Pension Benefit Guaranty Corporation (PBGC)

Benefits under this Plan are insured by the Pension Benefit Guaranty Corporation (PBGC) if the Plan terminates.  Generally, the PBGC guarantees most vested normal retirement benefits, early retirement benefits, and certain disability and survivor benefits.  However, the PBGC does not guarantee all types of benefits under covered Plans, and the amount of benefit protection is subject to certain limitations.

The PBGC guarantees vested benefits at the level in effect on the date of Plan termination.  However, if a Plan has been in effect less than five (5) years before it terminates, or if benefits have been increased within the five (5) years before Plan termination, the whole amount of the Plan’s vested benefits or the benefit increase may not be guaranteed.  In addition, there is a ceiling on the amount of monthly benefit that the PBGC guarantees, which is adjusted periodically.

For more information on the PBGC insurance protection and its limitations, ask your Plan Administrator or the PBGC.  Inquiries to the PBGC should be addressed to the Office of Communications, PBGC, 2020, K Street, N.W., Washington, DC  20006.  The PBGC Office of Communications may also be reached by calling (202) 254-4817.