Pension Benefits

The Pension Benefit Guaranty Corporation (PBGC) protects the retirement incomes of more than 44 million American workers in more than 27,500 private-sector defined benefit pension plans. A defined benefit plan provides a specified monthly benefit at retirement, often based on a combination of salary and years of service. PBGC was created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of private-sector defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at a minimum. Defined benefit pension plans promise to pay a specified monthly benefit at retirement, commonly based on salary and years on the job.

And its not just the worker who may have benefits. Even though the person with the vested rights has passed away or is divorced?, you can’t know until you track it down. Here are a number of resources you can try.

Here is a great link to from the Department of Labor “Your Employer’s Bankruptcy – How Will It Affect Your Employee Benefits?”

http://www.dol.gov/ebsa/Newsroom/fsbankruptcy.html

The Pension Benefit Guaranty Corporation protects the retirement incomes of more than 44 million American workers. Find out more about PBGC , including how they are governed, organized, and the PEOPLE (This may be YOU or someone YOU know) we serve.

http://www.pbgc.gov/

Here is an article (PDF) from PBGC on “Finding a Lost Pension”

Here is a link to Resources from the PBGC:

http://www.pensionaction.org/publications/lostpension/allies.htm

Pension Counseling Projects – Through grants from the U.S. Administration on Aging, a number of free pension counseling services were initiated in the 1990s. They provide free Pension Counseling.

And of course, any such company may still be in business. You can contact friends that worked there and the companies themselves to find out where to look. Remember, don’t take the any one person’s word for it that you are do not qualify. They may be wrong. Be diligent.

And Please Contact Us to share your Success Story, additional information or if we can be of help.