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PBGC Blog: Retirement Matters

PBGC will pay retirement benefits for nearly 1,400 current and future retirees at White Rose Inc., an independent food wholesaler based in Carteret, N.J.

The agency is stepping in because White Rose plans to sell its assets in bankruptcy and the pension plan will be abandoned. The company's plan, Third Amended and Restated Di Giorgio Retirement Plan, will end as of Oct. 27, 2014.

PBGC will pay all pension benefits earned by the plan's retirees up to the legal limit of about $59,320 a year for a 65-year-old.

Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.

Employees and retirees who are participants in White Rose's plan will continue to receive benefits from the company until PBGC assumes responsibility.

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That's right, National Save for Retirement Week is here!

While we encourage you to save for retirement throughout the entire year, this week is specifically devoted to bringing awareness to the importance of retirement security. And this week, you are encouraged to revisit your personal retirement goals to determine if you are on target to reaching those goals.

Not sure where to begin? No problem! Take advantage of the National Save for Retirement Week webinar series, which covers a variety of topics for all career levels. You can also create a customized retirement savings plan, using retirement calculators, to help you better understand your financial picture.

Don't have much room in your paycheck? Small changes make a big difference, too. Have you ever wondered how much you can save by packing a lunch? Let's just say those lunch trips to your favorite eatery can set you back tremendously over time. So on Wednesday, Oct. 22, 2014, participate in National Pack-A-Sack Lunch Day and see how this small step can make a big change in your financial future.

We hope this information will either help get the retirement conversation started or keep it going. With just a few small steps, you can see big changes in your retirement savings. And when it comes to saving for retirement, remember to dream big.

ReichholdPBGC will pay retirement benefits for more than 4,500 current and future retirees at Reichhold Inc., a manufacturer of resins used for composites, based in Durham, N.C.

The agency is stepping in because the company plans to sell its assets in bankruptcy and the pension plan will be abandoned. The Reichhold Inc. Retirement Plan will end as of Oct. 17, 2014.

PBGC will pay all pension benefits earned by the plan's retirees up to the legal limit of about $59,320 a year for a 65-year-old.

Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.

Employees and retirees who are participants in the Reichhold plan will continue to receive benefits from the company until PBGC assumes responsibility.

According to PBGC estimates, the plan is 70 percent funded with $228 million in assets to pay $325 million in benefit liabilities. The agency is expected to cover $90 million of the $97 million shortfall.

On Sept. 30, 2014, Reichhold and three of its affiliates sought Chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del. The company said in court papers that financiers Third Avenue Management, Black Diamond Capital Management, and J.P. Morgan Chase, which hold Reichhold's senior secured notes, intend to be the lead bidders for Reichhold's assets. An auction, sale hearing, and closing are slated for Dec. 19, 2014; Dec. 22, 2014; and January 30, 2015, respectively.

Hispanic Heritage Month

Each year, on September 15, we celebrate the start of National Hispanic Heritage Month. During this celebration, which runs through October 15, we recognize the significant impact Hispanic and Latino Americans have had on American history. We celebrate their rich culture and countless achievements. And this year's theme, "Hispanics: A legacy of history, a present of action and a future of success," reminds us of their profound impact on American culture. 

In his proclamation, President Obama said our Nation is strengthened when we lift up the Hispanic community. He also said when we create more ladders of opportunity, we provide hope for all Americans to reach their greatest potential.

But when looking at retirement preparedness, Hispanic Americans are often lower on the ladder than the general population.

Although many Americans face difficulty planning for retirement, Hispanic Americans face unique challenges that other minority groups do not. Hispanic Americans typically have less access to employer-provided benefits and contribute less on their own. The reason? Greater emphasis is usually placed on short-term financial security, such as eliminating debt. Saving for retirement is simply not a short-term priority.

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As more of our customers seek online service, we continue to look for ways to make our website easier to navigate. The following tools will help you reach your online destination quickly and easily:

  • A-Z index: Similar to the index in the back of a book, this feature lists the name of every page and our most popular documents. If you're not sure where you found that page you were reading last week, here's where you can track it down.
  • Search: This improved page links you to our most popular pages, such as the unclaimed pension search page. You can also use the search bar at the top of every page to search the entire site. Need help getting started? Visit our Search Help page for tips.
  • Glossary: We aim to write in plain language, but in the complicated world of pension benefits, sometimes a technical term is needed. For that reason, we've included a glossary of technical terms.

Links to these and other key features, such as FAQs, Spanish content, and contact information, are located at the top of every page.

But wait, there's more! We also have tools to help you determine if you're in the right place, and if not, where else to look.

Our New to PBGC page explains what we do. Our Finding a Lost Pension page helps track down a pension from your past, and our External Resources page provides channels for further pension information.

We hope you'll have a look around, see some things of interest, and maybe even tell your friends. Happy surfing!

Photo: Alice Maroni

Earlier this month, Labor Secretary Thomas Perez visited PBGC to praise the agency for its good works and to acknowledge PBGC's 40th anniversary. At the same time, the agency officially ushered in a new era of leadership.

Alice Maroni was introduced as the Acting Director. Maroni is no stranger to the agency, serving as Chief Management Officer for the past three years. During his talk, Perez praised Maroni with a vote of confidence, saying the agency will be well-served by her leadership. "You are in very good hands with Alice." he said. "And we have all the confidence in the world, as I suspect you do as well, in her many talents."

Those talents were honed by a distinguished career in public service. Maroni spent a decade at the Smithsonian as Chief Financial Officer, before coming to PBGC in May 2011. Prior to that, she held leadership and management positions at the Department of Defense and on Capitol Hill.

"If you know me, then you know that I am committed to the mission of PBGC," Maroni said in her first agency wide address as Acting Director.

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