May 20, 2021 Change to PBGC Policy Expands Benefits

May 20, 2021
Change to PBGC Policy Expands Benefits
Some IAMAW union members stand to gain from a recent change to the Pension
Benefit Guaranty Corp (PBGC) policy regarding the payment of retiree benefits.
In the past, only retirees could collect benefits from any plan terminated by the
employer and taken over by the PBGC. The change allows employees who are still on
the payroll to receive benefits.
This change will take effect on June 1, 2021.
The new rules apply to any employee of any company who has had their pension
terminated and taken over by the PBGC.
To find out if you are eligible to receive benefits under the new plan, please contact
the PBGC directly. Representatives can guide you through the process and give you
an estimate of what you are entitled to receive.
The PBGC may be contacted through their website, at www.pbgc.gov or on the
phone at 1-800-400-7242.
Fraternally,
Michael G. Klemm
President & Directing General Chairman
IAMAW, District Lodge 141