The Pension Benefit Guaranty Corporation (PBGC) is an example of a federal program that is holding unclaimed funds.
The PBGS is currently holding about $200 million for over 36,000 people.
Many times people have pensions with companies and, for whatever reason, forget they have it or do not claim it.
The PBGC helps locate people owed pension money and help them get it back.
They do this with the Missing Participant Program. This locates people owed benefits from fully funded, PBGC insured defined benefit plans that have ended.
Why Does This Happen?
When employers choose to end a pension plan, they must distribute all plan benefits to workers and retirees before completely ending the plan.
If someone is owed a pension and they cannot be located, the plan administrator sends the funds to the PBGC to distribute when they locate the owner.
The program to locate the owner applies to pensions whose money is distributed after January 1, 1996.
The PBGC developed the Internet Missing Participant List that lists names and last-known addresses, companies where missing people earned their pensions, and the dates their pension plans ended.
This list is updated regularly and allows members of the public to see for themselves whether they or somebody they know is a missing participant.
You should check with your plan administrator, if possible, to check the status of your pension plan if your search comes up empty.
You can also review Finding A Lost Pension to give you extra tips on finding a pension you believe to be missing.
I have been trying unsuccessfully to locate my missing pension. I was the owner of Westside Industrial Clinic. Please Help Me.
Worked for school board Indian River County
I would like to check to see if any Pension monies are being held for me. The previous employers that I have worked for are: Legal Services of Eastern Michigan, Reliable Metal Stampings Company and Genesee County all located in Michigan.
Missing insurance money & my lost hunsband hosea wheeler.