PBGC.gov Is Protecting Pensions Across The United States

During a recession, websites like PBGC.gov are priceless, particularly for experienced workers and retirees. On how to find missing, lost or otherwise unclaimed money, the "The Early Show" is telling it all. The show recently revealed to viewers that there's about $33 billion in missing money out there, and sites like Unclaimed.org and MissingMoney.com are dedicated in helping people locate any that may belong to them. Those sites focus in on things like unclaimed money from the stock dividends, bank accounts, overpayments, insurance refunds, annuities and so on. PGBC.gov, however, is slightly different. With the help of the Public Benefit Guaranty Corporation, those with a long work history can collect any unclaimed pension money that's floating around.

Article Resource: PBGC.gov is protecting pensions across the United States

PBGC.gov works eye to eye with a 1974 law

When workers visit the website, they will find that PBBC.gov works in conjunction with the Employee Retirement Income Security Act of 1974. Pension funds are protected by this federal law, funds of "over 44 million American workers and retirees in more than 29,000 private single-employer and multi-employer defined benefit pension plans," says the site. Funding for the Public Benefit Guaranty Corporation comes from insurances premiums, and not from debt settlement relief or tax revenue. These premiums are set by Congress and paid for by the sponsors of investment incomes, benefit plans and other assets and recoveries from former pension sponsors.

Almost all pensions are guaranteed by the PBGC

This includes pensions that went bankrupt or closed may be protected by the PBGC, according to the site. For that reason, American workers who have collected pensions over a long work history that included multiple career stops should closely pay heed if they are uncertain whether they are due pension monies. Anything that could have made it difficult for old employees to contact you – like a move or a change of job – could mean you have unclaimed money. In addition, experienced workers and retirees whose former companies merged or went under water will find PBGC.gov quite handy.

At all times, safeguard your private date

Keep in mind that PBGC representative will not contact retirees or long-time workers independently. Since there have been many scams noted in the media, extra precautions are in place. You will need to contact the organization directly if you are interested in finding out whether PBGC.gov has unclaimed money for you. Therefore, it is strongly advisable that you carefully handle your sensitive information, like your personal address and social security number. Unscrupulous scam artists posing as either PBGC.gov employees or agents of retirees' former places of employment have muddied the waters. Consumers should go to PBGC.gov on their own to find any lost or missing money to which they may be due.

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This entry was posted on Saturday, May 29th, 2010 at 2:59 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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