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PBGC Blog: Retirement Matters
President Barack Obama gives his State of the Union address on Capitol Hill in Washington, Tuesday Jan. 28, 2014.

President Barack Obama gives his State of the Union address on Capitol Hill in Washington, Tuesday Jan. 28, 2014. (AP Photo/Charles Dharapak)

In his fifth State of the Union address, President Barack Obama urged Congress to help restore opportunity for Americans, but pledged to take action himself.

In an effort to bolster retirement security, he announced that he will use his executive authority to direct the Department of the Treasury to create "myRA," a starter savings account to help people prepare for retirement.

In case you missed it, here's an excerpt from his speech:

"Let's do more to help Americans save for retirement. Today, most workers don't have a pension.  A Social Security check often isn't enough on its own.  And while the stock market has doubled over the last five years, that doesn't help folks who don't have 401ks. That's why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It's a new savings bond that encourages folks to build a nest egg.  MyRA guarantees a decent return with no risk of losing what you put in..."

For a more in-depth explanation of "MyRA," read the White House issued FACT SHEET: Opportunity for All: Securing a Dignified Retirement for All Americans.  

If you receive a retirement benefit from PBGC, all or some of the money may be taxable. Every year, we report this amount to the IRS and send you an IRS Form 1099-R that states the amount we paid you the previous year. 

We'll mail your Form 1099-R for 2013 to your address of record by Friday, January 31, 2014. If you don't receive your form soon after the mailing date, we offer the following options:

  1. Use our online service, MyPBA, to view and print a copy of your 1099-R tax form for the most recent tax year.

OR

  1. Call PBGC's Customer Contact Center at 1-800-400-7242 to request a form by mail.

Before you call, please have your Social Security number, plan name and case number ready for the customer service representative.

For more information, see IRS Form 1099-R Frequently Asked Questions.

States with the Highest Number of Unclaimed Pensions. New York (6,678/$40.33 million). Illinois (4,344/$85.36 million). California (2,966/$7.64 million). Texas (2,278/$10.68 million). New Jersey (2,114/$11.70 million). Ohio (1,908/$12.82 million).
The beginning of a new year typically means the onset of new goals and perhaps the continuation of last year's resolutions. For many, saving more money might always be #1 or a close second on that list.

One source of this year's extra savings could be money from an unclaimed pension.

Across the country, there are more than 31,000 people who haven't claimed pension benefits they are owed. Those unclaimed pensions are now north of $280 million, with individual benefits ranging from 12 cents to almost $1 million.

The states with the most missing pension participants and money to be claimed are:

  • New York (6,678/$40.33 million)
  • Illinois (4,344/$85.36 million)
  • California (2,966/$7.64 million)
  • Texas (2,278/$10.68 million)
  • New Jersey (2,114/$11.70 million)
  • Ohio (1,908/$12.82 million)

More...

PBGC works to ensure that people who get benefits from us receive them on time — by the first of the month. However, there's one time when that doesn't happen — the beginning of the year.

Typically, if the first of the month falls on a weekend or holiday, direct deposits will usually post before the first of the month. For this reason, June, September, and December 2013 direct deposits arrived before the first of the month. For tax purposes, January is the exception to this rule.

If payments arrived in December, it would result in a tax liability for 2013 instead of 2014. For this reason, your funds will be deposited on Jan. 2, 2014, one day after the New Year.

If you get a paper check (mailed on Dec. 27, 2013), and have not received it by January 7, please call us at 1-800-400-7242 or visit our Contact Us page for other options.

Want to receive future payments more quickly? Remember, PBGC offers direct deposit. It's the most secure and fastest way to receive your payment, and your funds are always available on payday — even if the weather's bad, the post office is closed, or you're out of town. The future electronic direct deposit dates are already mapped out.

To learn more or sign up for direct deposit, please visit MyPBA or call 1-800-400-7242.

On June 26, 2013, the Supreme Court ruled that Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional.

Section 3 of the Defense of Marriage Act of 1966 defined "marriage" as a "legal union of one man and one woman as husband and wife" and a "spouse as "a person of the opposite sex who is a husband or a wife."

As a result, PBGC changed its policy to recognize same-sex marriages in our administration of benefits in terminated plans under the same rules applicable to opposite-sex marriages.

For a more detailed explanation of how PBGC recognizes marriage, please visit the "Benefits" section of our Workers & Retirees page. 

Race and Retirement Insecurity in the United StatesNew research from the National Institute on Retirement Security (NIRS) examines racial disparities in retirement readiness among working-age Americans and households.

The new report calculates the severity of the U.S. retirement security racial divide. The analysis finds that every racial group faces significant risks, but people of color face particularly severe challenges in preparing for retirement. Americans of color are significantly less likely than whites to have an employer-sponsored retirement plan or an individual retirement account (IRA), which substantially drives down the level of retirement savings.

Some of the key findings include:

1. Workers of color, in particular Latinos, are significantly less likely than White workers to be covered by an employer-sponsored retirement plan—whether a 401(k) or defined benefit (DB) pension.

2. Households of color are far less likely to have dedicated retirement savings than White households of the same age. At the same time, coverage appears to be positively associated with the existence of dedicated household retirement savings in both groups. 

3. Households of color have substantially lower retirement savings than White households, even after controlling for age and income.

Race and Retirement Insecurity in the United States serves as a companion to NIRS' July 2013 study, The Retirement Savings Crisis: Is It Worse Than We Think?, which documented a significant retirement savings gap among working-age households in the U.S.

Read the full NIRS report, Race and Retirement Insecurity in the United States.