Across the country, there are more than 80,000 people that have not claimed pension benefits they are owed. Those unclaimed pensions equal a total of over $400 million dollars, with individual benefits ranging from twelve cents to almost a million dollars.
The states with the most missing pension participants and money to be claimed are:
- California (over $40 million)
- Florida (over $21 million)
- Illinois (over $20 million)
- Ohio (over $16 million)
- Michigan (over $15 million)
- New Jersey (over $14 million)
- New York (over $40 million)
- North Carolina (over $14 million)
- Pennsylvania (over $17 million)
- Texas (over $20 million)
The Pension Benefit Guaranty Corporation (PBGC) – a U.S. Government Agency – offers an interactive tool for people who may have lost track of a pension earned during their career. This tool allows you to search for unclaimed pensions by last name, company name, or state where the company was headquartered. You can search the PBGC’s Unclaimed Pension database to locate unclaimed pensions by following this link: https://www.pbgc.gov/search-unclaimed-pensions
What happens if you search and find your name on the list? First, to verify your identity, the PBGC will ask you for more details, including proof of age and other vital statistics. This process generally takes 4-6 weeks. Once your identity has been verified, you may apply for the benefits you are owed at any time.
About the PBGC
The Pension Benefit Guaranty Corporation (PBGC) protects the retirement incomes of more than 37 million American workers in private-sector defined benefit pension plans. A defined benefit plan provides a specified monthly benefit at retirement, often based on a combination of salary and years of service. PBGC was created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of private-sector defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at a minimum.
PBGC is not funded by general tax revenues. PBGC collects insurance premiums from employers that sponsor insured pension plans, earns money from investments and receives funds from pension plans it takes over.
About the Author: Christopher Roche is the President and CEO of CMR & Associates. CMR & Associates provides independent retirement and insurance advice by reviewing your current plans to improve coverage and reduce cost. Through our proprietary database – The CMR Database® (comprised of some 13000 brokers and specialists globally) – we maximize access to the retirement and insurance industry for greater options that will translate to better coverage and lower cost. Since 1999, we have saved clients over $120 million.
Please email CMR Associates or call 877-447-4301 or 212-447-4300 for more information.