$133 Million in Unclaimed Pensions at PBGC
Could the Pension Benefit Guaranty Corporation soon turn a profit? Not likely, but PBGC did report recently that it is holding $133 million in unclaimed pension benefits for 32,000 people due money from terminated defined benefit plans.
"Although the vast majority of workers receive their full pension, sometimes people lost track of benefits earned with former employers," said Vince Snowbarger, interim director of PBGC. "The Pension Search directory helps workers find retirement money they are entitled to but cannot locate."
The agency started the director in 1996. Located at www.pbgc.gov/search, it is an interactive tool for people who may have lost track of a pension earned during their career. People can search by last name, company name, or state where the company was headquartered. The highest amount owed to anyone among the 32,000 is $611,028 and the lowest is $1, with the average about $4,950. The states with the most missing pension participants and money to be claimed are: New York, California, New Jersey, Texas, Pennsylvania, Illinois, and Florida.