Federal Pension Agency May Have Money Belonging to You

If you know someone who is retired from the airline, steel, transportation, machinery, retail trade, apparel and financial services industries and lives in New York, California, Texas, New Jersey or Pennsylvania, there's a possibility that pension money belonging to them is being held by the Pension Benefit Guaranty Corporation, Reuters reported.

While most of the $75 million in unclaimed benefits due to 26,000 people the agency can't find comes from those industries and belongs to people living in the above states, the benefits aren't confined to these areas. The agency is urging everyone to visit the Pension Search directory located at www.pbgc.gov/search.

The unclaimed benefits range from $1 to $264,548, the agency said. The money fell into the hands of PBGC when pension plans went under and were taken over by the federal agency. The agency pays benefits up to certain limits for failed "defined benefit" pension plans, the traditional sort that pay a fixed payout at retirement, Reuters reported.

"We urge everyone to check the Pension Search directory on PBGC's Web site to see if they, a friend or a relative are missing any pension dollars earned during their working years," said PBGC Executive Director Bradley D. Belt.

"We want people to get the retirement money they worked so hard to earn."

You may like these other stories...

AgFeed agrees to pay $18 million to settle SEC accounting fraud caseMichael Rapoport of the Wall Street Journal reported on Monday that AgFeed Industries Inc. has agreed to pay $18 million to settle US Securities and...
Hertz and Icahn make peaceThere won’t be any nasty, protracted proxy battle between Hertz Global Holdings and activist investor Carl Icahn. The rental car chain agreed last Thursday to give Icahn – who has...
Following other recent high-profile hacking events, investigators discovered yesterday that hackers broke into the draft work paper files of several famous CPA firms. Revealing images of the scantily clad documents have been...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.