McClatchy Pension Plan
The McClatchy Company Retirement Plan (The Plan) terminated as of August 31, 2020, and on September 04, 2020, the Pension Benefit Guaranty Corporation took responsibility as trustee for The Plan.
Larger companies, like McClatchy, are required every year to pay millions of dollars in insurance premiums to the PBGC to insure their qualified pension plans. Approximately $1.3 billion in assets will be assumed by the PBGC to cover future benefit payments. Even with assets over a billion dollars, PBGC estimates that McClatchy’s plan is 57 percent funded with $2.3 billion in benefit liabilities. This means the plan is underfunded by about $1 billion.
PBGC will pay all pension benefits earned by McClatchy’s current and future retirees up to it’s legal limits.
Retirees who are already in pay will continue to receive benefit payments without interruption, and future retirees can apply for benefits as soon as they are eligible. Until PBGC fully assumes administration for the pension plan, participants with questions about their personal pension benefits should contact McClatchy Pension at 866/334-2337 or email email@example.com.
PBGC guarantees basic plan pension benefits, including pension benefits at normal retirement age, most early retirement benefits, disability benefits, and annuity benefits for survivors of pension plan participants. Find out more, including their Maximum Monthly Guarantee Tables.
If you have questions related to the PBGC and their processes, contact the PBGC at 800-400-7242.
For additional information, see Questions and Answers for Participants for the McClatchy Company Retirement Plan.