4-4-09: PBGC Contacts and Payment Information
- Published: Saturday, 04 April 2009 11:23
The PBGC responded to direct questions regarding what payment would a retiree receive. Here are their responses:
After September 16, 2006, the maximum guarantee is fixed as of the date the sponsor entered bankruptcy. In the [Delphi Salaried Retiree] case, the maximum guarantee would be fixed as of the plan's termination date since bankruptcy was before 9-16-06. [The termination has not yet occurred as of the date of this posting.]
When PBGC takes over a plan, we continue paying retirees until we have an opportunity to review their benefit. The payment would revert to the maximum amount we can pay. A participant can wait as long as they choose to collect their benefit payment.