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Gov't Holds Millions In Unclaimed Pensions
By Eileen A. Powell, Associated Press
August 6, 2004
NEW YORK -- The government is holding some $75 million in unclaimed pension benefits for thousands of Americans.
The Pension Benefit Guaranty Corp., which insures private-sector pensions, said Thursday that its registry currently lists some 26,000 people eligible for benefits averaging about $3,675.
In most cases, the pension money went to the PBGC when companies went bankrupt, especially in distressed industries such as steel, airlines, transportation and machinery.
Americans who believe they may be eligible for pension money should check for their names on the PBGC site at
www.pbgc.gov/search.
"We urge everyone to check the pension search directory ... to see if they, a friend or a relative are missing any pension dollars earned during their working years," said the agency's executive director, Bradley D. Belt.
People can use the Web site to search by their name, the company's name or the state in which the company was headquartered, the PBGC said. Some 5,500 company names are on the registry.
In many cases, they are companies that closed down their pension plans and distributed benefits but couldn't find all their former workers. Or the companies failed and their underfunded plans were taken over by the PBGC.
People who find their names on the directory will be asked for additional information that will be checked by the agency before benefits are distributed.
The states with the most missing pension participants are California, New York, New Jersey, Pennsylvania and Texas. The unclaimed benefits range from $1 to $264,548. Others are Florida, Illinois, Massachusetts, Michigan and Ohio.
The PBGC said that since the search directory was set up eight years ago, more than 19,000 people have reclaimed more than $75 million in pension money.
People who don't find their names on the PBGC list but are still missing pensions -- mainly because former employers have moved or merged -- can get a copy of the agency's booklet "Finding a Lost Pension" for tips on how to search for them.
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