The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation created by the Employee Retirement Income Security Act of 1974. It currently protects the pensions of nearly 44 million American workers and retirees in more than 29,000 private single-employer and multiemployer defined benefit pension plans.
PBGC recently reported that it is holding $133 million in unclaimed pension benefits for more than 32,000 people owed money from terminated defined benefit pension plans.
When a company does not have up to date information on the pension plan participants or cannot locate them or their beneficiaries or heirs, the company is unable to give the persons who participated in that plan any benefits they may be owed. The funds would then be transferred to the PBGC until a valid claim is submitted.
If you are a beneficiary or heir of a participant, you may be eligible to get some benefits.