Press Room

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.

WASHINGTON, D.C. - The Pension Benefit Guaranty Corporation and Sears Holdings Corporation have reached a new agreement that provides additional funding and security for the company's two pension plans.

WASHINGTON, D.C. - The Pension Benefit Guaranty Corporation has started providing financial assistance to the Road Carriers Local 707 Pension Fund, a newly insolvent multiemployer pension plan based in Hempstead, New York. The financial assistance will help pay the guaranteed portion of pension benefits earned by nearly 4,000 participants.

WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation is pleased to announce two appointments to key positions. Nicole Puri has been named the agency’s Risk Management Officer and Adi Berger is the Director for the Corporate Finance & Restructuring Department.

Risk Management Officer - Nicole Puri

WASHINGTON - The Pension Benefit Guaranty Corporation today released its Fiscal Year 2016 Annual Report showing the deficit in its multiemployer insurance program rose to $58.8 billion. The increase was driven by additional multiemployer plans that are expected to run out of money within the next 10 years, and by decreases in interest factors used to value PBGC's liabilities.

Contact: Marc Hopkins 202.326.4149

WASHINGTON - The Pension Benefit Guaranty Corporation announced the appointment of Deputy Chief Counsel Karen Morris as Chief of Negotiations and Restructuring, where she will play a key role in  the agency's efforts to preserve traditional pension plans.

WASHINGTON - The Pension Benefit Guaranty Corporation announced today that the guarantee limit for single-employer plans that fail in 2017 will be higher than the limit that applied for 2015 and 2016.

The following table shows the maximum annual guarantee limits for 2017 for sample ages and payment forms. Amounts for other ages are posted on a table on PBGC's website.

WASHINGTON -  The Pension Benefit Guaranty Corporation is proposing to expand its existing Missing Participants Program to cover terminated 401(k) and most other defined contribution plans and certain defined benefit plans that aren't currently covered by the program.

WASHINGTON - The Pension Benefit Guaranty Corporation announced the arrival of Brenecia Watson, who will expand PBGC's efforts to build a diverse workforce and maintain a discrimination-free, inclusive work environment. As the new Director of Equal Employment Opportunity, she oversees a range of initiatives that include integrating EEO principles into PBGC practices, training, and conflict resolution.

WASHINGTON - President Obama has appointed Babette A. Ceccotti to serve as a member of the Advisory Committee of the Pension Benefit Guaranty Corporation. She will serve as a member representing the interests of employee organizations.

WASHINGTON - President Obama has appointed Joyce M. St. Clair to serve as a member of the Advisory Committee of the Pension Benefit Guaranty Corporation.

"Joyce has a deep background in the financial services sector, serving in senior leadership positions both here and abroad," said PBGC Director Tom Reeder. "She will be a welcome addition to the Advisory Committee, and we look forward to working with her."