The Pension Benefit Guaranty Corporation (PBGC) is proposing to expand its existing Missing Participants Program to cover terminated 401(k) plans and most other defined contribution plans, as well as certain defined benefit plans that aren’t currently covered by the program.
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For over 20 years, PBGC’s Missing Participants Program has connected people—missing when their pension plans terminated—to their retirement benefits. Currently, the program is open only to PBGC-insured single-employer plans.
“Many people associate PBGC with paying benefits for people in failed plans, but our mission is broader than that,” says PBGC Director Tom Reeder, quoted in a press release. “We are also responsible for enhancing retirement security for American workers and retirees. One of the ways to do that is to connect them with their retirement savings.”