HCTC: PBGC Recipients |
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The Pension Benefit Guaranty Corporation (PBGC) insures the pension benefits of workers in some private sector industries. When an employer faces severe financial difficulty, such as bankruptcy, and cannot continue paying pensions to their retirees, the employer may request the PBGC to take over the responsibility for paying pension benefits to their retirees. The PBGC decides if it will assume responsibility for the pension plan, which is also known as the PBGC becoming the "trustee" of the pension plan. If the PBGC becomes the trustee of the pension plan, then the PBGC will pay pension benefits under the terms of the plan, subject to legal limits, to plan participants and beneficiaries. PBGC pension benefit recipients can receive their pension benefits as a monthly or annual payment or as a one-time lump sum.
PBGC recipients:
To see if your company’s pension has been assumed by the PBGC visit the PBGC News Site and search in the news releases for your company’s name.
If your company’s plan has been assumed by the PBGC, view the PBGC Registration To-Do List, to find out what you need to do next to receive the HCTC.
Return to the Information for Individuals page.
Return to the HCTC Program home page.
Go to the HCTC Quick Links page to view a glossary of terms, FAQs and additional resources.
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Page Last Reviewed or Updated: December 08, 2008