Is it possible that you or someone you know may be owed a pension benefit that they are not aware of? The Pension Benefit Guaranty Corporation (PBGC) may be able to help. If you once worked for a company that has gone out of business or that ended its defined benefit pension plan, you may be entitled to pension money.
PBGC protects the retirement income of about 44 million American workers in about 35,000 private defined benefit pension plans. Although the Pension Benefit Guaranty Corporation has been successful in reuniting many people with their pensions, the people listed in PBGC's Pension Search Directory have not been located yet. If you think you may be owed pension benefits, do a quick search at PBGC.gov.
The PBGC was founded in 1974 and is a government program that is not funded by general tax revenues.
Instead, PBGC is funded by insurance premiums collected from employers that sponsor insured pension plans. The fund earns money from investments and receives funds from pension plans it takes over.
The PBGC is responsible for the current and future pensions of about 1.5 million people. The corporation pays for monthly retirement benefits, up to a guaranteed maximum, for nearly 801,000 retirees in 4,200 single-employer and multiemployer pension plans that cannot pay promised benefits.
According to the PBGC: the maximum pension benefit guaranteed is set by law and adjusted annually. For plans that ended in 2013, workers who retire at age 65 can receive up to $57,500 a year. The guarantee is lower for those who retire early or when there is a benefit for a survivor. The guarantee is increased for those who retire after age 65.
Are you a senior citizen in need of benefits? You may be eligible for government assistance.
Use our Benefit Finder tool now to discover new programs and be matched to benefits you may be eligible to receive.