PBGC Notes Address Change for Delivery of Checks

A new address for paper premium payment checks will start October 6.


The Pension Benefit Guaranty Corporation announced Tuesday that the address for overnight deliveries of paper premium checks is changing, effective October 6.

Overnight deliveries that are sent to the old address will be returned to the sender, which could result in late payment charges if the check is not re-sent to the correct address on or before the premium due date, according to the PBGC’s announcement.

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

For overnight express deliveries made on or after October 5, plan administrators, plan sponsors or pension practitioners should send paper checks to:

U.S. Bank Government Lockbox  
Attn: PBGC #979120

3180 Rider Trail S.

Earth City, MO 63045

To pay by check, one must send a completed voucher and a check made out to “Pension Benefit Guaranty Corporation” to the applicable address. The sender should also include the plan’s EIN and PN on the check in case it becomes separated from the voucher.

The PBGC also accepts annual premium filings and payments through its online application, My Plan Administration Account. More instructions on premium filing payments can be found on the PBGC website.

Retirement Industry Can Leverage Young Investor Interest in Guidance

Younger generations and their older counterparts are equally interested in receiving advice from a financial professional, according to new research from Cerulli.


Younger generations are just as interested in receiving advice from a financial adviser as their older counterparts, presenting an opportunity for plan providers to offer reasonably priced in-plan financial advice and planning solutions with young investors in mind, the latest “Cerulli Edge: U.S. Retirement Edition reported.

“While older investors may have arguably more complex financial situations, younger investors are not without financial stress,” said Elizabeth Chiffer, a retirement analyst at Cerulli Associates in an email response. “Cerulli surveyed 401(k) investors about their top two sources of financial stress. Concerns among Generation Z active 401(k) investors range from not having enough to cover their living expenses to inflation, emergency savings and student loan debt.”

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

Chiffer says younger investors, who are early in their careers and perhaps have only recently started saving for retirement, may lack the financial knowledge to choose their investments or may not understand their plan’s default investment. While financial wellness programs help address these gaps in knowledge, it can be difficult to drive engagement with these digital-only programs.

“Advice for younger investors could help them avoid making mistakes that could have long-term impacts on their retirement savings,” Chiffer said. “Even if a younger investor is not faced with a ‘tipping point/major life moment’ referenced, like buying a home, for example, they may be susceptible to mistakes that a brief conversation with a professional could help them avoid.”

Among Generation Z plan participants, 68% said they would work with a financial professional before making a change to their finances, and a similar percentage of Baby Boomers, 69%, indicated they would do the same. However, 70% of plan participants with investable assets of less than $100,000, the amount Gen Z participants tend to hold, do not seek out an adviser.

Employers and retirement plan providers should continue to pursue efforts to educate and, when called for, advise participants on their finances, Cerulli recommended. To address the financial challenges most participants face, financial professionals can offer lower-cost solutions, combined with effective communication and employee engagement campaigns.

“The industry has certainly seen new adviser-managed account solutions and an influx of digital advice solutions in recent years,” Chiffer said. “The article references the range of advice solutions that could be made available to retirement investors, including situational advice, call centers, managed account programs, adviser-managed accounts and long-term use of a financial adviser outside the retirement plan. Plan sponsors benefit from having a range of advice solutions to choose from and assessing which solution will best serve the needs of their plan participants.”

«