The Labor Department and the Pension Benefit Guaranty Corp. are trying to reunite retirees with their lost pensions via the World Wide Web.
January 29, 1997
THE DAILY FED
Pensions Waiting on Web
Launched last month, the Pension Search Directory lists about 3,000 people who are owed $10 million in benefits from terminated pension plans. Workers from 565 companies are listed. The companies have said they are unable to track down these former employees.
In its first month of operation, the site located 275 people owed $1.15 million. Benefits ranged from $6 to $66,000.
People accessed the search directory 88,500 times in its first month.
PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits.
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