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PBGC Blog: Retirement Matters

Remember elementary school, and lining up on risers once a year for the class picture?

Most of us never gave a second thought to the photographer, or the folks back in the lab who processed and printed all those photos.

Well, while we were squirming and thinking of recess, they were hard at work. Making a living and building up a pension for their retirement years.

If they worked for Olan Mills, one of the biggest names in commercial photography, they won’t lose that pension.

The rise of digital photography and the Great Recession of 2008 put a heavy strain on Olan Mills, and the company began the process of reorganization. PBGC worked with Olan Mills to keep the pensions going, but last year the company’s assets were sold to a buyer who didn’t take on the pension plan. So PBGC stepped in to assume responsibility.

The Olan Mills pension plan covers about 4,300 people. Retirees now are getting their checks from PBGC, every month and on time. The other employees will get their benefit from us when they reach retirement age. They join 1.5 million Americans who count on PBGC for their retirement income.

For more info, see the Olan Mills pension plan page

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