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PBGC Blog: Retirement Matters

From Sandy Rich, Chief of Negotiations and Restructuring:

Beechcraft, previously known as Hawker Beechcraft, emerged from bankruptcy February 21. Despite the company's original plan to terminate three pension plans, we at PBGC were able to work with the company, its employees, and company creditors to preserve one of the three plans while providing the safety net of PBGC trusteeship to the two terminated pension plans.

Beechcraft will continue a pension plan that will provide benefits to 8,300 participants. PBGC will provide guaranteed level benefits to the 9,500 beneficiaries of the terminated plans. In addition, PBGC supported a $2.5 million settlement with Beechcraft that will provide salaried retirees additional benefits exceeding those paid by PBGC under rules set by Congress.

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Image of a check with the word bank

Millions of Americans take advantage of direct deposit. Whether it's their payroll checks, tax refunds, or benefit payments, many are opting out of paper checks and opting in to convenience.

We want you to know that PBGC offers that same convenience.

Undecided about whether you should switch to direct deposit? Our most recent studies show:

  • 8 out of 9 payment delays affect people who get paper checks
  • More than one in every 200 paper checks is delayed, usually because of postal issues

Paper checks can also be lost or stolen.

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Weekly Pension News Round-Up

  |   February 15, 2013

Here's what made headlines this week in pension news:  

Business Insurance writes, "American-US Airways merger brings together different pension plan histories."

FDL Reporter publishes, "Petri bill aimed at fixing pension inequity."

PR Newswire reports, "Aon Hewitt Survey Reveals More Employers Plan to Offer Lump-Sum Pension Payouts in 2013." 

Weekly Pension News Round-Up

  |   February 8, 2013

Here's what made headlines this week in pension news:

Pensions & Investments quotes PBGC Director Josh Gotbaum in "PBGC Multiemployer pension plan reports raise alarms on underfunding."

Business Insurance reports, "PBGC takes over pension plan of auto parts manufacturer Findlay."

"What if your pension runs out of money?" MarketWatch asks.

Findlay Industries logo

PBGC will pay retirement benefits for more than 1,300 current and future retirees of Findlay Industries.

Based in Findlay, Ohio, Findlay Industries was a privately owned company established in 1959 that once manufactured interior parts for the automotive and heavy truck industries.

The firm had manufacturing operations in Ohio, Virginia, Michigan, Florida, Canada and Mexico.

In late 2008, More...

Weekly Pension News Round-Up

  |   February 1, 2013

Here's what made headlines this week in pension news:

Bloomberg publishes, "PBGC Sues the Renco Group Over RG Steel Unfunded Pension."

"Where's My Refund: Is Some of the $58 Billion Unclaimed Money Yours?" Travelers Today asks.

Business Insurance reports, "PBGC to take over 2 Hawker Beechcraft pension plans."

The Wall Street Journal writes, "Bankruptcy judge close to granting Beechcraft plan."