PBGC To Replace Checks Lost Due to Katrina

September 2, 2005 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation (PBGC) is offering next day direct deposit of benefits missed due to Hurricane Katrina.

In its news release, the PBGC said September benefit checks were issued August 29, but due to emergency conditions, mail delivery to many Gulf Coast zip codes has stopped.    The agency says around 1,400 of the 3,500 individuals who receive benefits from them in these zip codes receive a hard copy check in the mail.

Recipients can request a direct deposit of their benefits into an already established bank account by calling the PBGC’s Customer Contact Center at 1-800-400-7242 from 9:00 a.m. to 8:00 p.m. Central Standard Time on Monday through Friday.    The agency said the direct deposit will hit the recipient’s account on the next business day.

Those who still wish to receive a paper check can call the contact center with a new or temporary address or can e-mail the address to  mypension@pbgc.gov .   Replacement checks should arrive at the new address within six days, according to the release.

The PBGC has also extended the deadline for certain required filings by sponsors of defined benefit plans.    Information on these extensions can be obtained  here  or by calling 800-736-2444 or 202-326-4242.