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PBGC Blog: Retirement Matters

PBGC will pay retirement benefits for 2,101 people covered by the APL/NVF Consolidated Pension Plan, which is sponsored by the estate of businessman Victor Posner. The estate has interests in about 40 entities that mostly focus on real estate development in Florida, Pennsylvania, and Maryland.

The agency is stepping in because the assets of the Posner estate are being distributed by a Florida Probate Court, and the pension plan will be abandoned. The APL/NVF Consolidated Pension Plan will end as of July 31, 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.

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Multiemployer graphic reading: What is a Multiemployer Plan? A multiemployer plan is a collectively bargained pension plan involving two or more unrelated employers, usually in a common industry such as construction, supermarket chains, trucking, textiles or coal mining.

PBGC runs two insurance programs that safeguard retirement benefits in different ways.

Lately, you may have heard about multiemployer plans and the financial troubles that some of them are having as described in our Projections Report. Currently, PBGC insures more than 10 million workers and retirees in about 1,400 multiemployer plans.

PBGC doesn't take responsibility for multiemployer plans; instead, we send financial assistance to plans that have run out of money to pay promised benefits. During FY 2013, PBGC paid $89 million in financial assistance to 44 multiemployer pension plans covering the benefits of nearly 50,000 retirees. An additional 21,000 people in these plans will receive benefits when they retire. 

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PBGC Multiemployer Plan System is in Increasing Touble.

The news isn't good for 1.5 million people across the country in a swath of multiemployer plans. According to PBGC's Projections Report, released last week, these plans are likely to fail putting the retirement benefits of current and future employees in jeopardy. Not only that, but if those plans fail it may bring down the entire system and with it the retirement security of the 10 million people within it.

Right now, there are more than 10 million people and their families covered by about 1,400 multiemployer plans in industries like construction, mining, supermarkets, transportation, and hospitality. Massive losses during the economic slowdown in 2008-2009, left many plans seriously underfunded. The economy has improved significantly, but for the plans most in trouble, the improved economy was not enough. These plans responded by increasing contributions and reducing future benefits but it still wasn't enough.

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Joshua Gotbaum sitting with Adam Shapiro

In part two of the Fox Business two-part series "Nationwide Retirement Crisis," PBGC Director Josh Gotbaum says millions of Americans have no retirement savings, calling the issue a national crisis.

In his interview, Gotbaum addressed issues concerning the existing retirement system, including:

  1. The existing retirement system is not covering most people,
  2. It doesn't lead to enough saving,
  3. And it doesn't lead to lifetime income.

People are living longer, healthier lives, which means retirement will cost more.

Watch the complete video interview on the Fox Business website.

If you're a participant in a National Steel pension plan, you may have received a communication claiming that PBGC is conducting a general review of the benefit amounts paid to National Steel participants.

Please be assured that this is not the case. PBGC did not send out any such communication, and is not reviewing National Steel benefits.

We are confident that your pension benefit has been determined accurately and that you are receiving the maximum amount you are entitled to under law.

If you have any questions or receive additional false information purporting to come from PBGC, please feel free to contact us at mypension@pbgc.gov or 1-800-400-7242.

Interfaith Medical Center logo

PBGC will pay retirement benefits for more than 1,400 current and future retirees of Interfaith Medical Center, which operates a 287-bed hospital in Brooklyn, N.Y.

The agency stepped in because Interfaith Medical is unable to meet the minimum funding requirements for the two pension plans it sponsors.

PBGC will pay all pension benefits earned by Interfaith Medical's retirees up to the legal limit of about $55,840 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.

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