An official website of the United States government. 96-97 (1978) (PBGC Report). Share sensitive information only on official, secure websites. The Pension Benefit Guaranty Corporation insures and guarantees private sector workers' pensions. In this case we must determine whether the decision of the Pension Benefit Guaranty Corporation (PBGC) to restore certain pension plans under § 4047 of the Employee Retirement Income Security Act of 1974 (ERISA), 88 Stat. WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today released its Fiscal Year (FY) 2020 Annual Report. As of … The solution: The Pension Benefit Guaranty Corporation (PBGC), which was founded in 1974 and protects retirees if a pension plan becomes insolvent. Pension Benefit Guaranty Corporation (PBGC), Contact the Pension Benefit Guaranty Corporation, 1-202-326-4242 (Plan Sponsors, Administrators or Practitioners), 1-800-736-2444 (Plan Sponsors, Administrators or Practitioners), USAGov is the Official Guide to Government Information and Services, Government Agencies and Elected Officials, Indian Tribes and Resources for Native Americans, Commonly Requested U.S. Laws and Regulations, How Laws Are Made and How to Research Them, Personal Legal Issues, Documents, and Family History, Who Can and Can’t Vote in U.S. Update my company information. If so, this is your portal to working with PBGC. Duties Summary This position is located in the Pension Benefit Guaranty Corporation's (PBGC) Office of General Counsel, General Law and Operations Department, General Law and Ethics Division. Enter your search query below to search content on PBGC.gov. The Pension Benefit Guaranty Corporation (PBGC) has approved the merger of two multiemployer pension plans in a move to protect the retirement of approximately 50,000 Washington, D.C.-area grocery and warehouse workers and limit the financial burden on the agency’s multiemployer pension insurance program. What is the Pension Benefit Guaranty Corporation (PBGC)? The Pension Benefit Guaranty Corporation, Office of Inspector General and the FBI investigated the case. Official websites use .gov The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiumsat the lowest level necessary to carry out its operations. A lock ( Pension Benefit Guaranty Corporation. PBGC protects the retirement income of about 44 million American workers in about 35,000 private defined benefit pension plans. You can also find an unclaimed pension by using the Unclaimed Pension Search. Congress created it with the Employee Retirement Income Security Act of 1974. A new report from the Pension Benefit Guaranty Corporation (PBGC) shows that the private union pension crisis is only getting worse, and now Congress is poised to make it worse still. Are you looking for other information from PBGC? Secure .gov websites use HTTPS Audit of the Pension Benefit Guaranty Corporation's Financial Statement Closing . We protect the retirement security of over 34 million Americans in single-employer and multiemployer pension plans. Find out more about this article. Pension Benefit Guaranty Corporation (PBGC): A Primer Congressional Research Service Summary The Pension Benefit Guaranty Corporation (PBGC) is a government corporation established by the Employee Retirement Income Security Act of 1974 (ERISA; P.L. In turn, around 40 million American workers have insurance protection for their pension earnings. 1 As the PBGC's Executive Director explained: [475 U.S. 211, 216] "A key problem of ongoing multiemployer plans, especially in declining industries, is the problem of employer withdrawal. The Pension Benefit Guaranty Corporation insures and guarantees private sector workers' pensions. If you recently received a letter telling you that PBGC is now responsible for paying your pension benefit, this page is your gateway to PBGC. The government-wide average was 344 days. - The Pension Benefit Guaranty Corporation (PBGC) today announced it has reached a settlement agreement with the Food Employers Labor Relations Association (FELRA), the United Food and Commercial Workers union (UFCW), and the FELRA/UFCW Pen. Our goal is to provide the highest level of customer support and to protect workers’ and retirees’ hard-earned pension benefits. A locked padlock PBGC expended a total of $56,980 for 16 complaint investigations, for an average expenditure of $3,561. Read more about PBGC’s annual operations and current financial conditions. Beneficiaries / Report Death of a Participant, Qualified Domestic Relations Orders and PBGC, State Life and Health Insurance Guaranty Association Offices, Missing Participants (Standard/Distress Terminations only), Federal Register Notices Open for Comment, ERISA Section 4044 Retirement Assumptions, Reportable Events & Large Unpaid Contributions, Annual Performance & Financial Report 2020, Coronavirus (COVID-19) Information and Resources, PBGC Reaches Settlement to Help Protect Troubled Multiemployer Insurance Program, PBGC Director Hartogensis Welcomes Audit Report on Procurement Practices. Are you or a family member looking for a missing pension benefit, checking to see if your employer’s pension plan is insured by PBGC or has been trusteed by PBGC? Personal life He was confirmed by the United States Senate on April 30, 2019 by a vote of 72–27. For more information about the pension insurance program, please visit the New to PBGC page. Learn English and Attend College in the U.S. Introduction to Federal Government Contracting, The Contract Opportunities Search Tool on beta.SAM.gov, Locate Military Members, Units, and Facilities. Survivors Pension: Tax-free monetary benefit payable to a low-income, un-remarried surviving spouse and/or unmarried child(ren) of a deceased Veteran with wartime service.Learn More As of 2019, the PBGC covers more than 26,000 individual pension plans. Elections, Presidents, Vice Presidents, and First Ladies, Financial Assistance and Support Services, Disaster Financial Assistance for Workers and Small Business Owners, Disaster Financial Assistance with Food, Housing, and Bills, Financial Assistance Within Designated Natural Disaster Areas, Government Response to Coronavirus, COVID-19, Financial Help for Families and Child Support. Green Cards and Permanent Residence in the U.S. U.S. Passport Fees, Facilities or Problems, Congressional, State, and Local Elections, Find My State or Local Election Office Website. November 15, 2013 AUD-2014-4 / FA-13-93-3 . PBGC supports an open government by providing data and information that enhance transparency and encourage participation and collaboration. 237, 29 U.S.C. Lock 1028, as amended, 100 Stat. WASHINGTON, D.C. – Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis today released PBGC management’s response to a PBGC Office of the Inspector General (OIG) audit of the agency’s procurement activities. January is the exception. He was sworn in as Director on May 15, 2019. Pension Benefit Guaranty Corporation Office of Inspector General Audit Report. Do You Have to Vote for the Party You're Registered With? 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