Statements

PBGC is committed to effective stewardship of taxpayer funds. On April 8, 2024, the Central States Pension Plan (Central States) returned to the U.S. Government more than $126.5 million—the portion of the SFA amount paid to the plan based on inaccurate participant census data. PBGC has been coordinating for several...

The Pension Benefit Guaranty Corporation (PBGC) strongly supports the repayment of any Special Financial Assistance (SFA) that was paid based on inaccurate census data. PBGC also supports the Department of Labor’s (DOL) position that such repayments would not violate the Employee Retirement Income Security Act or Internal Revenue Code provisions...

The Special Financial Assistance (SFA) Program, established under the American Rescue Plan Act of 2021 (ARP), provides funds to severely underfunded multiemployer pension plans that were facing insolvency and ensures that millions of workers, retirees, and their families receive the pension benefits they earned through many years of hard work...

PBGC appreciates OIG’s conclusion reached in their closure memo of September 27, 2023, that Special Financial Assistance (SFA) funds were not improperly paid to plans, were not paid to deceased participants or beneficiaries, and should not be subject to recovery actions. OIG’s June 12, 2023, White Paper, “Searching Plan Records...

On September 28, 2022, the Pension Benefit Guaranty Corporation received an application for Special Financial Assistance (SFA) for the Bakery Drivers Local 550 and Industry Pension Fund (the “Plan”) requesting $132,250,472 in SFA. PBGC determined that the Plan is not eligible for SFA because it does not meet the eligibility...

The Special Financial Assistance (SFA) Program, established under the American Rescue Plan Act of 2021, provides funds to severely underfunded multiemployer pension plans and ensures that millions of workers, retirees, and their families receive the pension benefits they earned through many years of hard work. PBGC has worked diligently to...

WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the plan application for the Idaho Signatory Employers-Laborers Pension Plan (Idaho Signatory) in Portland, Ore. The plan covers 682 participants in the construction industry and will receive $13.9 million in special financial assistance, including interest...

PBGC Director Gordon Hartogensis today issued the following statement on news that former PBGC Director of Procurement Jeffrey Donahue pleaded guilty to one count of conspiracy to bribe a public official: “Fraud, abuse, and any other illegal and unethical behaviors have no place in the federal government’s operations. They are...

Multiemployer pension plans are in crisis, posing a threat to the promised retirement income of millions of American workers and retirees and their families. Congress should enact a long-term, sustainable solution taking into account fairness to retirees, workers, taxpayers, and employers, to improve retirement security for hard-working Americans and their...

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...

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. PBGC’s mission is to protect the pension benefits of American workers and retirees. PBGC...