Press Room

WASHINGTON – The Pension Benefit Guaranty Corporation announced that it has approved a partition application and will provide early financial assistance to the Teamsters Local 805 Pension and Retirement Plan (Local 805 Plan), a trucking industry multiemployer pension plan based in New York that covers approximately 2,000 participants.

WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation’s Fiscal Year 2018 Annual Report, released today, shows improvement in the financial condition of the agency’s Single-Employer Insurance and Multiemployer Insurance Programs.   

WASHINGTON - The Pension Benefit Guaranty Corporation announced two key appointments to its leadership team. Janice Brown-Taylor has been named Deputy Chief of Benefits Administration and Michael Hutchins is the Director for the Plan Asset & Data Management Department.

WASHINGTON - The Pension Benefit Guaranty Corporation announced today the guarantee limits for single-employer plans that fail in 2019. The table below shows those limits for sample ages and forms of payment.

The Pension Benefit Guaranty Corporation’s mission is to protect the pension benefits of American workers and retirees in private sector pension plans. When pension plans terminate with insufficient funds, PBGC’s guarantee is critical to protecting the participants’ retirement security.

The Pension Benefit Guaranty Corporation’s mission is to protect the pension benefits of American workers and retirees in private sector pension plans. When pension plans terminate with insufficient funds, PBGC’s guarantee is critical to protecting the participants’ retirement security. See Questions and Answers for Participants in the Sears Holdings Corporation Pension Plans. 

WASHINGTON - The Pension Benefit Guaranty Corporation announced the appointment of David Foley as Chief of Benefits Administration, where he will lead efforts to advance PBGC’s commitment to pay accurate and timely benefits to retirees and beneficiaries.

“David has served in senior leadership positions at PBGC and other federal agencies,” said PBGC Director Tom Reeder. “This makes him an excellent choice to lead our benefits office, which carries out a vital aspect of our mission.”

WASHINGTON - The Pension Benefit Guaranty Corporation is issuing rules to implement its authority to facilitate mergers of multiemployer pension plans. Mergers of multiemployer plans can help protect the benefits earned by workers and retirees and extend the solvency of troubled plans. This rulemaking also updates the general rules on plan mergers and transfers.

WASHINGTON - The Pension Benefit Guaranty Corporation’s Multiemployer Insurance Program continues to face insolvency by the end of fiscal year 2025, according to findings in the FY 2017 Projections Report. The agency’s insurance program for multiemployer pension plans covers over 10 million people.

WASHINGTON –  The Pension Benefit Guaranty Corporation is issuing guidance to assist multiemployer pension plans that request PBGC review of alternative plan rules for satisfying employer withdrawal liability. The guidance explains PBGC’s review process, the information needed, and factors PBGC considers in reviewing plan proposals.

WASHINGTON –  The Pension Benefit Guaranty Corporation is expanding its Missing Participants Program to terminated 401(k) and other plans in an effort to connect more people to their retirement savings. “PBGC’s expanded Missing Participants Program addresses an important problem and meets the needs of our stakeholders,” said PBGC Director Tom Reeder.

WASHINGTON — The Pension Benefit Guaranty Corporation will pay retirement benefits for nearly 8,000 current and future retirees who participated in the Avaya, Inc. Pension Plan for Salaries Employees.

WASHINGTON - The Pension Benefit Guaranty Corporation’s Fiscal Year 2017 Annual Report, released today, shows that the deficit in its insurance program for multiemployer plans rose to $65.1 billion at the end of FY 2017, up from $58.8 billion a year earlier. The increase was driven primarily by the ongoing financial decline of several large multiemployer plans that are expected to run out of money in the next decade.

WASHINGTON - The Pension Benefit Guaranty Corporation and Sears Holdings Corporation have reached a new agreement that upon closing provides approximately $500 million in funding for Sears’ two pension plans, including contributions already made by Sears since August 2017.  The pension plans cover about 100,000 participants. Closing on this agreement should occur in about three months.

WASHINGTON - The Pension Benefit Guaranty Corporation announced today the guarantee limits for single-employer plans that fail in 2018.  The following table shows those limits for sample ages and payment forms.

WASHINGTON – The Pension Benefit Guaranty Corporation announced a new pilot program to offer mediation in certain Termination Liability Collection and Early Warning Program cases. PBGC’s Pilot Mediation Project will allow parties to resolve cases with the assistance of a skilled, neutral and independent dispute resolution professional in a timely and cost-effective manner.

WASHINGTON – The Pension Benefit Guaranty Corporation announced that it has approved a partition application and will provide early financial assistance to the United Furniture Workers Pension Fund A, a Nashville-based multiemployer pension plan that covers nearly 10,000 participants.

The Pension Benefit Guaranty Corporation (PBGC) released the following statement today on Avaya’s new plan of reorganization, including the proposal to maintain its pension plan for hourly employees but end its pension plan for salaried employees.

The Pension Benefit Guaranty Corporation (PBGC) released the following statement today on Avaya’s new plan of reorganization, including the proposal to maintain its pension plan for hourly employees but end its pension plan for salaried employees.

WASHINGTON - The insurance program for multiemployer pension plans, which covers more than 10 million Americans, is likely to run out of money by the end of 2025 according to the Pension Benefit Guaranty Corporation’s FY 2016 Projections Report.