paying no monetary benefits for 4 pre-complaint settlements. Pension Benefit Guaranty Corporation (PBGC) Hartogensis was nominated for the position of Director of the Pension Benefit Guaranty Corporation on May 15, 2018. Package for Fiscal Year 2013 and 2012 1 As the PBGC's Executive Director explained: [475 U.S. 211, 216] "A key problem of ongoing multiemployer plans, especially in declining industries, is the problem of employer withdrawal. IV. The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiumsat the lowest level necessary to carry out its operations. Are you an employer or practitioner responsible for the administration of a pension plan? VA offers two broad categories of Pension benefit programs: Veterans Pension: Tax-free monetary benefit payable to low-income wartime Veterans.Learn More. 1028, as amended, 100 Stat. PBGC's average processing time for all complaint closures increased from 285 days in FY 2008 to 374 days in FY 2009. Costs. He was confirmed by the United States Senate on April 30, 2019 by a vote of 72–27. You can also find an unclaimed pension by using the Unclaimed Pension Search. Read more about PBGC’s annual operations and current financial conditions. Update my company information. Since 1974, we’ve made a commitment to protect the pension benefits of the over 34 million workers and retirees, and their families, we serve. 237, 29 U.S.C. / Pension Benefit Guaranty Corp. Pension Benefit Guaranty Corp. Last update: Feb 7. The Pension Benefit Guaranty Corporation is a government entity that pays pension benefits if the company cannot. Not eligible for the HCTC if they: Can be claimed as a dependent on another person’s federal income tax return; or, 93-406). Do You Have to Vote for the Party You're Registered With? WASHINGTON, D.C. - The Pension Benefit Guaranty Corporation (PBGC) today announced it has reached a settlement agreement with the Food Employers Labor Relations Association (FELRA), the United Food and Commercial Workers union (UFCW), and the FELRA/UFCW Pen. You may also call PBGC's Contact Center, 8 a.m. to 7 p.m. Eastern Time, Monday - Friday: 1-800-400-7242 (toll free) or 202-326-4000. The Pension Benefit Guaranty Corporation (PBGC) has a distinguished and important mission in protecting America’s pensions. The solution: The Pension Benefit Guaranty Corporation (PBGC), which was founded in 1974 and protects retirees if a pension plan becomes insolvent. The Pension Benefit Guaranty Corporation insures and guarantees private sector workers' pensions. The Pension Benefit Guaranty Corporation (PBGC) administers two insurance programs for private-sector defined benefit pension plans under title IV of the Employee Retirement Start Printed Page 1257 Income Security Act of 1974 (ERISA): A single-employer plan termination insurance program and a multiemployer plan insolvency insurance program. Official websites use .gov What is the Pension Benefit Guaranty Corporation (PBGC)? 584 were here. Pension Benefit Guarantee Corporation (PBGC) is a wholly owned United States Government Corporation, modeled after the Federal Deposit Insurance Corporation. Trial Attorney Edward P. Sullivan of the Criminal Division’s Public Integrity Section and Assistant U.S. Attorney Grace L. Hill of the Eastern District of Virginia are prosecuting the case. The Pension Benefit Guaranty Corporation, Office of Inspector General and the FBI investigated the case. Share sensitive information only on official, secure websites. If so, this is your portal to working with PBGC. As of 2019, the PBGC covers more than 26,000 individual pension plans. Personal life Green Cards and Permanent Residence in the U.S. U.S. Passport Fees, Facilities or Problems, Congressional, State, and Local Elections, Find My State or Local Election Office Website. An eligible Pension Benefit Guaranty Corporation payee; The family member of an eligible TAA, ATAA, or RTAA recipient or PBGC pension payee who is Medicare eligible, deceased, or who finalized a divorce with you. Secure .gov websites use HTTPS The Pension Benefit Guaranty Corporation (PBGC) is a self-financing government corporation that insures the pensions of 44 million workers in more than 27,000 private sector defined benefit pension plans. Yet, PBGC faces financial instability that could pose a future threat to this source of protection for Americans' retirement income. Survivors Pension: Tax-free monetary benefit payable to a low-income, un-remarried surviving spouse and/or unmarried child(ren) of a deceased Veteran with wartime service.Learn More A locked padlock This index provides descriptive entries and Federal Register page numbers for documents published by Pension Benefit Guaranty Corporation in the daily Federal Register. Agency Details Acronym: PBGC. Here is the strategic goals and results of the 153- … Please enable JavaScript in your web browser; otherwise some parts of this site might not work properly. The solution: The Pension Benefit Guaranty Corporation (PBGC), which was founded in 1974 and protects retirees if a pension plan becomes insolvent. Contact - Pension Benefit Guaranty Corp. 1200 K St Nw Fl 6 Washington DC 20005. Lock Find out more about this article. It includes entries, with select metadata for all documents published in the 2021 calendar year. Duties Summary This position is located in the Pension Benefit Guaranty Corporation's (PBGC) Office of General Counsel, General Law and Operations Department, General Law and Ethics Division. For more information about the pension insurance program, please visit the New to PBGC page. 96-97 (1978) (PBGC Report). We see that you have visited MyPBA before, would you like to be directed to this site. - The Pension Benefit Guaranty Corporation (PBGC) today announced it has reached a settlement agreement with the Food Employers Labor Relations Association (FELRA), the United Food and Commercial Workers union (UFCW), and the FELRA/UFCW Pen. November 15, 2013 AUD-2014-4 / FA-13-93-3 . He was sworn in as Director on May 15, 2019. Learn English and Attend College in the U.S. Introduction to Federal Government Contracting, The Contract Opportunities Search Tool on beta.SAM.gov, Locate Military Members, Units, and Facilities. Congress created it with the Employee Retirement Income Security Act of 1974. WASHINGTON, D.C. – Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis today released PBGC management’s response to a PBGC Office of the Inspector General (OIG) audit of the agency’s procurement activities. Enter your search query below to search content on PBGC.gov. Are you looking for other information from PBGC? Inauguration of the President of the United States. Are you or a family member looking for a missing pension benefit, checking to see if your employer’s pension plan is insured by PBGC or has been trusteed by PBGC? Pension Benefit Guaranty Corporation. Benefit Description. In this case we must determine whether the decision of the Pension Benefit Guaranty Corporation (PBGC) to restore certain pension plans under § 4047 of the Employee Retirement Income Security Act of 1974 (ERISA), 88 Stat. ) or https:// means you’ve safely connected to the .gov website. It was created to A .gov website belongs to an official government organization in the United States. As of … At PBGC, you will use your skills in law, accounting, auditing, business, finance, actuarial science, or information technology and more, to protect the retirement income of nearly 40 million hardworking Americans. PBGC supports an open government by providing data and information that enhance transparency and encourage participation and collaboration. Pension Benefit Guaranty Corporation issued the following report, dated December 9, 2020, entitled Fiscal Year 2020 Annual Report. Audit of the Pension Benefit Guaranty Corporation's Financial Statement Closing . The government-wide average was 344 days. Pension Benefit Guaranty Corporation Office of Inspector General Audit Report. Pension Benefit Guaranty Corporation PBGC Missing Participant Payments Description: Form used to submit payments for missing participants with the associated admin We protect the retirement security of over 34 million Americans in single-employer and multiemployer pension plans. If you recently received a letter telling you that PBGC is now responsible for paying your pension benefit, this page is your gateway to PBGC. Pension Benefit Guaranty Corporation (PBGC): A Primer Congressional Research Service Summary The Pension Benefit Guaranty Corporation (PBGC) is a government corporation established by the Employee Retirement Income Security Act of 1974 (ERISA; P.L. 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