Pension Insurer Expands Program to Reunite Workers With Benefits

Dec. 21, 2017, 1:50 PM

The federal Pension Benefit Guaranty Corporation is expanding its program that helps employers that have closed a retirement plan to locate workers who have left money in the plan.

The agency’s program to locate “missing participants” will expand to enable most defined contribution plans, such as 401(k)s, that an employer is shutting down to transfer those participants’ benefits to the PBGC, the agency said in a final rule issued Dec. 21. The expanded program will also cover plans for unionized workers, known as multiemployer plans, and small professional service pension plans that are closing. The PBGC, which insures U.S. private ...

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