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Questions and Answers for Participants in the McClatchy Company Retirement Plan

On September 4, 2020, the Pension Benefit Guaranty Corporation took responsibility as trustee for the defined benefit pension plan sponsored by The McClatchy Company. The McClatchy Company Retirement Plan ended as of August 31, 2020. The plan covers more than 24,000 workers and retirees.

For participants who received their first payment from PBGC on January 1, 2021, the letter you received included a Form 701 – Payee Information. That letter outlined the Form 701 had to be returned within 30 days. Due to the delay in the USPS mail service, PBGC is extending the timeframe to return the completed form to the end of February. There is no longer a 30-day requirement. You will receive your February 1, 2021, payment even if the form is not returned within 30 days. Please complete the form by mail or using MyPBA prior to February 28, 2021. We apologize for any inconvenience.

PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in private-sector defined benefit plans. If your pension plan is insured by PBGC and ends without sufficient money to pay all benefits, PBGC’s insurance program will pay you the benefit provided by your pension plan up to the limits set by law.

PBGC’s Single-Employer Insurance Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Insurance Program is financed by insurance premiums and investment income.

 

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