Compliance February 10, 2003

PBGC Still Searching For 13,300 Missing Pensioners

October 26, 2001 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corp. (PBGC) says its Pension Search Program has located over 10,000 persons over the past five years - persons who were owed about $34 million from terminated defined benefit pension plans.

Reported by

But the nation?s insurer of private pension plans also notes that there are another 13,300 persons still due $43 million. The estimated benefits for those individuals range from about $1 to about $172,000, and average about $3,400, according to the agency.

New York has the most missing participants (2,103), followed by:

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– California (2,064)

– Texas (1,722)

– New Jersey (808)

– and Illinois (639).

In the past year, the PBGC found some 3,700 people owed about $14 million. The estimated benefits range from $1 to around $63,000, with an average benefit of about $4,300.

State By State

Of the 10,000 people found since 1996, most were concentrated in:

– New York (1,582)

– California (1,407)