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Q&A on PBGC for Delphi Retirees

October 1, 2009

Delphi Plan/Form 701 Frequently Asked Questions (FAQ)

Does PBGC have my current banking information on file?

Yes.  If you are currently receiving your pension benefits through direct deposit, all required banking information will automatically transfer over to Pension Benefit Guarantee Corporation's paying agent.  There will be no delay in receiving your benefits.

Form 701 is asking for the country I live in.  Is that correct or should this state county instead?

PBGC has participants who live outside of the United States of America.  If you reside in the US, please write USA on the form.

What information should I list in Section 1 of Form 701 that asks, "Your relationship to the person who participated in the plan?"

  • Please select only one option. If you are the person who worked for Delphi, then please select: Self
  • If you are the spouse who is receiving the benefit because the Delphi employee is deceased please select: Beneficiary
  • If you are not divorced or going through a divorce then Alternate Payee (QDRO) will not apply.

I am confused by the gender question listed on the form.  What information do you need from me?

Please select whether you are a Male or a Female, no other information is required.

Why does the form ask if I am currently employed?

Many companies may still be in operation, but simply have pension plans trusteed by PBGC.  It is important for PBGC to determine whether or not you are able to receive pension benefits.  Contact your respective Union Representative for further information.

Must I update the Beneficiary part of the form or will the information just transfer over to PBGC automatically.

In the event PBGC may owe you payments, PBGC will make payments due to you at the time of death to the person you designate in this section.  

Beneficiary information will not transfer over to PBGC automatically.  The beneficiary information may change or in some instances the beneficiary may have predeceased you. 

Do we have to fill out the information for both parts of Part 2 vs. Part 3 of Form 701, if it is the same information?

Yes, although the information may be the same in both Part 2 and Part 3, PBGC requires that the form is completed in its entirety. By completing Part 3, you are validating the person you elected to receive any payments owed to you by PBGC. However, if you do not complete Part 3, PBGC will make payments to the next of kin in the order as stated.