PBGC wants owners to claim their pensionsNews added by Benefits Pro on January 10, 2014
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By Paula Aven Gladych

The Pension Benefit Guaranty Corporation would like to reunite $280 million in unclaimed pensions with their “missing” owners in 2014.

The agency, which insures pension plans, said that there are more than 31,000 people who haven’t claimed pension benefits they are owed. Those individual benefits range from 12 cents to nearly $1 million.

Six states account for the bulk of the unclaimed pension assets. New York had the highest number of missing participants at 6,678, with $40.33 million that remains unclaimed. Illinois has 4,344 missing plan participants who are owed a whopping $85.36 million.

California has 2,966 missing participants owed $7.64 million; Texas has 2,278 missing pension participants who have $10.68 million in pension accounts; New Jersey has 2,114 missing participants who are owed $11.7 million; and Ohio has 1,908 missing participants who are owed $12.82 million.

PBGC said that if individuals feel they are owed some of this money they can go to the PBGC website and use an interactive tool for people who may have lost track of a pension plan they earned at some point during their career.

People can search by last name, company name or state where the company was headquartered.

If you find your name on the list, you will have to verify your identity, including providing proof of age and other vital statistics. The process usually takes four to six weeks.

Originally published on BenefitsPro.com
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