The six video segments below were prepared by the Machinists Union and the Pension Benefit Guaranty Corporation (PBGC) following high profile bankruptcies in which IAM members’ pensions are in jeopardy of being terminated.
IAM members supplied the questions. The PBGC provided the responses.
These videos are not intended to answer every possible question or scenario, but do provide a solid understanding of PBGC policies, procedures and practices.
In addition to the video segments, a written transcript is available in PDF format for easy printing and distribution.
Additional information about the PBGC is available on their web site, www.pbgc.gov.
The videos you are about to see are a collaborative effort by the IAM and the Pension Benefit Guaranty Corporation; the federal agency that insures private pension plans in the United States.
Information on how and when payments will be processed after a pension plan in taken over by the PBGC.
All about Benefit Guarantees offered by the PBGC – Part 2.
All about Benefit Guarantees offered by the PBGC – Part 1.
Information on what happens when the PBGC takes over a pension plan – receiving payments, honoring annuities, lump sums and more.
The PBGC is The Pension Benefit Guaranty Corporation which was established by ERISA, the Employee Retirement Income Security Act of 1974.