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This page has not been translated. Please go to PBGC.gov's Spanish home page for more information available in Spanish.

Esta página no ha sido traducida. Por favor vaya a la página principal del sitio de español de PBGC para ver información disponible en español.

# Press Room

### 2022

                                -  Jan18  PBGC Makes First SFA Payment to Financially Troubled Multiemployer Pension Plan
**WASHINGTON, D.C.** — The Pension Benefit Guaranty Corporation (PBGC) announced today that $112.6 million has been paid in special financial assistance to the Local 138 Pension Plan (Local 138 Plan), a financially troubled multiemployer pension plan based in Baldwin, N.Y.
- Press Release:                       22-01 
 

### 2021

                                -  Dec23  PBGC Approves Special Financial Assistance Application
**WASHINGTON, D.C.** — The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the plan application for the Idaho Signatory Employers-Laborers Pension Plan (Idaho Signatory) in Portland, Ore. The plan covers 682 participants in the construction industry and will receive $13.9 million in special financial assistance, including interest to the expected date of payment to the plan.
- statement:                       06 
 

                                -  Dec21  PBGC Approves First Special Financial Assistance Application 
**WASHINGTON, D.C.** — The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved its first multiemployer plan application under the Special Financial Assistance (SFA) Program created by the American Rescue Plan Act of 2021 (ARP).
- Press Release:                       21-08 
 

                                -  Nov16  PBGC Releases FY 2021 Annual ReportMultiemployer Program Finances Substantially Improved; Single-Employer Program Continues Improvement
**WASHINGTON, D.C**. — The Pension Benefit Guaranty Corporation (PBGC) today released its Fiscal Year (FY) 2021 Annual Report.
- Press Release:                       21-07 
 

                                -  Sep20  PBGC Releases FY 2020 Projections Report, 5-Year Multiemployer Program Report
**WASHINGTON, D.C.** — The Pension Benefit Guaranty Corporation (PBGC) today released the agency’s Fiscal Year (FY) 2020 Projections Report and a 
- Press Release:                       21-06 
 

                                -  Jul9  PBGC to Provide Special Financial Assistance to Troubled Multiemployer Plans
**WASHINGTON, D.C.** — The Pension Benefit Guaranty Corporation (PBGC) today announced an interim final rule implementing a new Special Financial Assistance (SFA) Program for financially troubled multiemployer defined benefit pension plans.  
- Press Release:                       21-05 
 

                                -  Jun17  PBGC Announces New Chief Policy Officer
**WASHINGTON, D.C.** – The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of Ann Orr as Chief Policy Officer.

"PBGC welcomes Ann back to serve in a new capacity," **PBGC Director Gordon Hartogensis** said. "She previously served at PBGC from 2011-2019 and brings a wealth of agency knowledge and experience to our mission of protecting the retirement security of millions of Americans."
- Press Release:                        21-04 
 

                                -  Feb23  PBGC Announces New General Counsel Appointment
**WASHINGTON, D.C.** – The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of Russell Dempsey as General Counsel.

“It is my pleasure to welcome Russ to the PBGC team as our new General Counsel,” **PBGC Director Gordon Hartogensis said**. “His leadership and expertise will help inform and guide our efforts to support the agency’s mission and protect the retirement security of the individuals who rely on us.”
- Press Release:                       21-03 
 

                                -  Feb17  PBGC Announces New Inspector General Appointment
**WASHINGTON, D.C.** – The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of Nicholas J. Novak as the agency’s Inspector General. In his 35-year career, Novak spent nearly 20 years holding various positions within PBGC’s Office of Negotiations and Restructuring (ONR) and the agency’s Office of the Inspector General. Novak’s ONR portfolio included supervising aspects of the Multiemployer Pension Insurance Program.
- Press Release:                       21-02 
 

                                -  Jan1  PBGC Reaches Settlement to Help Protect Troubled Multiemployer Insurance Program
**WASHINGTON, D.C.** - The Pension Benefit Guaranty Corporation (PBGC) today announced it has reached a settlement agreement with the Food Employers Labor Relations Association (FELRA), the United Food and Commercial Workers union (UFCW), and the FELRA/UFCW Pension Fund (FELRA/UFCW plan), a severely underfunded multiemployer plan that covers approximately 50,000 grocery and warehouse workers and retirees in the D.C. metropolitan area.
- Press Release:                       21-01 
 

### 2020

                                -  Dec10  PBGC Releases FY 2020 Annual ReportMultiemployer Program Projected to be Insolvent in FY 2026; Single-Employer Program Improves
**WASHINGTON, D.C**. – The Pension Benefit Guaranty Corporation (PBGC) today released its Fiscal Year (FY) 2020 Annual Report. The report notes, among other things, that the agency’s Multiemployer Insurance Program expected insolvency date has been delayed from FY 2025 to sometime in FY 2026.
- Press Release:                       20-06 
 

                                -  Dec9  PBGC Director Hartogensis Welcomes Audit Report on Procurement PracticesWill Continue Working With IG to Improve Oversight
**WASHINGTON, D.C.** – Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis today released PBGC management’s response to a PBGC Office of the Inspector General (OIG) audit of the agency’s procurement activities.
- Press Release:                       20-07 
 

                                -  Nov6  PBGC to Pay Pension Benefits for J.C. Penney Corporation Workers, Retirees
**WASHINGTON, D.C.** — The Pension Benefit Guaranty Corporation (PBGC) is taking responsibility for the J.C. Penney Corporation, Inc. Pension Plan, which covers about 36,000 current and future retirees. The retailer, headquartered in Plano, Texas, operates about 690 stores throughout the United States and Puerto Rico.
- Press Release:                       20-05 
 

                                -  Sep21  PBGC to Expand COVID-19 Relief, Support Economic RecoveryWill Allow Greater Flexibility Related to Premium Filings
**WASHINGTON, D.C.** – The Pension Benefit Guaranty Corporation (PBGC) today announced it intends to provide new flexibility for variable-rate premium filers, a continuation of the Administration’s efforts to help support economic recovery and mitigate the effects of the coronavirus pandemic (COVID-19).
- Press Release:                       20-04 
 

                                -  Sep4  PBGC to Pay Pension Benefits for The McClatchy Company Workers, Retirees
WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for The McClatchy Company Retirement Plan, which covers over 24,000 current and future retirees. The California-based newspaper publisher operates 30 media companies in 14 states. 
- Press Release:                       20-03 
 

                                -  May4  Director Hartogensis Statement on PBGC Procurement Department Oversight
PBGC Director Gordon Hartogensis today issued the following statement on news that former PBGC Director of Procurement Jeffrey Donahue pleaded guilty to one count of conspiracy to bribe a public official:
- statement:                       05 
 

                                -  Apr10  PBGC Provides Relief to Mitigate Effects of  COVID-19 PandemicAllows Additional Time to Pay Premiums, Submit Filings
**WASHINGTON, D.C.**– The Pension Benefit Guaranty Corporation (PBGC) today announced extended deadlines for upcoming premium payments and other filings with the agency. Due dates for filings or actions that would otherwise have been due on or after April 1, 2020, and before July 15, 2020, have been extended to July 15, 2020. The action is part of the Administration’s broader efforts to respond to the coronavirus disease 2019 (COVID-19) outbreak, which President Donald J.
- Press Release:                       20-02 
 

                                -  Jan14  PBGC Approves Facilitated Merger of Two Multiemployer Pension Plans 
WASHINGTON – The Pension Benefit Guaranty Corporation (PBGC) today announced its first approved facilitated merger under the Multiemployer Pension Reform Act of 2014 (MPRA). Under this authority, PBGC may provide financial assistance to help merge two multiemployer plans in order to extend the solvency of a financially distres
- Press Release:                       20-01 
 

### 2019

                                -  Nov18  PBGC Releases FY 2019 Annual ReportMultiemployer Insurance Program Moves Closer to Insolvency; Single-Employer Insurance Program Improvement Continues
WASHINGTON – The Pension Benefit Guaranty Corporation’s (PBGC) Fiscal Year (FY) 2019 Annual Report, released today, shows a record deficit of $65.2 billion in its Multiemployer Insurance Program at the end of FY 2019.
- Press Release:                       19-12 
 

                                -  Oct15  PBGC to Pay Pension Benefits for Employees & Retirees at Verity Health System
WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) is taking steps to assume responsibility for two pension plans sponsored by Verity Health System, which cover nearly 8,000 people. The six-hospital system is based in El Segundo, California.

Verity, with 16 of its affiliates, filed for Chapter 11 protection in the U.S. Bankruptcy Court in Los Angeles on August 31, 2018, and is no longer able to continue its plans.
- Press Release:                       19-11 
 

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