Background:

Employers choosing to end fully funded pension plans must distribute all plan benefits to workers and retirees before completely ending the plan. If someone cannot be found, the plan administrator either purchases an annuity from a private insurer in that person's name or deposits funds in a financial institution, such as a bank. Companies often have had difficulty finding an insurance company or financial institution willing to accept the funds on behalf of a missing person and the people who have been missed often have had no idea where to look for their benefits. Now, companies and their workers can turn to PBGC's Pension Search Program.

How it Works:

The program to locate people missing from fully funded plans generally applies to people whose pension money is distributed on or after January 1, 1996. Before turning to PBGC, the administrator of a fully funded pension plan must make a diligent effort, including the use of a locator service, to find a former worker due a pension.

The plan will provide PBGC with information on the missing person and the benefit owed, including the starting date and any named beneficiary. Plan administrators determine the pension amount to be sent to PBGC for the missing person based on the terms of their plan and on PBGC regulations. A company may instead choose to purchase an annuity for the person and give PBGC information identifying the missing person and the insurance company. The plan administrator gives information and any payment to PBGC with the post-distribution form that tells PBGC that the plan has satisfied benefit promises to all workers and retirees. Once a missing person or beneficiary is found, PBGC will pay the pension benefit or tell that person which insurance company has the annuity.

Internet Pension Search Directory:

PBGC has found thousands of the missing people owed pensions both from fully funded plans that have ended and from underfunded plans taken over by PBGC, but some people still cannot be found. To aid its search effort, PBGC developed the Internet Pension Search that lists names and last-known addresses, companies where missing people earned their pensions, and the dates their pension plans ended. The Internet Pension Search is updated periodically and a number of organizations are partners helping the pension search. Additional search tips are outlined in PBGC's guidebook, Finding A Lost Pension, available on the Internet and also from PBGC's Communications and Public Affairs Department, 1200 K Street NW, Suite 240, Washington, DC 20005-4026.

What People Should Do:

People who believe that a pension plan owes them a benefit and they may be missing from the plan records should first try to contact the pension plan administrator or the company where they earned their pension. If the company cannot be found, they can contact PBGC by sending an Internet e-mail message to missing@pbgc.gov> or by writing to the PBGC Pension Search Program, 1200 K Street NW, Suite 930, Washington,D.C. 20005-4026.

The person should provide name, address, day-time telephone number, Social Security number, date of birth, the name and location of the employer, and, if possible, the dates of employment, the name of the pension plan, the nine-digit Employer Identification Number (EIN) and the three-digit Plan Number (PN).

To Avoid Becoming a Missing Participant:

Workers should inform their companies when they move and they should keep any information given to them about their pension benefits and the pension plan. Especially helpful is the plan's name, nine-digit employer identification number (EIN) and three-digit plan number (PN), and the name and address of the plan administrator or other plan representative.