- Published: Wednesday, 14 October 2009 22:07
- Published: Sunday, 16 August 2009 11:47
- Published: Sunday, 04 October 2009 13:09
Here are recent answers from the PBGC regarding estimates and overpayments:
WHEN WILL WE START RECEIVING ESTIMATED ANNUITY PAYMENTS FROM THE PBGC?
- The PBGC expects to assume responsibility from Fidelity for making payments to current retirees by January 1, 2010.
- The PBGC will adjust current retirees payments to estimated guaranteed levels approximately February/March, 2010.
- Overpayments are accumulated as of our termination date, July 31, 2009.
- The collection process will not start until final benefit determinations are issued from the PBGC which, could take three to four years from now.
- Overpayments are interest free and typically done by reducing your monthly benefit by a fixed percentage. This percentage is based on what is owed and the value of your annuity (examples to follow at a later date). The collection percentage could be as low as 3% of your monthly gross annuity however, not to exceed 10%. Once the overpayment has been repaid, your monthly benefit is restored to the amount of the final benefit determination.
- If the retiree should die during the payback period the surviving spouse is responsible to assume the liability at the same amount determined prior to the retirees death. If the surviving spouse were to die prior to full payment the PBGC will NOT collect unpaid funds from the estate.
- Published: Tuesday, 07 April 2009 09:58
PBGC has several video's that present a basic introduction of their agency and accomplishments. The first video introduces themselves and how it will service terminated pensions. The second video contains most frequent asked personal and general questions with answers. Also there is a very recent audio interview between acting director Vince Snowbarger and Detroit radio station WDFN-AM. The Q and A interview is based on PBGC benefits and automaker pensions.