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You may choose to receive your benefit in one lump sum only if: Your plan terminated before 2024 and the value of your benefit is no more than $5,000, or. Your plan terminates in 2024 or later and the value of your benefit is no more than $7,000.
About four months before you are ready for your benefits to begin, contact PBGC by calling the Customer Contact Center toll-free at 1-800-400-7242. We deposit most benefits into participants' accounts electronically, the safest, most secure, and simplest method.
You can: take a pension annuity and receiving a monthly check; or, if your employer allows, take a lump-sum distribution, which you will need to invest and manage: lump sums can be rolled into an IRA, where you are taxed only on money you decide to take out.
Who is eligible for this program? In order to qualify for single-employer pension plans, you must participate in a covered single-employer pension plan. Beneficiaries of employees covered in single-employer pension plans may be eligible for benefit payments.
You will start to receive payments about three months after you contact PBGC about your pension benefits. For example, if you contact us during January, the soonest your benefit can start is April 1.