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Pension Benefit Guaranty Corporation Pension Insurance

Social Security > Pension Benefit Guaranty Corporation Pension Insurance

 

Program Description:

PBGC insures traditional private defined benefit plans, which are the type that promise to pay a specific monthly benefit at retirement. PBGC does not insure retirement plans that do not promise specific benefit amounts (i.e., defined contribution pension plans), such as profit sharing or 401(k) plans, nor does it insure public defined benefit plans. If the plan ends without sufficient money to meet its financial obligations, PBGC steps in and pays pension benefits, up to the legal limit. The pension benefit PBGC pays depends on:

(1) provisions of your plan,
(2) legal limits,
(3) the form of your benefit,
(4) your age, and
(5) amounts PBGC recovers from employers for plan under funding.

PBGC is also searching for thousands of people (Pension Search Program) who may be owed a benefit payment from a plan PBGC took over or one that ended with sufficient funds to pay all benefits.

 

General Program Requirements:

In order to qualify for this benefit program, you must participate in a covered single-employer pension plan. Beneficiaries of employees covered in single-employer pension plans may be eligible for benefit payments.

 

Status

Active

 

Loan Terms:

Not Applicable

 

Application Process:

For more information, see the Program Contact Information below.

 

Program Contact Information:

For more information about the pension insurance program, please visit:
http://www.pbgc.gov

For more information on PBGC's Pension Search Program, please visit:
http://www.pbgc.gov/search/

You may also call PBGC's Contact Center, 8 a.m. to 7 p.m. Eastern Time, Monday - Friday:
1-800-400-7242 (toll free) or 202-326-4000

 

Managing Agency:

Pension Benefit Guaranty Corporation
http://www.dol.gov/




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