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Thanks to PBGC’s unclaimed pension search more people are claiming the pension they earned. To date, approximately 14,000 participants have collected about $55 million in unclaimed pension benefits. But with about 30,000 people still owed benefits we're continuing the search!
“Our unclaimed pension search tool helps us locate and pay people who are owed benefits,” said Tom Reeder, PBGC’s director. “But more importantly, this tool helps us protect the retirement security of America’s workers. That’s why this effort, finding those owed pension benefits, is very important to us.”
We constantly update our website, adding and removing names as needed. If you think you’re owed a pension, try entering your name in our interactive search. If you find a match, we'll work with you to get you what you're owed. Feel free to contact us with any questions about your unclaimed benefit.
The Pension Benefit Guaranty Corporation announced an agreement that restores two pension plans to The Renco Group Inc., a privately held investment holding company based in New York City.
Under the agreement, PBGC will restore plans covering 1,350 people who worked at Renco's former subsidiary, RG Steel LLC, which is liquidating in bankruptcy. PBGC took responsibility for the plans, which had a funding gap of about $70 million, in 2012. The participants in the two plans worked at RG Steel facilities in Wheeling, W.Va. and Warren, Ohio.
The agreement resolves litigation that PBGC brought in the U.S. district court in Manhattan. PBGC alleged that Renco attempted to evade financial responsibility for the RG Steel pension plans by concealing the transfer of its ownership interest in RG Steel.
"The vast majority of companies that sponsor pension plans keep the promises they make, but when companies attempt to evade their obligations PBGC will act to protect participants' benefits and PBGC's premium payers from unnecessary losses," said PBGC Director Tom Reeder. "Our action restores the expectation RG Steel's former employees have that their promised benefits will be paid and restores the obligation to keep that promise back to the employer."
In the settlement, Renco agreed to take the plans back as of June 1, 2016, pay all future benefits promised to the former RG Steel employees, and make back payments for benefits not guaranteed by PBGC. Renco also agreed to reimburse the agency for $15 million in benefits that it paid to RG Steel retirees since PBGC took over the plans. Additionally, the company will pay about $35 million in shutdown benefits that would have gone unpaid absent the restoration of the pension plans.
The restoration of the RG Steel plans marks only the second time in PBGC's history that terminated pension plans were restored to an employer. In 1993, after litigation that reached the Supreme Court, PBGC restored three LTV Steel pension plans.
For more information on the restoration, visit the RG Steel FAQs.
When PBGC takes over a plan, we send letters to participants letting them know we’re now responsible for paying pension benefits. After that, we begin reviewing the plan’s records to determine each participant’s benefit. When benefit calculations are complete, PBGC sends each participant a formal benefit determination letter. During this process it's important that we have accurate information for participants in new plans that we take on, as well as plans that we've already trusteed.
If you're in a plan that PBGC administers, please let us know right away if any of the following information changes:
- Name
- Address
- Phone number
- Email address
You can update your information through our secure online service for participants, MyPBA.
If you're in an ongoing plan that's still run by your company, make sure to keep the plan administrator informed of any changes in your address or email.
If you’re not yet receiving payments from PBGC and you're in a plan we've trusteed, contact us about four months before you want your benefit payments to begin. We'll work with you to make sure our records are accurate. Our goal is to provide you with timely, accurate payments and you can help us achieve that by staying in touch.
The Pension Benefit Guaranty Corporation will pay retirement benefits for more than 21,000 current and future retirees of the Great Atlantic & Pacific Tea Co., a supermarket chain based in Montvale, N.J., that is commonly known as A&P.
PBGC is stepping in because A&P has sold the majority of its assets in bankruptcy proceedings and most of the buyers declined to keep the plans going. The three plans that PBGC will assume ended on Nov. 30, 2015.
The agency will pay all pension benefits earned by A&P retirees up to the legal maximum of $60,136 a year for a 65-year-old.
Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.
During the transition of shifting benefit payment responsibility to PBGC, participants who are in pay status in the company’s pension plans will continue to receive benefits from A&P and its affiliates.
PBGC is becoming responsible for the following pension plans:
- The Great Atlantic & Pacific Tea Co. Inc. Plan is 55 percent funded and has 14,783 participants. PBGC estimates that the plan has $135 million in assets to pay $244.4 million in benefit liabilities. The agency expects to cover $105.6 million of the $109.4 million shortfall.
- The Pathmark Stores Inc. Pension Plan is 64 percent funded and has 6,278 participants. PBGC estimates the plan has $327.2 million in assets to pay $509.5 million in benefits liabilities. PBGC expects to cover nearly all of the $182.3 million shortfall.
- The Delaware County Dairies Inc. Hourly Employees Pension Plan has no assets and covers eight people. The plan owes participants $100,000 in benefits. PBGC will cover the entire amount.
The New York-New Jersey Amalgamated Pension Plan for A&P Employees has not been terminated and is an ongoing plan. This plan is jointly administered by UFCW Local 464A and Acme Markets Inc. and has been renamed the New York-New Jersey Amalgamated Pension Plan for ACME Employees.
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