The Pension Benefit Guaranty Corporation has issued a request for information (RFI). The RFI requests public feedback on proposed "two-pool" alternative withdrawal liability arrangements.
When an employer partially or completely withdraws from a multiemployer pension plan, the employer may be required to pay withdrawal liability. These payments help cover the employer's share of unfunded benefit obligations that are left in the plan when the employer is gone. If unaddressed, those unfunded benefit obligations could have a negative effect on the plan's funding; that can increase the burden and risk to remaining employers, plan participants, and the multiemployer insurance program.
PBGC has been studying recently proposed arrangements for how plans assess withdrawal liability. Under the law, plans must choose a means to assess withdrawal liability from among options set forth in the law and regulations or ask PBGC for permission to use an alternate method. A number of plans have asked to use a "two pool" alternative method. More...
Since Jan. 1, 2017 falls on a Sunday and Jan. 2, 2017 is an observed Federal holiday, participants will not receive a pension benefit by direct deposit until Jan. 3, 2017. Paper checks, mailed before the first of the month, should arrive by Jan. 10, 2017. If you have not received a check by this date, please call us at 1-800-400-7242 or visit our Contact Us page for other options.
Want to receive future payments more quickly? Direct Deposit is the most secure and fastest way to receive your payment, and your funds are always available on payday. Visit our Payments page for more information, or view the upcoming electronic direct deposit dates. To learn more or sign up for direct deposit, please visit MyPBA or call 1-800-400-7242.
Tips:
- Did you know you may be eligible to receive a Health Coverage Tax Credit (HCTC) that can pay a portion of your health care premiums? Find out more information and sign up for updates at PBGC's HCTC webpage.
- PBGC's blog Retirement Matters helps keep you up to date on how we're working to serve you, enhance retirement security, and preserve the pension insurance system. Sign up on the Retirement Matters webpage.
Good news! You can now call the IRS's toll free number for assistance on how to claim your Health Coverage Tax Credit. Simply visit the IRS page at Health Coverage Tax Credit or dial the IRS HCTC line at 1-844-853-7210.
HCTC is an IRS tax credit for health insurance premiums that President Obama signed into law in 2015. This legislation extends the HCTC through the end of 2019.
This tax credit may apply to certain individuals who are ages 55-65 and receiving benefits from PBGC.
For 2017, individuals can enroll with IRS to receive advance monthly payments of their tax credit.
Got Questions?
With tax season quickly approaching, PBGC strives to provide individuals with current information on how to claim this tax credit.
Please check out the revised FAQs on PBGC's HCTC webpage. If you have questions regarding your PBGC pay status, or need proof of PBGC payee status, we can assist you at 1-800-400-7242.
Many of us have friends or family members who have been targeted by a fraud or a scam, or maybe it has even happened to you personally. These scams are becoming more sophisticated, and being a target can be scary and confusing.
To help you identify and avoid these scams, PBGC posts fraud alerts in cooperation with its Office of Inspector General to spread awareness about current scams and to limit their impact.
The most recent December 9, 2016, fraud alert, Unsolicited Telephone Calls from PBGC Imposters, warns pension recipients and the general public about scams involving people claiming to be PBGC employees who are calling people regarding pensions they may or may not have earned. The scammers were able to "spoof" the caller ID so that the recipient believed the call was coming from PBGC headquarters in Washington DC. More...
This entry is part of the Director's Hub blog series. You'll hear from our Director, Tom Reeder, about the importance of preserving pension plans and protecting retirement security. Check out Tom's bio to learn more about him.
On November 15, we issued our Fiscal Year 2016 Annual Report. The report describes our accomplishments and gives a snapshot of the financial condition of our insurance programs. Here are a few highlights:
- We paid $5.7 billion in benefits to nearly 840,000 retirees and beneficiaries in failed single-employer plans.
- We paid $113 million in financial assistance to 65 insolvent multiemployer plans so they could pay guaranteed benefits to over 59,000 retirees and beneficiaries.
- The retirees we serve gave us a score of 90 on the American Customer Satisfaction Index. This score is among the best in the public and private sectors.
- We negotiated almost $3 billion in financial assurance to protect 367,000 people in plans at risk from corporate events and transactions. More...
This entry is part of the Director's Hub blog series. You'll hear from our Director, Tom Reeder, about the importance of preserving pension plans and protecting retirement security. Check out Tom's bio to learn more about him.
This week marks National Retirement Security Week, designated by Congress to create awareness about the importance of preparing for retirement. Retirement security is at the heart of PBGC's mission, and this week gives us an opportunity to emphasize the importance of that mission.
I believe in the value of defined benefit pension plans because they provide retirement security in the form of a benefit you can't outlive or outspend. Here at PBGC, we protect the retirement incomes of more than 40 million American workers in defined benefit plans. More...
