A company collapse can wipe out jobs, severance, and savings, but one federal guarantee was designed specifically to keep pension checks flowing even after the employer disappears entirely. Whether it actually covers your full benefit depends on a few factors…
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If you have a traditional pension from a private employer, a federal agency backs it. When a company goes bankrupt and its pension plan can no longer pay, the Pension Benefit Guaranty Corporation (PBGC) can take over the plan and keep the monthly checks coming. Suppose a retiree receives $3,100 a month at age 65, a dollar amount that is…