Get Pbgc Form 705

PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in both single-employer and multiemployer private sector pension plans - the kind that typically pay a set monthly amount at retirement.

PBGC will pay benefits to your surviving beneficiary if you elected a benefit form that provides survivor benefits. If you chose an annuity that pays benefits for the life of your beneficiary (such as a joint-and-survivor annuity), PBGC will pay these benefits only to the beneficiary you chose when you retired.

Single-employer pension plans provide pension benefits to the employees of one employer, whereas multiple-employer plans provide benefits to the employees of more than one employer. Governments participating in single-employer defined benefit pension plans are referred to as single employers.

The Pension Benefit Guaranty Corporation (PBGC) protects the retirement benefits of over 33 million workers and retirees. PBGC operates two separate insurance programs — the Single-Employer and Multiemployer Insurance Programs. By law, the Multiemployer and Single-Employer Programs are operated and financed separately.

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

A participant's EPRD can be no earlier than age 55 unless PBGC determines that participants typically retire under the plan earlier than age 55. For example, in some plans participants typically retire under a '30-and-out' benefit, which allows participants to retire after 30 years of service regardless of age.