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CCH® PENSION — 08/02/10

PBGC holding $197 million in unclaimed pensions

The PBGC has reported that it is holding almost $197 million in unclaimed pension benefits for over 36,000 people owed money from terminated defined benefit pension plans formerly sponsored by private sector employers. Since 1996, the Agency has offered the online Pension Search directory (http://search.pbgc.gov/mp) as an interactive tool for people who may have lost track of a pension earned during their careers. People can search by their last name, company name, or state where the company was headquartered.

For the more than 36,000 people still missing, individual benefits range from $1 up to $676,436 and average about $6,550. According to the PBGC, the states with the most missing pension participants and money to be claimed are: New York (7,215/$40.65 million), California (3,078/$7.82 million), Texas (2,496/$11.52 million), New Jersey (2,487/$14.22 million), Ohio (2,311/$15.56 million), Illinois (2,175/$16.78 million), and Pennsylvania (2,109/$11.32 million).

The PBGC encourages those who may be owed money from a terminated defined benefit pension plan to conduct Internet pension searches and not write off the money as lost forever.

Source: PBGC News Release No. 10-43, July 16, 2010.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

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