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PBGC Blog: Retirement Matters

Canadian postal workers are scheduled to go on strike July 2, which could affect delivery of pension checks to retirees who receive payments via regular mail living in Canada. The Pension Benefit Guaranty Corporation (PBGC) will mail checks one day early to try to offset any potential delays caused by the strike.

If you have not received your pension check by July 8, please call PBGC's Customer Contact Center at (800) 400-7242 for assistance.

PBGC will pay retirement benefits for more than 2,700 current and future retirees at Walter Energy Inc., a producer and exporter of coal based in Birmingham, Ala.

The agency is stepping in because Walter Energy plans to sell the majority of its assets in bankruptcy proceedings and the potential buyers have signaled they will not assume the pension plan.

Walter Energy sponsors the Pension Plan for Salaried Employees of Walter Energy Inc. Subsidiaries, Divisions and Affiliates. This plan will end on Dec. 31, 2015. More...

HCTC Logo

In case you missed it, on June 29, President Obama signed legislation to extend the Health Coverage Tax Credit (HCTC) through the end of 2019.

The IRS is currently reviewing this legislation and is working with its partners - including PBGC - to implement the HCTC program. Individuals cannot yet claim the HCTC credit since the program is not yet implemented. In the meantime, the IRS issued guidance for those who may be eligible for the credit.

The HCTC is a federal tax credit that pays a significant portion of qualified health insurance premiums for eligible individuals. This includes people who are 55-65 years of age and receive benefits from PBGC.

For the latest HCTC updates, visit PBGC's HCTC webpage and blog, Retirement Matters. While you're there, subscribe to the blog to make sure you receive all HCTC updates. 

Standard Register Logo

PBGC will pay retirement benefits for more than 8,500 current and future retirees of The Stanreco Retirement Plan, a pension plan sponsored by Standard Register Co., a printing and marketing communications firm based in Dayton, Ohio.

The agency is stepping in because Standard Register sold the majority of its assets to North Mankato Minn.-based Taylor Corp. in bankruptcy proceedings on June 19, 2015. Taylor isn't assuming responsibility for the pension plan.

The company's plan will officially end on Aug. 31, 2015.

PBGC will pay all pension benefits earned by the plan's retirees up to the legal limit of $60,136 a year for a 65-year-old.

More...

On June 29, President Obama signed legislation to extend the Health Coverage Tax Credit (HCTC) through Dec. 31, 2019. The law was enacted as part of the Trade Preferences Extension Act of 2015, Pub. L. 114-27. The HCTC previously expired Dec. 31, 2013.  

The IRS will manage the program again, and when new guidelines are ready, we'll let PBGC participants know how to apply for the tax credit. You'll find the information here, on Retirement Matters, and on PBGC.gov.  

Sign up today to make sure you receive all PBGC blog entries and important HCTC updates. 

PBGC to Pay Benefits at Hovensa

  |   February 4, 2015

PBGC will pay retirement benefits for more than 1,600 current and future retirees at Hovensa LLC, which owns an oil refinery and oil storage terminal in the U.S. Virgin Islands.

The agency is stepping in because Hovensa plans to close its operations and the pension plan will be abandoned. The Hovensa Employees' Pension Plan will end as of Feb. 4, 2015.

PBGC will pay all pension benefits earned by the plan's retirees up to the legal limit of $60,136 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.

More...