CHAIRMAN'S MESSAGE

The Pension Benefit Guaranty Corporation makes a real difference in people's lives, without fanfare and often with very little notice. For more than 25 years, the Corporation has protected the retirement benefits of millions of America's working men and women, quietly building a record of commitment, service and achievement. PBGC now is responsible for the pensions of more than 600,000 people and pays nearly $100 million monthly in benefits. In the past year alone, PBGC took over the retirement plans of some of the best known businesses in America, including Trans World Airlines, Grand Union and Bradlees Stores. This small government corporation performs a vital function for Americans in defined benefit pension plans and seeks to provide the best possible service to those who depend upon it for their retirement security.

As our country works to recover from the horrific events of September 11, it can be reassured that the federal government is exerting its maximum effort to protect the interests of Americans. The tragedies reawakened national fervor for the values long-treasured by Americans -- life, liberty and the pursuit of happiness. Armed with those values, we continue to believe that this country offers the best hope for people willing and able to reach for their dreams. In times of economic stress, it is gratifying that federal organizations like PBGC step forward to do their utmost to assist the American people.

PBGC's record of accomplishment during a difficult year is encouraging and exemplary. American workers, retirees and their families can be assured that PBGC will continue to protect their interests with diligence and energy in the years ahead.

Elaine L. Chao
Secretary of Labor
Chairman of the Board

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