When an company is unable to find a former employee that has a pension with them, they sometimes transfer that person’s pension funds over to a company that will continue to look for them and hold on to their money until they find them.
As of April 2007, the Pension Benefit Guaranty Corporation had around 133 million dollars in unclaimed pensions, could some of that be yours?
PBGC or Pension Benefit Guaranty Corporation, is a company that continues to look for those former employees through their “Missing Participants” service. Visit their webpage for more in depth information, I have provided a link to them in my resources below.
Not all pensions & retirement plans are insured by PBGC, such as, Federal pensions, 401K’s and profit sharing. You must have been a part of a pension that agreed to pay you a certain monthly amount when you retire, this kind of plan is also known as a “defined benefit” plan.
If you think or know you may have had a defined benefit plan at some point, you may be able to track down your pension or retirement funds through PBGC.
Here’s what a missing participant might expect to receive from PBGC:
1. An annuity from a private insurance company that their former employer paid for.
2. Money deposited into a bank by a former employer.
3. Money from PBGC if the former employer transferred the funds to them.
4. Nothing, the pension you had may have had no plan for what to do with your funds in the even that you and the former employer lost touch.
If the Missing Participant is deceased, the beneficiary may be able to collect some benefits. Although the benefits may be less than what the participant would have received.
Contact PBGC if you might be a beneficiary of if you know of a deceased missing participant so that they can remove that persons name from the list and pay out any entitled benefits.
Visit the PBGC website to find out if you are entitled to any unclaimed benefits.
You can search by last name, company or state, in both spanish & english.